30 Stocks That Should Double in 3 Years

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9. Advanced Micro Devices Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 96

Advanced Micro Devices Inc. (NASDAQ:AMD) is a semiconductor fabless company that specializes in HPC and graphics solutions. Its core products represent AMD designs of CPUs such as Ryzen, GPUs, and adaptive SoCs. These are used in cloud infrastructure, personal computing, and gaming, as well as embedded systems.

AMD delivered record annual revenue in 2024 while more than doubling free cash flow from 2023. Q4 revenue increased 24% to a record $7.7 billion due to record quarterly data center and client segment revenue. Despite gaining market share in PCs and servers, Jefferies lowered the stock’s price target from $135 to $120 on March 27 and downgraded it from Buy to Hold. Analyst Blayne Curtis noted that the company’s AI growth remains weaker than anticipated.

The data center segment contributed ~50% of annual revenue as Instinct and EPYC processor adoption expanded significantly with cloud, enterprise, and supercomputing customers. The company successfully established its multibillion-dollar data center AI franchise, delivering greater than $5 billion of data center AI revenue for the year.

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