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.

In Q2, the chipmaker's data center revenue grew just 14% year over year, versus 57% in Q1, due to the export controls that prevented the sale of its AI-enabling GPU chips to China.

Advanced Micro Devices Inc. earnings are expected to show the chipmaker is increasingly benefiting from the artificial intelligence arms race.