Investors of Advanced Micro Devices (NASDAQ: AMD) have a big event coming up, and it really has nothing to do with AMD at all. Nvidia (NASDAQ: NVDA) reports Q2 earnings on Aug. 26, and what it says could have major implications on the market's view of AMD. In 2026, AMD dramatically outperformed Nvidia, rising about 120% versus Nvidia's 16%. That's a pretty stark outperformance, driven by the market's belief that AMD can take market share from Nvidia.
Depending on how strong Nvidia's results are, the investment community could shift its preference from AMD to Nvidia following earnings, and all it will take is Nvidia doing exactly what's expected of it.
Image source: The Motley Fool.
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