5 Best Esports Stocks to Buy Now

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

Number of Hedge Fund Holders: 120

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a California-based chipmaker, and its products are widely used in e-gaming. The company is a sponsor of the professional esports organization called Fnatic. Moreover, its Ryzen processor series and Radeon graphics card series are popular among esports players. Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the top hardware suppliers for the esports industry.

In the fourth quarter, hedge fund sentiment was positive toward Advanced Micro Devices, Inc. (NASDAQ:AMD), which is why it is the 3rd best esports stock to buy now. In the quarter, 120 hedge funds held positions in the company and their stakes amounted to $15.165 billion. This is compared to 110 funds in the third quarter, with positions worth $9.156 billion. As of December 31, 2023, Fisher Asset Management is the largest shareholder in the company and has a position worth $4.177 billion.

On February 23, Benchmark analyst Cody Acree reiterated a Buy rating on Advanced Micro Devices, Inc.’s (NASDAQ:AMD) stock and raised the price target from $187 to $245 on the shares.

Jackson Peak Capital stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth quarter 2023 investor letter:

“On the long side of the portfolio, a core theme we remain invested behind is the data center infrastructure buildout and AI chips arms race that we’ve discussed since our first letter in Q2. Some skepticism has crept into the market, and it’s understandable given the huge ramp in 2023. However, our research continues to suggest 2023 was the start of a multi-year platform shift. Value will accrue to varying segments of the AI value chain at different parts of the cycle. We continue to see value in the “boots on the ground” winners in the data center buildout (Vertiv, Modine Manufacturing, Celestica). Our positioning in AI semiconductor companies (NVDA and Advanced Micro Devices, Inc. (NASDAQ:AMD)) has ebbed and flowed given we are cognizant (perhaps too much so) that these names are crowded positions across investor style types. We’ve done well in these chip stocks since inception and NVDA is currently a long, and we’re trying to “let winners run” while using sizing to risk manage these names due to the market-wide positioning bias in semiconductors.”