Isn't AMD extremely overpriced, am I missing something?

Comparing AMD to Nvidia, Nvidia is well positioned to continue to be the dominant gpu maker for AI and AMD is not

Nvidia has a P/E ratio of 82

Amd has a P/E ratio of 327

Why would anyone would invest in a stock with a poorer outlook than nvidia and a higher P/E? It seems extremely overpriced.

Maybe I am just a noob tho and missing something here.