Evercore Upgrades AMD, ARM on Share Gains

Evercore reiterated Outperform ratings on AMD, Arm and Intel after Q1 2026 server CPU market share report.
AMD added 220 basis points QoQ share while Arm added 140 bps, causing Intel’s share to drop from 59% to 55%.
Evercore projects the server CPU TAM to grow to 75‑110 million units, with 34% AMD and 43% Arm five‑year CAGR.
The firm expects market share to normalize around one‑third each for Intel, AMD and Arm, citing Intel’s capacity constraints.