AMD Outperforms Nvidia by Widest Margin Since 1999 IPO

AMD stock rose 44.7% in the five trading days through Thursday, while Nvidia fell 8.5%, producing a 53.2-percentage-point gap. By the calculation of 24/7 Wall St., that is the widest five-day spread in AMD's favor across 6,997 trading days. The record covers all 27 years since Nvidia's January 1999 IPO.

AMD climbed from $404.40 to $585.30 over the period. Nvidia dropped from $181.60 to $166.19. The previous record was 50.1 points, set in the five days to April 22, 2016, when AMD rose 47.8% and Nvidia fell 2.3%. Nvidia's steeper decline this time accounts for more of the gap than in 2016.

How does the record spread compare with history?

The gap broke a high that had stood for more than a decade. The largest five-day spreads in AMD's favor now read:

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

Measured Friday to Friday rather than by rolling five-day windows, 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 to October 10, 2025.

What drove AMD's record run?

AMD jumped 11.04% on November 6 after third-quarter revenue reached a record $13.4 billion, up 45% year over year. Data center revenue rose about 97%. That segment competes directly with Nvidia and powered the quarter.

On November 11, AMD added 7.32% to $552.90. Three catalysts fed the move:

• Results from cloud operator CoreWeave
• A spot on a preferred chip list from Goldman Sachs
• A cloud deal with Alphabet unit Google for fifth-generation EPYC processors

CEO Lisa Su said "demand is higher than supply" and guided fourth-quarter revenue to about $17 billion as Helios racks and Venice processors ramp. Management expects 2027 revenue to grow more than 80%, with data center making up more than 80% of sales.

What happened at Nvidia?

On November 12, Nvidia said Jensen Huang had resigned as president, CEO, and director. The board named CFO Colette Kress interim CEO. The stock then posted its sixth straight weekly loss.

Markets usually absorb reported results within days, but leadership uncertainty lasts until the board names a permanent replacement. Size also explains part of the gap. AMD's $875.9 billion market value takes far less new money to move sharply than Nvidia's $3.93 trillion.

Nvidia retains structural strengths. It still controls its CUDA software platform and reported $96.22 billion in revenue last quarter. A credible CEO pick could steady the stock, in the view of the report.

Did the rally hold?

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 after a 44.7% run suggests many late buyers were chasing momentum. AMD also remains about 19% below its 52-week high of $658.52.

What comes next for both stocks?

AMD carries the stronger near-term growth case, backed by reported numbers and guidance. The risk is valuation. AMD trades at a trailing price-to-earnings ratio of 202, which leaves little room for a guidance miss.

Nvidia's lower share price could draw renewed interest once it names a permanent CEO. Until then, AMD holds the clearer growth story. Its spread over Nvidia stands as the widest since Nvidia's 1999 IPO, and management's supply-constrained demand outlook suggests the fourth-quarter $17 billion revenue target is the next test of whether the rally has fundamental support.