Nvidia’s AI Data-Center Lead Over AMD Widens as China Sales Are Excluded From Guidance

Export limits now force Nvidia to guide without China revenue, underscoring AMD’s smaller but more diversified footing.

Overview

Nvidia told investors its fiscal Q1 2027 outlook excludes data-center chip sales to China because of U.S. export rules.
Nvidia reported $215.9 billion in fiscal 2026 revenue, with $193.7 billion from data centers that supply AI hardware and software.
AMD posted $34.6 billion in 2025 revenue, including a record $16.6 billion from data centers that sell EPYC server CPUs and Instinct GPUs.
U.S. restrictions on advanced chips to China weighed on both companies, and AMD said limits on its MI308 data-center GPUs affected 2025 results.
Nvidia’s software and networking stack raises switching costs for customers, which boosts its advantage but concentrates risk compared with AMD’s broader mix of Client, Gaming, and Embedded sales.