It's hard not to be bullish about Advanced Micro Devices (NASDAQ: AMD). The company's stock has more than doubled in 2023, up some 115% since Jan. 1. Meanwhile, it appears to be making promising headway in the budding artificial intelligence (AI) market.
The company's biggest competitor, Nvidia, has enjoyed soaring earnings this year thanks to a spike in demand for AI chips. Nvidia's performance over the last 12 months could mean big things for AMD in 2024 as AMD plans to launch a powerful new graphics processing unit (GPU). If AMD can replicate even a portion of Nvidia's success in the industry, the company could expect major gains next year.
As a result, now is the perfect time to learn more about this tech giant and determine whether it's worth adding to your portfolio. So, is AMD's stock a buy now? Let's take a look.
Source Fool.com