Nvidia, the world’s biggest chip maker, is often described as the “pick and shovel” provider for the new technology’s massive investment story. Earnings from AMD, Arista Networks, and Astera Labs suggests that there are subtle ways to play the trade.

Advanced Micro Devices (AMD) is set to report second-quarter results after the closing bell on Tuesday, with traders anticipating a sizable move from the chipmaker's stock. Current options pricing suggests traders expect the stock could move more than 7% by the end of this week,