January notebook shipments above expectations, says Citi

Citi analyst Christopher Danely says January notebook shipments were down 22% month-over-month, above Citi’s expectation despite fewer working days due to Chinese New Year. However, the firm continues to expect notebook shipments to trend below seasonal at least through the first half of 2023 given the inventory build and recession. The analyst reiterates Neutral ratings on Intel (INTC) and AMD (AMD), expecting the data center downturn to negatively impact both.