# AMD and Intel Shares Fall Nearly 4% While Nvidia Stock Holds Steady > Source: > Published: 2026-08-21 06:02:26+00:00 *AMD and Intel both fell nearly 4% on August 19, 2026, while Nvidia barely moved, and the split tells you where the AI chip trade is getting less forgiving.* By late Wednesday morning, AMD was trading near $466. Intel was around $93. Nvidia was roughly flat. All three sell into the same AI boom, but the market treated them very differently. That gap is the story. The pressure did not start with a product miss from AMD or Intel. It started with rates. The Wall Street Journal reported on August 18 that the 30-year Treasury yield had reached 5.33%, while the Financial Times put the move at 5.34%, the highest level since 2007. Expensive chip stocks are built on long growth assumptions, and higher long-term yields make that math harder to defend. AMD had more room to fall because it had already run hard. StockAnalysis data shows AMD closed at $580.91 on June 30, its highest closing price of 2026, before sliding back toward the mid-$400s in August. Intel had its own problem. The company priced a $20 billion stock offering on August 11 at $95 a share, selling 210.5 million new shares and expecting about $19.7 billion in net proceeds, according to the company announcement reported by Yahoo Finance and TheStreet. That raise gives Intel money for its turnaround. It also dilutes existing holders. Investors notice both. ## Google just made the chip race harder Then came Marvell. Reuters reported through Refinitiv that Marvell issued Google a warrant to buy up to 58,970,907 shares at $206.58 each, tied to an expanded custom-chip relationship. MarketWatch reported that Marvell stock rose about 10% after the disclosure, while Broadcom fell because it has been a major Google TPU partner. [Intel Stock Jumps 10% as Trump's Government Stake Gains Keep Climbing](https://startupfortune.com/intel-stock-jumps-10-as-trumps-government-stake-gains-keep-climbing/) Intel shares surged 10% on August 4, 2026, leading a broad chip-stock rally alongside AMD and Broadcom as fear drained out of the market. The move added billions more to the U.S. government's 10% stake in Intel, a paper position Trump has said is already up more than $30 billion. - [intel stock price surge today](https://startupfortune.com/intel-stock-jumps-10-as-trumps-government-stake-gains-keep-climbing/) - [government stake in intel company](https://startupfortune.com/intel-stock-jumps-10-as-trumps-government-stake-gains-keep-climbing/) That is not only a Marvell story. It tells you what the biggest AI buyers are doing with their muscle. Google is not waiting forever for merchant GPU suppliers to solve every cost and supply problem. It has its own TPU program, and it is now putting more commercial weight behind the parts around that stack: accelerators, storage controllers, networking hardware and memory interface chips. Amazon has Trainium. Google has TPUs. Microsoft has Maia. You can argue about how much of that work truly replaces Nvidia GPUs today, but the direction is plain. The largest cloud companies want more control over the chips inside their data centers. The vendors with weaker pricing power feel that first. Citizens analysts forecast Alphabet's TPU-related revenue at about $3 billion in 2026 and $25 billion in 2027, according to Investing.com. Google itself said in May that Blackstone had committed an initial $5 billion to a joint venture that would create a new TPU cloud with expected 500MW of capacity coming online in 2027. These are not side projects now. They are balance-sheet decisions. ## Nvidia still has the room AMD and Intel want Nvidia's advantage is simple. It still has the product customers need, the software stack they already use and the margins that come with being the default choice. Celadon Research put Nvidia's share of discrete AI accelerator revenue in a wide 75% to 92% range for the first quarter of 2026. Nvidia also guided for roughly 75% gross margin for the second quarter of fiscal 2027, according to its own investor materials. AMD can't price like that yet. Intel certainly can't. AMD's Instinct line has real customers, and the company's 2025 filing said data center revenue rose 32% to $16.6 billion, helped by EPYC processors and Instinct accelerators. That is progress. It is not Nvidia-level control. Frankly, this is the question AMD's rally never fully answered: were investors buying a real share shift, or just buying anything attached to AI compute? Wednesday's trading leaned toward the second answer. When rates rise and hyperscalers push harder into custom silicon, the market stops rewarding every chip stock the same way. Intel's case is even more direct. Its $20 billion raise may be useful if the foundry business finally lands the outside customers it needs. Until then, shareholders own a smaller slice of a company still proving the hard part. Money buys time. It does not buy execution. [AMD delivered better stock returns than Nvidia in H1 2026 but the AI chip war is far from over](https://startupfortune.com/amd-delivered-better-stock-returns-than-nvidia-in-h1-2026-but-the-ai-chip-war-is-far-from-over/) Nvidia held 87% of AI data center GPU revenue in H1 2026, but AMD's stock surged 142% against Nvidia's 4% gain as investor rotation rewarded the faster-growing No. 2. Intel's Gaudi AI accelerators failed to gain traction and its next chip isn't expected at hyperscalers before 2027 at the earliest, leaving the market effectively split between two. - [AMD stock returns outperformed Nvidia H1](https://startupfortune.com/amd-delivered-better-stock-returns-than-nvidia-in-h1-2026-but-the-ai-chip-war-is-far-from-over/) - [AI chip market share between AMD](https://startupfortune.com/amd-delivered-better-stock-returns-than-nvidia-in-h1-2026-but-the-ai-chip-war-is-far-from-over/) Nvidia reports fiscal second-quarter results after the close on August 26. The company has guided for $91 billion in revenue, plus or minus 2%, and TipRanks' earnings calendar shows analyst revenue forecasts just above $91.9 billion. That report will tell investors whether the pricing gap is still widening. For AMD and Intel, the lesson is already visible: growing AI revenue matters, but keeping the margin on that revenue matters more. **Also read:** [SpaceX Stock Drops 5.6% as 319 Million More Shares Clear Lockup](https://startupfortune.com/spacex-stock-drops-56-as-319-million-more-shares-clear-lockup/) • [Solana Jumps 11% as ETF Inflows Cross $1.16 Billion and Speed Upgrade Lands](https://startupfortune.com/solana-jumps-11-as-etf-inflows-cross-116-billion-and-speed-upgrade-lands/) • [CFTC Puts Coinbase and Kalshi CEOs on Its New Crypto Rulebook Committee](https://startupfortune.com/cftc-puts-coinbase-and-kalshi-ceos-on-its-new-crypto-rulebook-committee/)