AMD is the best bet in the semiconductor space - Wedbush analyst
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Wedbush Securities analyst Matt Bryson said Tuesday that he preferred AMD (NASDAQ:AMD) as the most likely near-term winner in the semiconductor space, beating out competitors like NVIDIA (NVDA) and Intel (INTC).
"My favorite name at this juncture is AMD. I think they are in a position to continue to gain share from Intel," The senior VP of equity research and hardware at Wedbush Securities told CNBC.
Bryson noted that he expects AMD to capture additional share from INTC in both the key categories of servers and PCs, adding "I don't really see that dynamic changing until late '24/'25."
Beyond AMD, Bryson described NVDA as having "a great longer-term story," calling the firm "the leader in AI." However, he believes the firm faces some near-term headwinds.
"I'm waiting for the decline in crypto mining, the potential weight on their consumer GPU business to get fully baked into the name and the outlook," he said.
For INTC, the Wedbush analyst noted that the firm will likely benefit from increased government subsidies, which will focus on chip manufacturers. Along the same lines, Bryson said the spending will also give a boost to GlobalFoundries (GFS).
The overall semiconductor sector has been hard-hit in 2022, dragged down by rising interest rates and worries about the global economy. NVDA and AMD have both fallen more than 45% since the end of 2021. Meanwhile, INTC has fallen 27%, while GFS has retreated 32%.

For another bullish take on AMD, read in-depth analysis provided by Seeking Alpha contributor The Abstract Investor, who advises investors to buy the dip.