Wall Street is bullish on Advanced Micro Devices (NASDAQ: AMD) as it releases a batch of new graphics processing units (GPUs) that are designed to support artificial intelligence (AI). This burgeoning opportunity has sent shares of Nvidia up 230% in 2023, and investors are hopeful that AMD stock, which has nearly doubled this year, will perform similarly in 2024.

AMD also has a big opportunity on the consumer side with its Ryzen processors, so the chipmaker is not lacking for potential growth drivers. That being said, management's latest guidance for 2024 leaves some doubt about the stock's upside potential next year.

AMD has been taking market share from Intel in recent years, and it may have taken more last quarter. While AMD's total revenue grew just 4% year over year in the third quarter, client segment revenue grew by 42% year over year and 46% over the second quarter, driven by demand for its Ryzen 7000 series central processing units (CPUs).

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Source Fool.com