Key Highlights
- Nvidia delivered $215.9 billion in fiscal 2026 revenue, marking a 65% year-over-year surge
- The Data Center division at Nvidia produced $193.7 billion across the full fiscal year
- AMD’s full-year 2025 revenue reached $34.6 billion, with Data Center climbing 32% to $16.6 billion
- Nvidia’s Data Center business exceeds AMD’s by a factor of more than 11
- Export control regulations cost AMD approximately $440 million in charges related to its MI308 GPU
The AI semiconductor landscape features two prominent competitors, with recent financial results revealing dramatically different operational scales between Nvidia and AMD.
Nvidia’s fiscal 2026 performance reached $215.9 billion in total revenue, representing a 65% climb from the previous fiscal period. The company maintained a gross margin of 71.1% throughout the year.
The fourth quarter alone accounted for $68.1 billion in revenue. Data Center operations during that three-month window generated $62.3 billion.
Across the entire fiscal year, Nvidia’s Data Center operations produced $193.7 billion in revenue. This segment has become the company’s primary revenue engine, fueled predominantly by AI infrastructure investments from major cloud providers and technology companies.
Nvidia’s product portfolio extends beyond silicon. The company provides an integrated ecosystem encompassing accelerators, networking equipment, complete systems, and comprehensive software platforms. This approach creates significant switching costs for enterprise customers.
The primary vulnerability for Nvidia centers on customer concentration. A substantial portion of revenue stems from infrastructure spending by a relatively small group of hyperscale data center operators. Any deceleration in capital expenditure from these customers could significantly impact financial performance.
AMD’s Financial Performance
AMD’s 2025 revenue totaled $34.6 billion across all business segments. The Data Center division contributed $16.6 billion, representing 32% growth compared to 2024. This expansion came through sales of EPYC server processors alongside Instinct AI accelerator hardware.
Advanced Micro Devices, Inc., AMD
During the fourth quarter, AMD achieved a 54% gross margin, generated $1.8 billion in operating income, and reported $1.5 billion in net income.
These figures demonstrate meaningful progress. However, Nvidia’s annual Data Center revenue still dwarfs AMD’s by more than 11 times, illustrating the early stage of AMD’s position in AI infrastructure markets.
AMD can achieve substantial growth by capturing even modest market share in server and accelerator categories. The company faces a massive addressable market where percentage point gains translate to billions in incremental revenue.
AMD confronts genuine obstacles ahead. The company absorbed approximately $440 million in fiscal 2025 charges connected to U.S. export restrictions affecting its MI308 data-center GPU.
These charges highlight both regulatory exposure and the substantial challenge of winning customers away from Nvidia’s entrenched position.
Wall Street Analyst Perspectives
Financial analysts maintain positive outlooks on both companies, with stronger enthusiasm directed toward Nvidia. MarketBeat data shows 54 analysts following Nvidia with a Buy consensus rating. This includes 48 buy ratings, 4 strong buy ratings, and 2 hold ratings. The mean 12-month price target stands at $275.25.
AMD receives coverage from 40 analysts who assign a Moderate Buy consensus. The breakdown includes 1 strong buy rating, 31 buy ratings, and 8 hold ratings. The average price target reaches $296.44.
Nvidia’s stronger consensus rating stems from its commanding market position and superior profitability metrics.
AMD’s mean price target of $296.44 exceeds Nvidia’s $275.25 target. This gap indicates analysts perceive greater potential appreciation from AMD’s current valuation, despite Nvidia’s superior operational fundamentals.
