Microsoft (MSFT) and Nvidia (NVDA) are set to unveil the Surface Laptop Ultra in San Francisco on Wednesday, October 7, with Satya Nadella and Jensen Huang taking the stage together. The laptop runs on Nvidia’s RTX Spark chips, announced in June, and it’s built to run AI agents on the PC itself instead of in the cloud.
For Microsoft, it’s a bet that some work now done in its costly Azure data centers can move to machines its customers pay for. For Nvidia, it’s a way into one of the last big chip markets it doesn’t lead.
Nvidia Steps Into Intel and AMD’s Market
Windows PC processors still belong to Intel (INTC) and Advanced Micro Devices (AMD).
Intel’s Client Computing Group brought in $32.23 billion in 2025, almost exactly the $32.31 billion it made in 2023.
AMD’s client business grew from $4.65 billion to $10.64 billion over the same two years. That lifted AMD’s share of the two companies’ combined client revenue from 13% to 25%.
So the incumbent is already losing ground, and that’s the opening Nvidia is walking into.
Why This Matters More to Intel Than Nvidia
For Nvidia, PCs are a side bet. Its gaming segment, the closest stand-in for its PC business, earned $16.04 billion in fiscal 2026. That was 7% of its $215.94 billion in total revenue, down from 34% three years earlier.
For Intel, client chips are its largest business. Windows laptops built around Nvidia’s processors could take sales from Intel, AMD, or Qualcomm, putting additional pressure on Intel’s client business. Intel has far more at stake here than Nvidia does.
The Price Problem
The catch is cost. Memory prices have surged, and Nvidia raised the price of its DGX Spark AI desktop by about 75% to $6,950 in recent weeks because of its 128 gigabytes of memory, Reuters reported.
“Now the software is ready and the hardware is too expensive to actually run it locally,” Moor Insights & Strategy analyst Anshel Sag told Reuters.
That puts Micron (MU) on the other side of the trade. Expensive memory helps Micron and hurts any PC that needs a lot of it.
What to Watch
The price tag is the number that matters today. A laptop near $2,000 could take real share. One closer to $7,000 is a workstation for a small group of buyers, and Intel keeps its grip for now. I’d also watch whether Dell, HP, and Lenovo ship RTX Spark machines of their own, since Surface alone won’t move the market.
Want to see how Intel, AMD, and Nvidia’s PC businesses stack up? Pull up the same segment revenue charts on TIKR for free. Learn more here.
Want to see how Intel, AMD, and Nvidia’s PC businesses stack up? Pull up the same segment revenue charts on TIKR for free. Learn more here.
So what are Intel and Nvidia stock actually worth?
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