https://www.cnbc.com/2022/07/29/amd-passes-intel-in-market-cap.html

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Tech

AMD passes Intel in market cap

Published Fri, Jul 29 20224:35 PM EDTUpdated Fri, Jul 29 20228:46 PM
EDT
Kif Leswing@kifleswing
WATCH LIVE
Key Points

  * AMD has surpassed rival chipmaker Intel in terms of market
    capitalization.
  * The shift is mostly symbolic, but it signifies a much more
    competitive market for PC chips and server chips, where the two
    companies compete directly.

In this article

  * INTC
  * AMD

VIDEO4:1504:15
Jim Cramer explains why Intel is getting 'beat bad' by AMD
Squawk on the Street

AMD surpassed rival Intel's market cap on Friday.

AMD stock rose over 3% for the day, giving the chipmaker a market
capitalization of $153 billion. Intel fell nearly 9%, a day after
disastrous earnings that missed expectations for profit and showed
declining revenue. Intel's market cap was $148 billion at the end of
trading on Friday.

The shift is mostly symbolic, but it signifies a much more
competitive market for PC and server chips, where the two companies
compete directly.

The milestone also suggests that investors may value an asset-light
chipmaker over one that's investing heavily in manufacturing. AMD
outsources production to outside "fabs," or chip factories, whereas
Intel has said it plans to continue building and operating plants.

In recent years, AMD chips have become much more competitive with
Intel's products in terms of performance, even surpassing their speed
and efficiency for some applications.

Intel said on Thursday that its disappointing report reflected
execution issues and dropped its forecast for full-year earnings per
share from $2.30 to $3.60. Intel also blamed a slowing PC market and
macroeconomic conditions for its miss.

Intel CEO Pat Gelsinger compared the company's comeback strategy to
climbing Mount Kilimanjaro in an interview with CNBC on Friday.

AMD reports fiscal second-quarter earnings on Tuesday, when investors
will be watching to see if it is facing the same macroeconomic
challenges as Intel as PC sales drop around the world.

Correction: The original headline to this story mistakenly stated
that it was the first time AMD had passed Intel in market cap. In
fact, it happened before in Feb. 2022.

VIDEO14:0614:06
 Watch CNBC's full interview with Intel CEO Pat Gelsinger
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