Keep an eye on Advanced Micro Devices (AMD).
If AMD can break above $88.94 resistance, the stock could run back to $100 a share. Better, not only has growth been explosive, but the company continues to chip away at competitor market share, which should continue for some time.
Earnings have been solid, too. In its fourth quarter, the company posted adjusted EPS of 69 cents, which was above Street estimates for 67 cents. Sales were up to $5.6 billion, which was above estimates of $ 5.51 billion. “Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and deliver long-term growth based on our differentiated product portfolio,” AMD Chair and CEO Lisa Su said.
AMD could also be a leader in a potential $1.8 trillion artificial intelligence story.
In fact, just this year, AMD introduced its MI300 accelerators that can be used to power AI applications in supercomputers and cloud data centers. This comes as the company’s CEO Lisa Su continues to pound the table about AI going mainstream.