Advanced Micro Devices

The race to build non-Nvidia AI inference chips

Backing both Anthropic and Cerebras with investment and hardware deals struck in July 2026

Nvidia still runs roughly four of every five AI chips sold today. In December 2025, Nvidia paid $20 billion to license rival Groq's chip design and hire its founding team. It then built its own inference-only rack from that technology, launched at Nvidia's GTC conference in March 2026.

Updated 4 days ago

AMD ships MI400 GPUs and Helios rack to challenge Nvidia

New Capabilities

Shipping Helios racks in Q3 2026; data-center revenue more than doubled year over year in Q2

AMD began shipping Helios racks in Q3 2026, with OpenAI, Meta, Microsoft, Oracle, and Anthropic all committed as launch customers. A deal with Anthropic on July 22 added 2 gigawatts of MI450 GPU capacity and an AMD equity investment of up to $5 billion, pushing total committed deployments to 14 gigawatts. Each Helios rack lists at $5.25 million, roughly 40% above Nvidia's competing second-generation Rubin rack.

Updated Aug 5

The AI capital expenditure cycle

Money Moves

Lead competitor in data center GPUs

Nvidia reported Q1 fiscal-2027 revenue of $81.6 billion on May 20, beating Wall Street's $78 billion consensus by $3.6 billion. Data center revenue hit $75 billion, up 92% from a year earlier. The company guided Q2 to $91 billion, above the $85 billion estimate, but the stock closed down 1.8% the next day as analysts said the beat was already priced in.

Updated Jun 3

The race to build AI's physical foundation

Built World

Meta's second-largest AI GPU supplier after $60-100B, 6GW deal

ChatGPT's November 2022 launch triggered the fastest infrastructure buildout in tech history. Hyperscalers are now on track to spend over $1 trillion in 2026, exceeding the GDP of all but 10 countries.

Updated May 19

Intel's 18A gambit: the chip that could save a semiconductor giant