Intel's technology leadership in the semiconductor industry is growing more uncertain, according to Barclays.

The firm lowered its rating to equal weight from overweight for Intel shares, saying the chipmaker needs to prove that its next generation of chips will perform better than AMD's offerings.

"We see risk of moderation in PC/server end markets, which have already outperformed, while the storyline is hampered by much uncertainty remaining around competition, process nodes/roadmaps, as well as the new CEO," analyst Blayne Curtis said in a note to clients Monday. "Intel continues to believe that it can retain a performance advantage even with a process node disadvantage, but has provided little evidence to support this, creating an overhang well into 2019."