$Advanced Micro Devices(AMD)$ $NVIDIA Corp(NVDA)$ is totally riding the AI hype train. That's why Jensen is feverishly promoting AI. Any perceived slowdown would pop the bubble big time for NVDA. AMD benefits from AI hype to a much lesser degree than NVDA. Although AI is certainly a huge opportunity for AMD there are other irons in the fire.

Note that AMD has a significant amount of CPU revenue from datacenters. If there's an AI slowdown then CPU capital spending in datacenters might increase as purchasing patterns revert to the norm. Looking at AMD and NVDA it's clear AMD has a more diverse revenue stream. XLNX brings embedded which is a large untapped market for AMD. Game consoles offer long term revenue for AMD. Consoles and embedded are near full ebb now but will soon begin new cycles. There's lots of upside coming for AMD regardless of how AI shakes out.

If AI does slow down then AMD sneezes but NVDA catches pneumonia. In fact, if NVDA is stuck with too much inventory then a more horrific version of the crypto crash will happen. Pneumonia could become septic and NVDA might actually die.