Don't assume that the the wave of investor interest in artificial intelligence (AI) stocks is lifting all ships -- or chip stocks. Advanced Micro Devices is trading 8% lower in 2025 and down a blistering 36% over the past year.

The business is holding up better than the stock chart. AMD served up fourth-quarter results last week that seem impressive on the surface. Revenue rose 24%, a far cry from the jumps being posted by the market darling AI stocks, but this was still its strongest year-over-year increase in two years.

Revenue for its flagship data centers segment that now accounts for more than half of its business soared 69% to $3.9 billion. Its smaller client segment revenue rose a hearty 58%. The other side of this coin is that AMD's gaming and embedded segments experienced 59% and 13% top-line slides, respectively.

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Revenue topped market expectations, and net income landed right on what the Wall Street pros were modeling. But that wasn't enough to impress investors despite the depressed semiconductor stock. Guidance calls for revenue to accelerate again to 30% growth in the current quarter, but this represents a 7% sequential dip. It didn't help that AMD's earning call also warned of a sequential dip in sales for its data center business.

More than a dozen analysts slashed their price targets on the stock last week, sending the shares to a fresh 52-week low. Is this a good time to follow Wood into AMD or wait it out until there's more clarity? Bulls will argue that AMD is too cheap to ignore. The stock is now trading at a reasonable multiple of 23 times this new year's projected earnings and less than 18 times next year's forecasts. Bears can counter that several analysts have lowered their income estimates since last week's financial update.

Momentum is also going the wrong way for AI stocks lately, but the AMD bulls have the more compelling argument.

3. Shopify

Shopify has its foot on the accelerator again. Revenue surged 31% in the fiscal fourth quarter that it reported on Tuesday morning. That's the e-commerce platform's strongest top-line jump in the last three years. Just two quarters ago it was delivering its weakest revenue gain in the past two years. Shopify's flagship business is rolling in North America, and its international and offline revenue are growing even faster.

This isn't just a revenue acceleration story. Free cash flow margin at Shopify widened to 22% during the holiday-spiked quarter. Wood wasn't the only one seeing the strong financial update as a buying opportunity, as at least five analysts raised their price targets on the stock after Tuesday's well-received update that sent the shares 3% higher on the day.