Nvidia was gaining early on Wednesday after Google-parent Alphabet committed to spending on artificial-intelligence infrastructure and rival Advanced Micro Devices’ AI chip revenue disappointed. Nvidia shares were up 0.

By Kanchana Chakravarty and Zaheer Kachwala (Reuters) -Advanced Micro Devices shares tumbled more than 10% on Wednesday after the company's AI chip revenue failed to meet lofty expectations, reinforcing its struggles to grab market share from well-entrenched market leader Nvidia.

Key Takeaways Nvidia and Broadcom shares surged Wednesday after Google parent Alphabet, a customer of both chipmakers, said it plans to ramp up spending on artificial intelligence. Alphabet said Tuesday that it plans to spend as much as $75 billion in capital expenditures this year,