BofA boosts CPU market view, lifts AMD/ARM targets on AI demand

Bank of America lifts its 2030 server CPU total addressable market to over $170 billion (from $125B), arguing that agentic AI will drive a multi-year CPU demand surge that benefits both x86 incumbents and ARM rivals. The firm raises AMD’s target to $560, ARM to $335, and Intel to $135, while keeping Nvidia as its top sector pick; Qualcomm is yet to meet the AI-related upside. It emphasizes CPUs’ role in orchestration and decision-making for AI workloads beyond traditional accelerators.