Artificial intelligence (AI) is enjoying a resurgence of late. The potential implications illustrated by next-level chatbots like ChatGPT captured the public's imagination and sent investors scurrying to discover the next multibagger AI stock.

Among those potential beneficiaries is Advanced Micro Devices (NASDAQ: AMD), better known as AMD. The chipmaker is a player in the graphics processing unit (GPU) market, but in recent years has been increasingly chasing the cloud-computing and data-center markets and, by extension, AI.

When AMD reported its first-quarter results on Tuesday, market watchers expected the company to get a boost from AI. It may have, but it wasn't enough to make a noticeable bottom-line difference thanks to this challenging macroeconomic environment. Nvidia (NASDAQ: NVDA) is another big player in the semiconductor space and one of AMD's chief rivals. What, if anything, do AMD's results tell us about Nvidia's prospects when it reports later this month?

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Source Fool.com