On Friday, AMD surpassed Its rival Intel's market cap after its stock increased by over 3%, while Intel dropped almost 9%.
At the end of Friday, AMD's market capitalization hit $153 billion, while Intel's market cap lands on $148 billion.
Intel said that its disappointing report reflected execution issues and dropped its forecast for full-year earnings per share from $2.30 to $3.60.
In addition, Intel attributed its failure on macroeconomic conditions and the slowing PC market.
In terms of performance, AMD chips have recently grown considerably more competitive with Intel's products, sometimes even outperforming them for specific applications.
