Why Gabelli Global Growth Fund Added Advanced Micro Devices (AMD) in Q2

Gabelli Investment Management Firm revealed in its Q2 2026 investor letter that the Gabelli Global Growth Fund initiated a new position in Advanced Micro Devices Inc. (NASDAQ: AMD). The position accounted for approximately 1.1% of the fund's net assets as of June 30, 2026. The fund, which holds $194 million in net assets and maintains a concentrated portfolio of 45 companies, reported a 12.84% return for the quarter, driven by sustained exposure to long-term themes including artificial intelligence, automation, and industrial technology. Institutional interest in AMD has demonstrated steady growth, with hedge fund ownership rising from 134 portfolios to 164 portfolios by the close of the first quarter. AMD shares posted a one-month gain of 29.14%, trading at around $615.52 with a total market capitalization near $1.01 trillion. The fund's decision underscores ongoing institutional allocation into semiconductor and AI infrastructure providers despite broader market volatility.