Nvidia, AMD Battle for AI Accelerator Supremacy in Crucial Six-Month Period
Nvidia and AMD are two major players in the AI accelerator market, and their latest earnings reports have set expectations for the next six months. Nvidia's Vera Rubin platform is already shipping, with Jensen Huang calling it 'the fastest product ramp in NVIDIA’s history,' and management guiding for $108B in Q3 revenue, covering only about 70% of demand.
AMD's Helios rack, on the other hand, is just starting to ship, with Lisa Su stating that Q3 is 'the very beginning of the ramp' and Q4 will be a step up. AMD's guidance for Q3 is around $13B, +41% YoY, and Helios delivers up to 30% more tokens per dollar than the competition.
Nvidia's economics are looking strong, with management pegging Vera Rubin revenue at $40 billion per gigawatt versus Blackwell's $25 billion. This gives Nvidia a formidable moat, which also benefits suppliers downstream of the accelerator.