Nvidia (NVDA) vs AMD: Who’s Winning the AI Chip Race in 2026?

TLDR

• Nvidia posted $215.9 billion in revenue for fiscal 2026, up 65% year over year
• Nvidia’s Data Center segment alone generated $193.7 billion in revenue
• AMD reported $34.6 billion in full-year 2025 revenue with a record $16.6 billion from Data Centers
• Nvidia’s Data Center revenue is more than eleven times larger than AMD’s total data center sales
• Both companies face headwinds from export controls, with Nvidia excluding China data center revenue from its Q1 2027 outlook

Nvidia and AMD both make chips that power artificial intelligence. But right now, they are not in the same league when it comes to AI infrastructure. Here is what the numbers show.

Nvidia’s Numbers Tell the Story

Nvidia had a massive fiscal 2026. Revenue hit $215.9 billion, a 65% jump from the year before. Net income came in at roughly $120.1 billion. Gross margin was 71.1%.

NVIDIA Corporation, NVDA

The Data Center segment drove almost all of it, pulling in $193.7 billion. That means about 90% of Nvidia’s revenue now comes from AI infrastructure. The company sells GPUs, networking hardware, and the software systems that customers use to build large AI clusters.

That software ecosystem is a key part of Nvidia’s position. It makes it harder for customers to switch to a competitor, even if another chip offers comparable raw performance.

Nvidia did flag one risk. The company said it is not counting on data center chip revenue from China in its fiscal first-quarter 2027 outlook, due to ongoing export control restrictions.

AMD Is Growing, But the Gap Is Wide

AMD posted $34.6 billion in total revenue for 2025. Net income was around $4.3 billion, with a 50% gross margin. Those are solid numbers for most companies.

Advanced Micro Devices, Inc., AMD

The Data Center segment was AMD’s strongest area, reaching a record $16.6 billion, up 32% year over year. That growth came from EPYC server processors and Instinct GPUs gaining traction with enterprise customers.

But Nvidia’s Data Center revenue alone is more than eleven times AMD’s data center total. That gap is hard to close quickly.

AMD also felt the impact of export controls. Restrictions on its MI308 data center GPUs affected results during 2025, showing the same geopolitical pressures hitting Nvidia apply to AMD too.

Where Each Company Stands

AMD is more diversified than Nvidia. It brought in $14.6 billion from Client and Gaming, and $3.5 billion from Embedded in 2025. That spread reduces risk if one market slows down.

Nvidia, by contrast, is now almost entirely an AI infrastructure company. That focus has driven enormous profits, but it also means any slowdown in data center spending hits Nvidia harder.

AMD’s path forward depends on winning a larger share of the AI accelerator market over time. It does not need to overtake Nvidia. It just needs to keep gaining ground.

Nvidia’s latest quarterly guidance excludes China-related data center revenue, which remains a live concern for investors watching the stock.

Final Thoughts

Nvidia is the clear leader in AI chips right now, backed by strong profits and a software ecosystem that keeps customers locked in. AMD is growing and gaining ground, but the gap in data center revenue is still very wide. Both stocks face real risks from export controls and shifts in customer spending.

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