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Compare AI infrastructure companies by matching the scope and period of their figures—not by ranking one revenue, margin, or backlog headline. A “Data Center” segment, an issuer-defined AI semiconductor category, and a server company’s total sales describe different things. Check what each number includes, whether margins are GAAP or non-GAAP, and whether an order or commitment is actually customer demand.
Why these companies cannot be compared with one headline number
AI infrastructure spans different business layers. Chip designers sell processors and accelerators; semiconductor companies may also sell custom chips or networking products; networking suppliers connect systems; and server integrators assemble complete systems. Those businesses have different revenue definitions, cost structures, and margins.
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Companies also label their disclosures differently. NVIDIA reports a Data Center segment that includes data-center compute and networking. AMD’s Data Center segment includes EPYC server CPUs as well as Instinct accelerators. Broadcom separately identifies AI semiconductor revenue within a company that also has a large infrastructure software business. The cited Arista release does not provide a matching AI-only revenue series, while Supermicro reports company-level results for integrated systems. These figures are useful examples of disclosure, not an apples-to-apples ranking.
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The periods below have different fiscal-quarter endpoints and must not be treated as though they describe the same time window. Amounts are U.S. dollars. Figures and descriptions are from the named issuers’ results releases or filings.
#1 Best Overall
| Company and business layer | Revenue disclosure and period | Margin disclosure | Visibility disclosure |
|---|---|---|---|
| NVIDIA Data-center compute and networking |
For the quarter ended July 26, 2026, NVIDIA reported $96.2 billion in total revenue and $89.0 billion in Data Center revenue. They grew 106% and 117% year over year, respectively. The Data Center amount is a segment figure, not a separately defined AI-only figure. Source: NVIDIA Q2 FY2027 results release, August 26, 2026. | For that quarter, NVIDIA reported 75.0% GAAP and 75.0% non-GAAP gross margins. Keep the two measures distinct even though the reported percentages match. | NVIDIA reported $279 billion in supply and capacity commitments as of July 26, 2026. These are supplier-side arrangements to secure supply and critical components, not customer backlog or recognized revenue. |
| AMD Processors and accelerators |
For the quarter ended June 27, 2026, AMD reported $11.5 billion in total revenue and $6.7 billion in Data Center revenue. Data Center revenue increased 107% year over year. AMD attributed segment growth to demand for EPYC processors and Instinct GPUs; the segment is not an accelerator-only measure. Source: AMD 2026 quarterly results and filing. | AMD reported a 54% gross margin and $2.1 billion in Data Center operating income for the quarter. The cited summary does not identify the gross-margin basis, so do not assume it is comparable to another issuer’s GAAP or non-GAAP figure. AMD said gross-margin improvement reflected, in part, the absence of prior-year export-control-related inventory charges and favorable mix. | The cited AMD figures do not provide a comparable backlog or supplier-commitment value. |
| Broadcom Semiconductors and infrastructure software |
For the quarter ended August 2, 2026, Broadcom reported $29.6 billion in consolidated revenue: semiconductor solutions were 70% and infrastructure software 30%. It reported $16.7 billion of AI semiconductor revenue for Q3 FY2026, up 221% year over year. Source: Broadcom Q3 FY2026 results release, September 2, 2026. | The cited figures do not give a gross-margin value for this comparison. Broadcom’s non-GAAP measures exclude items including acquisition-related intangible amortization and stock-based compensation; the company cautions that non-GAAP measures do not replace GAAP results. Review its reconciliation before comparing adjusted margins. | Management projected $21.7 billion of AI semiconductor revenue for Q4 FY2026. This is guidance, not realized revenue. The cited figures do not establish a comparable backlog amount. |
| Arista Networks Networking |
Arista reported $9.006 billion in annual revenue for FY2025. It also reported more than $3 billion in quarterly revenue in Q2 2026, an issuer-reported milestone. Neither figure is an AI-only revenue series in the cited release. Source: Arista Networks’ 2026 release of FY2025 results and 2026 Q2 results. | Arista reported a 64.1% GAAP gross margin for FY2025. This is an annual gross-margin figure; it is not an operating margin or a same-period comparison with the quarterly figures above. | The cited releases do not provide a comparable AI backlog or supplier-commitment value. |
| Super Micro Computer (Supermicro) Integrated server systems |
Supermicro reported $39.1 billion in FY2026 sales. Its company-level sales should not be read as a separately disclosed AI-only revenue figure. Source: Supermicro FY2026 results release, August 11, 2026. | Supermicro reported a 10.8% GAAP gross margin for FY2026. Its lower gross margin than the chip and networking examples should be interpreted in the context of integrated systems and their product and cost structures, not as a direct measure of relative demand. | Supermicro said it had more than $60 billion in new orders and record backlog entering FY2027. The cited passage does not state a comparable dollar amount for the backlog itself. New orders and backlog are customer-side measures, unlike NVIDIA’s supplier commitments. |
How to compare revenue mix and growth
Read the segment definition before calculating a share
Start with the issuer’s segment table and its description of what belongs in the segment. Record whether the number is consolidated revenue, segment revenue, or a company-defined AI-specific amount. “Data Center” can include products beyond AI accelerators, while “AI semiconductor revenue” is a narrower issuer-defined category. A company’s total sales may include substantial non-AI business.
