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There is no apples-to-apples “AI revenue” or backlog figure across AI infrastructure stocks. Compare what each company actually reports, the fiscal period it covers, the margin definition, and who owes what under any orders or commitments. NVIDIA, AMD, Broadcom, Arista Networks, and Super Micro Computer illustrate why: they sell different layers of infrastructure and disclose different measures.
What the reported figures show—and what they do not
The examples below come from issuer releases covering different fiscal periods. They are a snapshot, not a synchronized comparison: a fiscal quarter’s end date and a company’s definition of a category matter as much as the headline amount. Dollar values are U.S. dollars.
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| Company and business layer | Reported revenue and period | Reported margin or operating income | Orders, guidance, or commitments |
|---|---|---|---|
| NVIDIA — data-center compute and networking | For the quarter ended July 26, 2026, total revenue was $96.2 billion, up 106% year over year; Data Center revenue was $89.0 billion, up 117%. Data Center is a segment, not a separately identified AI-only figure. Source: NVIDIA Q2 FY2027 results release, August 26, 2026. | Quarterly gross margin was 75.0% on both a GAAP and non-GAAP basis. Source: NVIDIA Q2 FY2027 results release, August 26, 2026. | As of July 26, 2026, NVIDIA reported $279 billion in supply and capacity commitments. These are arrangements with suppliers, not customer backlog or revenue already recorded. Source: NVIDIA Q2 FY2027 results release, August 26, 2026. |
| AMD — server CPUs and accelerators | For the quarter ended June 27, 2026, total revenue was $11.5 billion and Data Center revenue was $6.7 billion, up 107% year over year. AMD attributes Data Center growth to EPYC processors and Instinct GPUs, so the segment is not an accelerator-only measure. Source: AMD 2026 quarterly results and filing. | AMD reported 54% gross margin and $2.1 billion in Data Center operating income for the quarter. The cited figures do not specify a GAAP or non-GAAP label for the gross-margin figure; check the release and reconciliation before comparing it with another company’s margin. Source: AMD 2026 quarterly results and filing. | No comparable backlog or commitment amount is stated in the cited figures. |
| Broadcom — semiconductors and infrastructure software | For the quarter ended August 2, 2026, consolidated revenue was $29.6 billion: semiconductor solutions accounted for 70% and infrastructure software for 30%. Within Q3 FY2026, AI semiconductor revenue was $16.7 billion, up 221% year over year. Source: Broadcom Q3 FY2026 results release, September 2, 2026. | No margin figure is included in the cited examples. Broadcom’s non-GAAP measures exclude, among other items, acquisition-related intangible amortization and stock-based compensation; the company cautions that adjusted measures do not replace GAAP results. Source: Broadcom Q3 FY2026 results release, September 2, 2026. | Management projected $21.7 billion in AI semiconductor revenue for Q4 FY2026. This is forward-looking guidance, not realized revenue. Source: Broadcom Q3 FY2026 results release, September 2, 2026. |
| Arista Networks — networking | FY2025 annual revenue was $9.006 billion. Arista also reported more than $3 billion in revenue in Q2 2026; the cited release does not establish an AI-only amount for either figure. Sources: Arista Networks FY2025 results release (issued in 2026) and 2026 Q2 results release. | Arista reported a 64.1% GAAP gross margin for FY2025. Source: Arista Networks FY2025 results release (issued in 2026). | No comparable backlog or commitment amount is stated in the cited examples. |
| Super Micro Computer — integrated server systems | FY2026 sales were $39.1 billion. Source: Supermicro FY2026 results release, August 11, 2026. | FY2026 GAAP gross margin was 10.8%. A systems integrator’s margin reflects a different cost and product mix from a chip designer’s, so the percentage is not a standalone measure of relative business quality. Source: Supermicro FY2026 results release, August 11, 2026. | Supermicro reported more than $60 billion in new orders and record backlog entering FY2027. The cited passage does not give a comparable backlog dollar amount. Source: Supermicro FY2026 results release, August 11, 2026. |
How to compare revenue mix and growth
Start with the issuer’s definition
“AI revenue,” “Data Center,” and “semiconductor solutions” are not interchangeable categories. NVIDIA’s Data Center segment combines data-center compute and networking. AMD’s Data Center segment includes server CPUs as well as accelerators. Broadcom separately identifies AI semiconductor revenue within a company that also sells infrastructure software. Arista’s cited results give company revenue without a matching AI-only series, while Supermicro reports company-level sales for integrated systems.
Do not label a segment as AI-only unless the company does. A company-defined category can be useful for tracking that company’s trend while still being unsuitable for ranking its AI exposure against another issuer’s differently defined category.
