AMD Shares Soar on $3 Trillion Market Target Amid Geopolitical Tensions

AMD shares surged after its Chief Financial Officer Jean Hu said the company's total addressable market could reach as much as $3 trillion by 2030.

This is up from AMD's previous estimate of roughly $2 trillion provided in July, and Hu pointed to rising demand for GPUs, CPUs, and AI-enabled PCs as drivers of the expanded opportunity.

The company also sees its data center business more than doubling next year, with growth expected in server CPU sales of over 80% in the second half of this year and over 70% next year.

In other markets, gold prices edged lower on inflation concerns after the US economy added 162,000 jobs in August, increasing expectations for a Federal Reserve rate hike in September.