30 Most Important AI Stocks According to BlackRock

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

Number of Hedge Fund Holders: 108

Advanced Micro Devices, Inc. (NASDAQ:AMD) operates as a semiconductor manufacturer. AMD CEO Lisa Su spoke during a recent Goldman Sachs conference, highlighting that the AI technology arc was a once in 50 years type of thing, and so her company had to invest in the huge opportunity before it. As part of this jump into AI, the company has been building an AI profile over the past few years that rivals top chipmakers. The market share of the firm as a provider of infrastructure for data centers has grown from single digits to about 30% in just a few years. Data center infrastructure has also expanded to more than 50% of the revenue of the company, per the latest quarterly earnings.

Advanced Micro Devices, Inc.’s (NASDAQ:AMD) data center business posted a record $2.8 billion in revenue during the second quarter, representing an 115% year-over-year increase. Under a larger plan to further cement a top position as an AI infrastructure provider, the company also announced last month it was acquiring ZT Systems in a deal worth close to $5 billion. ZT Systems designs and markets servers for AI data centers.