Nvidia and AMD's rivalry, the competitive landscape is subtly changing

On June 8th, chip stocks rebounded, with Nvidia rising over 1.7% and AMD over 5%. Nvidia remains rock solid, while AMD shows greater resilience; this divergence reflects subtle shifts in the AI chip competition landscape.

Nvidia still holds 80% to 95% of the AI training chip market, a position that is unshakable. The CUDA ecosystem is its deepest moat, with over 53 million downloads and 5 million developers worldwide. Data center revenue for fiscal year 2025 has reached $115.19 billion, a 142% year-over-year increase. Nvidia is expanding its core GPU business into custom chip fields, creating a new growth engine worth $60 billion, directly competing with Broadcom.

Although AMD cannot shake Nvidia's dominance in training, it is making efforts in inference markets and cost performance. According to TrendForce, AMD remains the second-largest supplier in the AI accelerator market and has secured adoption agreements with key clients like OpenAI and Oracle. TrendForce notes that as ASIC and other alternative architectures mature, Nvidia will face more frequent challenges from substitutes in the future, and AMD, as the only strong competitor in the GPU market, will directly benefit from this trend.

The AI chip market is shifting from "one dominant player with many competitors" to "multi-polar competition," which is good news for all players in the industry chain.

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