AMD strictly moderated (AMD)

[chipdesigner]

It follows from their respective revenue guidance for Q1. Remember Bryant's Q4 comment at the December update? You don't think he feels the same way about Q1, given a similar guidance setup?

Intel midpoint is -8%.

Historically, AMD uses "slightly down" to mean -3% or so, so their midpoint is -1.5%.

Unless you imagine some weird allocation, in which Intel's non-CPG areas are responsible for the -8%, AMD is going to gain more share in Q1.

And Intel knows it.