AMD (AMD) Citi’s 2026 Global TMT Conference summary

Industry trends and AI transformation

• AI is driving unprecedented demand and is seen as the most consequential technology transformation, with inferencing now outpacing training in compute demand.

• Market opportunity for AI compute is projected to reach $2 trillion by 2030, with agentic AI creating new demand for both GPUs and CPUs.

• The AI super investment cycle is considered to be at its early stages, with expectations for continued strong demand across the product portfolio.

Product roadmap and ramp

• Data center business is expected to double next year, with significant GPU (MI450/MI455) and CPU supply ramps planned through 2027.

• Helios and MI450 ramps begin in Q3, with major step-ups in Q4 and Q1 2027, supported by robust supply chain management.

• Multi-generational product engagement with anchor customers is influencing future product designs (MI500, MI600, Venice, Florence, Ravenna).

Customer and market expansion

• Anchor customers now include Meta, OpenAI, and Anthropic, each planning multi-gigawatt, multi-generational deployments.

• NeoCloud is a key channel for supporting a broader customer base, including model builders and enterprise clients.

• The server CPU market TAM has expanded from $60B to $220B by 2030, driven by agentic AI adoption and new enterprise workflows.