Bank of America raised AMD's price target from $620 to $720, reiterated its Buy rating and named the stock its top CPU pick. The firm projects the server CPU total addressable market will expand from $61 billion in 2026 to $211 billion by 2030, including $180 billion driven by AI workloads. BofA also forecasts AI CPU units rising from 16 million to 53 million and blended server CPU average selling prices increasing from about $1,600 to $2,600 over the same period. The target is based on 30 times BofA's CY2028 earnings estimate, up from 27 times previously, while its CY2027 and CY2028 AMD EPS estimates rose 2% to 3%. AMD became the latest semiconductor company to surpass a $1 trillion market capitalization milestone, with shares at $632.99 in early trading, up 0.6% on the day and more than 13% this week. The broader thesis is supported by CPU infrastructure developments including Akamai's $11.6 billion, seven-year agreement with Anthropic, potentially expandable by another $9 billion, although AMD was not identified as a direct contract winner. AMD's latest earnings showed record second-quarter revenue of $11.5 billion, up 50% year over year, while Data Center revenue more than doubled and management guided for about $13 billion in third-quarter revenue.