AMD Beat Nvidia by 53.2 Points, the Widest Gap Since 1999

AMD outperformed Nvidia by 53.2 percentage points over five trading days through Thursday, November 12, 2026 — the widest spread in AMD's favor since Nvidia went public in January 1999, according to a 24/7 Wall St. calculation covering 6,997 trading days. AMD rose 44.7% in that window, from $404.40 to $585.30, while Nvidia fell 8.5%, from $181.60 to $166.19. The divergence tells a story about the AI chip market in miniature: one company posted record results and landed a cloud deal with Google; the other lost its chief executive.

How big is this gap in historical terms?

The spread broke a record that had stood for a decade. The previous high was 50.1 points in the five days ending April 22, 2016, when AMD rose 47.8% and Nvidia fell 2.3%, 24/7 Wall St. calculated. Nvidia's decline this time was much steeper than in 2016, so it accounts for more of the gap.

The biggest five-day spreads in AMD's favor, by the same calculation:

• Nov. 12, 2026: 53.2 points
• Apr. 22, 2016: 50.1 points
• Jun. 28, 2002: 45.1 points
• Oct. 8, 2025: 42.6 points

The comparison holds on a Friday-to-Friday basis as well. AMD gained 18.93% from $449.04, and Nvidia lost 12.75% from $186.64. That 31.7-point gap is the widest since the five days ending October 10, 2025.

What powered AMD's run?

The rally had hard numbers behind it. AMD jumped 11.04% on November 6 after reporting third-quarter revenue of a record $13.4 billion, up 45% year over year. Data center revenue rose about 97% — the segment that competes head-on with Nvidia powered the quarter.

On November 11, AMD added another 7.32% to close at $552.90. Three catalysts drove the move, according to the report:

• Results from cloud provider CoreWeave (NASDAQ: CRWV)
• A spot on a preferred chip list from Goldman Sachs (NYSE: GS)
• A cloud deal with Alphabet's Google for fifth-generation EPYC processors

CEO Lisa Su told investors that "demand is higher than supply" and guided fourth-quarter revenue to approximately $17 billion as Helios racks and Venice processors ramp. For a chipmaker fighting Nvidia for AI infrastructure dollars, that guidance signals AMD expects the data center momentum to continue into next year, not stall.

What happened to Nvidia?

Nvidia's problems were organizational, not operational. On November 12, the company said Jensen Huang had resigned as president, CEO, and director. CFO Colette Kress was named interim CEO. The stock then posted its sixth consecutive weekly loss.

Markets usually absorb earnings news within days. Leadership uncertainty is different — it lasts until the board names a permanent replacement, as 24/7 Wall St. notes.

Size also explains part of the spread. AMD's $875.9 billion market value takes far less new money to move sharply than Nvidia's $3.93 trillion. That asymmetry cuts both ways, and it amplified AMD's gains just as it cushioned nothing on Nvidia's side.

Nvidia retains real strengths. The company still controls its CUDA software platform, the dominant ecosystem for AI development, and reported $96.22 billion in revenue last quarter. A credible CEO pick could steady the stock, the report argues.

Did the rally hold?

Not entirely. On Friday, AMD fell 8.75% to $534.06, while Nvidia slipped 2.01% to $162.85. In after-hours trading, AMD changed hands at $521.24 and Nvidia at $161.04.

A one-day drop that steep, coming after a 44.7% weekly run, suggests many late buyers were chasing momentum, per the report. AMD also remains about 19% below its 52-week high of $658.52 — the rally recovered ground, but it did not set a new peak.

What does the outlook look like for both stocks?

AMD has the stronger near-term growth case, and the company's own projections back it. Management expects 2027 revenue to grow more than 80%, with data center making up more than 80% of sales.

The valuation leaves little margin for error. AMD trades at a trailing price-to-earnings ratio of 202, and the stock has a history of swinging hard in both directions. A guidance miss at that multiple would hurt.

Nvidia's lower share price could draw renewed interest once the board names a permanent CEO. Until then, AMD holds the clearer growth story — and, according to the report, its reported numbers support it. The next test for both companies is the same question investors have been asking all year: whether AI infrastructure spending keeps outrunning supply, and which chipmaker captures the difference.