美国半导体行业：2025 年第一季度笔记本电脑出货量高于季节性水平。虽有好消息，但我们察觉到库存积压。重申对超威半导体（AMD）和英特尔（INTC）的中性评级

V i e w p o i n t | 11 Apr 2025 03:30:00 ET │ 14 pages US Semiconductors 1Q25 Notebook Shipments Above Seasonal. Good News But We Smell an Inventory Build. Reiterate Neutral on AMD/INTC. CITI'S TAKE March notebook shipments increased 39% MoM, ahead of our expectation driven by pull-in demand to mitigate tariffs. Overall 1Q25 notebook shipments were down 6% QoQ, above our expectation of down 10% QoQ and well above normal seasonality of down 14% QoQ. We believe this is a near-term positive for notebook-expose ...