Chipmaker Advanced Micro Devices is an "emerging growth opportunity" in artificial intelligence, according to Morgan Stanley Wealth Management.
Investment strategist Daniel Skelly said he added the chipmaker to the firm's equity model portfolio.
He noted that AMD is "a leader in chip end markets with potential AI tailwinds."
"We viewed AMD's 2Q23 print constructively as management indicated improving business conditions into the second half of the year," Skelly said.
"With data center revenue growth troughing, we believe investors should look through to a 2024 inventory re-build that is supported by tailwinds from AI."
Persons:
Morgan, Daniel Skelly, Skelly, — CNBC's Michael Bloom
Organizations:
Devices, Morgan Stanley Wealth Management . Investment, AMD, Intel