Financial PerformanceRevenue associated with custom products and development services, primarily related to Gaming SoCs, accounted for ~16% of 1Q24 revenue, reflecting a -44% y/y decline.
Market CompetitionGraphics card sell-through remains muted, PC-SIGnals data suggests AMD lost modest GPU share, and AMD GPU pricing declined QOQ, netting to perhaps a weaker than expected outlook.
Product IssuesAMD was reported to have identified issues with their new desktop CPU (Granite Ridge) and may be pulling back shipments for requalification.