After its founding in 1969, Advanced Micro Devices (AMD -0.61%) didn't wait long before it decided to debut on public markets. The company held its initial public offering (IPO) three years later in 1972, issuing 620,000 shares of stock at $15.50 per share.

But a lot has changed over the past five decades. Today, several stock splits have resulted in more than 1.6 billion outstanding shares of AMD stock. Those who had the foresight to click the buy button on AMD stock at its IPO, consequently, have seen their positions grow considerably with respect to the number of shares in their portfolios.

The speed of splitting its stock has slowed over the past two decades

It has been nearly 25 years since the last time AMD split its stock, but investors who added the semiconductor company to their portfolios at its IPO likely remember a lot more attention to stock splits in the company's early innings. After going public in 1972, AMD completed its first stock split, a 3-for-2 stock split, in 1978. And several stock splits quickly ensured.

Data source: Advanced Micro Devices.

Some back-of-the-envelope math shows that investors who purchased one share of AMD stock in 1972 now have 27 shares sitting in their portfolios.

Should investors spring to action and buy AMD stock?

Suffering a more precipitous fall than the nearly 8% decline that the Nasdaq Composite (^IXIC 0.52%) has logged in 2025, shares of AMD have plunged more than 13% so far this year. As a result, AMD stock is now sitting in the bargain bin. Valued at 32 times operating cash flow, AMD shares trade at a discount to their five-year average cash flow multiple of 37.

For investors interested in artificial intelligence -- or those looking for a leading semiconductor stock in general -- AMD stock is certainly worth further investigation.