Intel's AI struggles and AMD's china woes prompt Bernstein to lower PTs

Bernstein cuts price targets on Intel INTC.O and AMD AMD.O, citing challenging market conditions

Bernstein sees lack of a strong AI narrative for INTC; cuts PT to $21 form $25

Brokerage is cautious about AMD due to potential impacts from China sanctions and aggressive competition from INTC; cuts PT to $95 from $125

However, INTC and AMD shares are up about 1% premarket

Last week, INTC sold majority stake in Altera chip business to private equity firm Silver Lake

AMD said last week that it expects up to $800 million in charges due to new U.S. export curbs

INTC and AMD set to report quarterly results on April 24 and May 6, respectively

INTC down ~6% and AMD down 29% YTD vs ~25% decrease in Philadelphia SE Semiconductor Index .SOX