With its shares up by an impressive 285% over the previous five years, Advanced Micro Devices (NASDAQ: AMD) has made for a solid long-term investment. And while the iconic chipmaker faces near-term cyclical challenges in the central processing unit (CPU) market, a pivot to artificial intelligence (AI) hardware could unlock the next leg of long-term growth.

Let's explore how the company could perform over the next half-decade. 

California-based AMD has long been a tech hardware leader, focusing on CPUs, a key computer component designed to run operating systems and installed software. Historically, this has been a lucrative industry for AMD as megatrends like the internet and workplace modernization drove demand for laptops and personal computers. But the market has matured -- just as near-term challenges mount. 

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Source Fool.com