---
格式版本: 2
标题: "Nvidia Added Twice AMD’s Data-Center Revenue in One Quarter"
原文链接: "https://drrobertcastellano.substack.com/p/nvidia-added-twice-amds-data-center"
发布日期: "2026-08-30"
发布时间校准状态: "found"
发布时间需复核: "否"
发布时间来源: "llm:scrape:original_script_field"
发布时间证据: "datePublished: 2026-08-30T03:12:47+00:00"
发布时间校准原因: "存在明确的结构化发布时间 datePublished，且页面元数据显示 Aug 30, 2026，与正文图表日期无关。"
发布时间校准置信度: "1"
发布时间候选数量: 17
发布时间严格候选数量: 2
发布时间原页读取状态: "source template page reused from URL open"
发布时间未找到原因: ""
发布时间校准时间: "2026-08-30T14:33:21+08:00"
发布时间仲裁状态: "confirmed"
发布时间仲裁尝试次数: 1
发布时间仲裁耗时毫秒: 4145
发现时间: "2026-08-30T14:31:47+08:00"
入库时间: "2026-08-30T06:33:57.639Z"
来源平台: "Substack 数据中心相关博客搜索"
搜索渠道: "source_template"
搜索词: "site:substack.com AMD"
匹配关键词:
  - "GPU"
  - "roadmap"
  - "performance"
  - "AI"
相关厂家:
  - "AMD"
  - "NVIDIA"
相关专家:
  []
内容类型: "网页"
抓取工具: "Free Fetch + Defuddle"
清洗工具: "Defuddle Markdown + Defuddle/Readability 正文提取"
原始附件:
  []
AI优质: "否"
AI打分: 33
AI分档: "非优质"
AI质检状态: "不通过"
AI打分理由: "正文主线是英伟达与AMD的数据中心收入、股价表现及估值预期比较，并非机架级AI基础设施；Helios仅被一句带过，且其发布已见历史知识库，无新增架构规格。当前来源为Substack二手投资分析，虽链接英伟达财报原文并新增引用季度收入、增速和业绩指引，但没有机架拓扑、互连、散热、供电等技术信息，也未披露客户、订单或具体部署。正文目录所列部分章节未呈现，完整性有限。命中超节点篇幅过少及资本市场分析导向的强否决项。"
AI质检模型: "gpt-5.6-sol"
AI质检时间: "2026-08-30T14:34:10+08:00"
AI主题相关性: 3
AI来源权威性: 6
AI新颖性: 9
AI技术细节: 1
AI商业部署信号: 7
AI完整性: 7
AI评分提示词版本: "v17-精简生产版"
AI评分提示词SHA256: "48fb9777f386026761b4873eaff30807694fb11e9b352d7c69bf2dfde750cc7d"
AI评分知识库版本: "knowledge_base_v1-20260819+runtime.55"
AI评分知识库SHA256: "ca56afec1ff616b1fa4394cd1d08b1e2a6af47eccbe70c802c9f1fea6037e803"
AI评分知识库检索词: "[\"AMD\",\"NVIDIA\",\"site:substack.com AMD\",\"rack-scale\",\"RAS\",\"GPU\",\"Intel\",\"NASDAQ\",\"NVDA\",\"Q2\",\"ROCm\"]"
AI评分知识库命中: "[{\"id\":\"july-correct-0034\",\"title\":\"AMD Fires Back at Nvidia with Helios AI System, Epyc CPUs\",\"sourceType\":\"labeled_article\",\"time\":\"2026-07\",\"matchedTerms\":[\"AMD\",\"NVIDIA\",\"rack-scale\",\"RAS\",\"GPU\",\"Intel\",\"ROCm\"],\"rank\":-15.48668226458383},{\"id\":\"july-correct-0079\",\"title\":\"AAI 2026: AMD Launches AMD Helios Rackscale Solution for Frontier AI\",\"sourceType\":\"labeled_article\",\"time\":\"2026-07\",\"matchedTerms\":[\"AMD\",\"NVIDIA\",\"rack-scale\",\"RAS\",\"GPU\",\"Intel\",\"ROCm\"],\"rank\":-12.866724070188896},{\"id\":\"runtime-0e8ec0dc686109af7d47b7ed\",\"title\":\"The Network Is More Of Nvidia’s Computer Than It Ever Was At Sun\",\"sourceType\":\"ai_excellent_article\",\"time\":\"2026-08-27\",\"matchedTerms\":[\"AMD\",\"NVIDIA\",\"RAS\",\"GPU\",\"Intel\",\"Q2\"],\"rank\":-12.631214901871257},{\"id\":\"july-correct-0081\",\"title\":\"AAI 2026: 6th Gen AMD EPYC Server CPUs Power the Agentic Data Center\",\"sourceType\":\"labeled_article\",\"time\":\"2026-07\",\"matchedTerms\":[\"AMD\",\"NVIDIA\",\"rack-scale\",\"RAS\",\"GPU\",\"Intel\"],\"rank\":-12.29608822287077},{\"id\":\"runtime-9f43a79e9c23b1f329d8a71a\",\"title\":\"AWS and NVIDIA to Deliver 2 Million Additional GPUs and Next-Generation Infrastructure for Agentic and Physical AI\",\"sourceType\":\"ai_excellent_article\",\"time\":\"2026-08-26\",\"matchedTerms\":[\"NVIDIA\",\"rack-scale\",\"RAS\",\"GPU\",\"Intel\",\"NASDAQ\",\"NVDA\"],\"rank\":-11.413037038068573}]"
AI摘要: "Nvidia最新季度数据中心收入达890亿美元，单季新增约138亿美元，是AMD整个数据中心业务67.18亿美元的两倍以上，显示其绝对领先优势仍在扩大。尽管AMD股价期内累涨约132%，远超Nvidia的约25%，但收入差距依然悬殊。"
AI摘要模型: "ali-deepseek-v4-flash"
AI摘要时间: "2026-08-30T18:09:08.520Z"
采集批次: "2026年8月30日14点11分37秒"
采集批次ID: "20260830-141137-130"
去重键: "https://drrobertcastellano.substack.com/p/nvidia-added-twice-amds-data-center"
---

