Rasgon指出，笔记本电脑CPU出货量比PC高出约4%，比第二季度高出10%，“显著”下降，但仍略高于预期。台式机CPU的出货量不足，大约比预期低4%。Bernstein published research reports, evaluating the PC and server markets, and stated that the shipment volume in the third quarter "basically met" seasonal trends, giving Intel and AMD a "market-performing" rating with target prices of $25 and $150 respectively.
Zhitong Finance and Economics APP learned that Bernstein published research reports, evaluating the PC and server markets, and stated that the shipment volume in the third quarter "basically met" seasonal trends, with a 7% increase month-on-month.
Analyst Stacy Rasgon wrote in a report to clients: "The total PC shipment volume in the third quarter decreased by about 2% year-on-year, compared to an increase of about 1% in the second quarter. CPU channels now show signs of normalization, with overall CPU shipments only about 2% higher than PCs, lower than the approximately 9% observed in the second quarter, basically meeting expectations."
Rasgon pointed out that laptop CPU shipments are about 4% higher than PCs, 10% higher than the second quarter, showing a "significant" decrease but still slightly above expectations. Desktop CPU shipments are insufficient, about 4% lower than expected.
Rasgon added: "Therefore, we believe that the PC channel is now showing signs of normalization."
The analyst currently gives Intel (INTC.US) and AMD (AMD.US) a "market-performing" rating, with target prices of $25 and $150 respectively.
The firm noted that AMD's market share in the laptop market increased by about 2 percentage points in the third quarter, reaching 19.2%, while the desktop market share increased by about 6 percentage points to 28.7%. The company's revenue share also rose, to about 27.3% at the end of this quarter, with a month-on-month increase of about 8 percentage points.
Rasgon wrote: "Of the significant market share growth for AMD in the third quarter, how much is possibly due to Intel simply restructuring its product channels rather than a more sustainable outcome, remains to be seen." This is because Intel has been "incentivizing" sales over the past few quarters. However, Rasgon believes that Intel did not disclose too many incentive measures in the third quarter, indicating the company's efforts to normalize its channel inventory.
Regarding the server CPU market, AMD's unit share growth has "slightly slowed down," but the company's revenue share has increased.
Intel is still struggling in the artificial intelligence accelerator market, as this year's Gaudi AI product shipment volume will be less than $0.5 billion, while AMD has raised its target to over $5 billion. Rasgon added: "Looking ahead to 2025, how this number will change remains the biggest question facing the stock, especially considering their roadmap is still far behind their larger competitors."
