AMD vs NVIDIA — how do value investors think about the valuation gap?

NVIDIA has clearly established dominance in AI and commands a much higher valuation multiple. AMD is also growing in data center and AI, but trades at a lower valuation in comparison. From a long-term value perspective, how do you think about the risk/reward between a dominant leader at a premium valuation vs a strong competitor at a relatively lower valuation? Is the valuation gap fully justified by moat and growth, or is there a case for mean reversion over time?