5 Semiconductor Stocks To Watch During A Potential Tech Pullback

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

Number of Hedge Fund Holders: 91

Upside Potential: 23.63%

Mizuho’s Vijay Rakesh holds a Buy rating and a $140 price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) as of June 22.

We saw 91 hedge funds holding stakes in Advanced Micro Devices, Inc. (NASDAQ:AMD) during the first quarter. Their total stake value was $4.9 billion.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company based in Santa Clara, California.

Horizon Kinetics LLC noted the following about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its first-quarter 2023 investor letter:

“It is among what are considered to be the great technology companies, like Advanced Micro Devices, Inc. (NASDAQ:AMD) and Intel, that one is apt to see some of the greatest confusion between short-term financial results and share price movements, on the one hand, and long-term financial results. The former are exceedingly difficult to predict. Long term results are relatively easy to predict, because they are bound by the limiting realities of the business model. In the case of AMD, that is the business of being a large-scale semi-conductor manufacturer with a more dominant competitor that has a scale economy advantage.

Here’s what people see, remember and act upon. In the past several years, AMD has been the best performing major technology stock. It’s outperformed Apple, Amazon, Google, Meta (Facebook) and Nvidia…” (Click here to read the full text)