5 Stocks That Will Make You Rich In 2024

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

Number of Hedge Fund Holders: 120

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a California-based company that manufactures semiconductor devices used in computer processing.

On February 6, Advanced Micro Devices, Inc. (NASDAQ:AMD) unveiled a brand-new architectural solution called AMD Embedded+. It is a combination of AMD Ryzen™ Embedded processors with Versal™ adaptive SoCs onto a single integrated board.

34 Wall Street analysts covered Advanced Micro Devices, Inc. (NASDAQ:AMD) in the last three months, and 29 maintained a Buy rating on the stock. As of the February 23 market close, the average price target of $196.65 had an upside of 11.40%.

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

“It is important to note that the returns depicted above actually originated in the market turmoil of 2022 and were only realized in 2023. We assess that about 75% of the returns in 2023 were derived from just 35% of the portfolio. Notably, the technology companies we acquired in 2022 – Advanced Micro Devices, Inc. (NASDAQ:AMD), Amazon, Docebo, NU, Rover – performed exceptionally well. In hindsight, the decision to allocate to technology stocks appears straightforward; but it actually demanded courage and conviction to buy and add to these stocks during the fear and uncertainty of the 2022 bear market.

The top 5 positions in the portfolio were: Precious Metals royalty basket, Nu Holdings, AMD Amazon.com and Converge Technology Services. AMD has worked out great for us but we must admit that it has gotten expensive. AI was not part of our original investment thesis and AMD is a great reminder of how one can get ‘lucky’ investing in quality businesses run by competent management teams (ditto for Amazon).”