Why would my guy friend say I'm not funny even though he laughs at the jokes I make?

My guy friend is constantly saying I'm not funny even though he laughs at things I say that are intended to be funny and humorous. I just don't get it because it's confusing when he says something like that but his reaction is the opposite. I've been told a few times by different people that my humor is witty and clever, if that makes a difference.

Why would my guy friend say I'm not funny even though he laughs at the jokes I make?
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