Advanced Micro Devices Inc. earnings are expected to show the chipmaker is increasingly benefiting from the artificial intelligence arms race.

Nvidia is the kind of chip stocks and the AI trade, but Advanced Micro Devices has been the better performing stock. The charts suggest that can continue heading into AMD earnings Tuesday afternoon. AMD has a lot to prove.

Rajkumar also argued that $200 price targets for AMD stock are too lofty and come from “hype built into Street expectations.” Instead, the Lynx Equity Strategies analyst belie