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Compare AI infrastructure stocks by what each company actually sells and reports—not by a single “AI revenue” or margin headline. Check the scope and fiscal period of each revenue figure, keep gross and operating margins separate, and distinguish customer orders from supplier commitments and management guidance. The figures below are issuer-reported results available as of October 4, 2026; they illustrate different business models, not a complete company ranking or investment recommendation.
Why these companies are not directly comparable
AI data centers depend on several layers of infrastructure. Chip companies sell processors or accelerators; Broadcom also sells custom AI semiconductors and networking products; Arista sells networking equipment; Supermicro integrates servers and other systems. A dollar of revenue or a percentage of gross margin therefore does not represent the same product mix, cost structure, or role in the data center at each company.
Nor is there a common issuer definition of “AI revenue.” NVIDIA reports a Data Center segment that combines data-center compute and networking. AMD’s Data Center segment includes EPYC server CPUs as well as Instinct accelerators. Broadcom provides an AI semiconductor category within a company that also has a large infrastructure-software business. The cited Arista and Supermicro materials do not provide a matching AI-only revenue series.
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What the latest reported examples show
These are different reporting periods, so treat the table as a set of disclosure examples—not a same-quarter league table. Amounts are U.S. dollars. “Not stated” means the cited results did not establish a comparable figure.
| Company and business layer | Reported revenue and period | Profitability disclosed | Orders, backlog, or commitments |
|---|---|---|---|
| NVIDIA — data-center compute and networking | For the quarter ended July 26, 2026, total revenue was $96.2 billion, up 106% year over year; Data Center revenue was $89.0 billion, up 117% year over year. Data Center is not an AI-only measure. | 75.0% GAAP gross margin and 75.0% non-GAAP gross margin for the quarter. | $279 billion in supply and capacity commitments as of July 26, 2026. These are arrangements with suppliers to secure supply and critical components, not customer backlog or recorded revenue. |
| AMD — CPUs and accelerators | For the quarter ended June 27, 2026, total revenue was $11.5 billion and Data Center revenue was $6.7 billion; Data Center revenue rose 107% year over year. The segment includes EPYC CPUs as well as Instinct GPUs. | 54% gross margin and $2.1 billion Data Center operating income for the quarter. The cited figures do not identify the margin basis here as GAAP or non-GAAP. | Not stated in the cited results as a comparable backlog or commitment figure. |
| Broadcom — semiconductors, including custom AI silicon, and infrastructure software | For the quarter ended August 2, 2026, consolidated revenue was $29.6 billion: semiconductor solutions were 70% and infrastructure software 30% of revenue. AI semiconductor revenue in Q3 FY2026 was $16.7 billion, up 221% year over year. Management projected $21.7 billion for Q4 FY2026; that is guidance, not realized revenue. | Not stated here as a comparable gross- or operating-margin figure. Broadcom cautions that non-GAAP measures are not a substitute for GAAP results; its non-GAAP measures exclude items including acquisition-related intangible amortization and stock-based compensation. | Not stated in the cited results as a comparable backlog or commitment figure. |
| Arista Networks — data-center networking | FY2025 annual revenue was $9.006 billion. In Q2 2026, Arista reported more than $3 billion in quarterly revenue; the cited milestone does not establish an AI-only amount. | 64.1% GAAP gross margin for FY2025. | Not stated in the cited results as a comparable backlog or commitment figure. |
| Super Micro Computer (Supermicro) — integrated server systems | FY2026 sales were $39.1 billion. The cited FY2026 release reports company-level results rather than a comparable AI-only revenue series. | 10.8% GAAP gross margin for FY2026. Read this in the context of an integrated-systems business, not as a direct measure against a chip designer’s margin. | The company reported more than $60 billion in new orders and record backlog entering FY2027. The cited passage does not give a comparable backlog dollar amount. |
The figures come from NVIDIA’s Q2 FY2027 results, AMD’s quarter ended June 27, 2026 results, Broadcom’s Q3 FY2026 results, Arista’s FY2025 and Q2 2026 releases, and Supermicro’s FY2026 results. Fiscal calendars differ, and annual figures should not be compared with quarterly figures as if they covered the same time span.
