Revenue flow

Margins

Stage	NVDA	% of rev	AMAT	% of rev	Gap · A − B
Revenue	$96.2B	100.00%	$9.1B	100.00%	NVDA ×10.56
Gross profit	$72.1B	74.98%	$4.6B	50.31%	NVDA +24.7pp
Operating income	$63.7B	66.24%	$3.1B	33.74%	NVDA +32.5pp
Pre-tax income	$71.5B	74.32%	$2.9B	31.89%	NVDA +42.4pp
Net income	$59.7B	62.03%	$2.5B	27.84%	NVDA +34.2pp

Stage	NVDA	AMAT	Gap · A − B
Revenue	$96.2B100.00%	$9.1B100.00%	NVDA ×10.56
Gross profit	74.98%$72.1B	50.31%$4.6B	NVDA +24.7pp
Operating income	66.24%$63.7B	33.74%$3.1B	NVDA +32.5pp
Pre-tax income	74.32%$71.5B	31.89%$2.9B	NVDA +42.4pp