5 Hot Tech Stocks To Buy Now

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

Number of Hedge Fund Holders: 89    

YTD Perf: 16.03%

3 Month Avg Volume:  62.6M

Advanced Micro Devices, Inc. (NASDAQ: AMD) operates as a semiconductor company worldwide. On January 31, Advanced Micro Devices posted earnings for the fourth quarter of 2022, reporting earnings per share of $0.69, beating market estimates by $0.02. The revenue over the period was $5.6 billion, up 15.9% compared to the revenue over the same period last year and beating market estimates by $80 million.

At the end of the third quarter of 2022, 89 hedge funds in the database of Insider Monkey held stakes worth $4.99 billion in Advanced Micro Devices, Inc. (NASDAQ: AMD), compared to 87 in the previous quarter worth $4.8 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)