Last month, I declared Advanced Micro Devices (NASDAQ:AMD) stock a must-own artificial intelligence chip play.
Now, I’m kicking it up a notch. AMD deserves to be the eighth member of the “Magnificent Seven” group of famous U.S. technology firms.
Maybe it’s controversial to say this, but AMD deserves to be on the Mount Rushmore of AI-friendly tech names in 2023.
I’m declaring that you’ll regret it if you wait too long to invest in AMD. After all, why sit on the sidelines if you can make your portfolio “magnificent” right now?
AMD Stock Investors Get Exposure to AI Tech
As you may already be aware, AMD manufactures powerful chips for AI applications. Yet, here’s something you might not have known. AMD recently acquired French company Mipsology, which develops best-in-class AI inference and optimization tools.
If you’re getting the idea that AMD has multiple AI connections, you’re 100% right. AMD is teaming up with Hitachi Astemo to advance a forward-looking automotive camera system, which can enhance safe driving through AI-assisted object detection.
In this collaboration, AMD is delivering the chips. Or, to be more precise, AMD is delivering a system-on-a-chip. This will provide “both stereo and monocular image processing” for a self-driving vehicle’s camera.
Hence, AMD’s system-on-a-chip will enable a vehicle’s camera to “detect objects over 120 degrees.” This, AMD clarifies, is a “3X wider angle than its previous-generation cameras,” which will “enhance overall safety.”
AMD’s Chief Executive Fully Commits to AI
Still not convinced that AMD is a “magnificent” AI-compatible company? Just listen to what AMD CEO Lisa Su, a hero among tech-firm chief executives, has to say.
Su does not mince words. She recently declared, “First, second, and third priority are around AI, AI, AI.” Su couldn’t possibly be more direct than that.
The CEO also estimated, according to Barron’s, that the market for AI accelerators in data centers will reach $150 billion by the year 2027. Not only that, but Su stated that her company is on track to launch AMD’s MI300 AI accelerator during this year’s fourth quarter.
On top of all that, Su asserted that the market for AI in data-center applications is “skyrocketing.” Clearly, it’s a great time to be an AI-focused firm – and if you ask me, I’d say it’s also a great time to be invested in AMD.
AMD Stock Is as ‘Magnificent’ as Any Other Stock
AMD was a darling of the financial market earlier this year. Yet, as investors turned their attention to AI, somehow AMD got lost in the shuffle.
AMD truly deserves a place among the “Magnificent Seven” list, even if that means expanding it to the “Magnificent Eight.”
Even if you disagree, you can still own a few shares of AMD stock. It’s a smart way participate in the growth of a top-tier chip maker with multiple AI-market connections.
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.