**What’s in This Article**

###### Nvidia’s Earnings Strengthen the ContradictionChart 1: AMD versus Nvidia Cumulative Share-Price Change Through August 28, 2026The Revenue Comparison Tells a Different StoryChart 2: Quarterly Data-Center Revenue for Nvidia, AMD and IntelTable 1: Latest Quarterly Data-Center ResultsAMD Is Being Valued on Revenue That Has Not Yet ArrivedWhat SpaceX Reveals About Nvidia’s MoatInvestor Takeaway

AMD (NASDAQ: AMD) and Nvidia (NASDAQ: NVDA) have produced one of the more striking disconnects in the semiconductor market. Through August 28, AMD shares appreciated approximately 132.2% over the period measured in Chart 1, compared with approximately 24.9% for Nvidia. AMD therefore outperformed Nvidia by roughly 107.3 percentage points, even though Nvidia’s latest quarterly Data Center revenue was more than thirteen times larger.

That divergence reflects fundamentally different investor expectations. Nvidia is being judged against the extraordinary growth and profitability it has already achieved, while AMD is being valued on the AI accelerator share it could capture in the future. Investors have rewarded AMD for becoming the most credible alternative to Nvidia while treating Nvidia’s continuing dominance as largely incorporated into its valuation.

Nvidia’s August 26 earnings make that disconnect more difficult to ignore. The company reported $89.0 billion of quarterly Data Center revenue, up 117% year over year and approximately $13.8 billion sequentially. Nvidia therefore added more than twice AMD’s entire $6.718 billion quarterly Data Center business in a single quarter. The results do not invalidate AMD’s progress, but they show that Nvidia is expanding its lead in absolute dollars even as investors continue to reward AMD for the possibility of narrowing it.

### Nvidia’s Earnings Strengthen the Contradiction

Nvidia reported fiscal second-quarter 2027 revenue of $96.2 billion, representing growth of 18% sequentially and 106% year over year. Data Center revenue reached $89.0 billion, increasing 18% sequentially and 117% year over year. The company also guided fiscal third-quarter revenue to approximately $108 billion, indicating that its growth is continuing from an already extraordinary base. [Nvidia’s fiscal Q2 2027 results](https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx)

The market initially recognized the strength of the report. Nvidia shares rose 8.7% on August 27, producing the largest one-day increase in the company’s market capitalization. However, the stock declined 4.6% the following day as concerns about interest rates and technology valuations returned. Nvidia ended August 28 at $217.55, slightly below its August 5 close of $219.22. [Nvidia historical prices](https://investor.nvidia.com/stock-info/historical-price-lookup/default.aspx)

AMD also retreated following its August 4 earnings report. Its shares closed at $465.58 on August 28, compared with $482.05 on August 5. Updating the original performance series through August 28 reduces AMD’s cumulative appreciation from 140.4% to approximately 132.2%, while Nvidia’s cumulative gain declines modestly from 25.9% to approximately 24.9%. AMD’s performance advantage consequently narrows from 114.5 percentage points to approximately 107.3 percentage points, but the central contradiction remains intact. [AMD historical prices](https://ir.amd.com/stock-data/price-history)

According to Chart 1, AMD has delivered more than five times Nvidia’s cumulative percentage gain during the measurement period. The chart presents cumulative share-price percentage change rather than absolute share prices, permitting a direct comparison of investor returns.

*Chart 1: AMD versus Nvidia Cumulative Share-Price Change Through August 28, 2026*

AMD’s outperformance rests on a legitimate improvement in its competitive position. The company expanded its Instinct accelerator roadmap, introduced the Helios rack-scale architecture, improved ROCm software support and secured multiyear commitments from major AI customers. Investors began viewing AMD as more than a second-source GPU supplier and assigned increasing value to its potential emergence as a complete AI infrastructure platform.

However, stock performance measures changes in expectations rather than the absolute strength of a business. Nvidia entered the period with substantially greater AI revenue, market share and investor recognition. AMD began with a lower competitive base and therefore benefited more from evidence that it could participate meaningfully in the AI accelerator market. This explains part of the difference in stock performance, but an advantage exceeding 100 percentage points suggests that investors have capitalized a substantial amount of AMD’s anticipated future success before the associated revenue has arrived.