Nvidia offers stronger certainty as AMD chases AI chip share

Nvidia and AMD remain central to the U.S. AI chip market, but their investment cases have diverged. Nvidia has moved beyond GPUs into a broader infrastructure platform spanning GPUs, CPUs, networking, racks and software, while AMD is trying to close the gap with Instinct GPUs, EPYC server CPUs and the ROCm software ecosystem.

Nvidia’s Q2 FY2027 revenue reached $96.2 billion, up 106% year-over-year, while data center revenue reached $89 billion, up 117% year-over-year and accounted for approximately 92% of total revenue. AMD’s Q2 2026 revenue reached $11.54 billion, up 50% year-over-year, with data center revenue of $6.7 billion, up 107% year-over-year and representing approximately 58% of total revenue. Nvidia also reported a 75% GAAP gross margin and $59.69 billion in net income, compared with AMD’s 54% GAAP gross margin and $2.3 billion in net income.

Competition is expanding from standalone chips to full rack-scale systems. Nvidia’s Vera Rubin platform combines Rubin GPUs, Vera CPUs, NVLink, Spectrum networking, BlueField DPUs and AI software, while AMD’s Helios platform includes 72 MI455X GPUs, EPYC CPUs, Pensando networking and ROCm. Nvidia’s CUDA ecosystem remains a major moat, while AMD is betting on open standards and broader ROCm support to win deployments from customers including OpenAI, Anthropic, Microsoft, Meta and Oracle.