Advanced Micro Devices Inc (NASDAQ: AMD) has already nearly doubled since the start of this year but Gina Sanchez continues to recommend owning shares of this chipmaker.
Sanchez shares her view on AMD stockIn fact, the Chief Market Strategic of Lido Advisors likes AMD stock even better than Nvidia Corp even though she has a bullish view on the latter as well.
She’s particularly optimistic on what the future holds for Advanced Micro Devices after its recent launch of the MI300X accelerator. On CNBC’s “Power Lunch”, Sanchez said:
This accelerator could actually make a play for significant AI computational programming and could buck up against Nvidia.
Her bullish view is in line with Wall Street that also currently has a consensus “overweight rating on AMD that expects sales of its AI chips to surpass $2.0 billion in 2024.
Exciting opening from @satyanadella at #MSIgnite! Proud of our partnership with Microsoft to bring the performance of @AMD Instinct MI300 to @Azure for generative AI workloads. pic.twitter.com/jaQgPWQcZw
— Lisa Su (@LisaSu) November 16, 2023AMD is expanding its footprint in AIIn October, Advanced Micro Devices also unveiled the RX 7900 – its fastest Radeon chip to date that it claims performs about 7.0% better than the Nvidia GeForce RTX 4080 on average.
Gina Sanchez is convinced that “there’s a lot more to come” out of the Nasdaq-listed firm that has recently launched new CPUs as well.
Watch here: https://www.youtube.com/embed/h3W-wfx26ts?feature=oembedLast month, the multinational semiconductor behemoth reported financial results for its third quarter that topped Street estimates. It, however, guided for $6.1 billion in sales for Q4 versus analysts at a higher $6.37 billion.
Still, AMD stock is attractive considering the management recently disclosed plans of buying Nod.AI to expand the company’s footprint in artificial intelligence (read more).
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