5 High Growth IT Stocks to Buy

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

P/E Ratio: 1097.40

Number of Hedge Fund Holders: 110

Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD), commonly known as AMD, is a multinational semiconductor company specializing in the development of computer processors and related technologies for both business and consumer markets.

On October 10, Advanced Micro Devices, Inc. (NASDAQ:AMD) announced the execution of a definitive agreement to acquire Nod.ai, a strategic move to enhance the company’s open AI software capabilities. Earlier in August of the same year, AMD had also acquired Mipsology, an AI software company known for its proficiency in providing AI software and solutions compatible with AMD adaptive computing silicon.

On November 13, investment advisory firm Roth MKM initiated coverage of Advanced Micro Devices, Inc. (NASDAQ:AMD) with a Buy rating and a price target of $125, emphasizing the company’s distinctive portfolio of high-performance compute and networking processors.

As of the third quarter of 2023, Insider Monkey’s tracking of 110 hedge funds revealed holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD) valued at $9.2 billion. Fisher Asset Management, managed by Ken Fisher, is its largest hedge fund shareholder with ownership of 27.8 million shares valued at $2.9 billion.