5 Semiconductor Stocks Popular Among Elite Hedge Funds

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

Number of Hedge Fund Holders: 83

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company operating through its Computing and Graphics and Enterprise, Embedded and Semi-Custom segments. The company’s products include x86 microprocessors, chipsets, and discrete and integrated graphics processing units, among more.

Aaron Rakers, an analyst at Wells Fargo, holds an Overweight rating on Advanced Micro Devices, Inc. (NASDAQ:AMD) shares as of this July. Rakers also placed a $130 price target on the shares.

Advanced Micro Devices, Inc. (NASDAQ:AMD) was one of the top stocks leading the rally in semiconductor stocks this July in light of the CHIPS bill moving forward in the US Senate. Advanced Micro Devices, Inc. (NASDAQ:AMD) gained about 2%, leading other industry players. Matt Bryson from Wedbush Securities also commented the week of July 21 that Advanced Micro Devices, Inc. (NASDAQ:AMD) was his top stock in the semiconductor space, and many hedge funds have been pouring into the company as well.

There were 83 hedge funds long Advanced Micro Devices, Inc. (NASDAQ:AMD) in the first quarter, compared to 69 hedge funds in the previous quarter. Their total stake values were $6.9 billion and $6.7 billion, respectively.