NVDA vs AMD: NVIDIA vs Advanced Micro Devices Stock Comparison
NVIDIA (NVDA) dominates AI accelerators: its data center business sells about $89 billion a quarter, more than 13 times AMD’s. AMD is the main challenger, with fast-growing EPYC server CPUs and Instinct GPUs, and multi-gigawatt commitments from OpenAI, Meta and Anthropic that ramp from late 2026.
NVDA vs AMD: 1-year performance
Our take
Scale and margins vs. a challenger with momentum. NVIDIA’s July quarter revenue doubled to $96.2B with a 75% gross margin, and it guided to $108B next quarter. AMD grew 50% to $11.5B with Data Center +107%, and its MI450/Helios ramp from H2 2026 is the first real test of share gains in AI GPUs. NVIDIA is the cheaper stock on earnings with far higher margins; AMD offers more upside if its AI deals deliver, at a higher multiple and with warrant dilution.
Prices and returns on this page update live; company figures are from company filings and announcements. Not investment advice.
NVDA strengths
NVIDIA- Unmatched scale. July 2026 quarter revenue $96.2B (+106%), Data Center $89.0B (+117%); next quarter guided to $108B ±2%.
- Margins and cash. 75% gross margin and ~66% operating margin; ~$99B of cash and securities and $26B returned to shareholders in one quarter.
- Ecosystem and financing reach. CUDA software lock-in, stakes in OpenAI and Anthropic, and a $500B+ compute-financing platform with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR.
AMD strengths
AMD- Fastest-growing data center line. Q2 2026 Data Center revenue $6.7B (+107%); total revenue $11.5B (+50%).
- Big-name AI commitments. OpenAI (6 GW), Meta (up to 6 GW), Anthropic (up to 2 GW), Oracle and Microsoft Azure; MI450 and Helios racks ramp from H2 2026.
- Server CPU leadership. About 46% of x86 server CPU revenue (Q1 2026, Mercury Research) gives a second growth engine NVIDIA lacks.
Key risks
- NVDA Customer concentration in a handful of hyperscalers and AI labs whose spending depends on capital markets.
- NVDA “Circular” financing concerns: equity stakes in customers such as OpenAI and Anthropic.
- NVDA China: guidance assumes no China data center compute revenue; export rules keep changing.
- AMD Valuation: trailing P/E above 100 assumes flawless execution on MI450 and Helios.
- AMD Warrants for up to 320M shares to OpenAI and Meta (~16–20% dilution if fully vested).
- AMD Still a fraction of NVIDIA’s AI revenue; gaming revenue fell 31% in Q2 2026.
Total return
Split-adjusted.
Quarterly revenue
Calendar quarters Q1 2025 – Q2 2026 (NVIDIA fiscal quarters ending Apr/Jul/Oct/Jan mapped to the nearest calendar quarter).
Revenue growth y/y
Reported revenue growth vs the same quarter a year earlier.
NVDAAMD
NVDA vs AMD returns
Split- and dividend-adjustedThe 5-year return is in the table only.
Risk (1 year)
| Metric | NVDA | AMD |
|---|---|---|
| Annualized volatility | – | – |
| Max drawdown | – | – |
| Below 52-week high | – | – |
| Correlation of daily returns | – | |
Quarterly revenue ($M)
| Symbol | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|
| NVDA | 44,062.0 | 46,743.0 | 57,006.0 | 68,127.0 | 81,615.0 | 96,221.0 |
| AMD | 7,438.0 | 7,685.0 | 9,246.0 | 10,270.0 | 10,253.0 | 11,536.0 |
NVDA vs AMD fundamentals
Latest reported quarter: NVIDIA Jul 2026 (FQ2 FY27), AMD Jun 2026| Metric | NVDA | AMD | Edge |
|---|---|---|---|
| Market cap (live) | – | – | – |
| P/E ratio (live, trailing) | – | – | – |
| Dividend yield (live, on current annual rate) | – | – | – |
| Latest quarterly revenue | $96.2B (+106%) | $11.5B (+50%) | NVDA |
| Data center revenue | $89.0B (+117%) | $6.7B (+107%) | NVDA |
| Gross margin | 75.0% | 54% GAAP / 56% non-GAAP | NVDA |
| Operating margin | 66.2% | 17.3% | NVDA |
| Diluted EPS (GAAP, quarter) | $2.46 | $1.38 | – |
| Next-quarter guidance | $108.0B ±2%, GM ~74% | ~$13.0B ±$0.3B, GM ~56% | NVDA |
