CCM Investment Advisers disclosed a new position in Advanced Micro Devices (AMD -7.78%) in its October 10, 2025 Securities and Exchange Commission filing. The estimated $11.13 million purchase occurred in the third quarter of 2025.

What happened

According to a Securities and Exchange Commission filing dated October 10, 2025, CCM Investment Advisers established a new position in Advanced Micro Devices, purchasing 68,820 shares. The estimated transaction value was $11.13 million for the period ended September 30, 2025. The position represented 1.1% of the fund’s $1.02 billion in reportable U.S. equity assets.

What else to know

CCM Investment Advisers’ new AMD stake represents 1.1% of 13F assets, and is outside the fund’s top five positions.

The company’s top holdings after the filing as of September 30, 2025 are:

• NASDAQ:NVDA: $40.55 million (4.0% of AUM)
• NASDAQ:AVGO: $36.12 million (3.6% of AUM)
• NASDAQ:GOOGL: $35.72 million (3.5% of AUM)
• NASDAQ:MSFT: $33.70 million (3.3% of AUM)
• NASDAQ:AAPL: $32.84 million (3.2% of AUM)

As of October 9, 2025, AMD shares were priced at $232.89, up 36.18% over the prior 12 months, outperforming the S&P 500 by 17.67 percentage points over the past year.

Advanced Micro Devices reported $29.6 billion in trailing 12-month revenue, and $2.8 billion in net income for the trailing 12 months ending June 28, 2025.

The company’s forward price-to-earnings ratio is 28.57, and its enterprise value to EBITDA multiple is 48.83 as of October 10, 2025.

Company Overview

Company Snapshot

Advanced Micro Devices, Inc. (AMD) is a leading global semiconductor company specializing in high-performance computing and graphics solutions. The company’s strategy centers on innovation in CPUs, GPUs, and data center technology, targeting growth in the enterprise, cloud, and gaming sectors. AMD’s competitive edge is driven by its advanced product portfolio and strong relationships with major technology partners worldwide.

The company produces x86 microprocessors, discrete and integrated GPUs, server and embedded processors, and semi-custom system-on-chip (SoC) products for computing, graphics, data center, and gaming applications.

AMD generates revenue primarily from the sale of processors and graphics products to OEMs, cloud service providers, system integrators, and independent distributors. It serves original equipment manufacturers, cloud service providers, system integrators, and online retailers in the global computing, data center, artificial intelligence, and gaming markets.

Foolish take

For CCM Investment Advisers to begin investing in AMD at this time is noteworthy because stocks in the artificial intelligence sector have been hot for some time now. Moreover, CCM already held shares in AI chip leader Nvidia, so why did it jump into AMD now?

The AI market went into overdrive in the third quarter of 2025 after Nvidia announced blockbuster deals with Intel and OpenAI. The British government also partnered with OpenAI in the quarter to expand AI infrastructure capacity in the country.

A rising tide lifts all boats, as the saying goes, so CCM could be anticipating AMD’s growth amidst this environment. In fact, AMD announced its own partnership with OpenAI on Oct. 6. The partnership involves the semiconductor giant providing a massive number of its products to the ChatGPT creator, and is projected to deliver billions of dollars in revenue to AMD over the coming years.

As a result, AMD shares soared to an all-time high exceeding $240 on Oct. 9. While the company is a good investment and the stock has pulled back from its record high, it’s worth waiting to see if the share price retreats further before deciding to buy.

Glossary

13F assets: The value of U.S. equity securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Stake: The amount of ownership or shares an investor or fund holds in a particular company.
Top holdings: The largest investments by value within a fund’s portfolio.
AUM (Assets Under Management): The total market value of assets a fund or investment manager oversees on behalf of clients.
Outperforming: Achieving a higher return compared to a benchmark index or peer group over a specific period.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Forward price-to-earnings ratio: A valuation metric comparing a company’s current share price to its projected future earnings per share.
Enterprise value to EBITDA multiple: A valuation ratio comparing a company’s total value to its earnings before interest, taxes, depreciation, and amortization.
System-on-Chip (SoC): An integrated circuit that combines multiple components, such as CPU, GPU, and memory, onto a single chip.
Original equipment manufacturers (OEMs): Companies that produce parts or equipment used in another company’s end products.
Cloud service providers: Companies offering computing resources, storage, or services over the internet to businesses or individuals.
Data center: A facility housing computer systems and associated components for storing, processing, and managing large amounts of data.

