Bible 3Q24 – PCs: Optimism about growth in 2025, despite no sign of Windows 10 & AI PC refresh cycles.
Today, we are publishing the PCs section of our 24th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Cloud Infrastructure, Telecom Equipment, Industrials, Enterprise IT, Ride sharing & Delivery, and Foundry.PC shipments declined slightly. IDC sees demand stabilizing across the board, although OEMs highlighted commercial demand again outperformed consumer. The Windows 10 & AI PC refresh cycle is playing out slower than expected, but the supply chain remains optimistic that both will fuel growth in 2025. Consensus expectations now imply 5% growth for CPUs revenues in 2025, 2pts above PC OEM revenues, leaving for now limited room for disappointment. Since the mid-2022 inventory correction, AMD has steadily gained share, and we no longer expect shares to stabilize despite Intel being back at the leading edge.
Advanced Micro Devices is a semiconductor company. The company primarily provides x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit, chipsets, graphics processing units (GPUs), data center and personnel GPUs, and development services; server and embedded processors, semi-custom System-on-Chip products, development services and technology for game consoles. The company also licenses portions of its intellectual property portfolio. The company's segments are: Computing and Graphics, which consists of desktop, notebooks, commercial, and chipsets products; and Enterprise, Embedded and Semi-Custom, which includes server processors, and embedded P\processors products.
Intel is a data-centric company. The company's operating segments are: Data Center Group, which develops platforms for compute, storage, and network functions; Internet of Things Group, which facilitates its customers creating, storing, and processing data; Mobileye, which provides assistance and automation solutions; Non-Volatile Memory Solutions Group, which provides memory and storage products based on Intel? Optane? technology and Intel? 3D NAND technology; Programmable Solutions Group, which provides programmable semiconductors; and Client Computing Group, which connects people to data, allowing each person to focus, create, and engage in ways that unlock their individual potential.
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