5 Best Large Cap Stocks to Buy Now

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

Number of Hedge Fund Holders: 87    

Advanced Micro Devices, Inc. (NASDAQ:AMD) operates as a semiconductor company worldwide. It is one of the top large cap stocks to invest in. On October 11, Advanced Micro Devices announced that it is partnering with the Energy Science Network, a science discovery platform, to launch ESnet6, the latest and newest generation of the US Department of Energy’s high-performance network. 

On October 10, Northland analyst Gus Richard maintained an Outperform rating on Advanced Micro Devices, Inc. (NASDAQ:AMD) stock and lowered the price target to $80 from $105, noting that there was a cut to 2023 estimates for AMD’s client revenue due to the rapidly deteriorating PC market and declining enterprises. 

At the end of the second quarter of 2022, 87 hedge funds in the database of Insider Monkey held stakes worth $4.8 billion in Advanced Micro Devices, Inc. (NASDAQ:AMD), compared to 83 in the previous quarter worth $6.9 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Advanced Micro Devices, Inc. (NASDAQ:AMD) was one of them. Here is what the fund said:

“Advanced Micro Devices, Inc. (NASDAQ:AMD) is 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.

AMD has been gaining meaningful share in personal computing and server end markets over the past several years driven by the performance of its processors and technology and strong execution against its technology roadmap, and we believe share gains will continue over the coming years from a combination of AMD’s continued advancements and Intel’s stumbles in developing its leading-edge technology (…read more)