Well, I have the Definitive "History of US Small Arms Ammunition" which has 62 pages on .50 cal.....a bit much to read through, but I'll see what I can do.
The USAAF started the war using a mix of AP and incendiary. Later, they switched to a new API round which became standard for most purposes.
The AP M1 was a steel-cored ammo in service in 1940 (750 grains at 2,650 fps).
The AP M2 was adopted early in 1941, using a tungsten-chromium steel core (later modified to manganese-molybdenum steel because of the cost of the 4% tungsten element) and weighing 718 grains. This was fired at 2,900 fps and could penetrate 7/8 inch of homogenous steel at 200 yards.
The incendiary M1 weighed 633 grains and contained 35 grains incendiary compound. This was adopted in January 1942.
The API M8 was designed following examination of the Soviet 12.7mm B-32 API ammo (bet you didn't know the US owed anything to the Soviets in ammo design - well, I didn't either until I looked it up!) and was standardised in October 1943. It weighed 662 or 649 grains (depending on the type of core used) and was fired at 2,910 fps. Armour penetration was slightly less than the M1 AP (7/8 inch at 100 yards).
This design was basically an AP with a small quantity (12 grains) of incendiary material filling the gap between the AP core and the tip of the bullet jacket.
The M8 was developed for ground use but adopted by the USAAF because of the difficulty B-17 crews were having with the attacking Luftwaffe fighters; the AP would penetrate but not usually do much damage, the incendiaries couldn't penetrate to the fuel tanks.
The Ordnance department recommended continued use of the M1 incendiary, mixed with the M8, because of its better incendiary effect. It was also recommended to keep the M2 AP for ground attack and in the forward guns on bombers to confront head-on attacks.
These seemed to be the main ammo types used by the USAAF in WW2 (apart from tracers). I believe that the M8 remained in service in the Korean War.
Tony Williams
Author: Rapid Fire - The Development of Automatic Cannon, Heavy Machine Guns and their Ammunition for Armies, Navies and Air Forces.
Details on my military gun and ammunition website:
http://www.users.globalnet.co.uk/~autogun/