AMD Just Beat Nvidia by the Widest Margin Since 1999

详细摘要

One chipmaker posted record results and landed marquee cloud customers. Its biggest rival lost its CEO and stumbled again. The week produced a split no one has seen in 27 years, and the aftermath may be messier than the headline suggests.

In the five trading days through Thursday, AMD (NASDAQ:AMD) rose 44.7%, from $404.40 to $585.30. Over the same period, Nvidia (NASDAQ:NVDA) fell 8.5%, from $181.60 to $166.19.

By our calculation, that 53.2-percentage-point gap is the widest five-day spread in AMD's favor across 6,997 trading days, which covers all 27 years since Nvidia's January 1999 IPO. AMD had record results and new customer orders, while Nvidia lost its chief executive.

The old high was 50.1 points in the five days to April 22, 2016, when AMD rose 47.8%, and Nvidia fell 2.3%. Nvidia's fall this time was much steeper than in 2016, so it accounts for more of the gap.

From Friday to Friday, AMD gained 18.93% from $449.04, and Nvidia lost 12.75% from $186.64. By our calculation, that 31.7-point gap is still the widest since the five days to October 10, 2025.

AMD jumped 11.04% on November 6 after third-quarter revenue reached a record $13.4 billion, up 45%. Data center revenue rose about 97%, so the business that competes head-on with Nvidia powered the quarter.

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On November 11, AMD added 7.32% to $552.90. That move followed results from CoreWeave (NASDAQ:CRWV), a spot on a preferred chip list from Goldman Sachs (NYSE:GS), and a cloud deal with Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) unit Google for fifth-generation EPYC chips. CEO Lisa Su said "demand is higher than supply" and guided fourth-quarter revenue to about $17 billion as Helios racks and Venice processors ramp.

On November 12, Nvidia said Jensen Huang had resigned as president, CEO, and director and named CFO Colette Kress interim CEO. The stock then posted its sixth straight weekly loss.

The market usually absorbs reported results within days, but uncertainty…

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