Instead, consider these two stocks that could make you millionaires.

Intel‘s (NASDAQ:INTC) Intel stock has been pummeled this month, and August is just getting started. The company’s stock price has plunged 34% since July 30, driven by a massive selloff in many stocks. Growing fears of a recession and Intel’s disappointing results have sent investors into panic mode.

While I firmly believe that it’s better to hold a tech stock like Intel during a market decline than to sell it, that doesn’t necessarily mean it’s the right time to buy more.

The chart above shows that despite recent declines, Intel’s forward price-to-earnings (P/E) ratio is significantly higher than other technology stocks. Advanced Micro Devices (NASDAQ: AMD) And Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) offer similar exposure to emerging markets like artificial intelligence (AI) and cloud computing, but trade at a better value than Intel.

In addition to Intel’s low stock valuation, the latest quarter (Q2 2024) missed expectations in terms of revenue and earnings per share (EPS). Meanwhile, recent results from AMD and Alphabet illustrate a positive growth trajectory.

So forget Intel and consider buying these two multi-million dollar stocks instead.

1. Advanced micro-devices

AMD’s stock has fallen 24% over the past month as tech stocks have fallen out of favor with investors. However, the company has a long history of growth that has helped create many millionaires, with its stock price up more than 3,000% since 2014.

The company has enjoyed immense success over the years, assuming a crucial role in the chip market. AMD’s hardware powers products across the technology spectrum, from gaming consoles to Sonyfrom PlayStation 5 to PCs, laptops, data centers and AI modelsAs a result, AMD is easily one of the best stocks to gain exposure to different areas of technology.

AMD’s closest competitors are Nvidia and Intel, and the three companies are fierce rivals in AI chips. Nvidia dominates the sector, while Intel has yet to make any real inroads. However, recent results indicate that AMD’s AI division is on a promising growth trajectory and is gaining ground on Nvidia.

In the second quarter of 2024, AMD’s revenue increased 9% from the prior year, beating expectations by $120 million. Meanwhile, earnings per share of $0.69 beat estimates by $0.01. The quarter benefited from a 115% year-over-year increase in revenue in its AI-focused data center segment and a 49% increase in customer sales.

AMD’s gaming segment suffered from declining sales of semi-custom chips, with revenue down 59%. However, that didn’t stop the company from seeing solid growth in the quarter as it shifted its focus to AI. Operating income for the period reached $269 million, a significant improvement from the $20 million loss it posted a year ago.

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AMD’s Q2 2024 performance proves that the company is seeing impressive ROI in AI and making progress in the sector. Its quarterly free cash flow has climbed 81% year-to-date, boosting its purchasing power. In addition to being a better-valued stock, AMD is a clear buy over Intel right now.

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