“We update our CPU model post the launch of Muse, Meta's personal AI agent. Fundamentally, we view agentic AI as a potential orders-of-magnitude driver of compute demand relative to traditional chatbots. We believe the CPU TAM [total addressable market] expands from $29 billion in 2025 to $300 billion in 2030, or a 60% CAGR.”

Deadline is 2030; Citi's prior CPU TAM estimate was about $132B for 2030, so this is a roughly 2.3x raise premised on continuously-running personal AI agents. The accompanying AMD price target raise to $800 from $575 is secondary to the TAM claim.