TXN - Intel Advanced Micro Devices may have PC weakness 'already baked in' BofA says

Intel (NASDAQ:INTC) and Advanced Micro Devices (NASDAQ:AMD) shares have struggled in recent days, but Bank of America said any concerns about the weak PC market "could already be baked-in" to their stocks. In a note previewing the broader chip sector, analyst Vivek Arya pointed out that weakness in the PC is now "well known," but any more concerns from Europe due to the war, as well as Covid-related concerns from China could push down PC demand further in the second quarter. "However we believe mix (towards enterprise and away from low-content Chromebooks) would provide a tailwind (Q1 PC ex-Chromebooks were actually up 3% [year-over-year])," Arya wrote.  The analyst added that Intel (INTC) is "more exposed" than AMD (AMD) to a slowing PC market, but the Pat Gelsinger-led company guided conservatively when it last reported. Conversely, AMD (AMD) has a number of other "positive levers," including the Xilinx addition, console demand

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Intel, Advanced Micro Devices may have PC weakness 'already baked in,' BofA says