William Blair raised its recommendation on AMD to outperform from market perform and downgraded Nvidia to market perform. Analyst Sebastien Naji said AMD could benefit from custom component programs and competition from application-specific integrated circuits in the AI accelerator market. Nvidia shares have fallen 16% since Nov. 3, while AMD shares have risen 14% over the same period and surged 37% over the past five days. William Blair also expects AMD to gain market share as Intel’s Xeon roadmap continues to face delays and supply constraints. Naji said AMD could lead Intel by a full year in a $220 billion server CPU market in 2030, with revenue share moving above the previously estimated low-to-mid-40% range.
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