5 5G Stocks Billionaires Are Loading Up On

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

Number of Hedge Fund Holders: 91

Number of Billionaire Investors: 19

Advanced Micro Devices, Inc. (NASDAQ:AMD) primarily focuses on the design and development of high-performance computing and graphics solutions. While AMD does not directly manufacture 5G networking equipment, its technology plays a significant role in supporting the overall 5G ecosystem. With their high-performance capabilities and advanced security features, Advanced Micro Devices, Inc. (NASDAQ:AMD) processors contribute to the efficient and reliable operation of cloud-based 5G services. In the first quarter of 2023, 19 billionaires were bullish on Advanced Micro Devices, Inc. (NASDAQ:AMD), including Philippe Laffont of Coatue Management. Laffont held 8.5 million shares of the company worth $833.7 million. 

On May 31, Bank of America increased its price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) to $135 from $120, while maintaining a Neutral rating on the shares. The higher price target is attributed to a rising sector multiple. However, BofA pointed out potential challenges in AMD’s x86 total addressable market and noted that AMD’s data center GPU portfolio is still in the “early stages.” These factors contribute to BofA’s decision to maintain a Neutral rating on the shares.

According to Insider Monkey’s first quarter database, 91 hedge funds were long Advanced Micro Devices, Inc. (NASDAQ:AMD), compared to 97 funds in the prior quarter. 

Baron Opportunity Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q4 2022 investor letter:

“During the quarter, we added to our position in Advanced Micro Devices, Inc. (NASDAQ:AMD), a global fabless semiconductor company focusing on high performance computing technology, software, and products. AMD designs leading high-performance central and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to build differentiated solutions for customers. While the company is seeing weakness in its PC business in the short term, we continue to believe AMD will be one of the lead beneficiaries of growing data center infrastructure spending driven by expanded use cases for AI and cloud computing across its product portfolio. AMD’s largest share gain opportunity is in its data-center-server CPUs, which continue to take share from incumbent Intel given a superior total cost of ownership proposition driven by better performance per watt of energy consumption across many computing workloads. We also believe Xilinx, a recent acquisition, offers AMD diversification opportunities through which it can benefit from the broader proliferation of semiconductors into all aspects of the industrial and consumer economies.”