2024-06-18 05:30:00 ET
Nvidia was a $360 billion company just 18 months ago. Today, it sports a $3.3 trillion valuation, and it owes that remarkable growth to its graphics chips (GPUs) for data centers, which are designed for processing artificial intelligence (AI) workloads.
Although Nvidia has captured the lion's share of the value created by AI so far, the industry is expanding quickly, and a number of other companies are participating. Advanced Micro Devices (NASDAQ: AMD) is one of them; not only has it developed a line of data center chips to compete with Nvidia, but it also snatched an early lead in another critical AI segment.
The Wall Street Journal tracks 49 analysts covering AMD stock, and the majority have given it the highest possible buy rating. Here's why investors might want to follow the Street's lead.
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Forget Nvidia: Wall Street Is Bullish on Another Unstoppable Artificial Intelligence (AI) Stock