10 AI Stocks That Will Skyrocket

3. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Street High Upside as of December 3, 2024: 76%

Number of Hedge Fund Holders: 107 

Advanced Micro Devices, Inc. (NASDAQ:AMD) ranks third on our list of AI stocks that are expected to skyrocket. The semiconductor company makes accelerators that are capable of managing complex AI workloads. Advanced Micro Devices, Inc. (NASDAQ:AMD) has witnessed solid financial growth in 2024 due to the increasing demand for AI. In the third quarter of 2024, the company generated $6.8 billion in revenue, up by 18% year-over-year, thanks to strong growth in its data center and client segments. Net income also grew by a staggering 158% year-over-year.

To keep up with the demand for its chips, on October 10, Advanced Micro Devices, Inc. (NASDAQ:AMD) launched new processors for the next generation of commercial PCs and high-performance computing solutions for the new age of AI computing. Advanced Micro Devices, Inc. (NASDAQ:AMD) is expected to lead the AI and technology wave with its advanced accelerators and processors, especially in the data center segment. Analysts are bullish on the stock and the Street high price target implies an upside of 76% from current levels.