Advanced Micro Devices (NASDAQ:AMD), commonly referred to as AMD, and Nvidia (NASDAQ:NVDA), among the world’s top chipmakers, don’t just compete on technology, they also compete across geographies. Nearly half of Nvidia’s $61 billion in sales in 2024 came from the U.S., while AMD leans more heavily on China, which makes up nearly a quarter of its revenue.
For investors, where Nvidia and AMD make their sales matters. As U.S.-China trade tensions, export restrictions on semiconductors, and supply chain realignments reshape the chip market, a company’s geographic exposure affects both growth prospects and risk.
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Where do Nvidia and AMD make most of their revenue from?
Nvidia and AMD have diversified the countries they generate revenue from. In 2024, neither company earned more than 50% of its revenue from a single country.
Nvidia did earn 47% of its revenue from the U.S. that year, while AMD’s U.S. share was 34%. China is AMD’s second-largest market, accounting for 24% of revenue. But China contributes only 13% for Nvidia, behind Singapore and Taiwan.
While Nvidia isn’t solely reliant on U.S. sales to generate revenue, its concentration there may contribute to its efforts to ensure that U.S. export controls don’t prevent it from selling its coveted H20 chips to China.
AMD and Nvidia revenue by country and geography
Nvidia and AMD revenue by country and geography over time
Both Nvidia and AMD have seen their respective revenues jump in recent years, but the countries where their sales have come from have diverged. Here’s how their revenue breaks down by country over time:
United States
- Nvidia’s share of revenue from the U.S. rose from less than 15% through 2019 and 2022 to 47% – about $21 billion – in the first quarter of 2025.
- AMD increased its share of sales revenue from the U.S. from 26% in 2019 to 34%, roughly $8.7 billion, in 2024.
- U.S. reliance can provide chipmakers with stability but can increase dependence on domestic demand cycles.
China
- Nvidia’s share of revenue from China fell from around 25% through much of 2019 to 2022 to 13% in Q1 2025, hit by AI chip export controls and Chinese hesitancy in purchasing Nvidia chips.
- AMD’s share of revenue from China has held steady at around 25%, suggesting it's less sensitive to export controls than Nvidia is.
- China exposure offers growth potential but carries geopolitical and regulatory risk.
Taiwan
- Nvidia’s share of revenue from Taiwan dropped from more than 30% through much of 2019 to 2022 to 13% in the first quarter of 2025.
- AMD’s share of revenue from Taiwan has held steady between 8% and 13% since 2019.
- Shifts in revenue share from Taiwan might reflect supply chain diversification or changes in customer mix.
Singapore
- Singapore is a key and growing market for both companies, with revenue share growing from 9% to 14% for AMD since 2019 and 11% to 20% for Nvidia from the first quarter of 2023 to the first quarter of 2025.
- Growing revenue share for Singapore reflects its role as a semiconductor trade and logistics hub for the Asia-Pacific region.
Why investors need to know where Nvidia and AMD earn their revenue
Where a chipmaker makes its money can be almost as important as how much it earns. Nvidia’s and AMD’s geographic revenue split tells two stories of growth and risk in a time of shifting trade policies.
Nvidia’s rising U.S. concentration and falling China exposure contrast with AMD’s steady balance. That underscores the importance of tracking geopolitical and regulatory developments amid heightened trade uncertainty and supply chain shifts.
Investors should keep in mind not just financials and technological edge when thinking about which chipmaker to invest in but also geographic exposure and revenue risk. Consider diversifying across multiple chipmakers.
Sources
- AMD (2025). “Financial Results.”
- Nvidia (2025). “Quarterly Results.”
