Sure, Advanced Micro Devices ( AMD) was reporting its quarterly results, but the world's second-largest economy loomed large after the chipmaker’s earnings fell short of expectations and raised concerns about the timing of a restart of shipments to China.

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.