Advanced Micro Devices (NASDAQ:AMD) and ARM Holdings (ARM) both gained market share over Intel (NASDAQ:INTC) in the first quarter, Citi analysts said Wednesday, citing newly released estimates by Mercury Research.
According to that data, AMD's overall market share for microprocessor units (MPUs) grew by 20 basis points quarter-over-quarter, rising from 18.4% in the fourth quarter of 2023 to 18.6% in the Q1 2024, driven by gains in server and desktop CPU shares. Meanwhile, ARM’s MPU market share increased by 80 basis points quarter-over-quarter, from 10.0% in Q4 2023 to 10.8% in Q1 2024.
In contrast, Intel's overall market share for MPUs fell by 100 basis points quarter-over-quarter, declining from 71.7% in Q4 2023 to 70.7% in the first quarter of 2024.
During the quarter, total MPU shipments in the first quarter fell by 8.3% on a quarterly basis,, which was worse than the typical seasonal drop of 6.7%, “driven by below-seasonal notebook CPUs,” analysts at Citi said.
The Wall Street titan maintained a Neutral rating on INTC and a Buy rating on AMD.