Core Viewpoint - U.S. chip demand is increasingly favoring Advanced Micro Devices, Inc (AMD) and Arm Holdings plc over Intel Corp, with both companies outpacing Intel in key PC and server shipments despite Intel's higher pricing gains [1][2]. Group 1: Market Trends - U.S. semiconductor trends are showing a preference for AMD and Arm, particularly in units shipped across PCs and servers, as highlighted by Bank of America Securities analyst Vivek Arya [2]. - In Q3 2025, Intel's PC and server unit shipments grew only 2% and fell 1% quarter-over-quarter, while AMD's PC processors increased by 10% and server CPUs by 1%, and Arm-based server shipments surged by 16% [3]. Group 2: Pricing and ASP Gains - Intel reported stronger average selling price (ASP) gains, with PC/server ASPs increasing by 8% and 7% quarter-over-quarter, partially catching up with AMD's pricing trends [4]. - AMD is benefiting from enterprise PC upgrades linked to Windows 11 adoption and strong demand for AI-capable server chips, while Arm is experiencing pricing momentum as hyperscalers increase CPU core counts [5]. Group 3: Competitive Landscape - AMD has extended its lead in desktops and is capitalizing on Intel's shortages in notebooks, while Arm-based servers gained over 100 basis points in both unit and revenue share [6]. - Arya maintains Buy ratings on AMD and Arm due to their structural share-gain opportunities, while reiterating an Underperform rating on Intel due to competitive challenges [7]. Group 4: Future Outlook - IDC and Gartner project low- to mid-single-digit growth in PC shipments for 2025 and flat growth in 2026, with Arya calling these forecasts conservative as the post-pandemic refresh cycle continues [8]. - AMD estimates a total addressable market (TAM) for CPUs exceeding $60 billion by 2030, driven by AI, while Arya models a $33 billion–$36 billion market by 2027–28 until CPU value contribution becomes clearer [9].