AMD Surges on Agentic AI as Citi Sets $132B CPU TAM Target

AMD shares have rallied sharply through late May, trading near $430–$467 after repeated analyst upgrades and a powerful post-earnings move. Q1 results on May 5 delivered $10.25B revenue and $5.78B data-center sales (+57% YoY), prompting eight price-target hikes to $500–$525. Citi anchored the bullish narrative with a $132B server-CPU TAM by 2030 while Nvidia’s Jensen Huang validated the $200B agentic-AI opportunity. Despite valuation concerns and selective downgrades, consensus remains Strong Buy with average targets near $457, underscoring sustained institutional optimism.