20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

4. 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 was founded as a Silicon Valley startup in 1969. It manufactures computing equipment, including GPUs, commonly used in Bitcoin mining. The firm operates through multiple segments including Data Center, Client, Gaming, and Embedded.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is effectively managing the aforementioned segments together. Due to the data center segment revenue growing 115% year-over-year to a record $2.8 billion, the company reported strong revenue and earnings growth during the fiscal second quarter. The reduction in gaming and embedded product sales was offset by the sales of the data center and client processors. With data center product sales accounting for almost 50% of overall sales during the quarter, EPS grew by 19%. Hence, the strong data center and client segment performance has positioned the firm to deliver accelerated revenue in the year’s second half.

The leadership product portfolio, expanding customer and partner ecosystem, and strong financial performance make the stock promising. Over the preceding 5 years, the firm has successfully raised its top line by 31.70% and its bottom line by 47.95%. As of Q2, Advanced Micro Devices, Inc. (NASDAQ:AMD) is held by 108 hedge funds while Fisher Asset Management is the largest shareholder in the company with a stake worth $3.7 billion.