Shares of Intel (INTC) are up 60 cents, or 1.2%, at $50.60, despite a negative note this morning from Stifel Nicolaus’s Kevin Cassidy, who cuts the stock to Hold from Buy after concluding server chip sales are about to slow, and you should instead buy stock in Advanced Micro Devices (AMD), which he simultaneously upgrades to Buy from Hold.

Intel’s stock multiple on forward earnings has expanded from 11.7 times back in September to 14 times at present, he writes. That was based on the release of new “Xeon” server chips last...