TLDR
- AMD crossed $1 trillion in market value on September 21 after a 187% gain in 2026, while Nvidia sat near $5.45 trillion.
- AMD trades at about 55.6 times forward earnings, far above Nvidia’s 18.7 times.
- Nvidia posted $96.2 billion in quarterly revenue, up 106% year over year, versus AMD’s $11.5 billion, up 50%.
- Nvidia’s Vera Rubin platform is already shipping and expected to make up 20% of data center revenue next quarter.
- AMD’s Helios rack, tied to a deal with Anthropic for up to 2 gigawatts of MI450 systems, is just beginning to ramp.
Advanced Micro Devices crossed $1 trillion in market value on September 21. The stock had climbed roughly 187% so far in 2026.
Advanced Micro Devices, Inc., AMD
Nvidia remained far larger. It was worth about $5.45 trillion as of September 23.
The bigger difference between the two companies is not size. It’s price.
AMD trades at about 55.6 times forward earnings. Nvidia trades at 18.7 times. That means investors are paying more for every dollar of AMD’s expected future earnings.
Earnings Show a Wide Gap
AMD reported second quarter revenue of $11.5 billion, up 50% from a year earlier. Its Data Center revenue more than doubled to $6.7 billion.
Nvidia’s numbers were larger across the board. The company generated $96.2 billion in quarterly revenue, up 106%. Data Center revenue rose 117% to $89.0 billion.
Nvidia’s gross margin sat at 75%. AMD’s was 56%.
For the third quarter, AMD expects about $13 billion in revenue, a 41% increase. Nvidia guided for $108 billion.
Vera Rubin Ships While Helios Begins Its Ramp
Nvidia’s next chip platform, Vera Rubin, is already in production. CEO Jensen Huang called it the fastest product ramp in the company’s history. It’s expected to account for roughly 20% of data center revenue in the fiscal third quarter.
Management said supply currently covers about 70% of demand for the new chips.
AMD’s Helios rack is only starting to ship. CEO Lisa Su told investors the third quarter marks the beginning of the ramp, with a step up expected in the fourth quarter and again in the first quarter of next year.
AMD says Helios can deliver up to 30% more tokens per dollar than competing systems.
Nvidia disclosed that Vera Rubin generates $40 billion in revenue per gigawatt of deployed systems. That compares with $25 billion for its prior Blackwell platform. The company also reported a hyperscaler cloud backlog above $2 trillion.
AMD’s growth case rests on new customers. Anthropic has agreed to deploy up to 2 gigawatts of MI450 systems through Helios. That builds on earlier gigawatt scale deals with OpenAI and Meta.
Su told analysts that a $30 billion revenue estimate for AMD’s Instinct chip line in 2027 was likely too conservative.
AMD’s trailing price to earnings ratio stands at 154. Nvidia’s is 29.
Ownership data from Insider Monkey’s hedge fund database showed 164 funds holding AMD in the second quarter, up from 134 in the first quarter. Nvidia ownership rose to 285 funds from 275 over the same period.
AMD’s short interest as of August 31 was 41.7 million shares, or 2.57% of its float.
Nvidia said its margins are expected to bottom out near 71% to 72% in the fourth quarter due to rising memory costs. The company has also taken on $279 billion in supply obligations.
Analyst estimates for Nvidia’s fiscal 2028 earnings per share now sit at $15.68, up from $12.88 thirty days earlier.
AMD’s stock has gained 185.68% over the past six months. The next earnings reports from both companies, particularly AMD’s fourth quarter results tied to Helios yields, are expected to shape how investors weigh the two stocks going forward.
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