Tony is better with technology and seems smarter to me, but I imagine it is likely that Lex is better in some areas. Like how his Red Son incarnation was calculated to be capable of talking Superman into suicide in fourteen minutes (and this Superman was a supergenuis, a messed up clone of his beat Lex in chess) and made Superman realize the error of his ways by summing up everything he hated about himself in one written sentence.
Lex Luthor was able to Cure Cancer AND Aids vs Mr. Fantastic, Tony, Bruce, Blue Marvel, Dr. Doom, etc etc. Lex however to make profit spread the treatment out of a period of 20 years.
@druzzie: Norman Osborn did that too, and his intellect is nothing short of non existing if you compare it to Tony's.
He defeated tony took over Shield and ruled for a while AND he outed TOny doing it. So yeah I think he's better, only reason why he lost was because he had the bright idea of attacking Asgard.
1. - Norman defeated Tony because Tony used his weakest armor yet (Model 0). And he still held his own against Iron Patriot armor. If Tony used his average armors, he would one shot Norman.
2. - Norman never took over SHIELD. He just became the new Director because he killed the Queen of the Skrulls during Secret Invasion. And he "ruled" because he had the authority over most Heroes and villains, including the Sentry.
3. - He "outed" Tony?
4. - Norman is most certainly not better than Tony in anything aside from being a bad guy. The guy wasn't able to do something Tony did in a cave.
5. - And Tony is one of the main reasons why Osborn was stopped.
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