Ex-AMD Exec Says Nvidia Is Using Its Bigger War Chest To Counter AI Gains: ‘I Experienced This Same Play’ Against Intel

• Former AMD executive Patrick Moorhead said Nvidia is using its larger balance sheet to counter AMD’s AI gains, echoing Intel’s former playbook.

• Moorhead said major AI customers will support alternative suppliers because “nobody wants to be locked in” to Nvidia.

• Morningstar maintained its $530 fair value, implying 12% upside, but kept AMD in ‘3-star’ territory and called it a ‘hold.’

Former Advanced Micro Devices (AMD) executive Patrick Moorhead said Nvidia is using its larger balance sheet and greater resources to counter AMD’s AI advances, comparing the intensifying rivalry with AMD’s historic fight against Intel.

AMD stock rose 1% on Tuesday to end at $474.32. 

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Ex-AMD Exec Flags Nvidia’s Edge

“As AMD continues to innovate with their AI stack, Nvidia is leveraging their larger balance sheet and more resources even more,” Moorhead, founder and chief analyst at Moor Insights & Strategy, said on X. “I experienced this same play when I was at AMD and our biggest competitor was Intel.”

Moorhead spent more than 11 years at AMD, including as corporate vice president of strategy and corporate fellow. He said Intel repeatedly expanded its offerings whenever AMD made technological progress.”We gained on product, Intel would add to their stack,” he said. “We added…