AMD outperformed Nvidia by 53.2 percentage points across five trading days, the widest gap since Nvidia’s 1999 initial public offering. AMD shares rose by more than 40% during the period, while Nvidia recorded double-digit declines in several sessions. The divergence followed a year in which AMD gained approximately 173% from the start of the year, compared with a decline of roughly 11% for Nvidia. Supported by data-center revenue that nearly doubled year over year to $8.5 billion in the third quarter, investors are betting on orders shifting to AMD, although the chipmaker’s high valuation increases correction risks.
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