AMD stock has gained 296% over the past year versus Nvidia's 63%, with one Wall Street analyst projecting 39% further upside.

AMD's server CPU market share reached 33.2% in the first quarter, up 5% year over year, driven by demand for its EPYC processor as customers shift to agentic AI (autonomous AI systems that plan, organize, and execute tasks without constant prompts).

In the first quarter, AMD's revenue increased 38% year over year to $10.3 billion, with data center revenue rising 57% year over year to $5.8 billion, and adjusted earnings per share climbing 43% year over year to $1.37.

AMD projects the server CPU total addressable market will grow at a compound annual rate of more than 35% through 2030, reaching over $120 billion by then—a revision upward from a more conservative outlook given at its analyst day in November.

Robert W. Baird & Company analyst Tristan Gerra issued a $625 price target on AMD stock, implying upside of about 39% from current levels.