Contrarian as it may sound, Advanced Micro Devices' (NASDAQ: AMD) August price pullback looks like a strong signal to buy. The pullback was triggered by a typically understated earnings report and lofty expectations; however, nothing in the release warranted closing out positions or shorting the stock.
On the contrary, the release affirms the company’s growing importance to the AI stack, signaling initial deliveries of MI450 and Helios products by quarter’s end and that deliveries will ramp sequentially. The takeaway for investors is that AMD’s revenue is on track to build quarter by quarter, and the potential for gains is enormous.
