"I am counting on our competitor being really, really good. That just means we need to be better."

The big picture: AMD's history has been about brief moments in time where it was able to outflank Intel, but Su wants to transform the perennial also-ran into "one of the great technology growth stories."

• "We are extraordinarily ambitious," she says. "I don’t want people to think this is a [temporary] thing."

Where it stands: At the moment, analysts say AMD is set to put a lot of pressure on Intel, including in the profitable data center business where AMD's new chips appear to outperform Intel's while costing significantly less.

• I asked Su if she thought AMD would always have to price at a steep discount even when it can outperform Intel. She says that need not always be the strategy, but acknowledged that her company remains the underdog.
• "What we are trying to do is make it very, very attractive for people to switch," Su adds.

Yes, but: For all its current success — and it is gaining ground on Intel — AMD recently cut its financial outlook for the year. Su blames that on lower expectations for the game console industry's performance this year.

• "If you take out the console business, our new products are growing approximately 20% year on year," she says.
• She adds that when the new generation of game consoles do make their debut, they will also have AMD inside, giving the company yet another boost.

Meanwhile, one area where Su has had to shift course is around China. AMD had licensed a lower performance version of its earlier technology for sale there through a joint venture, but was forced to change course amid shifts in U.S. policy.

• "China is a big market; it’s a market that’s important for all of us in tech," Su says. "But make no mistake, we are a U.S. company. National security is priority number one. I’m really trying to find that balance."
• The best way for the U.S. to battle China for technology leadership is to continue investing in R&D, according to Su. The U.S. has done that in the past and has plenty of engineering talent, she says.
• "It’s a matter of deciding where you want to put that emphasis," she says. "I think that’s the key."
• Su points to the work that AMD did with Oak Ridge National Laboratories to create Frontier, set to be the world's biggest super computer.

Go deeper: Lisa Su on building the new AMD

Driving the news: Huawei took the unusual step of releasing aggregate results for the first half of the year, rather than detailing second quarter performance. But since the company touted 39% growth in the first quarter, it's clear that its business took a substantial hit in the second quarter.

• Even Huawei officials acknowledge growth won't be what it had anticipated. The company previously was targeting $130 billion in revenue this year, but now expects it to be closer to last year's $105 billion.

Details:

• Phones and tablets: Huawei's device business is clearly being hurt by consumer concerns over whether its phones will continue to have access to the latest versions of Android and Google services. PC sales have also been affected, as those devices rely on software from Microsoft and Intel (or Intel-compatible) processors. Huawei has been developing its own operating system, but details remain scant.
• Cellular network equipment: Huawei touts its continued business in 5G and says no customers with signed deals have cancelled, although the U.S. has been applying pressure on allies to avoid using Huawei.
• Corporate networking: This area has been more strongly hit, Huawei acknowledges, due to limitations on server products from Intel and other suppliers.

What's next: Huawei is preparing for a tough couple of years as it figures out what, if any, U.S. components it can count on and makes alternate plans as necessary.

• The next 2 years will "probably be the most challenging time," Huawei SVP of public affairs Joy Tan tells Axios.
• "We just need to figure out how we can patch some of the holes in the supply chain," Tan adds.

Yes, but: Huawei is quick to point out the impact the ban is having on the U.S. companies that supply it with goods.

• That's everyone from Microsoft and Google to chipmakers Intel, Qualcomm and Texas Instruments. They also include smaller tech suppliers like NeoPhotonics, which has recently counted on Huawei for half its revenue.
• In all, Huawei says it purchases $11 billion worth of U.S. goods and services and is responsible for 40,000 to 50,000 jobs, citing calculations from the Economic Policy Institute.
• And then there's the cost to carriers of keeping low-priced Huawei products off the U.S. market. Huawei maintains that adds 15% to the cost of network equipment here.

Between the lines: One thing both Huawei and its critics seem to agree on, at least publicly, is that it would be better if the U.S. focused on its national security concerns with Huawei rather than sweeping the firm up in the larger trade conflict.

• "Huawei did not ask to be included in the trade discussion," Tan says. "Huawei does not want to be a bargaining chip."

Our thought bubble: That might be Huawei's public position, but the company's best chance to avoid tight restrictions is likely to be through a broad trade settlement.

Go deeper: Apple's global smartphone sales take 3rd place