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AMD doesn't have a higher PE ratio. You should use nonGAAP numbers because the GAAP numbers include Xilinx Googwill Amortization which skew the PE.

AMD's PE is ~55. Nvidia's PE is above 70.

I think that the expectation is that NVIDIA is in somewhat of an unreasonable position right now (and for the immediate future) where they're getting about 80% gross margins on their datacenter GPUs. This is an extremely juicy target for competitors, and even if competitors manage to produce a product that's half as good as NVIDIA, NVIDIA will have to cut prices to compete.

Why not both?