Cantor Fitzgerald: Intel & AMD
Intel ($Intel(INTC.US))> Outlook: Cantor maintains a "Neutral" rating with a $150 price target, noting that the risk/reward profile into earnings is skewed to the upside.> Drivers: The company is expected to see a "modest beat/raise" in its upcoming results, fueled by demand for agentic AI and expansion in average selling prices (ASP) within its Client segment.> Key Focus: Analysts are closely monitoring Intel's ability to outperform in a supply-constrained environment and how a potential decline in Client unit sell-through during the second half of the year will impact the company.> Foundry Progress: There is optimism regarding progress on 18A-P and 14A nodes, alongside developments with both current and new customers. This is expected to lead to a forecast for significantly higher capital expenditure (Capex) in 2027.AMD ($AMD(AMD.US))> Upcoming Event: AMD will host its third annual Advancing AI 2026 Event on July 22–23 in San Francisco.> New Tech: The company is expected to launch its next-generation Instinct MI450-series GPUs and Zen 6-based EPYC "Venice" processors.> Infrastructure Growth: AMD is anticipated to provide updates on the third-quarter ramp of its "Helios" rack-scale platform and offer more context on a "rapidly expanding pipeline" of large-scale AI infrastructure opportunities.> Market Projections:AMD is expected to raise its view on the Server CPU Total Addressable Market (TAM) for 2030 to over $150B (up from $120B).There is anticipation for an updated view on the AI Accelerator TAM, with potential upside to $600B–$800B in the 2029/2030 timeframe.> Financial Outlook: Cantor believes AMD is positioned to guide for data center revenues to at least double in 2027. AMD remains a "Top Pick" with an "Overweight" rating and a $700 price target.
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