Comparative analysis of the financial situation of Intel, AMD, and Nvidia
The following isIntel (Intel)、AMD (AMD), andNVIDIA (NVIDIA)The comparative analysis of the financial aspects of the three chip giants is mainly carried out from the following dimensions:
1、 Comparison of core financial data (based on the full year of 2024 or the last four quarters)
| index | Intel INTC | AMD（Advanced Micro Devices） | NVIDIA (NVDA) |
|---|---|---|---|
| Revenue | $54.2B | $23.0B | $80.0B+ |
| Net Income | $2.7B | $0.9B | $37.0B+ |
| Gross margin | ~40% | ~46% | ~78% |
| R&D expenditure | ~$15B | ~$6B | ~$10B |
| Total Debt | ~$40B | ~$2.5B | ~$10B |
| Market value (mid-2025) | ~$130B | ~$260B | ~$3.0T |
Data source: Estimated annual reports for 2024 and the latest quarterly financial reports for 2025 of various companies.
2、 Profitability analysis
Intel
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advantageHaving a complete chip design and manufacturing system (IDM); Having a broad customer base in the x86 market.
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disadvantageProcess technology lags behind TSMC; The pressure of transformation is high, and profits have significantly declined.
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Gross profit margin declinesBefore 2020, it remained at 55-60%, but now it has dropped to around 40%.
AMD
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advantageLight asset model, focused on design, relying on TSMC's advanced processes; Zen architecture has strong competitiveness.
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disadvantageRelatively low cash flow and profit, highly dependent on TSMC.
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solid growthThe gross profit margin has been increasing year by year, and the net profit has maintained a growth trend.
NVIDIA
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advantageThe AI chip market is absolutely leading, with A100/H100/DGX systems selling well; The gross profit margin is extremely high.
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disadvantageHighly dependent on GPU business (especially AI requirements); High concentration of inventory and customers.
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Profit explosionStarting from 2023, the AI boom will drive a sharp increase in net profit, far surpassing peers.
3、 Growth comparison
| index | Intel | AMD | NVIDIA |
|---|---|---|---|
| Annual compound growth of revenue (3 years) | -About 5% (decrease) | +15~20% | +More than 50% |
| net profit growth rate | Fluctuating and sluggish | solid growth | explosive growth |
| R&D growth rate | Moderate growth rate | Steady improvement | Significant growth |
4、 Asset Structure and Risk Comparison
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IntelThe asset liability ratio is high, capital expenditures are huge (self built factories), and cash flow is under pressure.
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AMDLow debt ratio, relatively stable cash flow, and flexible operation.
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NVIDIAHealthy asset liability structure, abundant cash on the books, and strong risk resistance ability.
5、 Market value and market confidence
| company | Market value trend (in the past 3 years) | Interpretation of Investor Confidence |
|---|---|---|
| Intel | The market value has significantly shrunk, cutting in half from its peak | Investors are concerned about technological backwardness and the effectiveness of strategic transformation |
| AMD | Steady growth in market value | Regarded as the 'winner' of Intel's failed transformation |
| NVIDIA | Explosive growth in market value (from $300 billion to $3 trillion) | AI core driver, market has high growth expectations |
6、 Summary: Positioning and Prospects of the Three
| company | Strategic positioning | Investment prospects |
|---|---|---|
| Intel | The 'Giant' in Transformation: Transitioning from PC Chip King to AI+Manufacturing Infrastructure | In the stage of recovery and transformation, under short-term pressure, long-term potential needs to be observed and watched |
| AMD | Design oriented flexible player: focusing on high-performance computing and AI accelerators | Steady growth, strong technological capabilities, optimistic in the medium to long term |
| NVIDIA | The 'moat' of the AI era: GPU dominance+software ecosystem | Ultra high growth, strongest profitability, and most attractive in the long run |
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