Advanced Micro Devices, Intel see modest increase in notebooks shipped: Citi

Advanced Micro Devices (NASDAQ:AMD) and Intel (NASDAQ:INTC) experienced a “mild positive” as November notebook shipments increased 2% month over month, according to Citi Research.

Notebook CPUs account for 37% of Intel’s sales and 16% of AMD sales, Citi notes. Despite the slight uptick, Citi maintains its fourth quarter notebook forecast of an 8% drop in shipments quarter over quarter due to muted demand.

However, PC unit sales are expected to increase 4% year over year in 2025 compared to the miniscule growth of half a percent in 2024.

Citi maintains a Buy rating on AMD and a Neutral rating on the beleaguered Intel. The financial firm estimates full-year earnings per share of $2.48 for AMD, which is more than the consensus of $2.43. It estimates a loss per share of $0.87 for Intel, versus the consensus calling for a loss per share of $0.84 for the year.

“We believe the in-line November notebook sales are a mild positive for Intel and AMD, as the QTD notebook shipments have achieved 66% of our forecast in 4Q24E,” said Citi analyst Christopher Danely, in a note.