Wall Street Firm Downgrades Intel Over Server Market

Investing.com - Intel (NASDAQ:INTC)'s share of the booming server market will decline this year, according to one Wall Street firm, which lowered its price target on the stock as a result.
Northland Capital Markets slashed its price forecast 15% and also lowered its rating from perform to underperform.
The firm says Intel will lose business to industry rivals AMD and NVIDIA (NASDAQ:NVDA).
That's because more servers are starting to use GPU and ASIC chips made by AMD and NVIDIA, rather than Intel's CPU chips.
The change is a result of the broader move toward artificial intelligence.
Northland predicts Intel's sales growth will slow dramatically between the second and fourth quarters of this year.
Intel shares have gained about 50% in the past 12 months.