William Blair Large Cap Growth Fund on Advanced Micro Devices
Thesis
AMD is the second-largest GPU supplier behind NVIDIA and is positioned across both server CPUs and AI accelerators. Quarterly results showed accelerating Data Center momentum, while management raised its view of the long-term addressable market as agentic AI increases CPU and GPU consumption. Expanding hyperscaler partnerships and the ramp of next-generation AI accelerators through the second half reinforce the growth case. The fund trimmed the position but continues to believe AMD can deliver durable growth as AI workloads proliferate.
“We continue to believe the company is well positioned for durable growth against an attractive industry backdrop as AI workloads continue to proliferate.”