AMD Vs. Nvidia: The Balance of Power Shifts To AMD Now Alex Sirois Fri, November 6, 2026 at 8:45 AM EST 5 min read AMD +8.52% NVDA +4.41% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
AMD's Data Center revenue nearly doubled to $9 billion as Helios racks went live, but NVIDIA's $89 billion Data Center haul keeps it far ahead in scale.
Lisa Su pitches a TCO advantage across workloads, while NVIDIA leans on CUDA, networking and nearly $50 billion in financing to frontier AI labs.
AMD's 11 billion dollar inventory and $554 million free cash flow leave little room for execution errors behind its 80% growth target for 2027.
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Record third-quarter results were reported by AMD (NASDAQ:AMD) on November 3. Data Center sales nearly doubled as its first Helios racks went live. NVIDIA (NASDAQ:NVDA) last reported in August and is shipping Vera Rubin into a market where demand exceeds supply. A sharp chip selloff this week makes the comparison more difficult.
AMD's Data Center revenue reached $8.55 billion, up 97% year over year. The segment now makes up 64% of revenue, up from 47% a year ago. AMD is quickly turning into a data center company. Anthropic, OpenAI and major hyperscalers all brought their first Helios racks online. Gaming fell 40% to $773M as the console cycle aged, and that drag barely moves the overall picture now.
NVIDIA still operates at a different scale. Data Center revenue hit $89.02B, up 117%, and networking rose 138% to $40.31B. A networking jump that large shows customers buying entire AI factories. Jensen Huang put it simply: "Now, compute is revenue."
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Lisa Su built AMD's case around cost: "The key is for us to continue to show that TCO advantage across workloads." TCO, or total cost of ownership, covers what a customer spends to buy and run the hardware. Su called early Venice demand "the strongest we have seen for any new EPYC generation", and partners have committed more than 240 platforms. Hyperscalers are facing tax, grid and capital pressure, which is also why the power, cooling, and networking suppliers behind the data centers keep showing up in our free AI infrastructure report. That gives AMD's lower-cost, high-memory Instinct GPUs a structural tailwind in high-volume inference, where AI models answer user requests.
NVIDIA relies on CUDA, networking and financing. It has committed nearly $50 billion in frontier AI labs. Huang granted that "some will call this circular financing." I share some of that skepticism.
AMD expects 2027 revenue to grow more than 80%, which is an ambitious target. Inventory rose to $11.46B, up 35% sequentially, and free cash flow was only $554M, so AMD has little room for execution errors. I will be watching whether Lenovo and other server makers ship Helios systems on time.
NVIDIA expects about 70% growth in fiscal 2028, with supply as the limit. It projects gross margin reaching a low at 71% to 72% in the fourth quarter as memory prices rise. AMD faces the same cost pressure.
AMD shares are up 92.66% year to date even after a 15.59% drop on November 5. NVIDIA is down 2.24% over the same stretch. That gap suggests the market already prices in part of the shift toward AMD. In my view, AMD has the steeper growth curve, with Helios and Venice scaling at the same time.
NVIDIA stands out for quality and cash generation. It generated $21.34B in quarterly free cash flow and returned ~$26.0B to shareholders. This view could change if Helios deployments slip.
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