Key Highlights

  • NVIDIA reported second-quarter fiscal-2027 Revenue of $96.2bn, up 106% year on year, with data-centre revenue of $89.0bn and GAAP Net Income of $59.7bn.
  • AMD's second-quarter 2026 revenue rose 50% to $11.5bn, with data-centre revenue more than doubling to $6.7bn and GAAP net income of $2.3bn.
  • Broadcom's third-quarter fiscal-2026 revenue reached $29.6bn, up 86%, with AI-related semiconductor revenue of $16.7bn, up 221% year on year, alongside a quarterly Dividend of $0.65 a share.

Few forces have reshaped the S&P 500 in recent years as decisively as the race to build artificial-intelligence infrastructure, and the companies selling the chips sit at its centre. NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Broadcom Inc. (NASDAQ:AVGO) have between them added enormous Market Value as data-centre operators compete to secure computing power, and because the index is weighted by market capitalisation, their fortunes now sway the whole benchmark.

Nvidia alone has become one of the most valuable listed companies in the world, so a swing in its shares is felt across almost every US Equity fund. Their latest results, all reported over the summer of 2026, show three very different routes into the same booming market, which is why the framing is worth testing against the evidence rather than accepted at face value.

NVIDIA Corporation (NASDAQ:NVDA) Still Sets the Pace

NVIDIA, the Nasdaq-listed designer of accelerated-computing chips, reported second-quarter fiscal-2027 revenue of $96.2bn for the period ended 27 July 2026, up 106% year on year, with data-centre revenue of $89.0bn and GAAP net income of $59.7bn. Management guided to about $108.0bn for the current quarter, at a gross Margin of roughly 74%. Founder and chief executive Jensen Huang described AI as having reached an inflection point, framing compute itself as a new form of revenue.

Notably, the company said its outlook excludes data-centre compute sales to China, a reminder that US export controls remain a live constraint on one of its potential markets. Because Nvidia is now among the index's very largest members, its guidance alone can move market-wide sentiment, and its dominance in Training accelerators still frames how rivals are judged.

Advanced Micro Devices, Inc. (NASDAQ:AMD) Presses Its Challenge

AMD, also a Nasdaq-listed semiconductor group, is the closest merchant rival. Second-quarter 2026 revenue for the period ended 27 June 2026 rose 50% to $11.5bn, with data-centre revenue more than doubling to $6.7bn and GAAP net income of $2.3bn. Chief executive Lisa Su pointed to record revenue and profitability, and the company detailed its Instinct MI400 accelerator family and a Partnership with Anthropic to deploy up to 2 gigawatts of MI450-series GPUs.

AMD guided to roughly $13bn of revenue for the next quarter. It remains far smaller than Nvidia in AI accelerators, but its combined strength in server processors and GPUs gives it a widening foothold.

Broadcom Inc. (NASDAQ:AVGO) and Its Custom-Silicon Bet

Broadcom takes a different path, designing custom AI accelerators, which it calls XPUs, and networking chips for a handful of large cloud customers, alongside a substantial infrastructure-software arm. Third-quarter fiscal-2026 revenue for the period ended 2 August 2026 reached $29.6bn, up 86%, with AI-related semiconductor revenue of $16.7bn, up 221% year on year. GAAP net income was $13.1bn, and the board declared a quarterly dividend of $0.65 a share, a payout its two rivals do not match on the same scale.

Chief executive Hock Tan said Demand for custom accelerators and networking continues to run strong, and guided fourth-quarter AI semiconductor revenue to about $21.7bn, implying continued acceleration.

Three Roads to the Same AI Boom

The three illustrate distinct models: Nvidia's dominant general-purpose GPUs, AMD's challenger position spanning CPUs and GPUs, and Broadcom's bespoke chips tied to specific hyperscalers. That divergence matters because their combined index weight means a single disappointment could ripple through passive portfolios.

Investors should watch whether cloud customers sustain their spending, how export restrictions on China evolve, and whether the large vendor-customer financing arrangements now emerging, such as chipmakers investing in the AI firms that buy their products, prove durable or merely circular. The reported results are genuinely strong; the open analytical question is how long demand can outrun the mounting cost of building for it.