Advanced Micro Devices (NASDAQ:AMD) and Arm (NASDAQ:ARM) continued to pull ahead of Intel (NASDAQ:INTC) in the third quarter, according to fresh analysis from Bank of America. Citing the latest data from Mercury Research, the bank said the period showed broad-based “AMD/ARM unit outgrowth over Intel across the board.”

Bank of America analyst Vivek Arya noted that Intel’s numbers were hampered by “ongoing supply constraints at Intel 7/10,” which limited the chip giant’s output and ultimately its market share.

In both the PC and server categories, Intel posted relatively soft unit trends, rising “just +2%/-1% QoQ in Q3.” By comparison, AMD’s volumes grew “+10%/+1%,” while ARM posted gains of “+7%/16%.”

Even though Intel saw average selling prices improve—“+8%/+7% QoQ for PC/servers”—AMD’s pricing power stood out once again, backed by its “+35%/+3% YoY” ASP performance this year. AMD also “continued its strong outperformance in desktops,” with Intel’s supply tightness “likely benefited its notebook shipment.”

ARM’s momentum in servers was even more pronounced, Arya said, with shipments climbing “+16% QoQ in Q3.” Bank of America believes ARM’s higher core counts likely added “>100bps in unit and value share QoQ.”

BofA remains bullish on AMD and ARM, maintaining Buy ratings on both, arguing that their “server/PC share gain opportunities and content gains” overshadow Intel’s short-term lift in the PC segment. Intel stays at Underperform due to headwinds across its “x86/foundry competitive landscape.”

Looking forward, the bank described PC shipment projections for 2025–26 as “relatively conservative,” but said AMD and ARM should continue to benefit from robust server demand. AMD recently pointed to a “$60bn+ CY30 server CPU TAM” fueled by AI, though Bank of America maintains more reserved estimates of $33 billion–$36 billion for 2027–28.

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