Bank of America raised its 2030 server CPU total addressable market forecast to more than $210 billion from about $170 billion, arguing that agentic AI will push data-center architecture toward a heavier CPU mix even as broader AI infrastructure spending accelerates. Bank of America's Global Research team, led by BofA semiconductor analyst Vivek Arya, now sees the total data-center systems market reaching $2.2 trillion by 2030, with AI-specific systems contributing about $1.7 trillion, up from prior estimates of $1.2 trillion to $1.4 trillion. CPUs are expected to represent about 10% of that market, versus roughly 7% previously, as autonomous AI workloads rely on processors to coordinate inference, retrieval and data movement rather than displace GPU demand. The outlook is underpinned by spending from Microsoft, Google, Amazon and Meta, whose combined capital expenditure is projected to exceed $700 billion in 2026, up 75% year over year. BofA said it has financed more than 5 gigawatts of global data-center projects in the past 18 months, including a $16 billion Michigan campus built for Oracle and OpenAI. The note kept AMD as BofA's preferred CPU stock and Nvidia as its top overall semiconductor pick.