Jefferies analyst Mark Lipacis downgraded Intel (INTC) to Underperform, his firm’s equivalent of a sell rating, and cut his price target on the shares to $29 from $38. Intel closed Friday up 25c to $33.88.

The chipmaker’s Xeon/Xeon PHI platform is disadvantaged versus Nvidia (NVDA) in emerging parallel workloads like deep neural networking, Lipacis tells investors in a research note. He believes Intel, as the incumbent with dominant share, has the most to lose as the industry undergoes a “tectonic shift in computing toward a parallel model.” Intel is losing share in datacenter to Nvidia while chip competition from AMD (AMD), Cavium (CAVM) and Xilinx (XLNX) is increasing, the Lipacis argues.