AMD outperformed Nvidia by 53.2 percentage points over five trading days, according to The Kobeissi Letter. That is the widest gap between the two chipmakers since Nvidia went public in January 1999.
That lead met its first test on Friday, when AMD stock fell 8.75%. Nvidias November 17 earnings report now sets up the next one.
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How Nvidias Leadership Crisis Fed the AMD Rally
AMD rallied 44.7% over the 5-day stretch while Nvidia dropped 8.5%, according to The Kobeissi Letter. The previous record gap, set in April 2016, stood at 49.9 percentage points.
So far this year, the AMD vs Nvidia gap is even wider. AMD stock has gained 149.4% since January 1, while Nvidia is down 12.7%, as of Fridays close. That puts the year-to-date gap at about 162 percentage points.
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BREAKING: AMD, $AMD, has outperformed Nvidia, $NVDA, by +53.2 percentage points over the last 5 trading days, the most since Nvidias IPO in January 1999.
Over this period, $AMD rallied +44.7%, while $NVDA dropped -8.5%.
The previous record for AMD's 5-day outperformance over… pic.twitter.com/nBhi0I6QFW
— The Kobeissi Letter (@KobeissiLetter) November 13, 2026
The run overlapped with growing scrutiny of Jensen Huang, who quit Nvidia as CEO on November 12. The company named CFO Colette Kress interim CEO while its board searches for a permanent replacement.
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AMD also gave buyers its own numbers to work with. Its third-quarter revenue rose 45% from a year earlier to a record $13.4 billion. Data center sales nearly doubled to $8.5 billion.
“AMD has been a major beneficiary of Nvidias historic volatility,” The Kobeissi Letter posted on X.
Fridays Sell-Off Hands the Next Move to Nvidia
The record run lost some ground in Fridays session. AMD closed at $534.06, down from $585.30, and slipped another 2.41% to $521.20 after hours.
AMD Stock Performance. Source: Google Finance
Chip stocks sold off as a group. The 10-year Treasury yield remained above 5% after Octobers producer price index. Rising yields tend to hit growth stocks hardest, since their value rests on profits expected years ahead.
Trading volume reached 48.6 million shares, nearly double the 3-month average. Analysts at The Motley Fool linked part of the drop to profit-taking after the surge.
The after-hours price now sits just above $514. BeInCryptos AMD stock price analysis marked that level as the line that would break the bullish setup.
Nvidia earnings land on Tuesday after the US market closes. The company guided for $108 billion in third-quarter revenue, plus or minus 2%. 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 resigned, so the results will reflect his tenure. The guidance for the next quarter will be the first issued with Kress as interim CEO.
Solid results and guidance could draw investors back to Nvidia. A weak one could drag the whole chip group lower, AMD included, because Friday showed both stocks still trade together.
AMD‘s record week rested on a bet that cloud customers would move AI chip orders away from Nvidia. Tuesday’s call gives investors their first chance to hear whether Nvidia sees that shift in customer demand.
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