In 2021, meme stocks, led by GameStop (NYSE:GME), created seismic shifts in the investment landscape. The retail trading frenzy turned a market underdog into a sensation through the power of Reddit’s online communities. While the peak of the meme stock mania may have faded, its essence lingers, keeping the market abuzz with potential volatility and opportunity.
Reddit’s forthcoming initial public offering (IPO) captures the spotlight, promising to blur the lines between social media enthusiasm and financial markets. Against this backdrop, the focus shifts back to meme stocks, underscoring their influence. Although Reddit communities gravitate toward volatile stocks, they also amplify fundamentally solid stocks.
According to insight leveraged from Apewisdom.io, these three standout meme stocks within the top 10 are trending on social media.
Advanced Micro Devices (AMD)
Advanced Micro Devices (NASDAQ:AMD) captivates the tech world with its dominance in the semiconductor realm. AMD is stepping up its game with the launch of its Radeon RX 7600 XT graphics card and Ryzen 8040 series processor, challenging the likes of Nvidia (NASDAQ:NVDA) while positive nods from giants such as Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT).
Moreover, AMD’s introduction of Embedded+ Architecture marks a significant stride towards revolutionizing Edge AI applications. This innovative approach aims to streamline the deployment of AI technologies, demonstrating AMD’s commitment to pushing the boundaries of innovation.
The company’s financial performance further reflects its upward trajectory. Revenue jumped 10.16% to $6.17 billion year-over-year (YOY), and operating and net income increased significantly, reaching $342 million and $667 million, respectively. This performance underscores AMD’s strong financial health and strategic growth potential.
Apple (AAPL)
Apple (NASDAQ:AAPL) continues to impress, boasting over 2.2 million active devices and enjoying an 11.68% stock increase this past year. The launch of the Apple Vision Pro was arguably one of the biggest news coming from the company in the past few years. Despite its lofty price, Apple swiftly sold over 200,000 Vision Pro headsets, aiming to hit a million sales, signaling a bold leap forward for the tech giant.
However, Apple shifted gears from its electric vehicle ambitions due to fierce competition, turning its focus to the promising generative AI sector. Moreover, the tech leader enhances designs for MacBook Pro, iMac and MacBook Air, aiming to enrich user experience.
Financially, AAPL reported a revenue of $119.58 billion, surpassing expectations by $1.31 billion. Apple’s financial health appears robust with earnings-per-share (EPS) hitting $2.18, up 16% to a new all-time high. TipRanks analysts echo this optimism, giving AAPL a ‘moderate buy’ rating with a 19.99% upside potential.
Super Micro (SMCI)
Super Micro (NASDAQ:SMCI) stands out as a leader in high-performance server technology, showcasing an astonishing 1,013.83% stock surge over the past year. SMCI’s innovation shines with the Supermicro Hyper-E server launch, pushing AI processing from data centers to the edge. This move, enabling real-time decision-making with large language models, expands its AI portfolio and highlights its dedication to advanced technology.
In addition to server advancements, Supermicro is revolutionizing AI storage with its Rack Scale Total Solution, designed to accelerate data pipelines for optimal AI training and inference. Moreover, SMCI is also looking to advance 5G, Telco Cloud workloads and AI storage, targeting better output and energy efficiency with its flexible, multi-architecture offerings.
Financially, Supermicro is on solid ground, reporting a revenue increase of 103.25% YOY to $3.66 billion. EPS soared to $5.59, outperforming expectations by 43 cents. Backed by these robust financials, Quant analysts have bestowed a ‘strong buy’ rating on SMCI, highlighting the company’s promising outlook.
On the date of publication, Muslim Farooque 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..
