Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The outstanding gains that the global equity markets witnessed during the year continued in the fourth quarter of 2024. More than any other year in history, the S&P 500 reached 57 new all-time highs. During the quarter, the portfolio returned 8.4% (gross of fees) compared to the R1000G, which increased by 7.1%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy highlighted stocks like Advanced Micro Devices, Inc. (NASDAQ:AMD) in the fourth quarter 2024 investor letter. Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company that operates through Data Center, Client, Gaming, and Embedded segments. The one-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -0.37%, and its shares lost 27.19% of their value over the last 52 weeks. On January 16, 2025, Advanced Micro Devices, Inc. (NASDAQ:AMD) stock closed at $118.44 per share with a market capitalization of $192.21 billion.
Ithaka US Growth Strategy stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q4 2024 investor letter:
“Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global leader in designing and manufacturing high-performance semiconductor products, including processors, graphics cards, and chipsets. The company develops CPUs and GPUs for a wide range of applications, such as gaming, data centers, AI, and high-performance computing. AMD’s competitive edge lies in its advanced CPU and GPU architectures, such as its “Zen” and “RDNA” designs, which offer exceptional performance and energy efficiency. AMD’s stock fell, despite releasing a solid 3Q24 report/guide, due to a number of moving parts that implied the forward quarter’s EPS number will be 8% below Street expectations. Additionally, investors were disappointed management did not provide a specific target for the company’s growing GPU business for 2025.”
A close up of a complex looking PCB board with several intergrated semiconductor parts.
Advanced Micro Devices, Inc. (NASDAQ:AMD) is on 19th position in our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 107 hedge fund portfolios held Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of the third quarter which was 108 in the previous quarter. While we acknowledge the potential of Advanced Micro Devices, Inc. (NASDAQ:AMD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Advanced Micro Devices, Inc. (NASDAQ:AMD) and shared the list of best artificial intelligence (AI) stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.