Robert Izquierdo has positions in Advanced Micro Devices, Alphabet, Apple, Broadcom, Intel, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Apple, Intel, Microsoft, and Nvidia. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft, short January 2026 $405 calls on Microsoft, and short November 2025 $21 puts on Intel. The Motley Fool has a disclosure policy.

On Monday, chipmaker Advanced Micro Devices (AMD 23.61%) announced a huge artificial intelligence (AI) strategic partnership with OpenAI, the AI model developer best known for its ChatGPT chatbot. Not only did this news send shares of AMD up a whopping 23.7%, but it also gave a boost to many other AI stocks and the market in general.

AMD’s news came exactly two weeks after its rival Nvidia (NVDA -1.10%), whose graphics processing units (GPUs) dominate the AI chip market, announced a massive deal with OpenAI.

Advanced Micro Devices-OpenAI strategic partnership

The AMD-OpenAI strategic partnership involves AMD supplying 6 gigawatts of its Instinct series GPUs to power OpenAI’s next-generation AI infrastructure. The first 1 gigawatt deployment of AMD Instinct MI450 GPUs is set to begin in the second half of 2026. That’s the same time frame involved in the Nvidia-OpenAI deal.

Moreover — and this is big for AMD — “AMD has issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved,” according to the press release. AMD has a total of about 1.62 billion shares outstanding, so 160 million shares is about 10% of total shares.

For context, before the deal was announced, AMD had a market cap of about $267 billion. Ten percent of that is $26.7 billion.

Putting 6 gigawatts in context

Six gigawatts equates to a ton of computing power. Here are a couple of stats to put 6 gigawatts of power in context:

• New York City’s average power demand is about 6.5 gigawatts, and its peak power demand in the summer is roughly 10 to 11 gigawatts.
• Six large-scale nuclear reactors have a power output of about 6 gigawatts.

Recap of the Nvidia-OpenAI AI deal

On Sept. 27, Nvidia announced its massive deal with OpenAI. The highlights of this strategic partnership:

• The companies plan to deploy at least 10 gigawatts of Nvidia systems for OpenAI’s next-generation AI infrastructure.
• The announcement stated that the systems will be used to “train and run [OpenAI’s] next generation of models on the path to deploying superintelligence.” [Emphasis mine.]
• The first phase is targeted to come online in the second half of 2026 using the Nvidia Vera Rubin platform.
• Nvidia plans to invest up to $100 billion in OpenAI as the new Nvidia systems are deployed.

What are the broader implications for the AI space?

This seems like a win-win deal for both AMD and OpenAI. OpenAI secures a large supply of AI-enabling GPUs over multiple years. This is no small thing, as GPUs are in great demand, so supply has been tight. That’s especially true of Nvidia’s GPUs, but no doubt, also true to some extent for AMD.

On AMD’s part, it secures a huge multiyear customer for its GPUs, and it is poised to get a hefty inflow of cash as OpenAI buys up to 10% of AMD’s shares. The partnership “is expected to deliver tens of billions of dollars in revenue for AMD,” CFO Jean Hu said in the release. Moreover, it’s “expected to be highly accretive to AMD’s non-GAAP [generally accepted accounting principles] earnings per share, ” she added.

Taken together with the recent Nvidia-OpenAI humongous AI deal and other big deals in the space, there are positive implications for the broader AI market.

The main implication, in my opinion, is that these massive AI chip and infrastructure deals should accelerate the race to move beyond generative AI to achieve artificial general intelligence (AGI) and then artificial superintelligence (ASI), as I wrote about after the Nvidia-OpenAI deal was announced. Nvidia and AMD should be two of the big beneficiaries of this race, as companies rush to buy even more of their AI-enabling GPUs.

Beth McKenna has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices and Nvidia. The Motley Fool has a disclosure policy.

