#data-center-semiconductors

#data-center-semiconductors

AMD’s AI-driven data center growth produced strong cash flow, while Intel’s foundry and restructuring created a large GAAP loss despite improving underlying segments.

Agentic AI is expected to expand server CPU and accelerator demand, driving a higher AMD price target and reinforcing an Outperform view.

AMD is positioned as a credible second supplier for hyperscalers’ AI infrastructure, supported by strong growth, margins, cash flow, and balance-sheet strength.

Qualcomm’s shift toward AI infrastructure and data center inference is viewed as undervalued, prompting an Outperform upgrade and a higher $225 target.

Broadcom significantly outperformed Marvell in the AI chip era despite both benefiting from the same custom silicon tailwind, though Marvell's recent strong quarters and positive guidance suggest the performance gap may be narrowing.