Intel CEO, Pat Gelsinger, is hopeful that Chipzilla will recover its losing market share hold to AMD this year but Wall Street isn't sure yet.

During the earnings call, Intel's CEO, Pat Gelsinger, admitted that they have lost share and also the momentum that they once had but that changes now and the company can expect stabilization in the current year.

We think that stabilizes this year," Chief Executive Pat Gelsinger told investors on a conference call.

The factors are the huge inventory that amounts to $13.2 Billion or 151 days equivalent which is still sitting there along with poor reception of Intel's Sapphire Rapids Xeon CPUs which were recently launched to tackle AMD's EPYC portfolio.

"Intel had high hopes that Sapphire Rapids would enable them to take the fight to AMD," said Lucas Keh, semiconductors analyst at Third Bridge.

"Intel's turnaround is taking some time, exacerbated by the economy, but I believe its plan is working," said Glenn O'Donnell, an analyst at Forrester Research.