On Friday, the market cap of Intel was greater than that of Advanced Micro Devices.
The chipmaker has a market cap of over $150 billion. After disastrous earnings that missed expectations for profit and showed declining revenue, Intel fell almost 9%. The market cap of Intel was more than $150 billion.
The shift is symbolic, but it shows that the market for PC and server chips is more competitive than ever.
The milestone shows that investors might value an asset-light chipmaker over one that invests heavily in manufacturing.
In recent years,AMD chips have become more competitive with Intel's in terms of performance, even exceeding their speed and efficiency for some applications
On Thursday, Intel dropped its full-year earnings per share forecast due to execution issues. Intel blamed macroeconomic conditions for its miss.
In an interview with CNBC on Friday, Intel CEO Pat Gelsinger compared the company's comeback strategy to a mountain climbing trip.
When the second fiscal quarter earnings are reported on Tuesday, investors will be watching to see if the macroeconomic challenges are the same as Intel's.
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