Any thoughts coming into earnings?

The news out of Intel looks pretty dismal. Trying to decide whether the overall slowdown will nail AMD more than any improved traction vs. Intel.


I am expecting AMDs Xilinx portfolio to do well (AI hype directly benefits FPGAs) The market may be looking for a bottom more than the results. If AMD signals inventory corrections coming to an end, would be positive news for the stock regardless of how Jan-Mar fared.

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Last quarter INTC has a bad report and AMD met projections because they picked up intels lost business . If intel had another bad quarter, then I wonder why!!! I hope its AMD’s continuing erosion into intels business due to superior products and also slowly picking up market share from the giant money maker Nvidia. Then the Xilinx and Pensando moves may start to pay some really good dividends as well. We shall see in a few short hours…doc

Intel exceeded analyst expectations in revenue, and specifically in datacenter revenue. What we don’t know is if analysts under estimated the market or if Intel took some of the revenue that was expected for AMD. We will find out in a few short hours. I think clients continue to be a blood bath.

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Intel gained a small amount of revenue share in both data center and clients. At least on a non-GAAP basis AMD remained profitable, and had positive FCF.

Per Lisa Su AMD gained a small amount of data center share over INTC this Q

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Might be talking unit share versus INTC. I was just comparing intel DCAI revenue with AMD datacenter revenue:
INTC DCAI (Q4->Q1) $4300 → $3716
AMD data center (Q4->Q1) $1655-> $1293
Total combined data center revenue (Q4->Q1) $5955 down to $5009
AMD revenue share (Q4 → Q1) 27.8% → 25.8%

I suspect they have more view on the internals to these reported numbers that may change the percentage… but in the end share stayed very close while the total market dropped quite a bit.

Ambrish Srivastava

Right. If I look at just your report versus what Intel reported on a Q-over-Q basis, it clearly on a year-over-year basis, you have gained share. But I’m just comparing down $14 million versus what you reported, and so that would imply that you had a share loss versus them unless the Data Center GPU and the Xilinx business was down significantly also on a Q-over-Q basis.

Jean Hu

Yes. Ambrish, maybe I’ll give you a little bit of color is definitely in Q1, the other networking business, including GPU, have been down that definitely is the case. But from a share perspective, when we look at overall Q1 reported revenue from both sides and analyze the data, we don’t believe we lost the share.

Lisa Su

Yes, that’s right, Ambrish. So I think you just have to go through each of the pieces. But I think from an EPYC or a server standpoint, we don’t believe we lost share. If anything, we might have gained a little bit.

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This makes a bit of sense as Intel’s NEX (network and edge) business is down 29% Q4 to Q1, compared to the 22% drop of the AMD datacenter business. When I add INTC DCAI and NEX together I still see Intel gaining a small amount of revenue share from AMD. I suspect if you parse the market enough you can come up with a market segment where AMD was flat to up. Either way, it was ugly in both server and client with bright spots in the other segments. The market is reflecting AMD’s slower than expected growth in datacenter and client.

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