AMD: I Was Wrong, It’s Time To Buy (Rating Upgrade)

Summary:

  • Earlier this week, AMD stock initially popped after its Q2 2024 report but quickly faded, now trading at pre-report levels.
  • AMD’s Q2 report showed robust performance in Data Center and Client segments, with Instinct AI GPUs, EPYC CPUs, and Ryzen processors driving the growth.
  • AMD is finally delivering on the promise of AI-powered hypergrowth, and the near-to-medium-term demand outlook remains robust.
  • In light of its valuation moderation, I think AMD’s long-term risk/reward is attractive enough for investors to restart accumulation.

Up and down arrow symbol being held

Tim Robberts

Introduction

In light of its Q2 2024 report, Advanced Micro Devices, Inc. (NASDAQ:AMD) stock popped by a double-digit percentage; however, investors have quickly faded the bounce, and AMD is now trading where it was heading into the print!


Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in AMD over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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