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The good times keep rolling for Advanced Micro Devices (AMD), whereas for Intel (INTC) and Nvidia (NVDA), things are looking tougher, according to three notes today from Canaccord Genuity’s Matthew Ramsay.

Ramsay, who has a Buy rating on AMD shares, and Nvidia, and a Hold on Intel, writes that the former will take share in microprocessor and GPU chips, while Intel will struggle to find new growth and Nvidia’s sales of GPUs face challenges.

Reiterating his $17 price target on AMD, Ramsay notes the stock appreciation but advises investors to stay the course as it takes share in PCs, servers, and GPU compute.

He notes recent improvements to the company’s “Ryzen 7” chips, after some people quibbled with its single-threaded performance in PCs:

While we viewed initial 8-core productivity and memory-intensive benchmark results as very positive for first-generation Ryzen 7 CPUs at launch versus often higher-priced Intel CPUs, reviewers made fair criticism of AMD's mid-tier 1080p gaming benchmark performance that fell well short of Intel's levels. In recent weeks, AMD software engineers have worked closely with partners to generate meaningful performance improvements from software and Windows scheduler changes to support Zen's architecture, yielding 30% performance improvement in many cases. While we certainly would never expect AMD's new Zen architecture to match Intel across all benchmarks, we believe early performance and particularly performance/watt benchmarking of Ryzen 7 CPUs in concert with more mature software optimizations should position the company well for solid desktop sales in 2017 (so far limited by only motherboard supply) and provides an encouraging proxy for Naples server potential starting in 2H/17 ramping into 2018.

Intel, Ramsay believes, is "A riddle, wrapped in a mystery, inside an enigma,” and its stock and its strategy "remain a contradictory conundrum."

The company could just milk its cash flows, but instead its “investing for growth,” he observes.

Ramsay thinks that’s the right decision, but until it bears fruit, Intel will be a less attractive investment:

In the end, we agree with management's long-term decision to invest for growth; however, turning a battleship like Intel takes time and we believe other stocks will generate more attractive returns during this period of prolonged transition, especially exiting a year with "peak" gross margins and into a period of DCG margin compression and increased capital investment. We concede Intel shares generate a strong yield and remain inexpensive, but we believe shares could remain range bound as margins stagnate and until investors see proof that new investments in 10/7nm, automotive, IoT and memory are capable of generating strong returns within a reasonable time horizon.

With Nvidia, whose target price he cuts to $125 from $130, the stock is good for “long-term investors,” but he sees a slow-down in gaming GPU sales.

Additionally, he sees a risk to pricing of Nvidia’s sales of server chips from AMD’s incursion:

In our base-case assumptions, we conservatively model datacenter revenue growth of low-teens annually after very strong growth of 131% modeled in F'17 driven by ongoing HPC and virtual desktop revenue and the emergence of new GPU server acceleration and deep learning cloud computing applications at Facebook/Google/others. While we anticipate NVIDIA's ~80% server accelerator share today will gradually moderate over time toward 40% as competition from Intel, AMD and others increases, we believe accelerator server attach rates could hit 20% in the next 5 years as deep learning and GPGPU algorithms mature and adoption ramps outside of the 'top 7' cloud vendors, driving a ~$2.5B+ business for NVIDIA. Despite our very bullish fundamental view on NVIDIA's datacenter business, concerns remain regarding some investors' unrealistic expectations that ASPs will remain significantly above premium-tier gaming GPU cards long-term once adoption reaches scale and AMD enters the market to offer customers a second source.

AMD stock today is up 19 cents, or 1.3%, at $14.35; Intel stock is up 35 cents, or 1%, at $36.63; and Nvidia stock is down 39 cents at $100.39.