Advanced Micro Devices (NASDAQ: AMD) seemed to fall out of favor with Wall Street in the first half of 2024, with its stock down 8% year to date. For reference, chip rival Nvidia's stock increased 113% in the same period. Mediocre earnings suggested AMD had yet to make significant headway in artificial intelligence (AI), and a general pullback on tech stocks fueled the declines.

However, AMD posted its second quarter of 2024 earnings on July 30, which finally saw the chipmaker gaining in the budding industry. The company's AI-focused data center segment delivered record growth for the period alongside a sales boost in its central processing unit (CPU) division.

As a result, AMD's stock is an increasingly attractive investment. The company boasts a long growth history, with its shares up close to 5,000% over the last decade. Meanwhile, revenue and operating income have soared 312% and 169%, respectively. AMD is only just getting started in AI and could see major gains as it expands in the coming years.

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Source Fool.com