5 Companies that Benefit From Crypto Mining

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

Number of Hedge Fund Holders: 62

Advanced Micro Devices, Inc. (NASDAQ: AMD) is a semiconductor manufacturer based in California. The products marketed by the company are used in crypto mining operations around the world. It is ranked second on our list of 10 companies that benefit from crypto mining. The company’s shares have returned 54% to investors in the past year. The CPU and GPU technologies made and sold by the firm make blockchain transactions faster. AMD stock has been soaring in the past few months amid a global semiconductor shortage. 

On May 28, investment advisory Benchmark initiated coverage on Advanced Micro Devices, Inc. (NASDAQ: AMD) stock with a Buy rating and a price target of $100 on the back of expectations that the firm will continue to drive share gains for a few years to come. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Advanced Micro Devices, Inc. (NASDAQ: AMD) with 25 million shares worth more than $1.9 billion.