| Cash and securities | ~$99.4B | ~$13.1B | NVDA |
| Total debt | ~$33.4B | ~$3.2B | AMD |
| Annual dividend per share | $1.00 | None | – |
| Shareholder returns (latest quarter) | ~$26.0B | ~$0 (no Q2 buybacks) | NVDA |
| Potential dilution | Minimal | Warrants up to 320M shares | NVDA |
Deals, contracts and corporate actions timeline
| Date | Co. | Counterparty | Deal | Value |
|---|---|---|---|---|
| Aug 26, 2026 | NVDA | FQ2 FY27 results; financiers | Revenue $96.2B (+106%), FQ3 guide $108B; compute-financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR targeting $500B+ | $500B+ |
| Aug 4, 2026 | AMD | Q2 results | Revenue $11.5B (+50%), Data Center +107%; Q3 guide ~$13.0B; MI400 series launched, Helios racks in production | – |
| Jul 22, 2026 | AMD | Anthropic | Up to 2 GW of MI450-series GPUs in Helios racks; AMD to invest up to $5B in Anthropic | up to $5B |
| Feb–Mar 2026 | NVDA | OpenAI | Reported $30B equity investment in OpenAI’s funding round, replacing the earlier up-to-$100B plan | $30B |
| Feb 25, 2026 | AMD | Meta | Up to 6 GW of Instinct GPUs; warrant for 160M AMD shares vesting on milestones | up to ~$60B |
| Jan 14, 2026 | NVDA | US government | H200 sales to China permitted with a 25% surcharge and volume caps (reported) | – |
| Dec 26, 2025 | NVDA | Groq | Technology license and hiring of Groq’s CEO and engineers | ~$20B |
| Nov 18, 2025 | NVDA | Anthropic, Microsoft | NVIDIA to invest up to $10B in Anthropic as part of a joint compute agreement | up to $10B |
| Oct 6, 2025 | AMD | OpenAI | 6 GW GPU agreement; warrant for up to 160M AMD shares at $0.01 | 6 GW |
| Sep 22, 2025 | NVDA | OpenAI | Letter of intent for 10 GW of NVIDIA systems with up to $100B of investment as capacity deploys | up to $100B |
| Sep 18, 2025 | NVDA | Intel | $5B equity investment in Intel and joint PC and data center products | $5B |
NVDA vs AMD analysis
Leader and challenger
NVIDIA’s data center revenue is more than 13 times AMD’s, and its 75% gross margin shows pricing power that no competitor has matched. AMD’s opportunity is that its largest customers want a second source: OpenAI, Meta and Anthropic all signed multi-gigawatt AMD deals while still buying NVIDIA.
2026–27 is the test
AMD’s MI450 and Helios rack systems begin shipping in volume from the second half of 2026, against NVIDIA’s next-generation Vera Rubin. Execution on those ramps will decide whether AMD gains meaningful AI GPU share or stays a distant second.
Financing the AI build-out
Both companies are helping fund their customers: NVIDIA through equity stakes and a $500B+ financing platform, AMD through share warrants and a planned investment in Anthropic. That accelerates demand but ties both companies more closely to the health of AI labs’ funding.
Valuation
NVIDIA trades at a lower P/E than AMD despite growing faster in dollar terms (live figures above). AMD’s premium reflects investors’ expectations of share gains from a smaller base.
What to watch
AMD’s Q3 results and MI450 shipment timing; NVIDIA’s next quarter (guided to $108B), China export policy, and hyperscaler capex plans for 2027.
NVDA vs AMD FAQ
Is NVIDIA bigger than AMD?
Much bigger. NVIDIA’s July 2026 quarter revenue was $96.2 billion, versus $11.5 billion for AMD in its June 2026 quarter, and its data center segment alone was $89.0 billion.
Which is growing faster, NVDA or AMD?
NVIDIA grew revenue 106% year over year in its latest quarter and AMD 50%. In data center, NVIDIA grew 117% and AMD 107%.
Who are AMD’s biggest AI customers?
AMD has signed GPU agreements with OpenAI (6 gigawatts), Meta (up to 6 gigawatts), Anthropic (up to 2 gigawatts), Oracle and Microsoft Azure.
Do NVIDIA and AMD pay dividends?
NVIDIA pays a dividend (currently $0.25 a quarter) and buys back large amounts of stock. AMD does not pay a dividend.