AMD stock targets sixth consecutive record after more data showing market share gains on Intel



Shares of Advanced Micro Devices Inc. hit a sixth consecutive record on Wednesday following persistent indications that the chipmaker is taking market share from its biggest rival Intel Corp.

+ 6.97%
shares traded up nearly 9% on Wednesday, hitting a new intraday high of $ 122.49, en route to a sixth consecutive day of record closing price as well as a sixth consecutive day of 2% gains or more. The shares closed at a record high of $ 112.56 on Tuesday.

The last time AMD stocks experienced such a streak was on June 2, when the stock rose for seven straight days, according to Dow Jones data.

Coincidentally, AMD’s streak began on July 28, the day after the company announced it expected stronger data center sales in the second half of the year, even as the Quarterly sales have almost tripled from a year ago, and increased its revenue forecast to a 60% gain on the year. Since then, shares have climbed to 35%, while Intel INTC,
Shares, which were down 0.3% on Wednesday, have gained 1% since July 28.

Read: AMD shares hit record high as chipmaker takes more market share from Intel

In addition, the PHLX Semiconductor Index SOX,
+ 1.52%
was on track for his fourth consecutive closing record after finishing at 3,396.66 on Tuesday.

In a note Wednesday, Citi Research analyst Christopher Danley, who has neutral ratings on AMD and Intel, said data from Mercury Research showed that while total microprocessor shipments had declined by 3.1% by a Quarter over quarter, AMD’s total market share increased to 16.9% in the second quarter from 16.1% in the first quarter. Meanwhile, Intel’s share fell to 83.1% in the second quarter from 83.9% in the first quarter.

The data showed AMD’s gains in the large data center category compared to Intel. Data from Mercury showed that AMD had an 8.9% share in servers, down from 5.5% in the second quarter of last year and 8.2% in the first quarter of this year. This compares to Intel’s 91.1% share, down from 94.5% in the second quarter of last year and 91.8% in the first quarter.

In addition, a Wednesday report from technical news site noted that AMD processors still sell better than Intel according to data compiled by MindFactory, Germany’s largest tech retailer,

Another tailwind for AMD stocks could come from a Bloomberg report Tuesday that the UK could block NVDA from Nvidia Corp.,
+ 2.30%
$ 40 billion acquisition of Arm from Japanese SoftBank Group Corp. 9984,
citing national security reasons, a development that would benefit AMD.


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