Bron: X
BofA on Q3 CPU Trends: $AMD Gains Over INTC
'We review Q3 CPU trends based on Mercury Research data. Overall, Q3 data suggest a story of two tales, with AMD showcasing clear share gains over Intel.'
'For PCs, units increased just +1% QoQ (+1% YoY) despite a seasonally strong quarter, as INTC undershipped market demand at -3% QoQ (vs. IDC Q3 PC sell-through units +7.5% QoQ ex-WS), while AMD gained share (+15% QoQ). Note AMD has a greater mix of western consumer and desktop versus INTC’s more China/enterprise and notebook mix, which remains weak. ASPs were favorable for both vendors (+5% QoQ) likely due to new AI PC products.'
"For servers, Q3 shipments increased +7% QoQ (+10% YoY) following two quarters of shipment below server sell-through as CPU inventories normalized. While ASPs were flattish QoQ, we expect an expansion into Q4 and 2025 with the ramp of new products with higher core counts. Importantly, we believe AMD’s share gains will continue, reaching ~27% total CPU revenue share by CY26 vs. our prior <25% and just 19% in CY23. We also note the growing presence of Arm-based vendors, with Arm server CPU unit share at 7.0% in Q3 vs. <5% in 2023 and ~1% in 2022."
"We maintain our Buy on AMD (PC/server share gains, accelerator ramps) and ARM (content gains in mobile, PCs). We maintain our Underperform on INTC (CPU share losses, limited accelerator growth)."
Analyst: Vivek Arya