Wall Street has spent weeks obsessing over AI costs, chip bottlenecks and whether challengers like Advanced Micro Devices Inc (NASDAQ:AMD) and Broadcom Inc (NASDAQ:AVGO)are finally catching up. But as Nvidia Corp (NASDAQ:NVDA) heads into earnings on Wednesday, Jensen Huang gets a fresh chance to remind investors of one inconvenient truth: this isn't a rivalry. It's a race in which Nvidia keeps lapping the field.
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Nvidia's Growth Is Still In A Different Universe
Nvidia told investors back in August that its October-quarter revenue would hit $54 billion — a jaw-dropping 54% jump from last year. This isn't just acceleration; it's escape velocity.
AMD, by contrast, posted $9.25 billion in revenue for its third quarter, up a respectable 36%. Growing, yes. Competitive, not yet. In fact, Nvidia was roughly at AMD's scale just two years ago. Since then, its trajectory has looked like a straight vertical line while AMD's continues at a steady incline.
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Blackwell, Rubin And A $500 Billion Head Start
At GTC in Washington, Huang stunned analysts by revealing $500 billion in commitments for Nvidia's next-gen Blackwell and Rubin chips — demand so large it dwarfs the company's entire $130 billion in revenue for the year ended January 2025.
Most of those commitments won't even hit the books until 2026. Analysts already expect Nvidia to clock $207 billion in revenue this fiscal year, and those projections look increasingly conservative.
Nvidia is locking in future business at a level so significant, it's almost like government-scale spending — and that's the gap AMD can't bridge right now.
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The China Problem That… Isn't One?
Huang hasn't missed a chance to warn about China's competitive threat — and the risks of restricting Nvidia's sales there. Yet despite losing that market, Nvidia is still putting up 50%-plus growth.
Expect more China talk on Wednesday, along with chatter about Nvidia's aggressive investments in would-be customers.
Why It Matters To Investors
The AMD–Nvidia narrative gets framed as a duel. The numbers tell a different story. AMD is progressing. Nvidia is accelerating.
And unless something breaks that momentum, this "rivalry" remains a one-sided domination story — one where Huang shows up each quarter simply to remind Wall Street how far ahead he already is.
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