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Remember when the term ‘meme stock’ evoked images of underdogs toppling financial giants? GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) created a frenzy with their David-and-Goliath narrative. But times have changed in the world of meme stocks. What once required a battleground of short positions now thrives on social media buzz and chatroom chatter. Fundamentals take a back seat as online hype steers the wheel. However, not all meme stocks are created equal. Here are three underdogs that might just have a shot at the big leagues.
Advanced Micro Devices (AMD)
Once the talk of the town back in 2020 and 2021, chipmaker Advanced Micro Devices (NASDAQ:AMD) is a classic meme stock with a twist. While retail traders flocked to AMD, the company quietly racked up impressive fundamentals—revenue booming at a 52% CAGR and earnings soaring. Riding the AI wave, AMD’s data center segment is expected to hit new highs, thanks to its cutting-edge MI300X AI chip. The stage is set for another meteoric rise.
Palantir Technologies (PLTR)
Meet the comeback kid—Palantir Technologies (NASDAQ:PLTR). After a tumultuous run post-IPO, PLTR is back with a vengeance. Touted as the “best pure-play” in AI, Palantir isn’t just crunching numbers for agencies anymore—it’s dominating the commercial market. Revenue is soaring, with a new AI platform winning customers over. PLTR is not just a meme stock; it’s a hidden gem waiting to shine.
Super Micro Computer (SMCI)
Super Micro Computer (NASDAQ:SMCI) may have seen a recent dip, but its overall trajectory is the stuff of meme stock legend. With a 700% surge in the last year, SMCI is hitting all the right notes in the AI hardware space. Riding the coattails of data center demand, SMCI’s certified solutions for Nvidia’s GPUs are a hit with cloud giants and Fortune 500 companies alike. A pullback might just be the golden ticket for long-haul investors eyeing a bargain.
On the date of publication, Rich Duprey did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Rich Duprey has written about stocks and investing for the past 20 years. His articles have appeared on Nasdaq.com, The Motley Fool, and Yahoo! Finance, and he has been referenced by U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, USA Today, Milwaukee Journal Sentinel, Cheddar News, The Boston Globe, L’Express, and numerous other news outlets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
