AMD: AI CPU TAM increased, MI450 shipment is imminent, AI opportunities are broadening, remain neutral (J.P. Morgan)
After AMD's Advancing AI event, JP Morgan raised its 2030 TAM forecast for AI accelerators and data center CPUs to approximately US$1.4 trillion and US$220 billion respectively, and confirmed that the MI450/Helios system will soon start shipping and ramping.
After AMD's Advancing AI event, JP Morgan raised its 2030 TAM forecast for AI accelerators and data center CPUs to approximately US$1.4 trillion and US$220 billion respectively, and confirmed that the MI450/Helios system will soon start shipping and ramping. AMD's broad presence enables it to capture multi-vertical opportunities from cutting-edge training to edge physics AI and narrow the gap with its GPU peers. J.P. One-sentence conclusion: AMD is seizing AI opportunities through a broader product portfolio (CPU, GPU, system). Its TAM increase is an important signal, but more evidence is still needed to challenge GPU dominance in the long term. The current valuation has fully reflected its deterministic growth. Good/bad: Good for AMD (AMD.US) and the entire AI hardware ecosystem (such as server and network equipment manufacturers). The market may have partially priced in expectations for MI450, but may have underpriced the expansion of the AI CPU TAM and AMD's potential in edge AI. Catalyst: Shipments and customer feedback of MI450/Helios systems. AMD’s market share changes in the field of AI CPU (such as EPYC). Subsequent strategic cooperation with major cloud vendors (such as Anthropic) has deepened.