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How do NVIDIA and AMD compare by business size and growth?
NVIDIA is substantially larger by reported revenue, but the annual figures below cover different fiscal periods. NVIDIA’s fiscal year ends in January; AMD’s 2025 fiscal year ended December 27, 2025. Treat the growth rates as company-reported year-over-year comparisons, not as results from identical time windows.
| Company and period | Total revenue | Reported growth | Data Center | Other reported business details |
|---|---|---|---|---|
| NVIDIA, fiscal 2026 | $215.9 billion | 65% year over year | Revenue grew 68% | Gaming revenue grew 41%. NVIDIA describes its Data Center offering as an integrated platform spanning computing, networking, software and services. |
| AMD, 2025 fiscal year ended December 27, 2025 | $34.6 billion | 34% year over year | $16.6 billion, up 32% | Client and Gaming revenue was $14.6 billion, up 51%; Embedded was $3.5 billion, down 3%. Reported gross margin was 50%. |
The size gap is clear, but it does not by itself show which stock offers the better return. Growth rates also need context: annual growth can conceal sharply different trends among business lines, and annual figures do not reveal the latest quarter’s direction.
What do the latest reported quarters show?
The most recent quarterly figures in this comparison are from different reporting periods and sources. AMD’s figures are from its Form 10-Q for the quarter ended June 27, 2026. NVIDIA’s figures are from its Q2 FY2027 earnings-call transcript on August 26, 2026; the call is not the same as an audited filing.
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| Company and period | Total revenue | Data Center | Other segment signals |
|---|---|---|---|
| AMD, quarter ended June 27, 2026 | $11.536 billion | $6.718 billion; up 107% year over year | Client and Gaming was $3.841 billion, up 6%; Gaming revenue fell 31%, primarily because of lower semi-custom revenue. Embedded was $977 million. |
| NVIDIA, Q2 FY2027, reported on August 26, 2026 | $96 billion | $89 billion | Management described its demand outlook as supply-constrained. |
AMD’s quarterly results show why total revenue growth alone can be misleading: Data Center expanded rapidly while Gaming declined. The company also reported that Data Center operating income improved year over year, whereas Client and Gaming operating income declined. For NVIDIA, the reported concentration of revenue in Data Center and management’s supply-constrained outlook make both continued demand and the ability to execute against supply important parts of the investment case. That is a comparison to investigate, not a guarantee about future results.
What is different about their platforms and business mix?
NVIDIA: an integrated computing platform
NVIDIA’s fiscal 2026 filing describes Data Center products as platforms integrating GPUs and CPUs with interconnects, networking, software and services. CUDA and related libraries are part of its software ecosystem. This is NVIDIA’s description of its offering; it is not an independent assessment of market share or proof that the ecosystem will ensure future growth.
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AMD: data-center products alongside several other businesses
AMD sells Data Center products as well as products in Client and Gaming and Embedded. For 2025, the company attributed Data Center demand to EPYC processors and Instinct MI350 products, and said it had previewed a Helios rack-scale solution. Those are company-reported product and demand descriptions, not evidence that a product roadmap will achieve a particular adoption rate.
When comparing the two, look at what each company must execute: NVIDIA’s integrated platform and software ecosystem, and AMD’s accelerator, server-CPU and rack-scale roadmap. Consider product availability, customer demand and the contribution each business makes to operating income—not just product announcements or revenue growth.
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- Next‑Gen AMD RDNA 4 Architecture: Powered by the AMD Radeon RX 9060 XT GPU with 32 Compute Units featuring 3rd Gen Ray Tracing and 2nd Gen AI Accelerators, delivering exceptional 1440p gaming and AI‑enhanced performance.
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How should you compare NVDA and AMD valuations?
At the October 6, 2026 close, Stock Analysis displayed the following figures on pages updated October 7, 2026. They are dated third-party snapshots, not live prices or durable valuation facts.
| Metric at October 6, 2026 close | NVIDIA (NVDA) | AMD |
|---|---|---|
| Share price | $239.24 | $649.42 |
| Market capitalization | $5.78 trillion | $1.06 trillion |
| Trailing P/E | 30.25 | 165.76 |
| Forward P/E | 19.78 | 58.48 |
On that snapshot, NVIDIA had the lower forward P/E. That does not establish that it was underpriced or that AMD was overpriced. Forward P/E divides a share price by estimated future earnings; the result depends on the estimate provider, the forecast period and when the figures are collected. Different estimate sets can produce different ratios, and a multiple is not a forecast guarantee or a buy signal.
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- AMD RDNA 4 Architecture: RX 9070 GPU with 56 CUs, 3584 stream processors, 3rd gen RT and 2nd gen AI accelerators – built for 1440p/4K gaming.
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Before relying on a valuation comparison, refresh both companies’ quotes and estimates at the same time, identify which earnings period each forward multiple uses, and ask how sensitive the implied valuation is to slower growth or lower earnings. A lower multiple can reflect different expectations or risks; it cannot be interpreted without the underlying estimates and business outlook.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which risks deserve the closest comparison?
Semiconductor results can be affected by rapid technological change, shifts in supply and demand, product introductions, price erosion and economic downturns. AMD’s 2026 Form 10-Q describes the industry as highly cyclical and warns that it has experienced significant downturns alongside those pressures.
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- Demand and customer exposure: Assess how dependent each company is on a limited set of customers or demand drivers. The figures here do not establish a matched customer-concentration comparison.
- Supply and execution: NVIDIA management characterized its outlook as supply-constrained in the August 2026 call. Consider whether supply can meet demand and whether each company can deliver its product plans.
- Competition and pricing: Compare product performance and adoption alongside pricing pressure, rather than assuming recent growth will continue at the same rate.
- Business mix: Track Data Center, client computing, gaming and embedded results separately. A strong segment can mask weakness elsewhere, as AMD’s latest reported segment trends illustrate.
- External constraints: Include export controls and broader semiconductor cycles in a risk review; the figures presented here do not quantify their effect on either company.
A practical way to make the comparison
- Align the reporting periods. Label fiscal year and quarter end dates before comparing growth; NVIDIA’s fiscal year ends in January, while AMD’s 2025 fiscal year ended December 27.
- Separate scale from growth. Compare total revenue and growth, then review each company’s segment contribution rather than treating a percentage growth rate as a measure of overall size.
- Look at segment economics. Review operating income and margins by business where available. The figures above do not provide a fully matched, same-period margin comparison for both companies.
- Test the execution case. Compare NVIDIA’s integrated-platform approach and AMD’s accelerator, server-CPU and rack-scale roadmap against reported demand, supply and segment results.
- Interrogate the valuation inputs. Refresh price and market capitalization, identify the earnings estimates behind forward P/E, and consider how the comparison changes if growth or earnings disappoint.
- Assess risks against your own time horizon. Consider cyclicality, supply, product execution, customer exposure, export controls and competitive pricing; do not treat past growth or a snapshot multiple as a promise of future returns.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
