Advanced Micro Devices Inc. believes it has better technology than Intel Corp., and expects to gain back a long-lost share in the systems that power data centers, now key in this era of technology.

AMD AMD, +2.94% history has included a series of such challenges, but they have always been followed by undoings for the semiconductor industry’s longtime sad sack stepsister to Intel INTC, +1.58% . The rapid rise for AMD over the past year feels much like the early 2000s, when AMD first offered a huge technological breakthrough as its biggest rival was floundering.

AMD experienced a major resurgence with a competitive chip architecture, first in PCs with a chip called the Athlon and then with its first foothold in the mainstream server market with the Opteron, more than a decade ago. With the release of Epyc, AMD’s server chip family that it first launched last year, it hopes to be a player again in the corporate server market.

“The time is ripe for us,” Daniel Bounds, senior director of data center and embedded solutions at AMD, told MarketWatch in a recent interview.

“Without Epyc, there is some stagnation in the market,” Bounds said, while describing Intel’s current server efforts as “very small incremental performance gains and not a whole lot of rethinking of what a server should be.”

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AMD’s stock has already returned to those optimistic times of more than a decade ago on hopes that it can compete in servers. Shares have soared this year to prices they have not seen since early 2006, when AMD made its biggest inroads in servers against Intel, which dominates the commodity server market. In 2006, according to Mercury Research in Scottsdale, Ariz., AMD’s share of the server market peaked at 23.7%, before falling back as Intel began to regain share with its continuously improved Xeon server chip family.

AMD‘s market cap tumbled along with its server market share: Over the next 10 years, AMD traded in a range from a low of $2 to a high of less than $10, as its share of the server market fell to less than 1% and stayed there. Now, as AMD hits its highest prices in 12 years, Intel appears once again under siege—its world-class manufacturing process technology is largely seen as lagging in the industry, and its chips have been found by researchers to be vulnerable to hackers.

“It’s fairly analogous to that period of time,” said Kevin Krewell, principal analyst at Tirias Research. “Intel is actually at another historic junction.”

“There are a series of factors here that open the door for AMD,” Krewell said, specifically mentioning security vulnerabilities specific to Intel CPUs, as well as issues with manufacturing 10-nanometer chips and fabrication-space problems that have resulted.

AMD exec digs at Intel’s security flaws

Bounds, who took over responsibility for the server market at AMD less than three years ago, noted the security concerns in his interview with MarketWatch. Intel chips were found vulnerable to security holes dubbed Meltdown and Spectre early this year, but AMD chipsets are also vulnerable to Spectre. Bounds instead mostly focused on a new vulnerability reported in August, which is now being called Foreshadow as a growing concern for customers.

“We are the most robust when it comes to security,” Bounds said, adding that the patches AMD now has for Spectre have a negligible effect on performance. “The impact of Foreshadow is pretty severe…There is a lot of concern about Foreshadow. Our response is that there really is only one choice and that is Epyc.”

Krewell noted that Intel’s patch for Foreshadow shuts down the function called hyperthreading in its server chips, resulting in a huge performance hit.

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“You can lose up to 30% [performance] of your data center,” he said. “That only affects Intel, it does not affect AMD.”

Intel’s delays in moving to the latest 10-nanometer manufacturing node, which shrinks transistors to even more microscopic sizes, from its current so-called 14 nanometer + + technology are having a broader industry effect. Two weeks ago, Intel confirmed that it is not meeting all its demand, which analysts attributed to its transition to the new manufacturing process, an issue also affecting PC makers, as Micron Technology said in its earnings last week. On Friday, Intel said it would still have supply to meet its full year outlook and it is prioritizing its Xeon and Core processors to focus on the high-performance segments, but supply is tight at the entry level PC market.

Lisa Spelman, vice president and general manager of Intel Xeon Products and Data Center Marketing, defended Intel in an interview late last week, touting the company’s ability to tap into a huge ecosystem of partners to quickly respond to security vulnerabilities. She also said focusing on its manufacturing delays is not looking at the entire picture of Intel’s offerings.

“Intel’s product leadership is not built on process node alone,” Spelman said, adding that Intel added a new instruction set to its latest Xeon processors, resulting in a two-time performance increase. “Node is important, as is the instruction set, as is the software ecosystem…I do think it is overly simplified to talk about process node in regards to performance to customers.”

Small gains are expected to grow

AMD describes corporate customers as not having had much of a choice beyond Intel during the past few years, and has already signed up system providers such as Cisco Systems Inc. CSCO, +1.58% , Hewlett Packard Enterprise Co. HPE, -0.21% and many others. Chief Executive Lisa Su said last month on an earnings calls that AMD has more than 50 customer platforms now on the market.

Bounds highlighted Epyc-based servers in use at companies like Dropbox Inc. DBX, +1.97% and Packet, as well as public cloud companies such as China’s Tencent Holdings Ltd. 700, -0.29% and Microsoft Corp. MSFT, +2.27%

Most of these customers are still also concurrently using Intel chips. Because of their compatibility, servers with Intel and AMD chips can run together in the same data centers or server farms.

One feature that hasn’t changed for AMD with the new server chips is a focus on lower cost of ownership, thanks in part to one option of so-called single socket boards, which have one cluster of chips on one socket. This also lowers the price of memory because less is required, a positive in the current environment of higher memory prices. AMD said that its one-socket options lower the total cost of ownership over three years by 45% compared with Intel. A two-socket option from AMD will lower the cost of ownership by 29%, with no compromises to performance or security.

See also: This chart shows AMD stock at historically overbought levels

AMD is gaining some tiny incremental share in servers, and investment analysts believe those gains will continue. For the first half, AMD managed a 1.2% unit share of the world-wide market for server chips, according to Mercury Research in Cave Creek, Ariz.

Shebly Seyrafi, an analyst with FBN Securities, wrote last week that he believes AMD will reach 5% of a 5.5 million unit market in the fourth quarter.

Stacy Rasgon, a Bernstein Reseach analyst, agrees that there is an opportunity right now for AMD.

“Given Intel’s missteps, investors are likely to perceive increased probability for AMD to hit their share targets especially as 7-nanometer Rome launches next year,” Rasgon wrote in a note after earnings last month.

While those analysts may have changed their tune on AMD, that feeling is not universal. Only 38% of analysts rate the stock a buy, according to FactSet, while 41% have a neutral or hold rating, and 21% rate AMD as underweight or sell. Some are perhaps still hesitant, leery of the stock’s run up in the last year, and nervous that the turnaround will stick.

AMD has been here before and failed. Now that it has generated enough good will among investors with the Ryzen chip family to approach highs not seen since that failure, it must capitalize on the potential weakness at their biggest competitor, which is without a CEO, in addition to its other ails.

Today, just as before, AMD’s biggest challenge is competing in technology with Intel while winning on price. If Su and Bounds can accomplish that in a repeatable fashion, AMD could wash away the disappointments of the past.