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There is no unconditional winner: AMD offers faster recent Data Center growth from a much smaller base, while NVIDIA combines far greater scale with a lower forward price-to-earnings multiple in the available September 23, 2026 snapshot. That comparison favors NVIDIA on scale and dated valuation, but it does not establish which stock will deliver better returns. The choice depends on how you weigh price, growth, execution, and risk.
What do the latest results show?
The companies’ latest located quarterly results cover different fiscal periods, so their year-over-year growth rates are more useful than treating the quarters as perfectly aligned. Both reported rapid Data Center growth, but NVIDIA’s business is much larger.
| Measure | AMD | NVIDIA |
|---|---|---|
| Latest located quarter | Q2 2026, ended June 27, 2026; announced August 4, 2026 | Q2 fiscal 2027, ended July 26, 2026; announced August 26, 2026 |
| Total revenue | $11.5 billion, up 50% year over year | $96.2 billion, up 106% year over year |
| Data Center revenue | $6.7 billion, up 107% year over year | $89.0 billion, up 117% year over year |
| Gross margin | 54%; 40% in the year-earlier quarter | 75.0% |
These figures come from AMD’s Q2 2026 results and NVIDIA’s Q2 fiscal 2027 results. The growth rates are each company’s reported year-over-year comparison, not a matched-period comparison. NVIDIA’s Data Center revenue was about 92% of its total revenue in that quarter, calculated from the company’s reported figures; it is not a separately reported company statistic.
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AMD’s $6.7 billion in quarterly Data Center revenue was driven by EPYC processors and Instinct MI350 series GPUs. Client and Gaming revenue was $3.8 billion, up 6%, while Embedded revenue was $977 million, up 19%. The mix gives AMD revenue sources beyond Data Center, although the latest quarter’s standout growth came from that segment.
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AMD’s gross margin rose to 54% from 40% a year earlier. AMD attributed the improvement partly to the absence of prior-year inventory and related charges connected to U.S. export controls on MI308 products, and partly to favorable product mix. Because the comparison includes the effect of those earlier charges, the 14-percentage-point increase should not be read as a clean measure of recurring improvement in underlying unit economics.
As longer-term context, AMD reported fiscal 2025 revenue of $34.6 billion, up 34% year over year, with Data Center revenue of $16.6 billion, up 32%. Those annual figures predate its Q2 2026 results and should not be treated as the same reporting period.
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NVIDIA: much greater scale and Data Center concentration
NVIDIA’s Q2 fiscal 2027 revenue of $96.2 billion included $89.0 billion from Data Center. The segment’s roughly 92% share of quarterly revenue makes NVIDIA’s results especially sensitive to continued demand for data-center infrastructure and customer spending in that market.
For fiscal 2026, NVIDIA reported $215.9 billion in revenue, up 65% year over year, and a 71.1% gross margin. Its Data Center compute revenue grew 59%, while Data Center networking revenue increased 142% for that fiscal year. These annual figures add context about its scale and product breadth, but they are not directly period-matched with AMD’s fiscal 2025 results.
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Which stock looked cheaper on the available valuation snapshot?
Yahoo Finance displayed a forward P/E of 39.53 for AMD and 24.88 for NVIDIA as of September 23, 2026. On that dated, provider-specific comparison, investors were paying a higher multiple of forecast earnings for AMD.
Forward P/E divides a share price by estimated future earnings. The estimates can change, as can the share price, so these are not company-reported results or a live October 2026 reading. A lower forward multiple alone does not establish fair value or predict which stock will outperform. Avoid comparing nominal share prices: they depend on share count and corporate actions, not just on how expensive a business is.
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What is the case for AMD—and what could undermine it?
The growth case
AMD has recently expanded Data Center revenue quickly while also reporting revenue in client, gaming, and embedded markets. Its Q2 filing disclosed agreements with OpenAI and Meta under which each customer intended to deploy up to 6 gigawatts of AMD data-center GPUs, with initial deployments powered by MI450 products. Those are disclosed plans, not guaranteed sales: turning them into revenue depends on deployment, purchases, and execution.
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The execution risks
AMD’s filings identify competition, reliance on third-party manufacturing and supply, software compatibility, customer concentration, and export regulations as risks. Its annual filing also discusses NVIDIA’s market position and proprietary software ecosystem. A growth opportunity therefore depends not only on shipping competitive hardware, but also on supplying complete systems and software that customers can deploy reliably.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is the case for NVIDIA—and what could undermine it?
The scale and platform case
NVIDIA’s reported revenue base, latest-quarter Data Center growth, and gross margin were all substantially larger or higher than AMD’s in the periods shown. Its fiscal 2026 results also reflect growth in both Data Center compute and networking. These facts support a case built on established scale and strong recent demand, not a guarantee that current growth or margins will persist.
The concentration and expectation risks
With roughly 92% of the latest quarter’s revenue coming from Data Center, a slowdown in infrastructure demand or customer spending could matter greatly to NVIDIA’s results. Its disclosed risks include competition, supply constraints, export controls, and product transitions. NVIDIA’s Q1 fiscal 2027 outlook said it was not assuming any Data Center compute revenue from China, illustrating how export-policy uncertainty can affect expectations for particular markets.
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How should you choose between them?
- Compare growth with scale. AMD’s recent Data Center growth rate was high, but NVIDIA’s reported Data Center revenue was much larger. A percentage increase from a smaller base does not by itself mean greater future returns.
- Use valuation figures with an as-of date. The cited forward P/E comparison is a Yahoo Finance snapshot from September 23, 2026, based on forecast earnings. It may no longer reflect current prices or estimates.
- Look beneath margin changes. AMD’s year-over-year gross-margin comparison was partly affected by the absence of prior-year export-control-related charges; NVIDIA’s reported quarterly margin was 75.0%.
- Assess concentration and execution. Consider NVIDIA’s Data Center-heavy revenue mix alongside AMD’s customer, supply, software, and deployment risks.
- Separate management plans from realized performance. AMD’s disclosed customer deployment intentions may create an opportunity, but should not be counted as completed or guaranteed sales.
On the evidence available, NVIDIA’s larger scale and lower dated forward P/E make its case more compelling for an investor prioritizing those factors. AMD may appeal more to someone focused on its recent acceleration from a smaller base and willing to accept greater uncertainty around execution and valuation. Neither conclusion predicts future performance or substitutes for an investor’s own assessment of risk and time horizon.
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