BofA sees server CPU TAM hitting $170bn by 2030 as NVIDIA takes on AMD

Bank of America’s latest note frames NVIDIA’s Vera CPU launch as a major strategic challenge to AMD in the server CPU market. BofA estimates the server CPU total addressable market could reach $170 billion by 2030, about four times current levels, driven by demand for AI infrastructure. The firm keeps a Buy rating and $350 target on NVIDIA, arguing Vera is part of a broader co-designed AI system rather than a standalone processor. AMD remains the key competitor, with its EPYC line and upcoming AI 2026 Day seen as the near-term catalyst for its performance narrative. The article highlights a fundamental debate between NVIDIA’s latency-focused, agent-centric approach and AMD’s throughput/density-focused model. Investor attention is likely to center on which framework hyperscalers and enterprises adopt, as that could shape long-term CPU capital allocation and relative share performance for NVDA and AMD.