10 AI Stocks on Wall Street’s Radar Right Now

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

Number of Hedge Fund Holders: 96

Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications. On May 7, Bank of America upgraded the stock to “Buy” from Neutral and lifted its price target to $120 from $105. The firm sees “multiple growth cylinders” for the stock following earnings on Tuesday.

“We rate AMD Buy. It serves a multi-hundred billion addressable market opportunity in PC, server, high-end gaming, deep-learning and related markets where AMD has less than 30% value share currently. While AMD’s data center accelerator products are still 1yr behind leader’s roadmap, we see continued demand for a stable second source alternative in GPUs and potentially share gain opps as AMD narrows the product/systems gap. On the CPU front, we see continued share gains against the incumbent.”

-Analyst Vivek Arya