5 New Stocks Reddit’s WallStreetBets is Buying

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

Number of Hedge Fund Holders: 65

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor firm based in California. A lot of discussion around chipmakers on the WallStreetBets forum centers on AMD since the firm has solid fundamentals and tremendous growth potential. 

Advanced Micro Devices, Inc. (NASDAQ:AMD) posted earnings for the third quarter on October 26, reporting earnings per share of $0.73, beating predictions by $0.07. The revenue over the period was $4.3 billion, up 53% year-on-year. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Advanced Micro Devices, Inc. (NASDAQ:AMD) with 12 million shares worth more than $1.3 billion.

In its Q4 2020 investor letter, Artisan Partners Limited Partnership, 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:

“We also exited our positions in Advanced Micro Devices. Our investment campaign in Advanced Micro Devices (AMD) began in the second half of 2018, and we have seen a new management team reinvigorate the company’s product portfolio of microprocessors for PCs and servers, graphics processors, and video game consoles. These new, higher-margin products have helped the company partially close its margin gap with peers and capture share from market leader Intel. While we believe there is meaningful runway for further share gains and margin expansion, AMD has appreciated far beyond our mid-cap market cap mandate, and we exited our position.”