AMD, Nvidia and Intel diverge as Morningstar resets the scorecard

TheStreet · Hillary Remy · 2026-11-06 14:33 UTC

Morningstar’s updated AMD, Nvidia and Intel valuations reveal diverging outlooks for AI chip stocks, with fresh estimates pointing to different levels of upside

Three of the most closely watched chip stocks are trading at very different valuations, and Morningstar’s latest read on all three says the market has mispriced at least two of them.

AMD has closed the gap with its fair value estimate, while Nvidia and Intel still look undervalued by a significant margin. That gap is not a simple buy signal. It raises the question of which company is best positioned as AI spending shifts from raw training power to something more complex.

Morningstar raised its AMD fair value estimate to $570, putting the stock roughly at fair value with about 18% implied upside. Nvidia carries the largest discount of the three, with roughly 50% implied upside to its fair value target, while Intel shows about 40% implied upside. Morningstar assigns all three a “Very High” uncertainty rating, meaning the spread between the bull and bear cases remains wide.

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