Key Takeaways
- Nvidia delivered $215.9 billion in fiscal 2026 revenue, marking a 65% year-over-year surge
- The Data Center division at Nvidia alone produced $193.7 billion across the full fiscal year
- AMD’s full-year 2025 revenue reached $34.6 billion, with its Data Center unit climbing 32% to $16.6 billion
- Nvidia’s Data Center business eclipses AMD’s by more than 11 times in absolute revenue
- AMD absorbed $440 million in writedowns connected to U.S. export restrictions affecting its MI308 GPU
Both Nvidia and AMD command significant positions in the artificial intelligence semiconductor space, yet their most recent financial disclosures reveal vastly different operational scales between these two competitors.
Nvidia disclosed fiscal 2026 revenue totaling $215.9 billion, representing a 65% jump compared to the previous fiscal year. The company maintained a gross margin of 71.1% across this period.
During just the fourth quarter, Nvidia captured $68.1 billion in total revenue. Within that same three-month window, Data Center revenue reached $62.3 billion.
Across the entire fiscal year, Nvidia’s Data Center operations delivered $193.7 billion in revenue. This division has transformed into the company’s primary revenue engine, fueled predominantly by AI infrastructure investments from hyperscale cloud providers and major tech enterprises.
Nvidia’s competitive advantage extends beyond semiconductor sales. The company provides an integrated ecosystem encompassing accelerators, networking infrastructure, complete systems, and comprehensive software platforms. This integrated approach creates significant switching costs for enterprise customers.
The primary vulnerability for Nvidia remains customer concentration. A substantial portion of revenue derives from a narrow group of large-scale data center operators. Should this capital expenditure cycle decelerate, financial performance could face considerable pressure.
AMD’s Financial Performance
AMD disclosed full-year 2025 revenue of $34.6 billion. The Data Center division contributed $16.6 billion to this total, representing 32% growth versus 2024. This expansion was powered by its EPYC server processor lineup and Instinct AI accelerator portfolio.
Advanced Micro Devices, Inc., AMD
During the fourth quarter, AMD achieved a 54% gross margin alongside $1.8 billion in operating income and $1.5 billion in net income.
While these metrics demonstrate healthy performance, Nvidia’s annual Data Center revenue still surpasses AMD’s by a factor exceeding 11 to 1. This substantial disparity underscores how nascent AMD’s AI infrastructure business remains relative to its larger rival.
AMD doesn’t require market leadership over Nvidia to deliver substantial growth. Securing even modest market share gains in the server and accelerator segments could generate significant revenue expansion.
However, AMD confronts genuine obstacles. The company recorded approximately $440 million in fiscal 2025 charges stemming from U.S. export control regulations impacting its MI308 data-center GPU.
These writedowns highlight both geopolitical exposure and the substantial competitive barriers AMD faces in capturing share from Nvidia’s entrenched position.
Analyst Sentiment Comparison
Wall Street maintains bullish views on both semiconductor stocks, though conviction skews more heavily toward Nvidia. MarketBeat data shows 54 analysts covering Nvidia with a Buy consensus rating. This includes 48 buy ratings, 4 strong buy ratings, and 2 hold ratings. The consensus 12-month price target stands at $275.25.
AMD receives coverage from 40 analysts with 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.
The more pronounced bullish consensus surrounding Nvidia stems from its commanding market leadership and superior profitability metrics.
AMD’s consensus price target of $296.44 exceeds Nvidia’s $275.25 target. This disparity indicates analysts perceive greater potential percentage gains from AMD’s current valuation, despite Nvidia maintaining stronger fundamental business metrics.
