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Investing.com -- Advanced Micro Devices is continuing to gain ground on Intel (NASDAQ:INTC) in the central processing unit (CPU) market, according to Bernstein analysts.
In a note on second-quarter dynamics, Bernstein said the PC market was stronger than expected, with shipments up about 7% year over year and above pre-COVID levels.
While channel overshipments persisted, the firm highlighted AMD’s progress in desktops.
“AMD gained a substantial ~4 points of desktop unit share at ~30.2%, and ~5 points of revenue share,” Bernstein wrote. By contrast, Intel “gained back ~2 points of notebook CPU unit share following several quarters of headwinds.”
Bernstein added that AMD’s average selling prices (ASPs) are rising, underscoring competitiveness.
“AMD’s notebook ASPs rose 8% QoQ, now at a premium to Intel. AMD’s desktop ASPs rose ~2% QoQ and sit at a substantial premium to Intel,” analysts noted. Intel’s ASPs, meanwhile, were described as “flattish QoQ, and at a discount to AMD (NASDAQ:AMD).”
Beyond PCs, AMD also gained traction in servers. Bernstein said that while Arm CPUs took share from both major vendors, “in the x86 space AMD continued to gain, with revenue share up ~1.5 points, crossing 40% for the first time.”
The firm noted that AMD’s upcoming accelerator roadmap could be a longer-term catalyst.
“The real prize remains the MI4XX ramp, which (on paper at least) is supposed to close the raw performance gap and bring rack scale offerings to the portfolio,” Bernstein said.
Bernstein rates both Intel and AMD at Market Perform, with price targets of $21 and $140, respectively.