1. Technology / Market Position
AMD (AMD):
- Strength: Competes in both CPUs (vs Intel) and GPUs (vs NVIDIA).
- CPUs: Ryzen & EPYC gaining server share, strong in price-to-performance.
- GPUs: Radeon is competitive in mid-range but lags NVIDIA in high-end, AI/data center GPU share is small compared to NVIDIA.
- AI: New MI300 accelerators are AMD’s entry into AI compute; starting to gain traction but far behind NVIDIA’s CUDA ecosystem.
Intel (INTC):
- CPUs: Historically dominant in server & PC, but AMD has eaten into share. Still largest CPU supplier overall.
- GPUs: Discrete GPU push (Arc) is tiny vs. NVIDIA/AMD.
- AI: Pivoting into Gaudi AI accelerators, but ecosystem adoption is early.
- Manufacturing: Investing heavily in foundry business (Intel Foundry Services), aiming to rival TSMC/Samsung long term.
NVIDIA (NVDA):
- Dominates discrete GPU market (80%+ share).
- AI/Data Center: Clear leader in AI accelerators (H100, B100), CUDA ecosystem is the industry standard.
- Software moat (CUDA, cuDNN, AI frameworks) keeps developers tied in.
- Gaming GPUs strong, but AI/data center now drives majority of revenue.
2. Stock & Investment Perspective (as of 2025)
- NVIDIA (NVDA): Market cap leader, trades at high multiples because of AI growth. Risk: valuation is stretched, but AI demand keeps fueling upside.
- AMD (AMD): “Balanced play” between CPUs and GPUs. Valuation cheaper than NVIDIA, with upside if MI300 gains AI share. Risk: execution vs. giants.
- Intel (INTC): Trades cheap due to lagging execution. Upside if foundry business succeeds or if Gaudi AI chips gain adoption. Risk: execution & delays.
Simplified View:
- NVIDIA = AI growth pure play, but expensive.
- AMD = Balanced CPU+GPU, AI optionality, mid-risk/mid-reward.
- Intel = Turnaround story, cheap, high risk.
