India, May 12 -- For most semiconductor companies, the competitive battlefield is relatively clear. Nvidia (NVDA) competes primarily in AI accelerators and AI infrastructure. Intel still derives most of its revenue from CPUs used in PCs and enterprise servers. Advanced Micro Devices (AMD), however, increasingly competes in both markets simultaneously.

That duality is becoming one of the most important, yet least understood dynamics in the semiconductor industry.

AMD's AI business competes against Nvidia

AMD's AI business competes directly against Nvidia in one of the fastest-growing infrastructure markets in technology history. Its client and server CPU businesses, meanwhile, continue competing against Intel in markets still governed l...