The Nasdaq Composite (NASDAQINDEX:^IXIC) has been a big growth driver throughout 2020, but at least for one day, the tech-heavy index took a break from the melt up in stocks. After trading on either side of the unchanged mark during the day, both the composite and the Nasdaq-100 Index managed to eke out modest gains by the close.

Helping to lift the benchmarks was strong performance from two key stocks. Advanced Micro Devices (NASDAQ:AMD) was the biggest gainer in the Nasdaq-100, as investors continue to see the chipmaker as being in a favorable competitive position against its longtime rival. Meanwhile, Take-Two Interactive Software (NASDAQ:TTWO) also posted a strong advance following the release of its latest earnings report.

AMD keeps winning

Shares of Advanced Micro Devices were up another 9% on Tuesday. The stock has tripled since September 2019, and those watching the microprocessor and graphics-chip specialist see even better times ahead.

Person wearing white gloves, mask, and safety glasses holding a semiconductor chip between thumb and index finger.

Image source: Getty Images.

Part of AMD's success has come from the setbacks of rivals. Intel (NASDAQ:INTC) recently announced that it would have to delay its plans to release chips using 7-nanometer production technology. That will give Advanced Micro Devices more of a head start in serving the 7nm market.

Yet AMD has its own efforts to thank for much of its strength. New products are aimed at capturing business from rivals in key areas like cloud data servers. Even old-style desktop PCs have been part of AMD's growth strategy, and it's finally chipping away at what historically had been Intel's dominance in that arena.

Advanced Micro Devices can't afford to rest on its laurels, and the dog-eat-dog world of semiconductors won't tolerate complacency. Nevertheless, AMD is doing all the right things right now, and that bodes well for the chipmaker.

Big win for Take-Two

Shares of Take-Two Interactive finished higher by 6%. The video game giant reported fiscal first-quarter results that more than satisfied shareholders, and the company's growth prospects seem better than ever.

Take-Two's numbers showed how popular video games have been during the coronavirus pandemic. Revenue was higher by 54% from year-ago levels, reaching a new record for the quarter. Net bookings more than doubled, falling just short of the $1 billion mark. Earnings per share soared 88% year over year.

Investors were pleased to see Take-Two chalk up wins in a couple of key areas. Purchases of game add-ons jumped by more than half and made up nearly three-fifths of revenue for the period. In addition, Take-Two saw digital sales climb 70% year over year, as the company makes the transition away from relying on third-party retailers.

Take-Two is optimistic, boosting its outlook for the full 2021 fiscal year. Shareholders like what they're seeing, and they don't see any end in sight to Take-Two's prosperity.

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