AMD Stock Is Crushing Nvidia's in 2026. Will That Continue? - The Globe and Mail

In 2026, AMD's stock outperformed NVIDIA significantly, rising 144% year-to-date compared to just 4% for NVIDIA. While market sentiment favors AMD, financial metrics reveal that NVIDIA maintains a str... Read original →

AMD’s 2026 stock surge reflects speculative enthusiasm for AI compute diversification, not technical parity. Despite MI350 adoption by OpenAI, it lacks CUDA’s mature software stack, developer ecosystem, and compiler optimization—critical for training workloads. With data center revenue still under 8% of NVIDIA’s and a frothy 71x forward P/E, AMD’s valuation assumes unrealistic market-share gains. Tightening U.S. export controls on advanced GPUs ironically reinforce NVIDIA’s pricing power, while AMD’s heavier reliance on Taiwan, China-based foundries heightens supply-chain compliance risk. Over the next 12–24 months, unless MI350 achieves mass deployment in inference—a segment NVIDIA is aggressively targeting with its Blackwell Ultra—the capital rotation will reverse. The real long-tail advantage lies not in specs, but in ecosystem lock-in: NVIDIA’s defensible moat.