AMD's stock has soared 130% in 2026, but Nvidia still grows faster and trades at a lower valuation, making it the more attractive buy despite the market sentiment shift.

What happened: AMD's stock has risen around 130% so far in 2026, far outpacing Nvidia's 12% gains. However, in the most recent quarter ended April 26, Nvidia's overall revenue grew 85% year over year to $81.6 billion（約13兆円） with data center revenue up 92% to $75.2 billion（約12兆円）, while AMD's revenue was $10.3 billion（約1.6兆円）, up 38% year over year, with data center revenue rising 57% to $5.8 billion（約9300億円）.

Why it matters: AMD has gained a more balanced business by already operating in multiple chip segments (embedded processors and CPUs) before Nvidia recently announced plans to enter the consumer CPU market. However, AMD's stock now trades for nearly 70 times forward earnings compared to Nvidia's 23, meaning much of AMD's future growth is already priced in, whereas Nvidia has less priced in despite its higher absolute growth rates.

What to watch: Even using 2027's earnings projections for AMD, the stock is still 50% more expensive than Nvidia is today. This valuation gap appears to mean Nvidia investors get one to two years' worth of growth for free compared to buying AMD's stock at current prices.