Zacks Investment Ideas feature highlights: Nvidia's

AMD (AMD) and Nvidia (NVDA) both hit all-time highs in 2026, but the rallies rest on very different foundations.

AMD is up 200% year-to-date, supported by MI450 GPU contracts with OpenAI and Oracle (ORCL). Q2 data center revenue reached $6.7 billion, up 100% year over year. For Q3, AMD guides $13 billion in revenue, 41% growth from a year earlier.

Nvidia's record high came from a different catalyst: a $150 billion buyback authorization, not a product announcement. Interpretation: the buyback signals management confidence in its valuation, but it leaves the stock's move less tied to new demand evidence than AMD's contract-driven surge. Nvidia guides $108 billion in Q3 revenue, with 90% earnings growth expected.

Both companies report Q3 results in November. The setup contrasts a 200% run built on named customer contracts with a record built on capital return, and the earnings prints will test both.