Billionaire Steve Cohen’s Top 5 Stock Picks

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

Value: $345,316,000
Percent of Steve Cohen’s 13F Portfolio: 2.72%
No. of Hedge Fund Holders: 74

AMD ranks 2^nd on the list of billionaire Steve Cohen’s top 10 stock picks. Point72 Asset Management increased its stake in the semiconductor company by 185%, ending the period with 3.76 million shares, worth $345 million. AMD is set to launch its next-gen enterprise EPYC processor on March 15, taking on Intel’s Xeon platform. The new processor is based on the Zen 3 architecture, built on 7nm technology.

With a $944 million stake in AMD, Arrowstreet Capital owns 10.3 million shares of the company as of the end of the fourth quarter of 2020. Our database shows that 74 hedge funds held stakes in AMD as of the end of the fourth quarter, versus 71 funds in the third quarter.

In their Q3 2020 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted a few stocks and Advanced Micro Devices Inc (NASDAQ:AMD) is one of them. Here is what Carillon Eagle Mid Cap Growth Fund said:

“Advanced Micro Devices produces semiconductor products and devices. The stock outperformed due to healthy growth in the personal computer and data center server markets. The company also continues to gain share against its major competitor, which is having significant issues in its next generation products. Furthermore, investors have appreciated the margins and profitability the company has been posting in addition to the topline strength.”