The AI Race Is a Marathon, Not a Sprint. Here Is How AMD Stock Could Still Finish First.

The artificial intelligence (AI) boom has ignited one of the most intense technology races in history, with chipmakers battling for dominance in data centers, cloud infrastructure, and the next generation of AI workloads. And while Nvidia (NVDA) continues to command the spotlight, recent market turbulence has reminded investors that leadership in this space is anything but settled. Shares of the AI darling and its closest rival, Advanced Micro Devices (AMD), came under pressure last week after a report suggested Meta (META) may consider spending billions on Google’s (GOOG) (GOOGL) AI chips. This sparked fears that AMD could lose ground just as excitement around its MI series accelerators has begun to build.

But according to Mizuho’s Jordan Klein, investors may be looking at the situation through far too narrow a lens. Klein argues that the AI race isn’t a short-term sprint where early leaders automatically secure long-term victory. Instead, he describes it as a multi-phase marathon. In other words, no single headline—whether about a Google-Meta deal or a temporary pause in demand—should be mistaken for a definitive turning point.