Advanced Micro Devices (NASDAQ: AMD) stock slipped in Tuesday's trading. The semiconductor company's share price closed out the daily session down 4.8%, according to data from S&P Global Market Intelligence. Nvidia, its chief rival in the graphics processing unit (GPU) space, actually gained 1.1% in the session.

There wasn't any business-specific news that dragged AMD stock lower today, but the company's share price lost ground following the opening of Nvidia's GPU Technology Conference (GTC) yesterday. Good news for Nvidia stock has often helped increase bullish sentiment for AMD stock, even though the two companies are competitors.

While Nvidia did manage to post small gains in Tuesday's trading and analysts appear to be excited about the next-generation Blackwell chip that the company unveiled yesterday, other high-profile artificial intelligence (AI) stocks lost ground today. Investors seem to have been betting that AI stocks would surge following announcements at GTC. When that didn't materialize for AMD, some investors opted to sell out of the stock.

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Source Fool.com