Even as Intel (Nasdaq: INTC) sets its sights on new, smaller horizons with a suddenly competitive mobile processor launch, longtime rival Advanced Micro Devices (NYSE: AMD) is making inroads in Intel's existing demesne.

Hewlett-Packard (NYSE: HPQ) just considerably expanded its range of laptop systems with AMD processors, by introducing updated AMD-based versions of the ProBook business-class notebooks. HP spokesman Mike Hockey extolled the virtues of AMD's latest and greatest chips, which can add up to serious performance and efficiency at attractive price points. For businesses that sometimes buy dozens or hundreds of systems all at once, a 10% price advantage can make a real difference.

Even with this design win in its back pocket, AMD remains very much the underdog in the notebook space. HP features mostly Intel chips; I can only find one AMD laptop series from Dell (Nasdaq: DELL); Lenovo and Acer are heavily Intel-weighted; and Sony (NYSE: SNE) doesn't do AMD at all in its Vaio laptops. And of course, up-and-comer Apple (Nasdaq: AAPL) is an exclusive Intel shop when it comes to laptop chips -- though that might change soon enough.

Little wins with the largest computer manufacturer in the world count for a lot, though we'll have to wait for a while to see any impact on AMD's business. HP's AMD systems won't ship out for another month or more -- and by then, AMD's second quarter will nearly be over. AMD's market share in notebooks is lagging far behind the company's strengths in desktops and server systems, leaving plenty of room for expansion here.

AMD CEO Dirk Meyer hinted at notebook launches like this one in his latest earnings call, and I should expect to see more of them over the next couple of weeks. But again, don't expect any top-line or bottom-line impact from any of it until the third-quarter report in October.

With low share prices and promising developments in the server and laptop sectors, would you buy AMD today? The stock has gotten a bit cheaper since I told you not to buy it, and looks like a better value these days. But that's just my opinion -- share yours in the comments below.

Fool contributor Anders Bylund owns shares in AMD, but he holds no other position in any of the companies discussed here. This story was written on a Samsung laptop with an Intel CPU and AMD graphics, and so the balance of the universe is restored. Intel is a Motley Fool Inside Value selection. Apple is a Motley Fool Stock Advisor pick. The Fool has created a covered strangle position on Intel. Try any of our Foolish newsletters today, free for 30 days. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.