Pete Davidson and Ariana Grande are battling over who's better at showing off -- Pete proudly parading around his smoking hot fiancée, or Ariana flaunting her massive engagement ring.
Pete and Ariana were arm-in-arm Monday in NYC -- shopping for furniture, btw -- and she made sure to keep her hand at the perfect tilt for photogs. Pretty obvious, she's thrilled with Pete's choice of ring.
TMZ broke the story ... Pete dropped $93k for the 3.03 carat diamond. As they say ... if ya got it, flaunt it -- especially when ya got 3 carats of it!
As for the furniture shopping? Ariana made it seem like they've already moved in together. We'd say that's awfully quick, but remember ... quick is how these 2 operate.