Shares of AMD and Micron Technology have soared impressively in the past three months.

Both are set to benefit from identical end markets, but one of them is growing at a much faster pace.

The valuation will make it clear which of these semiconductor stocks is worth buying right now.

The demand for artificial intelligence (AI) chips has been increasing at a nice pace in the past few years. Major cloud service providers (CSPs), hyperscalers, and governments have been spending a lot of money on shoring up their cloud infrastructure so that they can run AI workloads.

This explains why the businesses of Advanced Micro Devices (NASDAQ: AMD) and Micron Technology (NASDAQ: MU) have gained terrific traction in recent quarters. As a result, shares of both these chip designers have clocked impressive gains in the past three months. AMD has jumped 32% during this period, and Micron stock is up 36%.

But if you had to put your money into just one of these AI semiconductor stocks right now, which one should it be? Let's find out.

AMD designs chips that go into personal computers (PCs), servers, and gaming consoles, and for other applications such as robotics, automotive, and industrial automation. AI has created impressive demand for the company's chips in these areas, leading to healthy growth in its top and bottom lines.