Evercore ISI raises AMD price target to $579 on AI inference shift; Citi projects CPU market to reach $132 billion by 2030

On May 19, Evercore ISI lifted Advanced Micro Devices, Inc. (NASDAQ:AMD) price target to $579 from $358 and maintained an Outperform rating. On May 18, Citi raised AMD price target to $460 from $358 and reaffirmed a Neutral rating, citing a new CPU TAM model projecting annual market growth of 35% to $132 billion by 2030.

Evercore ISI's action follows Q1 AI channel checks showing AI workloads' transition from training-led to inference-led regime by year-end, with emphasis shifting to cost-per-token, ROI, and TCO metrics. This shift is strengthening hyperscaler interest in homegrown ASICs (custom semiconductors) and alternative accelerators.

AMD posted quarterly earnings growth (YoY) of 95.10% and quarterly revenue growth (YoY) of 37.80%, with one-year returns surpassing the S&P 500's return by 270.67%. The company operates in Data Center, Client and Gaming, and Embedded segments.