Nvidia, the world’s biggest chip maker, is often described as the “pick and shovel” provider for the new technology’s massive investment story. Earnings from AMD, Arista Networks, and Astera Labs suggests that there are subtle ways to play the trade.

Advanced Micro Devices forecast third-quarter revenue above Wall Street estimates on Tuesday, anticipating demand for its artificial intelligence chips from businesses rushing to expand infrastructure to dominate the latest technology.

Advanced Micro Devices reported second-quarter revenue of US$7.69 billion ($11.9 billion), up 32% from a year earlier, but said adjusted profit came at 48 cents per share, missing estimates. The numbers: Analysts polled by LSEG had expected revenue of US$7.