Bullish outlook on server CPU demand driven by AI workloads

BofA: In light of Q3 earnings, we are increasing our projected CY30 server CPU total addressable market (TAM) from ~$210 billion to over $240 billion. Driven by ongoing momentum in agentic workloads and clearer CPU supply visibility for CY27–28, our updated forecast reflects a 39% CAGR (up from 36%). This represents a nearly sevenfold expansion from CY25’s ~$35 billion baseline, and more than 3.5x growth compared to a strong CY26 estimate. $NVDA $QCOM $ARM $INTC $AMD