AMD’s Stock Slump Shows There’s No Silver Medal in AI

(Bloomberg) — Regarded as the biggest competitor to Nvidia Corp. in making chips used to train artificial intelligence software, Advanced Micro Devices Inc.’s shares look less like an immediate rival.

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The stock is mired at the lowest level since November 2023, down by about 25% since the end of that year. The Philadelphia Stock Exchange Semiconductor Index is up more than 20% over that time, while Nvidia has soared 160%.

In a break from recent quarters, the…