Advanced Micro Devices (NASDAQ: AMD) was one of the many tech firms that shifted its focus to the booming artificial intelligence (AI) market last year.
Since last March, excitement over the company's prospects in the industry has seen its shares soar 154%, rallying investors with a new AI chip and partnerships with tech leaders such as Microsoft and Meta Platforms.
In AMD's fourth quarter of 2023, the company beat Wall Street estimates on revenue and met forecasts for earnings per share. However, weaker-than-expected guidance for 2024's first quarter illustrates why the company's stock is best for long-term-minded investors.
Source Fool.com