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- Stocks to Pick Up in Early August: AMD
Stocks to Pick Up in Early August: AMD
AMD is joining the AI rally after its CEO Lisa Su announced a launch of an artificial-intelligence hardware chip that would be able to compete with Nvidia, by the fourth quarter 2023. Its share price already gained 2.8% on the first day of August, plus opened the next trading session on Wall Street nearly 1.5% higher, following the company's clear forward guidance for the end of the year.
“Our AI engagements increased by more than seven times in the [second] quarter as multiple customers initiated or expanded programs supporting future deployments of Instinct accelerators at scale,” she said.
The rally of AI-bound stocks is to be continued. The trend-setting NVIDIA chipmaker’s stocks climbed by more than 52% since May 25, when it broadcasted highly ambitious plans of increasing production power amid rapidly growing demand. Besides some more or less new start-ups, other large semiconductor companies are specialized on other parts of the field, as most of their chips are not fit for fast big data calculations and other purposes related to ChatGPT, etc., which may supposedly generate the best possible profit on various applications. AMD production is exactly what the AI industry needs, even though AMD with its less than $200 billion of market caps is not as big as NVIDIA, which costs more than $1.15 trillion.
A surprising act of U.S. credit rating downgrade by Fitch agency has send AMD stock into correction from its newly minted high above $119.5 per share to the area below $113 or some deeper, which may give investors a better chance to buy.
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