AMD posted Data Center revenue of $5.78B versus NVIDIA's $75.25B, but Meta and OpenAI commitments signal AMD is closing ground. AMD's Q1 FY2026 delivered revenue of $10.25 billion, up 37.9% year over year, with Data Center hitting $5.78 billion, a 57% jump on EPYC CPUs and Instinct GPUs. Non-GAAP EPS came in at $1.37. Lisa Su noted "Customer engagement around MI450 Series and Helios is strengthening, with leading customer forecasts exceeding our initial expectations." The Meta 6 GW commitment and OpenAI 6 GW deal back that claim. NVIDIA's Q1 FY2027 revenue landed at $81.6 billion, up 85.2%, Data Center alone was $75.25 billion, and Networking exploded 199% to $14.8 billion. Non-GAAP gross margin held at 75%. The 20 point margin gap reflects NVIDIA's full-stack platform pricing power, while hyperscalers deliberately use AMD as leverage to avoid vendor lock-in. AMD has surged 154% year to date versus NVDA's 11%. The bull case targets a 15% to 20% share of the $200B+ AI accelerator market by 2027/2028. AMD's Q2 guide is roughly $11.2 billion (+46% YoY). NVIDIA's guidance of $91 billion excludes China Data Center compute.