Advanced Micro Devices (AMD) shares have underperformed in recent months — partly because earnings haven’t smashed investor expectations like Nvidia (NVDA) regularly does. The Californian semiconductor giant has been operating well and truly in the shadow of its larger peer.

Advanced Micro Devices (NASDAQ: AMD), and Micron Technology (NASDAQ: MU) plunged on news that a Chinese start-up called DeepSeek had figured out how to train artificial intelligence (AI) models for a fraction of the cost of its American peers.

A year ago, a screen of the S&P 500 placed Nvidia Corp. at the top of the list of companies that were expected to show the most rapid increases in revenue from 2023 through 2025. Now it is time to run the screen again,