Who are Nvidia’s competitors?
Nvidia names 20 companies as competitors in its latest annual report, on 5 fronts. 7 companies name Nvidia back.
Skip to the field, head to head ↓Nvidia company profile
Nvidia's most serious rivals are also the buyers it can least afford to lose
Read Nvidia's list of competitors closely and one group stands apart. Beside AMD and Intel, its annual report names “large cloud services companies with internal teams designing hardware and software” for AI: Alibaba, Alphabet, Amazon, Baidu and Microsoft. Microsoft was not on the list in fiscal 2023. It is now.
Those are the companies whose clouds run Nvidia's systems; in its own words, “all major cloud service providers” use its platforms. And its sales are concentrating. One direct customer was 22% of revenue in fiscal 2026 and another 14%; two years earlier the largest was 13%.
So the question for a strategist is not who builds the faster chip. It is how long a customer keeps buying from you while it builds its own, and what you do with the years in between.
Where Nvidia says it competes
“suppliers and licensors of hardware and software for discrete and integrated GPUs, custom chips and other accelerated computing solutions, including solutions offered for AI”
“large cloud services companies with internal teams designing hardware and software that incorporate accelerated or AI computing functionality as part of their internal solutions or platforms”
“suppliers of hardware and software for SoC products that are used in servers or embedded into automobiles, autonomous machines, and gaming devices”
“companies with internal teams designing SoC products for their own products and services”
“networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hewlett Packard Enterprise Company, Huawei, Intel, Lumentum Holdings Inc., and Marvell Technology, Inc”
Who names Nvidia as a competitor
“Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC; Arista Networks, Inc.; Broadcom Inc.; Ciena Corporation; CrowdStrike Holdings, Inc.; Datadog Inc.; Dell Technologies Inc.; Dynatrace Inc.; Fortinet, Inc.; Hewlett-Packard Enterprise Company; Huawei Tech…”
10-K for 2026“The data center and campus networking markets have historically been dominated by Cisco, with competition also coming from other large network equipment and system vendors, including Dell/EMC, Extreme Networks, Hewlett Packard Enterprise, Huawei, Juniper Networks, Nvidia, and white box networking vendors that utiliz…”
10-K for 2025“Our competitors include companies offering platform products, such as AMD and Qualcomm; accelerator products such as GPUs, including those offered by NVIDIA and AMD; other accelerator products such as ASICs, application-specific standard products and FPGAs; memory and storage products; connectivity and networking pr…”
10-K for 2025“Our principal competitor in the supply of discrete graphics is Nvidia, who is the discrete GPU market share leader, and Intel, who manufactures and sells integrated graphics processors and gaming-focused discrete GPUs.”
10-K for 2025“Our silicon provider competitors include Ambarella, Advanced Micro Devices, Arriver / Qualcomm, Black Sesame Technologies, Horizon Robotics, Huawei, NVIDIA, NXP, Renesas Electronics, and Texas Instruments.”
10-K for 2025“Our primary competitors are technology vendors, such as Cisco Systems, Inc., Arista Networks Inc, Nokia Corporation, Huawei Technologies Co. Ltd., Ciena Corporation, NVIDIA Corporation, Extreme Networks, Inc., Palo Alto Networks, Fortinet, Inc., Zscaler, Inc., Netskope, Inc., Ruckus Networks, and Ubiquiti and networ…”
10-K for 2025“Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC.”
10-K for 2025Who joined, who left
Against its annual report for fiscal 2023, Nvidia’s latest list adds Huawei Technologies and Microsoft; it no longer names Applied Optoelectronics and Juniper Networks.
| Company | FY2023 | FY2025 | FY2026 |
|---|---|---|---|
| Advanced Micro Devices | ● | ● | ● |
| Alibaba Group | ● | ● | ● |
| Alphabet | ● | ● | ● |
| Amazon | ● | ● | ● |
| Ambarella | ● | ● | ● |
| Arista Networks | ● | ● | ● |
| Baidu | ● | ● | ● |
| Broadcom | ● | ● | ● |
| Cisco Systems | ● | ● | ● |
| Hewlett Packard Enterprise | ● | ● | ● |
| Intel | ● | ● | ● |
| Lumentum | ● | ● | ● |
| Qualcomm | ● | ● | ● |
| Renesas Electronics | ● | ● | ● |
| Samsung | ● | ● | ● |
| Tesla | ● | ● | ● |
| Huawei Technologies | · | ● | ● |
| Marvell Technology | ● | ● | ● |
| Microsoft | · | ● | ● |
| Applied Optoelectronics | ● | · | · |
| Juniper Networks | ● | · | · |
● named in that year’s annual report, for the fiscal years shown.
The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| Nvidia | FY to Jan 2026 | $215.9B | +65% | 56% | 42,000 |
| Amazon | 2025 | $716.9B | +12% | 11% | 1,576,000 |
| Alphabet (Google) | 2025 | $402.8B | +15% | 33% | 190,820 |
| Microsoft | FY to Jun 2026 | $331.8B | +18% | 40% | 223,000 |
| Tesla | 2025 | $94.8B | −3% | 4% | 134,785 |
| Broadcom | FY to Nov 2025 | $63.9B | +24% | 36% | 33,000 |
| Cisco | FY to Jul 2026 | $63.3B | +12% | 21% | 82,400 |
| Intel | 2025 | $52.9B | 0% | −1% | – |
| Qualcomm | FY to Sep 2025 | $44.3B | +14% | 13% | – |
| AMD | 2025 | $34.6B | +34% | 13% | 31,000 |
| Hewlett Packard Enterprise | FY to Oct 2025 | $34.3B | +14% | 0% | – |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
How concentrated Nvidia’s customers are
“For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking segment.”
“Direct Customers – For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking segment.”
“For fiscal year 2025, sales to one direct customer represented 12% of total revenue and sales to two direct customers each represented 11% of total revenue, all of which were primarily attributable to the Compute & Networking segment.”
What the rivals have done lately
“On April 23, 2024, we acquired certain assets related to the design, development, and manufacture of System-on-Chip operations of Seagate Technology Holdings plc for $600 million .” filing
Decisions that shaped the field
Asked about Nvidia’s competitors
Who are Nvidia's competitors?
In its annual report for fiscal 2026, Nvidia names 20 competitors across 5 fronts: competing gpu and accelerated computing suppliers, cloud providers with in-house accelerated computing, competing soc hardware and software suppliers, companies with in-house soc design teams and networking product competitors. 10-K for fiscal 2026
Which companies name Nvidia as a competitor?
7 companies in our coverage name it in their own annual reports: Cisco, Arista Networks, Intel, AMD, Mobileye Global, Hewlett Packard Enterprise and Qualcomm.
How does Nvidia compare with its rivals?
Nvidia reported $215.9B in revenue in its latest fiscal year, +65% on a year, with a 56% net margin. Intel: $52.9B, −1% net margin; AMD: $34.6B, 13% net margin.
What are the alternatives to Nvidia?
The companies Nvidia itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
How much of your revenue comes from somebody who is also trying to replace you?
Sources: Nvidia’s annual report for fiscal 2026 and earlier years (2023, 2025); the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
Keep going
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- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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