Investors dumped shares of Advanced Micro Devices Inc on Wednesday after its earnings report indicated that it was struggling with a PC slump and had failed to gain market share from larger rival Intel Corp in the latest quarter.
The stock fell more than 6% in early trading and was set to erase nearly $9 billion in market value. Intel, whose shares rose last week on a more upbeat PC market outlook, gained more than 2%.
"While we will see if Intel's 2024 roadmap holds water or not, the competitive environment next year is likely to get tougher for AMD." AMD, whose smaller and more efficient data center chips had helped it take market share from Intel last year, missed estimates for both PC and data center chip sales in the first quarter.
"AMD results were more vulnerable than Intel's because most AMD-based PC customers were consumers. In contrast, Intel had a significant share in the business PC segment," Gartner analyst Mikako Kitagawa said.
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