SemiAnalysis: AMD beats Nvidia on margins for Kimi K3 inference

SemiAnalysis reports that on its open-source Agentic Inference benchmark, AgentX, running Moonshot AI's 2.8-trillion-parameter Kimi K3 model, AMD's MI355X GPU produced a 53.6% profit margin per gigawatt of deployed compute, ahead of Nvidia's GB200 NVL72 at 44.3%, and also ahead of Nvidia's B300 and B200 chips on the same measure. SemiAnalysis attributes the gap to AMD's lower total cost of ownership and better measured performance on this specific inference workload. This is a single benchmark result on one model and one workload, not a general claim that AMD outperforms Nvidia across all inference tasks, and it is a data point rather than investment guidance.