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Advanced Micro Devices (NASDAQ:AMD) is once again acting as one of the stars in the semiconductor group as AMD stock is higher by 16% year-to-date, or about double the returns offered by the widely followed PHLX Semiconductor Index.
Often joined at the hip with high-flying rival Nvidia (NASDAQ:NVDA), AMD benefits from many of the same catalysts that are propelling Nvidia higher this year, including data centers. Prior to the novel coronavirus pandemic, data center demand was already booming, acting as a pivotal catalyst for AMD and Nvidia, due to, among other factors, increasing cloud computing demand.
Covid-19 is bolstering the case for investments with data center exposure.
“Data centers are a vital cog in today’s digital world, vast warehouses that contain servers that host and distribute the cloud-based applications we rely on to work, learn and socialize. Whenever we click on a photo stored on the cloud, we are accessing a data center based who knows where,” said Morningstar in a recent note.
Fortunately for investors that missed out on some or all of AMD’s run earlier this year, there’s more upside to be had with data centers acting as a prime contributor of the chipmaker’s potential upside.
Cloud Growth Is Rapid
When investors think of cloud computing, they often think of the dedicated players or technology titans, such as Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN). However, the likes of AMD and Nvidia are intimately linked to the cloud computing boom and what a boom it is and expected to be in the years ahead.
The recession caused by Covid-19 won’t stand in the way of that growth, reports S&P Global Market Intelligence…
Editor's Note: Click here to keep reading.
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