Advanced Micro Devices (NASDAQ: AMD) turned in strong third-quarter results, as its data center revenue nearly doubled. The semiconductor stock has had a strong year, up over 125% going into the report, but has more recently been caught in the AI infrastructure sell-off, and it also took a hit because of rival Intel's (NASDAQ: INTC) weak guidance. Let's take a closer look at the company's earnings results and prospects to see why I think the stock is a buy. While AMD and Intel are both competitors in the central processing unit (CPU) space, the two companies are quite different. AMD has been taking share from Intel in the server CPU market for years, and has also begun making inroads with its graphics processing units (GPUs). As such, AMD is much more about serving data center clients, while Intel is much more heavily exposed to the weakening PC market, which has come under pressure from rising memory costs.
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