Forget Nvidia: 1 Artificial Intelligence (AI) Stock to Buy Hand Over Fist in September

Rising by a whopping 70% year to date, Advanced Micro Devices (NASDAQ: AMD) stock is surging as investors begin to appreciate its potential in artificial intelligence (AI) hardware. While the company faces macroeconomic challenges in the PC market, it could make an excellent alternative to rivals like Nvidia (NASDAQ: NVDA) as its AI strategy begins to take shape.

Founded in the late 1960s, AMD is an American semiconductor company that focuses on designing and selling computer processors and related hardware at competitive prices. The company's well-known products include central processing units (CPUs) and graphics processing units (GPUs), which are typically used in PCs, video game consoles, data centers, and other demanding computing tasks.

The launch of OpenAI's generative AI chatbot, ChatGPT, has led to a surge of interest in hardware companies that can provide the processing power needed to train and run complex learning models. According to analysts at Next Move Strategy, the total AI market could reach a staggering $2 trillion by 2030. And companies like AMD can benefit tremendously, even if they capture just a small share of the total opportunity.

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Source Fool.com