Where Will AMD Stock Be in 3 Years?
The past three years have been a mixed bag for Advanced Micro Devices (NASDAQ: AMD) investors as the stock's terrific 2021 rally was followed by a big crash in 2022 -- thanks to a broader sell-off in tech stocks -- but the good news is that the semiconductor specialist is set to end 2023 on a high note with gains of more than 112% this year.
Neutrals may be surprised to see this big rally in AMD stock this year, considering its tepid financial performance. After all, the company was hit hard by the crash in personal computer (PC) sales, and it failed to take advantage of the fast-growing demand for data center graphics cards on account of the growing deployment of artificial intelligence (AI) servers.
However, investors seem upbeat about AMD's prospects going into 2024. The stock surged 16% in the past week after unveiling a new line of AI chips on Dec. 6, which it says have been selected by major cloud service providers for deployment in their AI servers. These new chips, no doubt, could give AMD's growth a nice boost considering the booming demand and short supply of AI-related chips.
Source Fool.com
Advanced Micro Devices Inc. Aktie
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