When it comes to making powerful computer chips, Advanced Micro Devices (NASDAQ: AMD) is best-in-class. The company is an incredibly versatile producer, serving wide-ranging purposes that include gaming, the data center, and even virtual reality applications. 

Chips, which are commercially known as semiconductors, have become one of the most important manufacturing components as consumer devices and commercial infrastructure demand an increasing amount of computing power. It places AMD in a great position for long-term growth, and the company is already making significant investments in future technologies.

Its stock has fallen 52% from its all-time high amid the broader tech sell-off, and the risk that a slowing economy could hurt consumer spending. But here's why it's a buy on the dip and could be a forever piece of any portfolio. 

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Source Fool.com