The proliferation of artificial intelligence (AI) has given many stocks a big lift in the past year, and the technology is still in its early phases and is expected to grow rapidly in the long run.

In 2024, for instance, the spending on generative AI applications is predicted to double, according to market research firm IDC. And generative AI spending is forecast to increase 86% annually through 2027. Companies that can take advantage of this could see their revenue and earnings jump.

Advanced Micro Devices (NASDAQ: AMD) is one such company that could benefit from AI's growth in multiple niches. Let's see how this technology could supercharge AMD's stock over the next three years.

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Source Fool.com