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Investing.com -- Advanced Micro Devices and ARM continued to take market share from Intel in the third quarter, according to Bank of America, which cited Mercury Research data showing broad “AMD/ARM unit outgrowth over INTC across the board.”
Analyst Vivek Arya at BofA said Intel’s performance was constrained by “ongoing supply constraints at Intel 7/10,” which hurt its overall output and share.
In PCs and servers, Intel’s unit growth was said to be muted at “just +2%/-1% QoQ in Q3” compared with AMD at “+10%/+1%” and ARM at “+7%/16%.”
While Intel’s average selling prices improved, “+8%/+7% QoQ for PC/servers,” AMD’s pricing strength remained notable, supported by “+35%/+3% YoY” ASP trends this year.
AMD also “continued its strong outperformance in desktops,” and the Intel shortage “likely benefited its notebook shipment.”
ARM’s momentum remained even stronger in servers, according to Arya, with shipments rising “+16% QoQ in Q3.” BofA said ARM’s increasing core counts likely resulted in “>100bps in unit and value share QoQ.”
The bank continues to rate AMD and ARM as Buys, arguing that their “server/PC share gain opportunities and content gains” outweigh Intel’s near-term PC tailwinds. Intel remains Underperform, citing challenges across its “x86/foundry competitive landscape.”
Looking ahead, BofA noted that PC shipment forecasts for 2025–26 are “relatively conservative,” though AMD and ARM should continue benefitting from server demand.
AMD recently outlined a “$60bn+ CY30 server CPU TAM” driven by AI, though BofA said its own $33 billion-$36 billion estimates for 2027-28 are more cautious.