8 Stocks That Could 10X Over the Next 3 Years

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

Analyst Upside as of November 18, 2024: 37%

Advanced Micro Devices, Inc. (NASDAQ:AMD) ranks second on our list of the stocks that could 10x over the next 3 years. The semiconductor and IT company produces accelerators that are capable of managing complex AI workloads. These accelerators have high bandwidth memory and a huge memory density.

On October 10, Advanced Micro Devices, Inc. (NASDAQ:AMD) unveiled new processors that are able to power the next generation of commercial PCs. On the same day, the company launched high-performance computing solutions to keep up with the AI computing era. More recently, on November 1, the company forged a strategic partnership with Fujitsu to develop a sustainable computing infrastructure that will facilitate open-source AI initiatives.

In the third quarter of 2024, the company generated $6.8 billion in revenue, up by 18% year-over-year and 17% sequentially. The company attributed its strong financial results to revenue growth in data center and client segments. During the same quarter, net income grew by a staggering 158% year-over-year and 191% sequentially.

Overall, the company is leading the AI and technology wave with its advanced accelerators and processors. Advanced Micro Devices, Inc. (NASDAQ:AMD) expects to deliver strong results over the next few years in data center and client segments.