Intel’s net income over the last 4 quarters is 6x AMD’s net income ($19B vs $3.4B). Intel’s revenue over the last 4 quarters is 4x AMD’s revenue ($73B vs $19B). Short-term stock prices are driven by a casino mentality and the type of histrionics you see on shows like “Squawk on the Street”. Intel did have a bad quarter and Intel’s CFO said Sapphire Rapids will ramp “mainly in 2023”. Both AMD’s Genoa and the High Bandwidth Memory (HBM) version of Sapphire Rapids look impressive on paper. It remains to be seen if either company can deliver these chips at a reasonable price and without serious bugs, especially security bugs. Pat Gelsinger is Intel’s first good CEO since Andy Grove. It’s unreasonable to expect him to fix what has been broken at Intel for 10+ years when he has been there for less than a year and a half.