$INTC: Server CPU pricing adds another lever to revenue growth Morgan Stanley’… · @LIWEI_TWCapital · TwKit

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$INTC: Server CPU pricing adds another lever to revenue growth Morgan Stanley’s October 26 weekly says Intel is ramping server supply while raising like-for-like prices by double digits for more transactional customers. That is distinct from Intel’s 48% year-over-year server ASP increase in Q2, which was driven mainly by premium-product mix. Those premium products also carried higher unit costs. Xeon 6 combines Intel 3 compute dies with Intel 7 I/O dies through EMIB packaging. Increasing compute-wafer output alone does not guarantee an equivalent increase in finished CPUs: the I/O dies, packaging and testing must scale together. Server buyers also need validated memory, firmware and I/O configurations, making substitution more involved than simply choosing another processor with the same core count. This is bullish for Intel’s server business. Higher prices on comparable CPUs point to improving pricing power rather than growth driven only by more expensive models. Combined with expanding supply, that strengthens the case for server revenue and earnings growth. $ARM $AMD $INTC

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