SAE, society of automotive engineers, labels ChromeMoly steels by using the 41xx designation. The final two numbers are determined by how many points of carbon are present in the alloy. One percent carbon content overall would be one hundered points of carbon. This is true for all SAE labels. Thus 1095 is a simple carbon steel of .95% carbon content. 1040 steel has a carbon content of .40%.
The higher carbon steels are more easily and extremely hardened. But, as a whole they can become brittle. This should not be a problem you would ever encounter with an ar.
But, I have seen hand made 1095 steel blades hardened and heat treated which were then abused. The result, tips of knives were snapped off. This upsets both the owner and the artist who made the blade.
Both are excellent steels. 4140 is more commonly used by riflesmiths.
Dan