Nvidia CEO Jensen Huang has projected that AI infrastructure spending will reach $3 trillion to $4 trillion by the end of the decade. After a slate of multiyear, multi-gigawatt deals between OpenAI with AMD,

Nvidia (NASDAQ: NVDA) exercises a tremendous grip over the global artificial intelligence (AI) semiconductor market, and it managed to attain this status over the years by keeping competitors at bay. The company's technological advantage kept it as the go-to provider of AI chips for companies and governments around the globe.

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Big Tech earnings results show demand for AI compute is outstripping supply, and the willingness to spend bodes well for Nvidia, AMD and Broadcom, a Cantor analyst says.

Advanced Micro Devices ( AMD +7.63%) hasn't fared well in the artificial intelligence (AI) race so far. It has been beaten out by one of its rivals, Nvidia ( NVDA +2.26%). Nvidia has captured a huge chunk of the AI computing market, with AMD only being around as a much cheaper alternative. Almost nobody was using AMD's platform.

Advanced Micro Devices said Tuesday its revenue rose 36% to $9.2 billion in the third quarter, beating its earlier projection by 8 percentage points. But AMD also projected revenue in the current quarter would rise 25% to $9.

In other words, it is possible to be more confident about the company's continued operational momentum for the rest of the year, as Dr. Lisa Su (AMD's CEO) mentioned in the earnings release: "Our record third quarter performance and strong fourth quarter guidance marks a clear step up in our growth trajectory as our expanding compute franchise and rapidly scaling data center AI business drive significant revenue and earnings growth.

AMD's GPU business is doing "OK," according to Morgan Stanley's Joseph Moore, but he doesn't expect much upside in the near term. The company should still see "meaningful" growth in the third and fourth quarters,

Advanced Micro Devices (NASDAQ:AMD) stock is having a pretty easy time outperforming Nvidia (NASDAQ:NVDA) so far this year, with an impressive 95% gain year to date versus just 31% for NVDA stock. Indeed,

Advanced Micro Devices, Inc. partners with OpenAI in a landmark AI deal, boosting growth prospects and challenging Nvidia. Click here for my AMD stock update.

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