AMD passes JPMorgan in market cap again as AI chip rally rolls on

This marks the second time in 2026 that AMD has leapfrogged the banking giant, with their valuations having traded places throughout a volatile year. The gap between the two companies is narrow, with AMD leading by roughly $13 billion at the high end of its range and closer to $6 billion at the low end.

Stock surge

AMD shares have returned more than 160% year-to-date in 2026, comfortably beating broader market indices and traditional financial stocks. The chipmaker reached its peak in late September when its market value briefly topped $1 trillion on September 21, with shares hitting a record high near $616.

This made AMD the fourth US chipmaker to reach the trillion-dollar mark, following Nvidia, Broadcom and Micron. Earlier in the year, in July 2026, AMD's market cap hit approximately $947 billion, ranking it as the 13th-largest US company at the time.

Data center growth

AMD's data center revenue more than doubled year-over-year to $6.7 billion in the second quarter of 2026, accounting for more than half of the company's total quarterly revenue. This growth has positioned AMD as a key player in the AI chip market.

The research findings frame AMD's premium valuation as a signal of investor appetite shifting toward tech firms positioned to benefit from semiconductor spending. However, with more than half of quarterly revenue now coming from data centers, the company is more exposed to any slowdown in that spending than it was a few years ago.

Market comparison

JPMorgan maintains a more substantial balance sheet and a robust revenue base compared to AMD, yet it trades at a much lower valuation multiple, which is typical of the financial sector. The stock's path this year illustrates the volatility, going from roughly $947 billion in July, to above $1 trillion in September, to its current range in November.