5 Best Stocks For Inflation According to Redditors

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

Number of Hedge Fund Holders: 83

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a Santa Clara, California-based semiconductor company.

On July 19, Aaron Rakers at Wells Fargo gave Advanced Micro Devices, Inc. (NASDAQ:AMD) stock a target price of $130 with an Overweight rating. The analyst showed confidence in the company’s roadmap and its ability to continuously gain market share following the Analyst Day in early June. Rakers thinks that Advanced Micro Devices, Inc. (NASDAQ:AMD) stock can trade at a forward P/E multiple of more than 25x due to its market gain narrative. Presently, the shares are trading at a forward multiple of 18.7x. The US government is also working on injecting $52 billion into the semiconductor industry to boost overall production.

Advanced Micro Devices, Inc. (NASDAQ:AMD) was mentioned in the Q4 2021 investor letter of Carillon Tower Advisers. Here’s what was said about the company:

“Advanced Micro Devices (AMD) supplies semiconductor chips for central processing units (CPUs) and graphic processing units (GPUs). The firm has been gaining share against its primary competitor in the datacenter server CPU space, as this rival has been unable to match the design and manufacturing capabilities of AMD and its partners. Investors are also looking forward to the closing of the previously announced merger with a semiconductor manufacturer that is another one of the portfolio’s holdings. The merger will increase AMD’s capabilities in the Field Programmable Gate Array (FPGA) chip space, and the combined company should possess the potential to win additional market share in the datacenter chip market.”

The number of hedge funds having a stake in Advanced Micro Devices, Inc. (NASDAQ:AMD) increased from 69 in the first quarter of 2022 to 83 funds at the end of Q2 2022.