This comes at a time when new tariffs are bringing in enough money to slow the growth of America’s $37 trillion national debt, according to the Committee for a Responsible Federal Budget.

If, as Bessent argues, the White House chips deal passes muster because there are no national security concerns that necessitate export controls on these particular products, another issue remains: Article 1, Section 9, of the U.S. Constitution, otherwise known as “the export clause,” states plainly that “No Tax or Duty shall be laid on Articles exported from any State.”

When efforts to impose excise taxes have gone before the Supreme Court in the past, such as the United States v. IBM or the United States v. United States Shoe Corp., the Court ruled in favor of business. In the first instance, IBM successfully fought a tax on insurance for goods bound for export. In the second, the United States Shoe Corp. was spared a fee on exports going through U.S. ports. 

In both instances, the Supreme Court cited the export clause as grounds to bar the government from collecting money on goods destined for sale abroad. But those decisions were rendered in 1996 and 1998, respectively. Today’s court could take a different stance, especially when it comes to the power of the Executive branch.

With Beijing and Washington weaponizing exports and policies around tariffs and export controls shifting on a daily basis, what’s next is unclear. I’m curious to get thoughts from business leaders on how the current policy environment is impacting their strategy for global growth. Send your thoughts to the email below and thanks for joining the conversation.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com.

Top news

Trump warns Putin of “severe consequences” prior to Ukraine talks

The two leaders will meet in Alaska on Friday. Trump wants a ceasefire and warned Moscow of “very severe consequences” if he does not get one. 

Putin has little to lose

The Russian leader will likely try to expand the talks by offering various trade deals to Trump, experts say, and asking for sanctions to be lifted. Ukraine and Europe will not accept any kind of “swap” which results in Russia permanently occupying more Ukraine territory; and Russia is unlikely to agree to retreat—making a ceasefire deal difficult. Some experts say Putin is skilled at manipulating Trump.

The president is unhappy with media coverage so far

He posted on Truth Social: “Very unfair media is at work on my meeting with Putin. Constantly quoting fired losers and really dumb people like John Bolton, who just said that, even though the meeting is on American soil, ‘Putin has already won.’ What’s that all about? We are winning on EVERYTHING. … If I got Moscow and Leningrad free, as part of the deal with Russia, the Fake News would say that I made a bad deal!”

Bullish IPO soars

The crypto exchange’s stock popped 84% when it went public yesterday, and its stock was temporarily paused from trading. The expectation was for a rise of around 30%. The stock closed at $68, with a market cap of $10 billion. 

Crypto is eating banks’ lending assets

Banks are rushing to offer stablecoins to consumers. Payments for those crypto tokens must be used to buy the bonds that keep the coins value pegged 1:1 with the dollar. That means deposited cash that would normally sit on the banks’ books and be available for loans is shrinking, the NY Times reports. “You don’t need a lot of deposit flight to really buckle the banks,” said Mike Cagney, head of the digital lender Figure. 

AI search race

Perplexity rolled out its new Comet search engine to Pro users on Wednesday — here’s how it measures up against Google.

The benefits of AI keep not showing up

Companies are expected to spend $62 billion this year on AI but 8 in 10 companies report  “no significant bottom-line impact” from the new technology. In fact, 42% of companies dropped their AI efforts last year, according to S&P Global. The AI hype cycle may be entering “the trough of disillusionment,” the low point in the evolution of new tech that precedes a long, slow climb into actual productivity, according to research firm Gartner.

Goldman Sachs doubles down on tariff research

On Wednesday, Goldman Sachs economist David Mericle doubled-down on the bank’s research that American consumers will bear the majority of tariff-related costs, following criticism of the bank from President Trump. “If the most recent tariffs, like the April tariff, follow the same pattern that we’ve seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost,” Mericle explained to CNBC’s Squawk on the Street.

The markets

S&P 500 futures were flat this morning, premarket, after the index closed up 0.32% yesterday. STOXX Europe 600 was up 0.2% in early trading. The U.K.’s FTSE 100 was flat in early trading. Japan’s Nikkei 225 was down 1.45%. China’s CSI 300 was flat. The South Korea KOSPI was flat. India’s Nifty 50 was flat. Bitcoin rose to $121.7K.

