NVIDIA has the stronger AI bull case on reported scale and current operating momentum; Broadcom has the faster-growing AI semiconductor business from a smaller base and a broader software-and-chip mix. That makes NVIDIA the clearer choice if the question is which company is currently reporting more AI-infrastructure revenue. It does not settle which stock will deliver the better return: that requires a synchronized valuation comparison and a judgment about how durable future AI spending and earnings will be.
What the latest results say about each company
The most recent reported quarters show two distinct strengths. NVIDIA’s Data Center segment is far larger in dollars, while Broadcom’s specifically identified AI semiconductor revenue grew faster year over year. These are not like-for-like measures: NVIDIA’s Data Center segment includes more than AI accelerators, and Broadcom’s AI semiconductor figure is a narrower category. They should not be used as a direct market-share comparison.
| Measure | NVIDIA | Broadcom |
|---|---|---|
| Latest reported quarter | Q2 FY2027, announced August 26, 2026 | Q3 FY2026, announced September 2, 2026 |
| Company-wide revenue | $96.2 billion, up 106% year over year | $29.591 billion, up 86% year over year |
| AI-related measure | Data Center revenue: $89.0 billion, up 117% year over year; this segment includes more than AI accelerators | AI semiconductor revenue: $16.7 billion, up 221% year over year; a narrower category than NVIDIA Data Center |
| Next-quarter guidance | Q3 FY2027 total revenue of $108.0 billion, plus or minus 2%; outlook assumed no Data Center compute revenue from China | Q4 FY2026 AI semiconductor revenue of $21.7 billion, up 236% year over year, and total revenue of approximately $34.8 billion |
Figures come from the companies’ respective 2026 earnings releases. Guidance is management’s estimate, not a reported result or guarantee. NVIDIA forecast Q3 FY2027 gross margin of 74.0%, plus or minus 50 basis points; for its Q2 FY2027 quarter it reported GAAP gross margin of 75.0% and GAAP diluted EPS of $2.46.
Why NVIDIA’s case leads on scale
A much larger reported Data Center business
NVIDIA’s $89.0 billion in Q2 FY2027 Data Center revenue makes its scale the clearest point in its favor. That segment’s 117% year-over-year growth also shows that the business was expanding rapidly from an already substantial base. The result supports a bull case built on continued demand for data-center compute and networking platforms.
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Growth still depends on execution and demand
NVIDIA reported total Q2 FY2027 revenue of $96.2 billion, up 106% year over year, and guided to $108.0 billion for Q3, with a stated range of plus or minus 2%. The company said its outlook assumed no Data Center compute revenue from China, so the guidance should not be read as including a recovery in that market.
NVIDIA said the Vera Rubin platform was in full production and partner deployments were underway, and named DGX Spark among its products. Those are company-reported roadmap and product updates; they are not independent confirmation of future sales, customer adoption or availability.
Rank #2
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Why Broadcom’s case is more than an AI-chip bet
Fast growth in custom accelerators and networking
Broadcom reported Q3 FY2026 AI semiconductor revenue of $16.7 billion, up 221% year over year and 54% sequentially. CEO Hock Tan attributed the result to custom AI accelerators and networking, and said demand for those products remained very strong. The company expected Q4 FY2026 AI semiconductor revenue of $21.7 billion, up 236% year over year. These figures make the growth rate a central part of Broadcom’s bull case, while the lower starting base matters when comparing it with NVIDIA’s scale.
Infrastructure software broadens the thesis
Broadcom’s Q3 FY2026 revenue mix was 70% semiconductor solutions and 30% infrastructure software: $20.839 billion and $8.752 billion, respectively, out of $29.591 billion in total revenue. The software business means a Broadcom investment thesis is not solely a forecast about custom AI chips; it also depends on the performance and competitiveness of its infrastructure-software portfolio, including VMware products.
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Broadcom’s June 9, 2026 announcement of its Private Cloud Outlook 2026 said 56% of surveyed enterprises were running or planning to run production AI inference on private cloud, compared with reported public-cloud use of 41% for those workloads. The announcement also said 97% of surveyed IT leaders believed some of their public-cloud spending was wasted. These are results from a Broadcom-published survey, not independent market-wide measurements; they may help explain the company’s private-cloud positioning but do not establish future revenue.
What could weaken either bull case
NVIDIA: export rules, supply and competition
NVIDIA’s FY2026 Q3 filing identified uncertainty around U.S. export controls and future rules affecting advanced data-center products and China access. In Q1 FY2026, it recorded a $4.5 billion charge related to H20 inventory and purchase obligations. The filing also identified supply and trade-policy disruption risks, as well as the possibility that open-source models adopted on competitor platforms could reduce demand for NVIDIA products. That filing predates the Q2 FY2027 results above; it describes identified structural risks, not current-quarter performance.
Rank #4
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Broadcom: concentration, supply and software execution
Broadcom’s Q3 FY2026 earnings release lists significant-customer concentration and order timing, dependence on outsourced manufacturing and suppliers, semiconductor cyclicality, and customer acceptance and demand for VMware virtualization products among its uncertainties. It also identifies software competition, acquisition integration and significant indebtedness as risks, and says actual results may differ materially from guidance.
The shared risk: expectations outrun monetization
Both companies’ recent results show unusually high growth tied to AI-related demand, while their disclosures point to customer, supply and execution sensitivities. It follows that a slowdown in customer investment, a difficult product transition or weaker monetization could reset expectations even if AI remains strategically important. Investors need to assess whether demand can absorb installed and planned capacity, and whether each company can convert customer commitments and product roadmaps into sustained earnings and cash flow.
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Does valuation change the answer?
A Zacks comparison dated September 15, 2026 reported forward P/E estimates of 22.85 for NVIDIA and 29.24 for Broadcom. These are secondary-source estimates from a particular date, not live multiples or a definitive fair-value comparison. The forecast period and earnings calculation convention are not established here, and forward P/E can change with share prices, analyst forecasts and the treatment of adjusted earnings.
A sound stock-return comparison would use both companies’ prices from the same market close, earnings estimates for the same horizon and the same accounting basis. It should also consider enterprise value or market capitalization, cash generation, and how sensitive each valuation is to slower AI spending. A company’s operating momentum and its likely shareholder return are different questions.
Verdict: NVIDIA leads on scale; Broadcom offers a different growth mix
For the narrower question of whose operating AI bull case is stronger today, NVIDIA leads: its reported Data Center business is far larger, and it is still growing quickly. Broadcom’s case is credible on a different basis: AI semiconductor revenue grew faster in its latest reported quarter, management guided to further growth, and the company also earns substantial revenue from infrastructure software.
That is a business-momentum verdict, not a declaration that NVIDIA is the better stock at any price. The investment choice depends on the valuation an investor pays, confidence in each company’s future earnings and cash generation, and tolerance for the distinct customer, supply, export-control and software risks described above.
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