In this article, we discuss 5 best bitcoin and blockchain stocks to buy. If you want to read our detailed analysis and updates on the blockchain and cryptocurrency industries, head over to 10 Best Bitcoin and Blockchain Stocks to Buy Now.
5. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 112
Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company based in California, operating through four segments – Data Center, Client, Gaming, and Embedded. Advanced Micro Devices, Inc. (NASDAQ:AMD)’s technology enhances the speed and security of blockchain transactions by combining CPU and GPU capabilities. The company collaborates with existing partners to offer blockchain computing solutions for different applications and explores opportunities with new blockchain-based platforms. Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the best blockchain and bitcoin stocks to buy.
According to Insider Monkey’s second quarter database, 112 hedge funds were bullish on Advanced Micro Devices, Inc. (NASDAQ:AMD). Comparatively, 91 funds had invested in the stock in the previous quarter. Philippe Laffont’s Coatue Management held a significant position in the company, with 13.97 million shares valued at $1.6 billion.
Artisan Global Opportunities Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2023 investor letter:
“Among our top contributors were Advanced Micro Devices, Inc. (NASDAQ:AMD), NU Holdings and Netflix. AMD’s data center CPUs are used in the cloud service provider (CSP) servers. In addition to the broader secular tailwind from cloud adoption, the company has a performance and pricing advantage over Intel, which we believe will enable it to continue capturing market share. However, the recent stock price rally was due to growing excitement around the company’s AI exposure. It will launch its new MI300 graphics processing unit (GPU) chip later this year to compete against the dominant market leader NVIDIA. Similar to its approach that won market share from Intel within the CPU market, AMD’s product will aim to provide similar performance at a more attractive price. AMD is already working with Microsoft and Meta, while Amazon publicly stated that it is evaluating AMD’s inferencing chips. Using assumptions around the total GPU market size, potential market share gains and price points, our research indicates this could be a $20 billion opportunity for AMD. That would nearly double its revenue. While the company has not historically missed many deadlines, there is execution risk as it works to manufacture and distribute these complex chips at scale, which, combined with an elevated valuation after the stock’s strong performance run, led us to trim the position.”
