Nvidia Might Not Be The Biggest Threat to AMD’s Current Market Position

Quick Read

• AMD’s Data Center sales nearly doubled, but Google’s TPU sales to outside customers fueled 103% Cloud growth and make Alphabet a quieter threat.

• Investors fixate on NVIDIA as AMD’s main rival, yet Google now buys AMD’s EPYC chips while TPUs compete for accelerator budgets.

• AMD guides to roughly $17 billion in fourth-quarter revenue, and Lisa Su says “demand is higher than supply.”

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AMD (NASDAQ:AMD) and Alphabet (NASDAQ:GOOGL) reported third-quarter results within a week of each other. Both reports point to the same contest: AI accelerators. AMD’s Data Center sales nearly doubled. Google Cloud revenue grew 103%, helped by TPU system sales to outside customers. Investors usually treat NVIDIA (NASDAQ:NVDA) as AMD’s main rival. Google may be the quieter threat.

Helios Ramps at AMD While TPUs Power Google Cloud

AMD posted revenue of $13.377 billion, up 44.7%. Data Center revenue reached $8.546 billion, and segment operating margin rose to 34% from 25%. That jump shows Instinct GPUs and EPYC CPUs scaling profitably. Lead customers, including Anthropic and OpenAI, brought their first Helios racks online. Gaming fell 40% to $773 million as console chip sales slowed.

Alphabet’s Cloud operating income rose to $11.121 billion from $3.594 billion. Sundar Pichai said, “We’re also seeing strong demand for our TPU systems across a wide range of customers.” Cloud growth sped up from 48% in the fourth quarter of 2025 to 63%, 82%, then 103%. TPU racks Google sells can fill data center slots an Instinct GPU could have taken.

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