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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesAMD has the stronger recent data-center growth and profitability momentum, but the available figures do not establish which stock has more upside. “Room to run” depends on what investors already expect the shares to earn, as well as whether each company can turn AI demand into durable profits. The valuation figures available here use different sources and earnings estimates, so they are not a sound basis for declaring one stock cheaper.
What the latest results say about AMD and Intel
AMD’s reported data-center business is growing faster in the latest figures available, and it is reporting segment operating income alongside that growth. Intel’s Data Center and AI (DCAI) business is also recovering, but its overall manufacturing economics remain a separate concern: Intel Foundry reported a large quarterly operating loss.
| Company and period | Data-center performance | Profitability context |
|---|---|---|
| AMD, FY2025 | Data Center revenue was $16.6 billion, up 32% year over year. | Data Center operating income was $3.6 billion. AMD’s FY2025 total revenue was $34.6 billion, up 34%. |
| AMD, Q2 2026 | Data Center revenue was $6.7 billion, up 107% year over year. AMD reported $11.536 billion in total revenue for the quarter. | Data Center operating income was $2.1 billion. |
| Intel, Q2 2026 | DCAI revenue grew 59% year over year, largely on higher server revenue and average selling prices. Intel said demand exceeded available supply. | Intel Foundry reported a $2.1 billion operating loss. This is a Foundry figure, not DCAI segment operating income. |
Sources: AMD’s FY2025 results and Q2 2026 earnings materials; Intel’s Q2 2026 results. The segment labels are not identical: AMD reports Data Center, while Intel reports Data Center and AI. The growth rates are useful context, not a perfectly like-for-like measure of AI-chip sales. Intel’s cited DCAI growth also includes server products; it does not show that AI accelerators alone grew 59%.
Why AMD’s operating case looks stronger right now
Growth is extending beyond GPUs
AMD attributes Data Center growth to demand for both EPYC server CPUs and Instinct GPUs. That matters because the business is not dependent on accelerator shipments alone. The company also identifies ROCm software development and its rack-scale Helios platform as parts of its AI strategy. Those initiatives may support adoption, but a roadmap or strategy description is not proof of future sales or sustained customer deployments.
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Revenue growth still has to convert into lasting margins
AMD’s Q2 2026 Data Center operating income of $2.1 billion indicates that rapid segment growth came with substantial reported operating profit. But the longer-term margin picture deserves attention: in FY2025, Data Center revenue rose 32%, while operating income increased only modestly from 2024, according to AMD. Investors should follow operating income and margins alongside revenue rather than assuming sales growth will translate proportionally into profit.
What Intel’s recovery does—and does not—show
Intel’s 59% year-over-year DCAI revenue growth in Q2 2026 is evidence of a real improvement in that segment. Intel attributed the increase chiefly to server revenue and higher average selling prices, while also reporting demand above available supply. That supports a recovery case for its server business; it does not by itself establish a durable competitive advantage in AI accelerators.
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Intel Foundry’s $2.1 billion operating loss in the same quarter is a distinct part of the investment case. Foundry manufacturing costs and losses should not be conflated with DCAI results, but they matter when assessing Intel’s wider profitability and execution. Intel also said supply limitations may persist into next year. That is a company outlook, not a confirmed future outcome.
Do the stocks’ valuation figures settle the question?
No. The available October 2, 2026 valuation snapshots are from different providers and use separate earnings estimates or calculation conventions:
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- ✅Powered by 26 Tera-Operations Per Second (TOPS) Hailo-8 AI Processor. 2.5W typical power consumption
- ✅Scalable, enabling simultaneous processing of multi-streams & multi-models
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- ✅Supports Linux and Windows. Supports the temperature range of -40°C to 85°C
- Stock Analysis listed AMD at a $633.91 closing share price on October 2 and a forward price-to-earnings ratio of 57.38. Its average analyst target was $619.51, with target data last updated September 30.
- TGMCharts listed Intel’s forward P/E at 77.71, based on a $119.33 quote and consensus forward EPS of $1.54.
These forward P/E figures are not a controlled comparison: they do not come from one provider using one consistent earnings basis. A lower number in this pair would not prove a stock is cheaper or offer more upside. The AMD analyst target is also an estimate, not a promised price or a reliable measure of future return; it was updated before the October 2 closing price.
A fair valuation comparison would use the same date and provider, a clearly defined earnings measure, and consistent assumptions for both companies. Even then, a P/E ratio is only one input: expected growth, operating margins, investment requirements, and the durability of earnings all affect what a valuation may imply.
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Execution risks that can change the outcome
AMD: supply, regulation, and deployment
AMD’s growth depends on delivering products and converting customer interest into recurring revenue. Its FY2025 filing recorded about $440 million in net inventory and related charges associated with U.S. export controls on MI308 products. Supply availability, export restrictions, competition, and reliance on a limited number of large deployments can all affect how much announced demand reaches reported results.
In its August 4, 2026 Q2 earnings release, AMD chair and CEO Dr. Lisa Su said the company entered the second half with strong momentum as EPYC demand accelerated, Instinct deployments scaled, and Helios began to ramp. That is management’s description of its outlook, not independent confirmation that those trends will continue or that planned ramps will meet expectations.
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Intel: manufacturing costs and supply
Intel’s recovery case depends not only on server demand but also on managing manufacturing costs, reducing Foundry losses, and addressing supply constraints. Premium server mix supported the reported DCAI increase, but investors should distinguish a favorable product mix in a quarter from evidence of durable profitability across Intel’s businesses.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to judge “more room to run” from here
The evidence supports a narrower conclusion than a stock-picking verdict: AMD has stronger reported data-center momentum today, while Intel has a meaningful DCAI recovery alongside continuing Foundry losses and supply challenges. To decide which share has greater potential from its current price, compare what each company must deliver against expectations already embedded in its valuation.
- Separate product growth: Track AMD’s EPYC and Instinct contributions, and distinguish Intel server revenue from evidence about AI accelerators.
- Watch profit conversion: Follow AMD Data Center operating income and margin progression, and keep Intel Products performance separate from Intel Foundry losses.
- Look for delivery evidence: Check whether supply, customer deployments, software adoption, and product ramps translate into recurring revenue rather than relying on roadmap announcements.
- Normalize valuation inputs: Compare both companies on the same date, from the same source, using consistent forward earnings definitions and assumptions.
- Account for risks and investment needs: Consider export controls and deployment concentration for AMD, and manufacturing costs, supply limits, and Foundry losses for Intel.
Without a harmonized valuation comparison, the available evidence does not justify saying AMD or Intel has more stock upside. This is a company comparison, not individualized investment advice.
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