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The report discusses PC/CPU/GPU models and semiconductor content trends in the PC supply chain.
The three key takeaways from the report are:
1) Retail GPU pricing has indeed collapsed, as the markup over MSRP has fallen from +77% to +41% QOQ;
2) ODM builds and discussions with the channel indicate a potential slowing in demand, although likely exacerbated by Chinese COVID shutdowns; and
3) Intel’s Alder Lake gained share in the quarter, as the more competitive CPU and aggressive pricing appear to be slowing AMD’s share gain trajectory.
Elsewhere, AMD has gained some GPU market share from Nvidia while the latter captured discrete GPU share in laptops. On the other hand, Marvell (NASDAQ:MRVL) SSD controller share fell by 5% QOQ
“Overall, underlying trends were modestly negative for PC suppliers (INTC, AMD, NVDA). We continue to highlight ‘the unknowns’ in 2022 regarding the sustainability of the demand environment (volatile crypto prices, end of WFH) and the ever-evolving supply issues (COVID outbreaks/China lockdowns, war in Ukraine, earthquakes in Asia),” Rolland said in a client note.
New price targets on AMD and NVDA are $160.00 and $320.00, down from the prior $180.00 and $360.00, respectively.
By Senad Karaahmetovic
