Advanced Micro Devices slips even as Susquehanna says it's gaining share in a weak PC market
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Advanced Micro Devices (NASDAQ:AMD) fell on Thursday as investment firm Susquehanna noted the company is continuing to gain in the PC market, one that has continued to weaken.
Analyst Christopher Rolland, who has a positive rating on AMD (AMD), cut his estimates and price target on the company, as well as Intel (NASDAQ:INTC) and Nvidia (NASDAQ:NVDA), noting that channel checks point to lower notebook builds and PC shipments, now at -20% year-over-year and -17% year-over-year, respectively. 
Rolland noted that AMD (AMD) has continued to see market share gains on both laptop and desktop CPUs, including Chromebooks, even before the ramp of its Ryzen 7000 series. However, that's not enough for the firm to keep its estimates.
"Overall, we are cutting estimates for AMD, INTC and NVDA to reflect our new PC shipment forecast and weakening PC industry checks (and US ban on AI GPUs)," Rolland wrote in a note to clients. 
Advanced Micro Devices (AMD) fell nearly 1.5% to $67.42, while Intel (INTC) and Nvidia (NVDA) declined 1% and 2%, respectively.
While performing the channel checks, Rolland also noted that retail GPU pricing has fallen below MSRP and high-end GPUs have declined as much as 30% below MSRP, with the secondary market, such as eBay, declining even further.
The analyst also pointed out that Nvidia (NVDA) has gained some aftermarket GPU share and laptop share, but it's lost share in the desktop. He also noted that GPU attach rates for laptops were up, but flat for desktops.
Rolland noted that internal solid-state drive attach rates are still high and prices were up 10.8% sequentially.
Last week, Bank of America lowered estimates on both AMD (AMD) and Intel (INTC), pointing to a "further deterioration" in the consumer PC market and getting rid of excess inventory.