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Chip maker Advanced Micro Devices’s (AMD) annual meeting with Wall Street analysts takes place next Tuesday May 16th, at its headquarters in Silicon Valley, and the Street has been offering up their thoughts on what to expect.

The meeting follows a Q1 report on May 2nd in which the the company raised questions about its comeback, and its challenge to Intel (INTC) and Nvidia (NVDA), given what seemed to some lower-than-expected gross profit margin.

Morgan Stanley’s Joseph Moore doesn’t expect “any big surprises” from the day, he writes. Moore, who has an Equal Weight rating on the stock, thinks that “Intel continues to raise the bar":

We don't expect to get new clarity on 2q or the year, but we would like to get a better sense for the Zen roadmap - Ryzen looks competitive, but Intel should move the bar forward in performance in 2h by close to 20%, and 10 nm ramps next year. We would expect some updates on Naples, the second half server product, but it is probably too early to get a tangible sense of customer partnerships; we see a small revenue opportunity this year.

He expects to hear more about “Vega,” the company’s forthcoming “high-end” GPU chip. But he has “fairly low expectations.”

We'd like to get new details on Vega, the new high end graphics solution that should start shipping late this quarter - and to get a sense for how it benchmarks against NVIDIA's Pascal products as well as the upcoming Volta family. Our best sense is that Vega with high bandwidth memory will be roughly competitive with NVIDIA's 1080 (which puts it 30% below NVIDIAs 1080ti at the high end), which prices at $500. We see limited impact if that is the case, given the high cost of high bandwidth memory implementations. As far as data center graphics, Volta has potentially significantly raised the bar for those performance sensitive applications.

On the financial side, he thinks things will look pretty much the way they did back in 2015, with the company forecasting 50 cents per share per year in “earnings power,” even though he continues to think they can do only 30 cents.

In contrast, Hans Mosesmann of Rosenblatt Securities, who has a Buy rating on AMD stock, and a $20 price target, today writes that the event will be "an eye opener."

"The street has yet to realize the significant market share up-side going forward on the notion of AMD just getting back to historical share levels with merely a competitive product,” writes Mosesmann.

“If AMD were to have a better x86 CPU architecture, well then, we would be headed into uncharted territory."

Mosesmann in fact thinks AMD can gain share because it has a better product than Intel on some counts:

Today there are street observers that posit the view that AMD could not possibly gain share in any segment because AMD Ryzen (in early benchmarks in March) may not have been faster than Intel in extreme high end gaming; and as such don’t bother to even consider Zen on the merits of the architecture in the vast majority of x86 computing. We believe AMD may have a better multi-threaded architecture than Intel’s current x86 and this notion has serious implications in the datacenter where we are already seeing the disruption AI workloads are doing to system level architectures. We think AMD’s Zen in 2017/18 may be better than Intel x86 roadmaps based on Skylake, Kaby Lake, etc. Servers – AMD Naples 32 core (64 thread) will go up against Intel Skylake Purley 28 core (56 thread) this summer and both likely launch at Computex later this month. It is possible Intel may introduce a 32 core product to counter Naples, however it is not clear at this time. Naples will sport 8 DRAM channels vs. Skylake’s 6 DRAM channels for 33% memory bandwidth (this is hugely im- portant for hyperscalers). More cores, more threads, more bandwidth, better price performance, better performance/watt, for AMD. For an encore, AMD will likely detail the 7nm-based Starship server CPU with 48 cores (96 threads) coming likely in 2H18. We understand AMD is prepping a 16-core (32 threads) high-end desktop monster dubbed X399 (production may already be underway), which will do battle with new desktop Intel Skylake/Kaby Lake models that max out at 12 cores (thread count is not clear to us at this time). Intel may counter with its own 16 core part however it would have to be rushed. This is a fascinating dy- namic given that Intel is not used to getting challenged in high-end professional and enthusiast gaming.

Mosesmann’s parting thought is that AMD is competitive even with Intel’s three-year manufacturing lead.

"If AMD Zen CPUs that use lagging-edge GF 14nm are ‘competitive', then it is reasonable to consider that AMD Zen is more than a 2-year cycle as both companies move to their next nodes in 2018,” he concludes.

"Actually, a case can be made that AMD skipping 10nm and going straight to 7nm, while Intel moves to 10nm, could see Intel’s process lead dissipate (thus making AMD incrementally stronger)."