Jim Cramer’s Bold Predictions About These 15 Tech Stocks

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

Number of Hedge Fund Holders In Q3 2024: 104

Date of Cramer’s Comments: 10-04-24

Chip designer Advanced Micro Devices, Inc. (NASDAQ:AMD)’s CEO Dr. Lisa Su was nominated as Time Magazine’s CEO of the year in December. In October, Cramer was also full of praise for the executive who has capitalized on Intel’s troubles to carve out a place for it in the data center industry and grow PC market share. According to him:

“Not to be outdone, Lisa Su, the CEO of AMD, will hold an analyst day and it’s entitled Advancing AI 2024. It starts at noon. Today, when the stock was plummeting, I told investing club members at my 10:20 morning meeting that Su’s presentation could show this charitable trust holding in a whole new light, even as they’ve been raising their AI sales forecast quarter after quarter after quarter. I think it’s a buy ahead of the meeting, although the stock did run eight points after we talked about it at the morning meeting.”

Since his remarks, Advanced Micro Devices, Inc. (NASDAQ:AMD)’s shares have lost a whopping 22%. The bearishness is built on the firm’s third-quarter earnings and a BofA downgrade. Advanced Micro Devices, Inc. (NASDAQ:AMD)’s stature as a growth stock meant that when it guided $7.5 billion in revenue for the current quarter, which was in-line with analyst estimates, investors were spooked that it would be unable to capitalize on AI growth. Then, Advanced Micro Devices, Inc. (NASDAQ:AMD)’s shares fell by 5.6% after BofA downgraded it to Neutral from Buy and slashed the price target to $155 from $180 as it grew wary of a growth in PC sales in 2025.

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