So far, it hasn’t exactly been a chip-tastic year for Advanced Micro Devices (NASDAQ:AMD). However, there’s a major event taking place on Nov. 1, and you’ll want to mark your calendars. You could even prepare yourself for quick potential gains — and you’d be joining some famous firms if you take a long position in AMD stock.

The financial media has already belabored the point about U.S. chipmakers’ problems. We all know about high inflation, supply-chain disruptions, slowing demand for PCs, and so on.

Consequently, some analysts and message-board gurus are firmly bearish against Advanced Micro Devices. At the same time, however, some large-scale whales are staying long and strong — and perhaps you’d like to join them.

5 Investors Betting Big on AMD Stock

No need to waste time. Let’s go ahead and take a glance at some of Advanced Micro Devices’ top institutional investors as of June 29, 2022.

• Vanguard: a massive position of 133.65 million AMD shares, which represents 8.28% of the outstanding shares.
• BlackRock (NYSE:BLK): 116.37 million shares, or 7.21% of Advanced Micro Devices’ outstanding shares.
• State Street (NYSE:STT): 65.12 million AMD shares, which equates to 4.03% of the outstanding shares.
• T Rowe Price (NASDAQ:TROW): 53.56 million Advanced Micro Devices shares, or 3.32% of the outstanding shares.
• JPMorgan Chase (NYSE:JPM): a position consisting of 36.83 million shares, which translates to 2.28% of the outstanding shares.

Here’s Why Nov. 1 Is So Important for Advanced Micro Devices

With AMD stock having declined from $150 to $60 this year, it’s safe to say that Advanced Micro Devices’ investors are looking for a catalyst. This could arrive in a matter of days, as the company is set to release its third-quarter financial results on Nov. 1.

There shouldn’t be too many negative surprises at this point, however. That’s because CEO Lisa Lu already braced Advanced Micro Devices’ shareholders for a hard landing.

Indeed, Advanced Micro Devices has already warned that it will miss its prior revenue guidance for 2022’s third quarter. Specifically, the company lowered its quarterly revenue forecast from $6.7 billion plus or minus $200 million, to $5.6 billion.

Observing that PC demand “weakened significantly” in Q3, Su commented, “While our production portfolio remains very strong, macroeconomic conditions drove lower-than-expected PC demand and a significant inventory correction across the PC supply chain.”

AMD stock tanked after Su made that statement. However, Advanced Micro Devices’ anxiety-inducing earnings pre-announcement could provide a prime setup for a relief rally. After all, the company has now set a low bar that should be easier to clear.

So, Should You Bet Big on AMD Stock?

Many retail traders are probably feeling pessimistic about Advanced Micro Devices right now. However, a multitude of large financial investors have taken long positions.

Would you rather swim with the minnows of the markets or the big-money whales? If you’re prepared for a possible earnings surprise on Nov. 1, feel free to join some of the biggest banks and buy a stake in AMD stock.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.