10 Best Stocks to Buy According to Billionaire Ray Dalio

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

Bridgewater Associates Equity Stakes: $217.14 Million

Number of Hedge Fund Holders: 96

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company that designs and manufactures computer hardware components, including CPUs, GPUs, and other related technologies. Its products are used in gaming consoles, data centers, and embedded systems. The company supplies the best chips for various applications, including gaming and data centers.

While Advanced Micro Devices, Inc. (NASDAQ:AMD) always appears to play second fiddle to Nvidia, its competitive edge stems from offering powerful and advanced chips that are relatively cheap. The cost advantage is one of the reasons the company is increasingly catching up with Nvidia’s industry-leading GPUs.

The stock’s sentiments have received a significant boost amid news that its latest GPUs, the RX 9070 series, are selling well in Japan. The fact that the company is facing production constraints underscores strong demand. In addition to strong demand in Japan, AMD also boasts of big tech companies, including Microsoft, as clients for its M1300X GPUs, affirming another reliable revenue stream.

Strong demand for Advanced Micro Devices, Inc.’s (NASDAQ:AMD) chips for AI workloads was the catalyst behind a transformative 2024. The company’s data center revenue jumped 94% to a record $12.6 billion for the year, and 69% to a record $3.9 billion in the fourth quarter.