1Q26 CPU Analysis: AMD & ARM Server Share Gains Accelerate

研报英文原文证据摘录

1Q26 CPU Analysis: AMD & ARM Server Share Gains Accelerate

Server CPU Market Snapshot

Figure 1: Server Units: ARM gained 140bps QQ and 615bps YY. Figure 2: x86 Server Revs: INTC Declined 492bps QQ and 677bps

AMD Gained 221bps QQ and 322bps YY YY

100% 100%

ARM=18%

90% 90% AMD=46%

80% AMD=27% 80%Share 70% (ex-ARM) 70%

60% 60% Market 50% Share 50%

40% Mkt 40%Units

30% 30%

INTC=55% INTC=54% Revs 20% 20% Server

10% 10% Server 0% 0%

1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 1Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q233Q231Q243Q241Q253Q251Q26

Source: Mercury Research, Evercore ISI Research Source: Mercury Research, Evercore ISI Research

INTC’s market share of Server CPU units was 55% in 1Q26 down 362bps QQ and 937bps YY.

AMD CPU units market share increased 221bps QQ and increased 322bps YY and ARM’s share

increased 140bps QQ and 615bps YY. On a revenue basis AMD share reached 46% increasing

492bps QQ and 677bps YY.

Server CPU units at 8.5m Figure 3: Server CPU Units up 6% QQ and 19% YY at 8.5m/Q in 1Q26 Now Just 5% Below Trendline

per Q (6%QQ/ 19%YY)

12 1,100remain 21% below peak in

Units ASPC2021 and 5% below the LT

trendline 1,000

Aggregate ASPs grew 25%

YY and 4% QQ in DecQ-25. mn 900

INTC Server CPU ASPs 8

800declined 65bps QQ but grew Sales,

21% YY $

Unit 6 700While AMD’s ASPs grew 5% ASP,

QQ and 20% YY CPU 600

Units have trended closer to LT 500 Server 4

trendline still 5% below, but recovering

from 32% gap earlier in C24. ASPs 400

increased meaningfully since 2H23

suggesting a richer mix 0 300

1Q054Q053Q062Q071Q084Q083Q092Q101Q114Q113Q122Q131Q144Q143Q152Q161Q174Q173Q182Q191Q204Q203Q212Q221Q234Q233Q242Q251Q26

Source: Mercury Research, Evercore ISI Research