Advanced Micro Devices forecast second-quarter revenue above Wall Street expectations on Tuesday, driven by strong demand for its data center chips. Shares rose 17% in premarket trading on Wednesday.

CPU rival Intel gained 6.2%, while ARM surged 11.3% in premarket trading ahead of the company’s earnings report scheduled for after market close on Wednesday.

AMD said it expects the server CPU addressable market to grow at over 35% annually, reaching more than $120 billion by 2030. This represents a significant increase from the 18% yearly growth rate AMD forecast in November.

“We expect AMD to be an outsized beneficiary of enterprise agentic AI adoption, where we see x86 having staying power as agents interact with enterprises’ exiting x86 infrastructure,” Goldman Sachs analysts wrote in a note.

Jefferies analysts added that the structural uplift from agentic AI is viewed as largely incremental to the GPU total addressable market. AMD is expected to provide further details at its AI day in July.

BofA analysts said they expect AMD to capture approximately 50% market share, with the remainder split between Intel and numerous ARM variants.

The analysts stated that rising CPU total addressable market benefits all CPU vendors, but they expect AMD to maintain or expand share based on its broad portfolio, rising enterprise focus, continued cloud leadership and consistent roadmap execution.

BofA analysts added that AMD may potentially announce other large customers for GPUs for 2027 and beyond, noting that every gigawatt represents $15 billion to $20 billion in incremental opportunity.

In Asia, Samsung reached a $1 trillion market capitalization, joining TSMC as the only Asian company to achieve this milestone as investors shift funds towards hardware AI companies.