5 Tech Stocks to Buy According to Billionaire Philippe Laffont

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

Coatue Management’s Stake: $833.787 million

Advanced Micro Devices, Inc. (NASDAQ:AMD) is an American semiconductor and consumer electronics company headquartered in California.

Coatue Management increased its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD) by 51% in the first quarter of 2023 to 8.5 million shares worth $833.787 million, covering 5.54% of the hedge fund’s portfolio.

Here is what Baron Funds had to say about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q4 2022 investor letter:

“During the quarter, we added to our position in Advanced Micro Devices, Inc. (NASDAQ:AMD), a global fabless semiconductor company focusing on high performance computing technology, software, and products. AMD designs leading high-performance central and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to build differentiated solutions for customers. While the company is seeing weakness in its PC business in the short term, we continue to believe AMD will be one of the lead beneficiaries of growing data center infrastructure spending driven by expanded use cases for AI and cloud computing across its product portfolio. AMD’s largest share gain opportunity is in its data-center-server CPUs, which continue to take share from incumbent Intel given a superior total cost of ownership proposition driven by better performance per watt of energy consumption across many computing workloads. We also believe Xilinx, a recent acquisition, offers AMD diversification opportunities through which it can benefit from the broader proliferation of semiconductors into all aspects of the industrial and consumer economies.”