Advanced Micro Devices crossed a $1 trillion market capitalization threshold on Sept. 21, becoming the fourth U.S. chipmaker to reach the milestone after Nvidia, Broadcom and Micron. Shares rose roughly 10% to an intraday record near $616 and closed around $613. AMD was also estimated to be among the 14th to 16th companies globally to reach that valuation. The stock had gained approximately 180% to 187% in 2026, including a previously reported 185% increase, far outpacing the Nasdaq. The rally has been driven by rapid growth in data-center revenue, which reached $6.7 billion in the second quarter of 2026, up 107% from a year earlier, while total revenue rose 50% to $11.54 billion. Demand for EPYC server CPUs and Instinct GPUs has positioned AMD as a supplier for AI workloads, with Meta, OpenAI, Anthropic and Microsoft among its customers. Anthropic plans to deploy up to 2 gigawatts of MI450-series GPUs in 2027, and AMD expects to more than double data-center revenue by 2027. CEO Lisa Su's strategy has evolved from rebuilding AMD's CPU position with Zen to competing in data-center systems, including the Helios rack-scale AI platform launched in July 2026. Nvidia remains the leader in AI training hardware and software, leaving AMD to compete not only on chip performance but also on ecosystem maturity, inference demand and full-system offerings. Investors continue to monitor hyperscaler spending, agentic AI and valuation after AMD's latest revenue outlook exceeded Wall Street estimates but fell short of elevated expectations. Analysts previously maintained a Buy consensus, with an average price target of $604 from 50 analysts.