Only calculate a percentage of total revenue when the numerator and denominator belong to the same issuer and the same period. If a company’s segment is not defined as AI-only, do not relabel the segment’s share of total revenue as the company’s “AI share.” If you calculate a segment share, call it a calculation and state the segment’s limits.
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Align fiscal periods and growth rates
For each figure, record the fiscal quarter or year, period end, and year-over-year comparison. The examples here cover quarters ended June 27, July 26, and August 2, 2026, alongside annual results for FY2025 and FY2026. Fiscal calendars differ, and fast-changing results can make an apparently neat cross-company table misleading. Refresh the figures and align periods before drawing a current comparison.
Growth rates also need a matching scope. NVIDIA’s 117% year-over-year growth refers to Data Center revenue for its quarter ended July 26; AMD’s 107% refers to its Data Center segment for the quarter ended June 27; Broadcom’s 221% refers to AI semiconductor revenue for the quarter ended August 2. They describe different categories and different periods, not a common measure of AI-market growth.
How to compare margins without mixing measures
Gross margin and operating margin answer different questions. Gross margin is revenue less cost of revenue, expressed as a share of revenue; operating margin also reflects operating expenses. Keep them on separate rows in any comparison. Compare GAAP with GAAP, and show non-GAAP separately with its reconciliation and material exclusions.
A margin percentage alone does not establish that one company has better economics or stronger demand. Product mix, manufacturing and integration costs, inventory charges, and accounting adjustments can move margins. AMD’s explanation of its quarter’s gross-margin improvement—favorable mix and the absence of prior-year export-control-related inventory charges—shows why the reported percentage needs context.
For a useful comparison, capture gross and operating margins for the same period, note the accounting basis, and read the issuer’s explanation of significant year-over-year changes. If a release does not make the basis clear, mark it as unclear rather than silently treating it as GAAP or non-GAAP.
What backlog, orders, guidance, and commitments mean
These terms describe different points in a business relationship. For each disclosure, identify who owes what to whom, whether it is dollars or units, the expected delivery horizon, and any cancellation or other conditions the issuer discloses.
Best Value
- Supplier commitments: NVIDIA’s $279 billion balance describes arrangements with suppliers to secure supply and critical components. It is not evidence of $279 billion in customer demand or future sales.
- New orders and backlog: Supermicro’s more than $60 billion in new orders and record backlog entering FY2027 are customer-side disclosures. The quoted release does not state a comparable backlog dollar value, so do not substitute the order figure for one.
- Guidance: Broadcom’s $21.7 billion Q4 FY2026 AI semiconductor projection is management’s forward-looking estimate, not revenue already earned. Guidance can change.
Even customer backlog is not automatically recognized revenue or guaranteed fulfillment. Delivery timing, cancellation rights, component availability, customer acceptance, and execution can affect whether and when an order becomes a sale. Do not place supplier commitments, new orders, backlog, and guidance in a single column labeled “future revenue.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical worksheet for comparing issuers
Build one row per company and fill in these fields from the relevant release and filing. If the issuer does not disclose a comparable value, write “not stated” and name the source rather than estimating it.
| Field | What to record | Why it matters |
|---|---|---|
| Business layer | Processor or accelerator, custom silicon, networking, or integrated system | Different products have different cost structures and margin profiles. |
| Revenue scope | Consolidated, segment, or issuer-defined AI-specific amount; include the issuer’s definition | “Data Center” and “AI revenue” are not standardized labels across companies. |
| Period and growth | Fiscal period end, revenue amount, and growth versus the comparable prior-year period | Different fiscal calendars and period endpoints can distort direct comparisons. |
| Profitability | GAAP gross margin and operating margin; non-GAAP measures separately with reconciliation | Avoid comparing gross with operating margin or unexamined adjusted figures. |
| Visibility | Backlog, new orders, supplier commitments, or guidance; definitions, counterparties, terms, and timing | These metrics differ in who is making a commitment and how certain fulfillment is. |
| Cash and balance sheet | Operating cash flow, capital spending, debt, and cash where useful | Reported earnings and orders alone do not show cash conversion or funding needs. |
| Concentration and risks | Major customer exposure, export controls, supply constraints, and execution risks disclosed in filings | Demand can be concentrated or constrained, and those risks vary by issuer. |
How to interpret management commentary and risk
Executives’ comments can help explain how management sees demand, but they are not independent confirmation. NVIDIA CEO Jensen Huang said in the August 26, 2026 Q2 FY2027 release, “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.” Broadcom CEO Hock Tan said in the September 2, 2026 Q3 FY2026 release, “Demand for our custom AI accelerators and networking continues to be very strong.” Supermicro CEO Charles Liang said in the August 11, 2026 FY2026 release that the company had generated more than $60 billion in new orders and booked record backlog entering fiscal 2027. Treat these as statements by company management about their own businesses.
Read the risk discussion alongside the headline figures. NVIDIA’s release identifies risks including reliance on third-party manufacturing, competition, product acceptance, and changes in supply or demand. Issuer filings are also the place to examine company-specific customer concentration, export controls, supply constraints, and execution risks. This framework helps organize public company disclosures; it is not a personalized investment recommendation or a valuation analysis.
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