Ian Cooper’s Stock Pick of the Week

Advanced Micro Devices (AMD)
 

AMD is still a strong buy, even after an incredible rally.

In fact, we’d like to see AMD test $200, which we believe could happen this year with the artificial intelligence (AI) boom.

All after the company brought the AI PC race to “the world of desktop computers at CES 2024 with the debut of what it says is the world’s first desktop processor with a dedicated neural processing unit (NPU). Coming to AMD’s upcoming Ryzen 8000G series chips, which hit the market on Jan. 31, the NPU is designed to handle AI-based tasks on your desktop computer without having to send data to the cloud,” as noted by Yahoo Finance.

AMD was also upgraded to a buy rating at Melius Research, which has a $188 price target on AMD. “AMD could have huge ramps for AI equipment later in 2024 and especially in 2025 – and we see meaningful upside to consensus,” Melius analysts wrote.

Also, as quoted by Investing.com, the firm added, “Generative AI is poised to deliver its ‘Halo Effect’ on IT spending, starting in 2024. If 2023 was the year of getting ready or ‘training’ large language models, then 2024 should be the year where production or ‘inferencing’ starts to kick in (more assistants and voice prompts help).”

Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies

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