Key Points
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In December 2024, Nvidia (NASDAQ: NVDA) and Amazon (NASDAQ: AMZN) were added to the Dow Jones Industrial Average, replacing Intel and Walgreens Boots Alliance.
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Nvidia’s stock has gained 38.9% in 2025, outpacing Amazon’s growth of just 5.2% during the same period.
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Amazon’s AWS segment accounted for 60% of its operating income for the nine months ending September 30, 2025, despite comprising less than a fifth of total sales.
Amazon’s recent quarterly operating margin was only 4.1% outside of its AWS division. In contrast, Nvidia operates with a high-margin model, particularly in its data center business, which dominates its revenue at 90% and maintains high operating margins.
Nvidia’s new Rubin architecture, designed for AI and robotics, is set for deployment in the second half of 2026. The company’s ability to maintain strong growth and margins suggests it remains a more attractive option compared to Amazon, which faces slowing AWS growth amid increasing competition.
