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When comparing NVIDIA with AMD and Broadcom, start by checking what each company counts as AI-related revenue. NVIDIA reports a broad Data Center segment that includes data-center products, systems and networking; Broadcom reports AI semiconductor revenue tied to custom accelerators and networking; AMD reports a Data Center segment. Those figures are not interchangeable, and none alone tells you market share, future demand or which stock is the better investment.
For an investment comparison, put each result beside its fiscal period and accounting basis, then assess growth, margins, cash generation, customer and product concentration, execution and supply risks, export controls, and valuation. The latest located quarterly disclosures have different end dates, so compare their business context rather than treating the headline numbers as a synchronized league table.
What the latest reported figures do—and do not—compare
The companies’ latest located quarters ended on different dates, and their definitions of AI exposure differ. The figures below are company-reported results, not estimates of a common AI-chip market.
| Company and period | Reported figures | How to interpret the scope |
|---|---|---|
| NVIDIA, fiscal Q2 2027; quarter ended July 26, 2026 | $96.2 billion total revenue; $89.0 billion Data Center revenue; 75.0% GAAP gross margin | Data Center is a broad segment that includes data-center products and systems, including networking. It is not a pure AI-chip measure. NVIDIA results release and NVIDIA 10-Q. |
| AMD, quarter ended June 27, 2026 | 54% GAAP gross margin | The cited filing explains the margin context, but the figures available here do not establish a matched current-quarter revenue comparison with NVIDIA or Broadcom. AMD Q2 2026 10-Q. |
| Broadcom, fiscal Q3 2026; quarter ended August 2, 2026 | $16.7 billion AI semiconductor revenue, up 221% year over year; $29.6 billion consolidated revenue | Broadcom links AI semiconductor demand to custom AI accelerators and AI networking. Its AI semiconductor measure has a different scope from NVIDIA’s and AMD’s Data Center segments. Broadcom results release. |
The fiscal calendars also matter: these are not three quarters ending on the same date. A cross-company comparison should state each period explicitly and should not treat a reported segment as a direct measure of market share, total addressable market or future demand.
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How to compare NVIDIA, AMD and Broadcom fairly
1. Normalize business mix and AI exposure
Read the segment definition before comparing revenue. NVIDIA’s Data Center figure includes a broader platform and networking activity; AMD reports a Data Center segment; Broadcom’s AI semiconductor revenue centers on custom accelerators and networking. Ask what products, systems and services sit inside each number and whether the company provides a narrower AI-specific measure. If the boundaries differ, compare each company’s direction and business drivers rather than ranking the raw totals.
2. Separate growth rates from growth quality
Put year-over-year and sequential changes beside their periods, and look for explanations that affect the comparison: product mix, acquisitions, supply constraints, or a one-time prior-year charge. For example, AMD attributed its 54% GAAP gross margin in the quarter ended June 27, 2026 partly to the absence of prior-year inventory and related charges associated with export controls on MI308, as well as favorable product mix that included higher Data Center revenue. That comparison helps explain the reported result; it does not establish that the margin level will persist. AMD’s filing provides the company’s explanation.
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Keep annual results separate from quarterly results. AMD’s fiscal 2025 filing reports $34.6 billion in net revenue and a 50% gross margin for the full year; those figures should not be set against a single-quarter result as though the periods matched. AMD 2025 10-K.
NVIDIA’s fiscal 2026 annual report says revenue was $215.9 billion, up 65% year over year; Data Center compute revenue grew 59%, while Data Center networking revenue grew 142%. These are full-year growth rates, not the latest quarter’s rates. The different growth in compute and networking is a reminder that segment mix can move the overall result. NVIDIA fiscal 2026 10-K.
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3. Compare profitability on the same accounting basis
Compare GAAP with GAAP, or label non-GAAP measures clearly and examine the reconciliation. Gross margin shows how much revenue remains after cost of revenue, but it does not show the full cost of running the business. For a fuller comparison, review operating margin alongside gross margin and note product mix and unusual charges. The current-quarter figures listed above provide gross margin for NVIDIA and AMD, but not a matched set of operating-margin figures for all three companies; do not infer operating profitability from gross margin alone.
4. Check whether reported growth turns into cash
Revenue growth does not, by itself, establish cash quality. Review cash from operations, capital expenditures, free cash flow, working-capital movements and material commitments in each company’s filings, using the same period and a consistent definition of free cash flow. The figures presented here do not form a matched cross-company cash comparison, so they cannot support a conclusion about which company converts sales into cash most effectively.
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5. Examine customer and product concentration
Look in each filing for major-customer disclosures, reliance on a limited number of hyperscalers or accelerator programs, and the range of workloads or products that could support demand. Concentration can matter even when reported revenue is growing: a small number of large customer decisions may influence deployment timing or product mix. The available figures here do not establish a comparable concentration ranking across the three companies.
6. Trace execution and supply from orders to deployment
AI-chip sales depend on more than chip design. Consider access to fabrication, advanced packaging and high-bandwidth memory, as well as power availability, data-center construction and whether shipped systems can be deployed by customers. NVIDIA’s filing says the availability of land, power, shell space and capital can affect customers’ infrastructure buildout and NVIDIA’s financial performance. This illustrates why demand announcements and realized revenue may not move on the same timetable. NVIDIA 10-Q.
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7. Treat export controls as company-specific and changeable
Policy restrictions can affect which products may be sold, where they can be sold, inventory and competitors’ opportunities. NVIDIA’s fiscal 2026 filing said it was effectively foreclosed from China’s data-center compute market at fiscal year-end, while AMD’s Q2 2026 filing describes MI308-related charges associated with U.S. export controls. These disclosures document company-specific exposures at the stated times; they do not establish a permanent policy outcome or a fixed forecast for future sales. NVIDIA fiscal 2026 10-K and AMD Q2 2026 10-Q.
8. Compare valuation against expectations, not just sales growth
A fast-growing business is not automatically an attractively priced stock. Use market capitalization or enterprise value and compare them with forward earnings, sales and free cash flow using the same share-price date and estimate horizon for each company. Then ask what future growth and margins those multiples assume, and how a slower buildout, weaker mix or lower profitability would affect the case. The disclosures cited here do not provide a synchronized current-price and consensus-estimate set, so they cannot support a present-day valuation ranking.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the reported numbers cannot settle
Company filings and earnings releases are primary sources for reported results and management’s explanations, but they are not independent proof of product leadership or future market growth. NVIDIA CEO Jensen Huang called the market’s current moment an inflection point in the company’s Q2 fiscal 2027 results release; that is management’s characterization, not a guarantee of demand or investment returns.
For a decision, use the latest filings and a common valuation date in addition to these operating disclosures. Keep each metric tied to its company, fiscal period, accounting basis and definition; otherwise, apparent precision can conceal a comparison that is not actually like-for-like.
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