Around the watercooler

How Binance’s Yi He became ‘the most powerful woman in crypto’—and steered the company past its biggest ordeal by Jeff John Roberts

Elon Musk broadens his long-running feud with OpenAI’s Sam Altman by bringing in a third party: Apple by Beatrice Nolan

Ray Dalio was so broke early in his career he had to borrow $4,000 from his dad—and learned 2 key lessons that set him on the road to billionaire status by Nick Lichtenberg

Switzerland warns its companies that no, they can’t dodge Trump’s tariffs by routing goods through the tiny neighboring country of Liechtenstein by Sasha Rogelberg

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.

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Over the last two years, semiconductor powerhouse Nvidia (NVDA 1.74%) has emerged as the biggest force fueling the artificial intelligence (AI) revolution. The company’s industry-leading graphics processing units (GPU) and CUDA software platform have helped Nvidia build a substantial lead over its competition in the chip market.

While Advanced Micro Devices has carved out an impressive pocket for itself in the AI data center landscape, recent reporting suggests that the company is still far behind Nvidia.

Let’s explore the dynamics behind Nvidia’s lead over AMD, and assess if the king of the chip realm just made its checkmate move against its top rival.

Nvidia continues to dominate the competition

During the early phases of the AI megatrend, Nvidia benefited from having a first-mover advantage over other semiconductor companies when it comes to GPUs specifically. While being a first mover can help companies experience outsized growth relative to the competition or form strategic partnerships with leaders in adjacent industries, there’s no guarantee that these businesses can sustain their leads.

In the case of Nvidia, however, trends suggest that company’s lead over AMD may only be getting bigger.

Beth Kindig, who serves as a technology research analyst and CEO of I/O Fund, recently shared a data point from SemiAnalysis that pointed out that Nvidia’s market share in AI accelerators increased by roughly two points during the first quarter — now hovering around 88%. By contrast, AMD’s share shrunk by about one point, now comprising roughly 4% of the market.

Why these trends could spell trouble for AMD

The chart illustrates AMD’s revenue and operating income by reportable segment during the first quarter. One of the more notable takeaways is that AMD’s data center operation is its fastest-growing business, all while remaining highly profitable.

However, a more subtle idea is that sales from the data center business shrunk by 5% quarter over quarter. To be fair, there could be a number of reasons for this.

First, the semiconductor industry is cyclical — which makes quarterly trends tougher to predict and gauge when it comes to the overall health of the business. In addition, AMD’s latest accelerator architectures are expected to ship later this year. This timeline could be playing a role in the slight deceleration of the data center business compared to the fourth quarter.

While these ideas may make some sense in theory, I find them hard to believe, given Nvidia actually gained ground in the AI accelerator market during the first quarter.

Since AI developers raced to buy Nvidia’s newest Blackwell chips, factors such as cyclicality or new competitive chipsets from AMD didn’t seem to be enough to persuade customers from waiting on AMD’s products over those of Nvidia.

In the long run, these dynamics could spell trouble for AMD. Despite the company’s ability to win impressive data center customers such as Oracle, Meta Platforms, and Microsoft, AMD’s innovative efforts do not appear to be enough to outmaneuver Nvidia at this time.

Is this a checkmate move by Nvidia?

As of this writing (June 25), shares of AMD have risen by 18% so far in 2025. Per the chart, these gains are slightly ahead of Nvidia stock’s increase.

NVDA data by YCharts

I think it’s hard to justify AMD’s gains over Nvidia, given the company’s lack of market share and apparent decelerating growth (at least for now).

While I suspect AMD’s growth profile could turn around following the release of new chipsets during the second half of the year, I also think it will be challenging for the company to gain any meaningful momentum back from Nvidia — as Nvidia also has new architectures releasing later this year, too.

To me, Nvidia may have put AMD in a checkmate position for the time being. I think these figures reported could imply that Nvidia will remain the leader in AI data center chips and could be on its way to a new, prolonged, and sustained wave of growth.

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Adam Spatacco has positions in Meta Platforms, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Meta Platforms, Microsoft, Nvidia, and Oracle. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.