Key Highlights
- Nvidia achieved $215.9 billion in fiscal 2026 revenue, marking a 65% year-over-year surge
- The Data Center division at Nvidia delivered $193.7 billion across the entire fiscal year
- AMD’s full-year 2025 revenue reached $34.6 billion, with Data Center sales climbing 32% to $16.6 billion
- Nvidia’s Data Center revenue surpasses AMD’s by more than 11-fold
- AMD incurred $440 million in expenses related to U.S. export restrictions affecting its MI308 GPU
The artificial intelligence chip industry has two heavyweight contenders, but recent financial disclosures reveal dramatically different operational scales between Nvidia and AMD.
Nvidia announced fiscal 2026 revenue totaling $215.9 billion, representing a 65% jump compared to the previous fiscal year. The chipmaker maintained a gross margin of 71.1% throughout the period.
During just the fourth quarter, the company recorded $68.1 billion in sales. Data Center operations contributed $62.3 billion to that quarterly figure alone.
Across the complete fiscal year, Nvidia’s Data Center operations produced $193.7 billion in revenue. This division has transformed into the company’s primary engine, fueled predominantly by massive AI infrastructure investments from hyperscale cloud providers and major technology enterprises.
Nvidia’s product portfolio extends beyond silicon chips. The company delivers an integrated ecosystem encompassing accelerators, networking infrastructure, complete systems, and proprietary software platforms. This comprehensive approach creates significant switching costs for enterprise customers.
The primary vulnerability for Nvidia centers on customer concentration. A substantial portion of revenue stems from a single wave of data center capital expenditure. Should this investment cycle decelerate, financial performance could experience significant impact.
AMD’s Financial Performance
AMD disclosed full-year 2025 revenue totaling $34.6 billion. The Data Center division contributed $16.6 billion, representing 32% growth versus 2024. This expansion was powered by EPYC server processor sales and Instinct AI accelerator product lines.
Advanced Micro Devices, Inc., AMD
During the fourth quarter, AMD delivered a 54% gross margin, generated $1.8 billion in operating income, and reported $1.5 billion in net earnings.
These metrics demonstrate strength. However, Nvidia’s annual Data Center revenue still exceeds AMD’s by a factor of 11. This disparity illustrates how nascent AMD’s position remains in the AI infrastructure marketplace.
AMD doesn’t require market leadership over Nvidia to achieve substantial growth. Securing even a modest portion of the server and accelerator segments can generate significant revenue expansion.
Yet AMD confronts genuine obstacles. The company absorbed approximately $440 million in fiscal 2025 charges stemming from U.S. export restrictions targeting its MI308 data-center GPU product.
This situation highlights both regulatory exposure and the formidable challenge of capturing share from Nvidia’s established position.
Wall Street’s Perspective
Analyst sentiment favors both semiconductor stocks, though enthusiasm tilts more heavily toward Nvidia. MarketBeat data shows 54 analysts tracking Nvidia with a Buy consensus rating. This includes 48 buy ratings, 4 strong buy recommendations, and 2 hold positions. The consensus 12-month price objective stands at $275.25.
AMD receives attention from 40 analysts who assign a Moderate Buy consensus. The breakdown consists of 1 strong buy, 31 buy ratings, and 8 hold recommendations. The average price objective reaches $296.44.
The more bullish sentiment surrounding Nvidia mirrors its commanding market share and superior profitability metrics.
AMD’s consensus price target of $296.44 currently exceeds Nvidia’s $275.25 target. This differential implies analysts anticipate greater percentage upside potential for AMD from present valuations, despite Nvidia’s superior operational fundamentals.
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