10 Best Metaverse Stocks To Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 108

Advanced Micro Devices, Inc. (NASDAQ:AMD) serves as the high-performance and adaptive computing leader. The firm operates through multiple segments including Data Center, Client, Gaming, and Embedded. For over 45 years, AMD has driven innovation in high-performance computing, graphics, and visualization technologies which serve as the building blocks for gaming, immersive platforms, and the datacenter.

The chip maker made its way into the metaverse when it landed Meta as its customer and stated that Meta would use AMD’s EPYC chips in its data centers. AMD further collaborated with Meta Platforms to make the metaverse a reality. Under this collaboration, AMD’s radio chip Xilinx Zynq UltraScale+ RFSoC enabled the development of multiple Evenstar radio units to expand the 4G/5G global mobile network infrastructure. Additionally, AMD supplies chips to the leading gaming console makers such as Microsoft and Sony which engage in the virtual world. AMD chips power the PS5 and the Xbox Series X.

AMD recorded Q3 revenue of $6.8 billion, up 18% year-over-year. The revenue growth was driven by increased sales of EPYC and Instinct data center products and strong demand for Ryzen PC processors. While Record Data Center segment revenue of $3.5 billion was up 122% year-over-year, Client segment revenue was up 29% year-over-year. The firm is on track to deliver record annual revenue for 2024 based on significant growth in its Data Center and Client segments.

With the metaverse driving the demand for graphics cards and processors, AMD is in a good spot to reap the benefits. As of Q2, Advanced Micro Devices, Inc. (NASDAQ:AMD)  is held by 108 hedge funds.