5 Most Successful Penny Stocks That Made It Big

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

Number of Hedge Fund Holders: 87

Share Price Gain To Date: 2,900%

Advanced Micro Devices, Inc. (NASDAQ:AMD) is an American company that designs and sells central processing units (CPUs) and graphics processing units (GPUs). The firm is headquartered in Santa Clara, California.

Advanced Micro Devices, Inc. (NASDAQ:AMD) has outperformed investor and media expectations over the past couple of years as it continues to deliver advanced products and take away market share from its larger rival, Intel Corporation (NASDAQ:INTC). Courtesy of these, Advanced Micro Devices, Inc. (NASDAQ:AMD)’s shares have popped by 2,900% since they sunk to $2.06 in October 1990.

HSBC set a $60 share price target for the company in October 2022 as it stated that Advanced Micro Devices, Inc. (NASDAQ:AMD) will continue to grow its market share this year but will be harmed by the slowdown in the personal computing market. 87 out of the 895 hedge funds polled by Insider Monkey for their Q2 2022 holdings had held a stake in the company.

Ken Fisher’s Fisher Asset Management is Advanced Micro Devices, Inc. (NASDAQ:AMD)’s largest investor. It owns 25 million shares that are worth $1.9 billion.

Baron funds mentioned the company in its Q2 2022 investor letter. 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.