AMD can keep eating Intel's lunch, Barclays says as stock surges - MarketWatch

AMD presently has a debased stock astatine Meta Platforms Inc. META, according to Curtis, but helium anticipated that AMD’s stock determination volition turn erstwhile Meta reaccelerates its spending. Intel “won’t person an reply until Granite Rapids/Sierra Forest,” Curtis continued. That’s “slated for 2024 but much apt arrives successful 2025.”

Curtis besides turned bullish connected Qualcomm Inc.’s banal QCOM, penning that amended trends could beryllium coming successful China.

“The handset marketplace has been correcting since 2H21 but we bash spot the softer guides for Q123 arsenic perchance the past large cut,” helium wrote. “China reopening is simply a large taxable for 2023 and we judge the headwinds successful China tin displacement to tailwinds successful the 2H.”

Curtis is besides upbeat astir the imaginable for Qualcomm to spot “sustained growth” from the automotive class and from the Internet of Things, which refers to connected devices.

“IoT is simply a wide class and we bash spot immoderate continued cyclical headwinds but we judge QCOM tin spot longer-term tailwinds from Edge compute, ARM PCs, and AR/VR,” helium noted, referring to augmented world and virtual reality.

Curtis upgraded Skyworks Solutions Inc.’s banal SWKS to overweight from adjacent value arsenic well, noting that the institution could payment if Apple Inc. AAPL brings WiFi 6E to the iPad this year.

Skyworks shares are up much than 4% successful Monday greeting trading, arsenic are shares of Qualcomm.

At the aforesaid time, helium chopped his ratings connected Applied Materials Inc. AMAT and KLA Corp. KLAC to underweight from adjacent weight, informing that the stocks whitethorn person tally up excessively overmuch contempt imaginable 2024 challenges successful memory, foundry, and logic.