Advanced Micro Devices (AMD) Surged on an Agentic AI-Driven Server CPU Renaissance

Advanced Micro Devices (AMD) Surged on an Agentic AI-Driven Server CPU Renaissance Soumya Eswaran Tue, July 28, 2026 at 3:27 PM GMT+2 3 min read AMD Columbia Threadneedle Investments, an investment management company, released its "Columbia Seligman Global Technology Fund" second quarter 2026 investor letter. A copy of the letter can be downloaded here . During the quarter, the Fund's Institutional Class shares returned 50.

34%, outperforming the MSCI World Information Technology Index's 33. 65% gain. Stock selection in semiconductors, technology hardware and software, together with an off-benchmark electrical equipment allocation, supported relative performance, while exposure to financials, consumer discretionary and healthcare detracted.

Technology stocks rallied as concerns over the Iran conflict eased and AI infrastructure spending boosted demand for semiconductors, memory, networking, servers and power solutions. The Fund expects AI and data-centre investment to remain strong, supported by broadening earnings growth and improving software bookings, cloud consumption and customer spending. However, geopolitical uncertainty, higher interest rates and heavy AI investment could pressure valuations and free cash flow.

The strategy holds 50–75 technology companies across market capitalisations and uses bottom-up GARP research to identify misunderstood and undervalued businesses in the technology industry. In addition, please check the Fund's top five holdings to know its best picks in 2026. In its second-quarter 2026 investor letter, Columbia Seligman Global Technology Fund highlighted Advanced Micro Devices, Inc.

 (NASDAQ: AMD ). Advanced Micro Devices, Inc. (NASDAQ:AMD) is a leading semiconductor company that designs and manufactures of AI accelerators, microprocessors, and graphics processing units.

On July 27, 2026, Advanced Micro Devices, Inc. (NASDAQ:AMD) closed at $494. 95 per share.

One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -14. 80% and its shares gained 178.

94% over the past 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of about $807.

07 billion. Columbia Seligman Global Technology Fund stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2026 investor letter: "The fund did not own some of the larger central processing unit (CPU) companies such as Advanced Micro Devices, Inc.

 (NASDAQ:AMD) and the server CPU opportunity is having a renaissance driven by agentic AI. This lack of exposure ultimately detracted from performance, as the companies' share prices moved sharply higher during the quarter. " Goldman Sachs Raises its Price Target on Advanced Micro Devices, Inc.

(AMD) Advanced Micro Devices, Inc. (NASDAQ:AMD) ranks 20 on our list of  40 Most Popular Stocks Among Hedge Funds Heading Into 2026 . According to our database, 134 hedge fund portfolios held Advanced Micro Devices, Inc.

(NASDAQ:AMD) at the end of the first quarter, up from 132 in the previous quarter.  While we acknowledge the potential of Advanced Micro Devices, Inc. (NASDAQ:AMD) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.

If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the  best short-term AI stock . Story Continues In another article , we covered Advanced Micro Devices, Inc. (NASDAQ:AMD) and shared White Falcon Capital Management's insights on the company.

In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years . Disclosure: None.

This article is originally published at Insider Monkey .