(Sponsored Content) Advanced Micro Devices (AMD) is back to its all-time highs again after Artificial Intelligence (AI) sparked a massive tech-driven market rally during 2023. In the past eight years, AMD has gained 4,800%. And the exciting thing is, it’s just starting a new growth phase, observes Michael Proffe, founder and editor of Proffe’s Trend Portfolio.

The fact is, new uses of tech have been driving the market for decades now. A decade-plus of low-growth, easy money meant more interest in stocks than bonds and that money helped fuel the current tech revolution we’re in. Electric vehicles, cryptocurrencies, virtual reality, cable cutting, 5G, social media, and the list goes on. That’s why I remain so bullish on AMD in 2024.

First, I want to remind readers, I focus on MegaTrends. That means I’m a long-term investor. I have no desire to try to outcompete professional traders that make a very good living heading into Wall Street or other financial centers around the world every day, trading for industry and financial institutions.

I look for the stocks that have managed to dominate, if not rule, the MegaTrends that underlie the market’s short-term reactions and define the best qualities in long-term growth on the upside and first-choice safety stocks on the downside.

AMD is the perfect example.

This chipmaker launched in 1969. It’s not only a forefather of the modern microchip industry, it remains a key innovator. As a matter of fact, founder Jerry Sanders’ colleagues at Fairchild at the time were Robert Noyce, inventor of the integrated circuit, and Gordon Moore, founder of Intel (INTC) and author of Moore’s Law.

What’s more, as an established global player, it has the size and production capacity – as well as the quality controls – to deliver massive amounts of cutting-edge chips to any device or component maker in the world.

Few other chipmakers can say that. Competitors like Intel have missed the pivot yet again and are continually trying to play catch up. Companies like Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG) are also now building their own chips to power their data centers, AI products, and cloud computing services.

But through it all AMD has remained a stiff competitor. And now it’s gunning for NVIDIA (NVDA), the top AI chipmaker (and most new tech for that matter).

AMD is planning on launching a chip that will be a direct competitor to NVDA’s AI processor. And as a growing No. 2 in AI, that will mean rising revenue growth in that sector and rising market share.

On Wall Street, those are two very important numbers. They will command increasingly large premiums as AMD expands not only into NVDA’s customers, but also into the rapidly expanding AI marketplace.

For example, Forbes Business Insights projects AI’s compounded annual growth rate (CAGR) to 21.6% through 2030.

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Disclosure: Proffe Invest is a paid advertiser of MoneyShow.