AMD Outpaces Nvidia by 53.2 Points in Widest Gap Since 1999

A 53.2-Point Lead Not Seen Since 1999

Advanced Micro Devices (AMD) has opened a 53.2 percentage-point lead over NVIDIA (NVDA) across five trading days, the widest such gap between the two chipmakers since NVIDIA's initial public offering in January 1999. Over the same stretch, AMD rallied 44.7% while NVIDIA fell 8.5%, surpassing the previous five-day record of 49.9 percentage points, set in April 2016. The markets commentary account The Kobeissi Letter posted the calculation on X, writing that AMD has been the main beneficiary of NVIDIA's historic volatility.

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Posted the calculation on X.

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The year-to-date picture is wider still. AMD has gained 149.4% since January 1, while NVIDIA is down 12.7% as of Friday's close, a difference of roughly 162 percentage points.

The five-day surge coincided with upheaval at its larger rival: Jensen Huang resigned as NVIDIA's chief executive on November 12, and the company named CFO Colette Kress interim CEO while its board searches for a permanent replacement. AMD also supplied its own numbers ahead of the test. Its third-quarter revenue rose 45% from a year earlier to a record $13.4 billion, and data center sales nearly doubled to $8.5 billion, according to the company's investor-relations disclosure. Both figures framed the rally that Friday then put under pressure.

Friday's Pullback Sets Up Nvidia's Earnings

The record run met its first test on Friday. AMD stock dropped 8.75%, closing at $534.06, down from $585.30, and slipped a further 2.41% to $521.20 in after-hours trading. Chip names sold off as a group: the 10-year Treasury yield stayed above 5% following October's producer price index reading, a backdrop that weighs hardest on growth stocks whose value rests on profits expected years out. Trading volume reached 48.6 million shares, nearly double the three-month average, and analysts at The Motley Fool attributed part of the decline to profit-taking after the surge.

NVIDIA's earnings on Tuesday, November 17, after the US market close, now set the next stage. The company has guided for $108 billion in third-quarter revenue, plus or minus 2%, while analysts polled by LSEG expect about $109.2 billion and adjusted earnings of $2.48 per share. The quarter closed on October 25, before Huang's resignation, so the results will reflect his tenure; the following quarter's guidance will be the first issued under Kress. AMD's record week rested on a bet that cloud customers are moving AI chip orders away from NVIDIA, and Tuesday's call gives investors the first chance to hear whether NVIDIA sees that shift in its own demand.

COINOTAG data shows the stock changing hands at $515.90, down 3.22% over the last 24 hours, inside a session range of $515.47 to $539.35. COINOTAG's composite scoring marks $506.20 as the strongest support below the market, rated 100/100 on the EMA 20, S1 and Fibo 0.382, with $530.30 the nearest resistance, also 100/100 on the EMA 50, EMA 100 and Fibo 0.500. The daily relative strength index sits at 49.6, the trend reads sideways and the MACD signal remains bullish.

In derivatives, the perpetual funding rate stands at -0.0049% per interval with open interest near $33.2 million.