The previous financial report released by Intel showed that Intel’s second-quarter revenue fell 22% year-on-year, which also caused Intel’s stock price to fall by nearly 9% at the close on Friday, and the market value was officially overtaken by AMD.
AMD’s shares rose more than 3 percent at the close on Friday, with a market value of $153 billion, while Intel’s market value came to $148 billion after its shares fell. This overtakes shows that the two companies are more competitive in the PC and chip market, and AMD’s chips are more competitive than before when it comes to performance, surpassing Intel’s performance in some applications.
The overtake also suggests that outside investors value AMD, an asset-light chipmaker that outsources production, rather than continuing to build and operate factories like Intel.
Intel CEO Pat Gelsinger acknowledged his own execution problems in areas such as product design during a conference call with earnings analysts while blaming the problem on a sudden sharp increase in macroeconomic activity decline and global PC sales decline. He also said in an interview with CNBC on Friday that the company’s comeback strategy is comparable to climbing Mount Kilimanjaro.
At the same time, this is not the first time that AMD’s market value has surpassed Intel’s. The last time it surpassed Intel’s market value was in February 2022.
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