AMD Surges Again — Comparing AMD, Intel, and NVIDIA in the 2026 Chip Stock Race
AMD led the large-cap chip complex with a 5-8% intraday surge, but the 2026 year-to-date scoreboard reads Intel +200%, AMD +93%, NVIDIA +18% — a striking reversal of conventional wisdom.
- In the 2026 chip race, Intel leads YTD at +200%, AMD follows at +93%, and NVIDIA trails at +18% — defying conventional wisdom
- AMD is surging on Q1 Data Center revenue growth of 57% and massive AI deals with OpenAI and Meta; Intel has rallied on its foundry turnaround story
Advanced Micro Devices has been surging 5–8% on consecutive sessions, leading the large-cap chip complex. Yet the 2026 year-to-date scoreboard tells a surprising story: Intel has tripled, AMD has nearly doubled, and NVIDIA — the AI chip king — has been the group's relative laggard at just +18% YTD. The PHLX Semiconductor Sector index has surged 70% in 2026 as a whole.
2026 Chip Scorecard
AMD closed around $414, Intel near $110, and NVIDIA around $220 in mid-May. Year-to-date: Intel +200%, AMD +93%, NVIDIA +18%. Over the past month: AMD +49%, Intel +62%, NVIDIA +9%. The conventional AI narrative — buy NVIDIA — has played out very differently in 2026.
Why AMD Is Surging: Q1 Beat and $100B Deals With OpenAI and Meta
AMD's Q1 2026 revenue reached $10.25 billion (+38% YoY), with Data Center revenue up 57% to $5.78 billion. Q2 guidance of $11.2 billion implies 46% growth. CEO Lisa Su highlighted accelerating demand for AI infrastructure and MI450/Helios adoption exceeding initial forecasts. AMD has signed contracts with OpenAI and Meta Platforms to supply a combined 12 gigawatts of chips — the Meta deal alone could add up to $100 billion in revenue, according to the WSJ. Consensus 2026 EPS is $7.33, up 76% YoY.
Intel's 200% YTD Surge — The Comeback Nobody Predicted
Intel has been the surprise leader of 2026, up 200% YTD. CEO Lip-Bu Tan has revitalized the foundry narrative with government support and operational progress. Q1 revenue of $13.58B (+7% YoY) and Data Center/AI revenue up 22% reinforced the turnaround. Reported acquisition talks with AI chip startup Tenstorrent and being selected as the host CPU for NVIDIA's DGX Rubin NVL8 systems provided further catalysts.
NVIDIA's Relative Underperformance — Still the Dominant Player, but Valuation Matters
NVIDIA commands 81% of the AI chip market and posted $215.9 billion in FY2026 revenue (+65%). Its 2026 EPS is expected to jump 75%. Yet shares are up only 18% YTD as large gains were already priced in. Notably, NVIDIA's PEG ratio of 0.68 is lower than AMD's 1.09, suggesting NVIDIA may actually be the better value relative to growth at current levels.
Related Stocks & ETFs
AMD (Nasdaq: AMD) — AI GPU + EPYC server CPUs; OpenAI and Meta mega-deals Intel (Nasdaq: INTC) — Foundry revival + Tenstorrent acquisition; YTD +200% NVIDIA (Nasdaq: NVDA) — AI chip leader; PEG 0.68 suggests value vs. growth SK Hynix (KRX: 000660) — HBM supplier to both AMD and NVIDIA SOXX — iShares Philadelphia Semiconductor ETF SMH — VanEck Semiconductor ETF
Frequently Asked Questions
Is AMD a better investment than NVIDIA right now?
AMD has outperformed in 2026, but NVIDIA's PEG ratio of 0.68 (vs AMD's 1.09) suggests NVIDIA is cheaper relative to growth. AMD's larger upside carries higher valuation risk; the better choice depends on risk tolerance.
Is Intel's 200% YTD gain sustainable?
Intel's foundry revival and AI CPU positioning are real catalysts. But after tripling, the valuation is stretched — further gains depend on actual foundry revenue ramp and tangible AI design wins materializing in 2026-2027.
How does AMD's surge benefit SK Hynix?
AMD's MI450 GPUs use HBM3E memory, for which SK Hynix is a primary supplier. Continued strong AMD Data Center growth directly translates into higher HBM orders and revenue for SK Hynix.
SOXX vs. SMH — which semiconductor ETF is better?
Both provide broad semiconductor exposure. SMH is more concentrated with 25 holdings and has a higher NVIDIA weighting. SOXX tracks the Philadelphia Semiconductor Index with 30 stocks and is more equally weighted across the sector.
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