$AMD vs $TER: Contrasting Direct AI Chip Exposure with Infrastructure Plays AMD has become a leading AI data center chipmaker, with data center revenue now the primary driver of growth and recently surpassing half of total sales. TER (Teradyne) supplies semiconductor test equipment that benefits indirectly from the same AI build-out, with roughly 70% of recent revenue tied to AI demand. AMD carries higher valuation and growth expectations, while Teradyne offers exposure to AI infrastructure as a "picks-and-shovels" equipment vendor. Both stocks have delivered exceptional relative performance over the past year, but their business models, risk profiles, and catalysts differ meaningfully. AMD's momentum is tied to data center GPU (graphics processing unit) and CPU (central processing unit) adoption, while Teradyne's hinges on memory and advanced chip testing cycles.