On the surface, semiconductor designer AMD (NASDAQ:AMD) just had a horrible start to 2023. First quarter revenue was down 9% year-over-year to $5.35 billion, generating an operating loss of $145 million. In all, the results were in-line with management's outlook provided three months ago, but it wasn't a great look for a business trumpeting lots of long-term growth potential.  

Peeling back the headline numbers reveals a much better story, though, one driven by the advent of AI. Generative AI services like ChatGPT are getting all the headlines, sure, but AMD is gaining traction on lots of other fronts as intelligent computing picks up steam. Meanwhile, Intel (NASDAQ:INTC) revenue fell 36% year-over-year to $11.7 billion, generating an operating loss of $1.47 billion. This was near the top of management's guidance, but it was nonetheless an ugly quarter.

AMD stock is up an incredible 2,540% over the last decade, and Intel is up just 67% (when including reinvested dividends). Which chip stock is the better AI buy now?  

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Source Fool.com