NEW YORK (CNN/Money) - Advanced Micro Devices is kind of like the Boston Red Sox of the semiconductor world. That, of course, would make Intel the New York Yankees.

And like frustrated Bostonians, who perennially think it's finally their year to shine, fans of AMD once again believe that it might at long last have a weapon to help it unseat Intel as the market share champion in microprocessors.

Shares of AMD have nearly doubled this year, largely due to high hopes for its heavily hyped Athlon 64 chip for desktop computers, which will be released Tuesday. But are investors, like Red Sox fans after a three-game winning streak, getting a little too excited?

From a technology standpoint, AMD certainly has reason to celebrate. The Athlon 64 is the first 64-bit processor for desktop computers running on Microsoft's Windows platform. Apple already has a 64-bit processor, made by IBM, in its new Power Mac G5 and both AMD and Intel produce 64-bit chips for servers.

Intel's Pentium 4 microprocessor for desktops is a 32-bit chip and the next version of the Pentium, code named Prescott, also is expected to be just a 32-bit chip. AMD's 64-bit chips will offer better graphics capabilities than the Pentium.

Still, the advantage is not as great as it might have been. The Athlon originally was due out at the end of 2001 and the launch date was subsequently pushed back to the end of last year and once again to the beginning of 2003 before AMD finally had it ready for this fall.

"The opportunity that AMD had to gain market share against Intel has dissipated," said Patrick Ho, an analyst with Moors & Cabot. "Athlon 64 will help materially for AMD but at the same time expectations are overly aggressive."

Most analysts say the appeal of a 64-bit processor is for the time being largely limited to PC video game aficionados. What's more, Intel already is taking steps to fight back.

More about chip stocks Put up or shut up time for semis Intel: Curb your enthusiasm PC comeback? Tell us something new

Last week, Intel announced that an enhanced version of Pentium 4 specifically geared to gaming enthusiasts, called Pentium 4 Extreme Edition, would be available in the next few months. While this chip will not be a 64-bit processor, it will transmit data at a faster rate than Athlon 64.

"There's no question that Athlon 64 is going to create a little bit of a buzz," said Alex Vallecillo, portfolio manager with National City Investment Co., which runs the Armada family of funds. "But there's not an airtight case for marketing it since it's not faster than something you can get from Intel."

In addition, there isn't a lot of software outside of gaming just yet that requires more than a 32-bit processor to run effectively. AMD also faces a bit of a hurdle on the hardware side. Dell, the global market share leader in the PC business, uses Intel chips exclusively in its PCs. So on paper, having a 64-bit chip sounds great for AMD. But if few need or want it, then who cares?

"AMD will likely position this as beating Intel to the punch in 64-bit computing to the desktop so we expect the hype factor on the Athlon 64 should be relatively high. But does the new chip represent a material threat to Intel? No. Will 64-bit computing drive PC growth? No," said UBS global technology strategist Pip Coburn in a recent report.

AMD's biggest problem is that it is reeling financially, which makes it a tough challenge for the company to market heavily against a juggernaut like Intel. AMD has racked up eight consecutive quarters of losses.

And according to First Call, analysts expect that streak to continue until the fourth quarter of 2004. AMD also has just $739 million in cash on its balance sheet and $1.6 billion in debt.

YOUR E-MAIL ALERTS Advanced Micro Devices Incorporated Intel Corporation Semiconductors and Active Components or Create your own Manage alerts | What is this?

Intel, on the other hand, has a lower debt load than AMD ($1.3 billion) and a $13.6 billion cash pile. This financial strength enables Intel to spend aggressively on marketing, as it has done this year with its Centrino wireless chipset for laptops. Even though it was a late entry to the market, it has quickly become a major presence in this area.

For AMD, Athlon 64 represents possibly the last chance the company has to try and make significant inroads against Intel. And unlike that ill-fated baseball team from Beantown, it can't keep saying that there's always next year. AMD needs Athlon to restore the firm to profitability.

"In many ways, this is a bet-the-company strategy for AMD," said Michael Cohen, director of research for Pacific American Securities.