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The AI Revolution Beyond NVIDIA: Why These Two Stocks Could Be the Next Millionaire-Makers?

Edwin FosterThursday, Apr 24, 2025 11:57 am ET

51min read

The AI boom has ignited a gold rush for investors, but NVIDIA’s dominance in graphics processing units (GPUs) has left many wondering: Is there room for other players to shine? The answer lies in the ecosystem supporting AI’s growth—hardware innovation, data infrastructure, and specialized tools. Two companies stand out for their explosive growth metrics, strategic breakthroughs, and catalysts that could propel them to millionaire-maker status: Advanced Micro Devices (AMD) and Innodata Inc. (INOD). Let’s dissect why they deserve attention—and how the risks might temper their rise.

1. Advanced Micro Devices (AMD): The AI Hardware Powerhouse

AMD’s rise is anchored in its transition from a niche semiconductor player to a critical supplier of AI infrastructure. Its Q3 2024 revenue of $6.8 billion—up 18% year-over-year—reflects robust demand for its data center and client computing segments. But the real catalyst is its AI accelerator roadmap:

MI350 and MI400 Chips: AMD’s upcoming AI accelerators, built on 3D V-Cache technology, promise to boost AI workload performance by up to 66% compared to prior generations. These chips are designed to rival NVIDIA’s H100 GPUs, targeting data centers and high-performance computing.
CEO Lisa Su’s AI Event (June 2025): A planned investor update could unlock further confidence in AMD’s AI ambitions, especially as it eyes $12 billion in AI-related revenue by 2026.

AMD’s operating profit surged 34% YoY in Q3 to $1.7 billion, and its Q4 guidance, while cautious, hints at long-term potential. The stock’s price-to-sales ratio of 2.4 is reasonable compared to NVIDIA’s 12.3, suggesting undervaluation in an AI-driven market.

2. Innodata Inc. (INOD): The Quiet Giant of AI Training Data

While AMD builds the hardware, INOD supplies the fuel: high-quality training data for generative AI models. Its Q4 2024 results were staggering:

127% YoY revenue growth to $59.2 million, with full-year revenue nearly doubling to $170.5 million.
493% EPS growth, driven by record demand from healthcare, finance, and tech clients.

INOD’s 12-month total return of 562% underscores investor enthusiasm. Its partnerships with Fortune 500 companies and focus on niche areas like regulatory-compliant data for finance (e.g., anti-money laundering tools) create a defensible moat. However, its $1.3 billion market cap remains small, leaving room for upside if AI adoption accelerates.

Why These Stocks, Not NVIDIA?

NVIDIA’s stock has already soared on GPU demand, making it less of a "millionaire-maker" for late entrants. AMD and INOD, by contrast, offer:
- Undiscovered Upside: AMD’s AI revenue is still nascent, while INOD’s data services are underpenetrated.
- Sector Diversification: AMD in hardware, INOD in data—two pillars of the AI stack.

Risks and Reality Checks

The AI hype cycle is fraught with pitfalls:
- Overvaluation: INOD’s 562% surge raises valuation concerns. Its price-to-sales ratio of 7.6 is high, even for a growth stock.
- Competition: AMD faces NVIDIA’s relentless innovation, while INOD risks losing clients to in-house data teams.
- Regulatory Headwinds: Data privacy laws (e.g., GDPR, CCPA) could crimp INOD’s growth.

Conclusion: A Calculated Gamble

AMD and INOD are not without risks, but their fundamentals scream potential. AMD’s 34% YoY operating profit growth and INOD’s 127% revenue surge are hard to ignore. If AI adoption continues to outpace expectations—and there’s little reason to doubt it—these stocks could deliver outsized returns.

Investors should, however, proceed with caution. Diversify holdings, set strict stop-losses, and monitor catalysts like AMD’s June 2025 event and INOD’s Q2 2025 earnings. For those willing to ride the AI wave beyond NVIDIA, these two stocks could be the keys to unlocking multi-bagger gains.

As the saying goes: “The future belongs to those who build it.” AMD and INOD are among the builders—and their blueprints are looking profitable.

Final Note: Always conduct further research and consult a financial advisor before making investment decisions.

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