10 Best Automation Stocks to Buy Now

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

Average Upside Potential: 41.51%

Advanced Micro Devices, Inc. (NASDAQ:AMD) offers products like microprocessors, embedded microprocessors, graphics, video, and multimedia products.  The company supplies it to third-party foundries and offers assembling, testing, and packaging services.

If you are looking to have exposure to varied areas of technology, Advanced Micro Devices, Inc. (NASDAQ:AMD) is the stock. The stock is down by over ~25% in just one month mainly because of the sell-off in the technology sector. Anyways, the stock is now at a level at which value investors cannot afford to ignore.

It released its 2Q 2024 results, wherein, its revenue went up by 9% YoY, crushing the analysts’ expectations by ~$120 million. Its EPS came in at $0.69, beating estimates by $0.01. It saw revenue growth of 115% YoY in the AI-focused data center segment.

Robots and other smart devices are required to process sensor data in the shortest possible time.  In a bid to address this demand, the company rolled-out AMD Embedded+. This is a new computing architecture that focuses on combining AMD Ryzen Embedded processors with Versal adaptive systems on chips. This should help original design manufacturers to accelerate time to market as the integrated board is scalable and power-efficient.

Ever since Advanced Micro Devices, Inc. (NASDAQ:AMD) acquired Xilinx, it has witnessed higher AI demand in the areas of industrial/manufacturing, medical/surgical, smart-city infrastructure, etc. Embedded+ will support video codecs and AI inferencing and, due to the combination of Ryzen and Versal, it can allow real-time control of robot arms.

Wells Fargo & Company initiated the coverage on the shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), and raised their target price from $190.00 to $205.00. It gave an “Overweight” rating on 11^th July. According to Insider Monkey’s 1Q 2024 data, 124 hedge funds were bullish on the company, compared to 120 funds in the prior quarter.