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Align the numerator, denominator, and period
For each company, record absolute revenue, year-over-year change, fiscal-period end date, and—only where the disclosures support it—share of consolidated revenue. A percentage share is meaningful only when its numerator and denominator belong to the same issuer and period. If calculating one yourself, label it as a calculation and explain what the numerator includes; do not silently turn a broad Data Center segment into an AI sales estimate.
Fiscal calendars differ, and annual figures should not be ranked directly against quarterly figures. Use the same kind of period and comparable prior-year period where possible. When the periods do not align, show their end dates rather than implying that every company reported at the same time.
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How to compare margins without mixing definitions
Keep gross margin and operating margin separate
Gross margin measures revenue remaining after cost of revenue. Operating margin also reflects operating expenses. AMD’s $2.1 billion Data Center operating income is a segment income amount, not a gross-margin percentage; it should not be set beside a gross-margin percentage as if they were the same measure.
Compare GAAP with GAAP. If using non-GAAP figures, put them in separate rows and read the reconciliation to see what management excluded. Adjustments can materially change the picture; a non-GAAP result is not interchangeable with a GAAP result.
Read the explanation behind a margin change
A high gross margin alone does not prove stronger economics, and a low one does not by itself signal weak demand. Product mix, manufacturing and integration costs, inventory charges, and accounting adjustments affect the result. AMD’s filing attributed part of its quarter’s gross-margin improvement to the absence of prior-year export-control-related inventory charges and to favorable mix. That context is necessary to understand the percentage rather than treating it as a pure measure of demand.
Business model matters too: a chip designer, networking supplier, and server integrator have different products and cost structures. Supermicro’s systems-oriented gross margin is not directly comparable to a chip company’s margin without accounting for that difference.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What backlog, orders, guidance, and commitments mean
These terms describe different kinds of visibility and should not be combined into one “future revenue” ranking.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problems- Backlog: Orders or contracted work not yet fulfilled, subject to the issuer’s definition and customer terms. It is not automatically revenue; delivery timing, cancellation rights, component availability, acceptance, and execution can affect whether and when it converts.
- New orders: Demand received during a stated period or accumulated under the company’s definition. An order is not the same as a completed sale or recognized revenue.
- Supply or capacity commitments: Arrangements to secure inputs from suppliers. NVIDIA’s reported commitment balance is supplier-side; it does not represent customer demand.
- Guidance: Management’s estimate for a future period as of the release date. Broadcom’s Q4 FY2026 projection is guidance, not a reported result, and may change.
For any visibility metric, check who owes what to whom, its expected delivery horizon, whether it is cancellable or conditional, and whether the amount is dollars, units, or an order count. If the release does not provide a comparable dollar value or terms, say so rather than filling the gap with a guess.
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A practical comparison worksheet
| Axis | What to record | Why it matters |
|---|---|---|
| Business layer | Accelerator or processor, custom silicon, networking, or integrated system | Different products have different cost structures, margins, and routes to revenue. |
| Revenue scope | Consolidated, segment, or issuer-defined AI-specific amount; include the issuer’s definition | A segment label does not make two companies’ revenue categories equivalent. |
| Period and growth | Fiscal quarter or year, end date, and matching prior-year period | Fiscal calendars and reporting dates differ, while results can change quickly. |
| Profitability | GAAP gross margin and operating margin separately; non-GAAP separately with reconciliation | Margin types and accounting bases answer different questions. |
| Visibility | Backlog, new orders, supplier commitments, or guidance; definition, counterparty, timing, and conditions | These measures indicate different degrees and kinds of future activity. |
| Cash and balance sheet | Operating cash flow, capital expenditure, debt, and cash where disclosed | Earnings and orders alone do not show cash conversion or funding needs. |
| Concentration and risks | Customer dependence, export controls, supply constraints, and execution risks disclosed by the issuer | Revenue growth may depend on a narrow customer base or on constrained supply. |
Risks and limits of the comparison
Company-reported categories are inconsistent, and the examples cover only selected issuers and periods. A current cross-company view should be rebuilt from aligned, recent filings rather than treating these dated figures as a timeless ranking.
Forward-looking statements are uncertain. NVIDIA’s August 26, 2026 release identifies risks including reliance on third-party manufacturing, competition, product acceptance, and changes in supply or demand. Read each issuer’s filings for its own risk factors, customer exposure, and accounting definitions; risks should not be assumed identical across these businesses.
This framework helps compare reported operating measures, not whether a stock is attractively valued. A stock decision also requires valuation and personal circumstances, which these operating figures do not establish.
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