AMD vs. NVIDIA: how they make money

• Data center customers · 48.0% of revenueVery large cloud and data center operators, server makers, system builders and distributors.
• PC makers and distributors · 30.7% of revenueCompanies that build and sell desktop and notebook PCs, and independent distributors.
• Console and graphics card customers · 11.3% of revenueConsole and handheld makers, and makers of graphics cards. AMD chips power the PlayStation 5 and Xbox Series S and X.
• Embedded chip buyers · 10.0% of revenueMakers of equipment for aerospace and defense, cars, factories, healthcare and communications, directly or through distributors.

• Cloud service providers and AI developersBuy Data Center chips, systems and networking to build the computers that train and run AI models. NVIDIA does not split revenue by customer type.
• Computer makers and system integratorsOEMs and ODMs (brand and contract computer makers) and integrators build servers, PCs and workstations around NVIDIA chips and resell them.
• Add-in board makers and distributorsAdd-in board makers turn GeForce chips into graphics cards; distributors resell NVIDIA products.
• Indirect: an AI research and deployment companyNVIDIA says one AI research and deployment company contributed a meaningful amount of its revenue by buying cloud services from NVIDIA's customers. It gives no share.

FY2025

FY2026

Debt

$3.2B

Cash and investments

$13.1B

On Jun 27, 2026.

At Jun 27, 2026 AMD held $13.1 billion of cash and short-term investments and owed $3.2 billion of debt: $9.9 billion of net cash.

Debt

$33.4B

Cash and investments

$56.6B

On Jul 26, 2026.

On Jul 26, 2026 NVIDIA had $56.6 billion of cash and debt securities and $33.4 billion of notes: $23.2 billion of net cash.

• One class of shares.
• Officers and directors as a group: 0.5% of shares (as of Mar 19, 2026).
• Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
• BlackRock, Inc.: 7.7% (as of Feb 1, 2024).
• The Vanguard Group (parent): 0.0% (as of Mar 13, 2026).
• 1 more holders on the AMD page.

• One class of shares.
• Officers and directors as a group: 3.9% of shares (as of Mar 23, 2026).
• BlackRock, Inc.: 7.4% (as of Mar 23, 2026).
• Vanguard Capital Management: 7.3% (as of Mar 23, 2026).

• Warrants and stock deals could add shares (other)AMD gave OpenAI and Meta warrants for up to 160 million shares each at $0.01 a share. They vest on GPU purchase milestones, conditions tied to AMD's share price and other conditions. Fully vested, the 320 million shares equal 19.6% of the 1,632.5 million shares outstanding on Jul 29, 2026. None had vested at Jun 27, 2026. The World Labs deal, about $8.2 billion in stock, would also add shares if it closes.
• Larger commitments for supply and data centers (liquidity)Unconditional commitments rose from $12.2 billion at Dec 27, 2025 to $30.3 billion at Jun 27, 2026. AMD also had $4.5 billion of leases not yet started, signed $9.5 billion more after that date, and had up to $4.1 billion of lease guarantees. After the quarter it agreed to up to $5.0 billion of investment commitments and sold $4.75 billion of notes.

• Contingent guaranties for OpenAI-leased data centers (debt)NVIDIA backs lease values on about 4.25 GW of SB Energy data centers in Ohio, with an OpenAI affiliate as tenant. It pays only if the tenant becomes insolvent or does not pay. Exposure is capped at $105 billion, starts as leases begin (from FY2029) and OpenAI agreed to reimburse NVIDIA.
• Stakes in other companies swing reported profit (other)On Jul 26, 2026 NVIDIA held $42.8 billion of listed stakes and $51.2 billion of unlisted ones. Gains on them were $15.9 billion in Q1 FY2027 and $7.8 billion in Q2, counted in net income.