AMD shares have more than doubled this year as the chip designer captures a growing slice of the server processor market that powers artificial intelligence inference workloads. The company now sees that market reaching $220 billion by 2030, a compound annual growth rate of 50 percent, and its current trajectory suggests it could claim roughly half the revenue pool.

Unit share gains accelerate

Mercury Research data show AMD’s unit share of server CPUs rose 7.2 percentage points year over year in the second quarter to 34.5 percent. The research firm notes the figure is closer to 46.4 percent when Intel’s data-center and AI segment, which bundles edge and networking silicon alongside Xeon processors, is stripped out. AMD’s Epyc line is taking share directly from Intel’s Xeon franchise, and the shift showed up in revenue: AMD’s data-center segment jumped 107 percent to $6.7 billion, while Intel’s comparable division grew 59 percent to $6.3 billion.

Revenue share already near half

The unit-to-revenue gap has been visible for quarters. In the first quarter AMD’s server-CPU revenue share was reported at 46 percent against a unit share near 33 percent, implying stronger average selling prices. The second-quarter revenue jump suggests that dynamic held, putting AMD in the neighborhood of a 50 percent revenue share of the server-CPU market today.

The arithmetic to $2 trillion

If AMD simply holds that 50 percent revenue share through 2030, the $220 billion total addressable market translates to $110 billion in annual server-CPU revenue, more than four times the $25 billion annual run rate the data-center segment posted in the first half of 2026. That figure excludes the GPU business AMD also sells into AI clusters, which would push the total higher.

Valuation still prices in plenty of optimism

The stock trades at 64 times forward earnings. Analysts expect earnings per share to rise 81 percent this year to $7.57, then 40 percent in 2028. Long-term consensus estimates have been revised upward after the second quarter and now sit at 66 percent annual growth for 2029 and 2030. At that pace EPS would reach $59.85 in 2030. Even a compressed multiple of 30 times earnings would imply a share price near $1,795, a level that would put AMD’s market capitalization above $2 trillion.