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How to compare revenue mix and growth
Record the definition before the number
For every revenue figure, note whether it is consolidated revenue, a reportable segment, or a company-defined AI category. Then record the products or services included. NVIDIA’s Data Center figure, for example, is substantial but includes compute and networking; AMD’s includes server CPUs as well as accelerators. Broadcom’s AI semiconductor category is narrower than its overall business, which also includes infrastructure software.
Align the periods and denominators
Compare like periods: quarter to quarter or fiscal year to fiscal year, with each period-end date visible. Fiscal quarters do not necessarily end on the same date. If the period differs, say so rather than presenting the numbers as a synchronized snapshot.
Use percentage of total revenue only when numerator and denominator are for the same company and period. If you calculate a share, label it as your calculation and explain what the numerator includes. Growth rates also need their comparison period: an issuer’s year-over-year increase is not automatically comparable with another company’s sequential growth or full-year change.
How to compare margins without mixing measures
Gross margin and operating margin answer different questions. Gross margin is revenue less cost of revenue, expressed as a share of revenue. Operating margin also accounts for operating expenses. Keep them in separate rows rather than treating one as a proxy for the other.
- Use GAAP against GAAP wherever possible. If you include non-GAAP figures, label them separately and review the company’s reconciliation and exclusions.
- Do not interpret a higher gross margin alone as proof of stronger demand or better overall economics. Product mix, manufacturing costs, system integration, inventory charges, and accounting adjustments can all affect it.
- Read management’s explanation alongside the number. AMD attributed its quarter’s gross-margin improvement in part to the absence of prior-year export-control-related inventory charges and to favorable mix.
For a systems integrator such as Supermicro, a lower gross margin than a chip designer can reflect a different business model and cost base; it is not, by itself, evidence of weaker AI demand. To understand profitability more fully, compare equivalent operating measures and examine cash generation and reinvestment as well as gross margin.
What backlog, orders, guidance, and commitments mean
These labels describe different things. For each visibility figure, establish who owes what to whom, whether it is measured in dollars or units, when delivery is expected, and whether cancellation or other conditions apply.
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- Customer orders and backlog: Supermicro reported more than $60 billion in new orders and record backlog entering FY2027. Its cited passage does not supply a comparable backlog dollar amount.
- Supplier commitments: NVIDIA’s $279 billion figure describes supply and capacity arrangements with suppliers. It is not a measure of customer demand or sales already booked as revenue.
- Guidance: Broadcom’s $21.7 billion Q4 FY2026 AI semiconductor figure is management’s projection, not an achieved result. Guidance can change.
Even customer backlog is not automatically guaranteed revenue. Delivery timing, cancellation rights, component availability, customer acceptance, and the ability to fulfill orders affect whether and when it becomes sales. NVIDIA’s results also identify risks including reliance on third-party manufacturing, competition, product acceptance, and changes in supply or demand.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical comparison checklist
Before drawing a conclusion from a company table, capture these fields for each issuer:
| Comparison field | What to record | Why it matters |
|---|---|---|
| Business layer | Accelerators or processors, custom silicon, networking, or integrated systems | Different products have different economics and cost structures. |
| Revenue scope | Consolidated, segment, or issuer-defined AI-specific amount; included products | “Data Center” and “AI revenue” do not mean the same thing across companies. |
| Period and growth | Fiscal quarter or year, period-end date, and prior-year comparison | Fiscal calendars differ and the business can change quickly. |
| Profitability | GAAP gross and operating margin; non-GAAP figures separately, with reconciliations | Prevents comparing different margin types or unexamined adjustments. |
| Visibility | Backlog, new orders, supplier commitments, or guidance; counterparties and terms | These figures have different meanings and degrees of certainty. |
| Cash and balance sheet | Operating cash flow, capital expenditure, debt, and cash where relevant | Revenue, earnings, and orders alone do not show cash conversion or funding needs. |
| Concentration and risk | Customer dependence, export controls, supply constraints, and execution risks disclosed by the issuer | Demand can be concentrated or constrained even when reported growth is strong. |
Use the companies’ filings and results releases to check definitions, reconciliations, risk disclosures, and changes in reporting. The examples here are representative rather than exhaustive, and they do not establish how any stock is valued or whether it suits a particular investor.
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