As the artificial intelligence (AI) revolution continues to gain steam, chipmakers Advanced Micro Devices (NASDAQ: AMD) and Qualcomm (NASDAQ: QCOM) have experienced widely differing fortunes on the stock market in 2024 so far. While one is outperforming the PHLX Semiconductor Sector index nicely, the other one is lagging.

More specifically, Qualcomm stock is up 45% so far this year, which is well above the 28% gains for the PHLX Semiconductor Sector index, as investors are taking note of the company's robust position in the AI chip niche. AMD, meanwhile, gained just 9% in 2024 despite starting the year on a positive note, as its business isn't getting as strong a boost from AI as Wall Street analysts were anticipating.

Does this mean that Qualcomm is the better AI stock of the two to buy now? Or will AMD's recent product development moves help it land a significantly bigger share of the lucrative AI chip market and turn its fortunes around?

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Source Fool.com