3 Reasons to Buy AMD Stock in 2024
2023 was an exciting year for technology investors. The launch of ChatGPT in late 2022 opened the floodgates of interest in generative artificial intelligence (AI), and Advanced Micro Devices (NASDAQ: AMD) was a big beneficiary of the trend -- with its share price more than doubling year to date. Going into 2024, the legendary chipmaker is on track to prove itself worthy of the recent bull run. Let's discuss three reasons why its shares are still a long-term buy.
According to AMD's CEO, Lisa Su, the data center AI chip industry could surge from its current value of $45 billion to a jaw-dropping $400 billion by 2027. AMD's rival, Nvidia, currently dominates the opportunity with a market share of 80% because of its advanced graphics processing units (GPUs) like the h100 and a100, which trained ChatGPT. But AMD aims to capture a slice of this fast-growing pie.
The company is positioning itself to compete through its new MI300 family of chips, which it claims can outperform Nvidia's flagship h100 in training and inference -- the process of running generative AI models.
Source Fool.com
Advanced Micro Devices Inc. Stock
With 77 Buy predictions and 1 Sell predictions Advanced Micro Devices Inc. is one of the favorites of our community.
As a result the target price of 179 € shows a slightly positive potential of 15.16% compared to the current price of 155.44 € for Advanced Micro Devices Inc..
