Bloomberg Intelligence AMD Soars as AI Demand Fuels Better-Than-Expected Sales Outlook
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May 6, 2026 
Mandeep Singh, global tech research head who tracks ride-share and autonomous vehicle trends. George Ferguson, aerospace and defense analyst focused on SpaceX and supply chains. Kunjan Sobhani, semiconductor analyst specializing in AMD and GPU/CPU markets. They dig into AMD’s surprise data-center CPU strength, NVIDIA’s supply-chain moves for AI infrastructure, and SpaceX’s ambitious chip factory plans.
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AMD CPU Surge Doubled TAM In One Year
- AMD's CPU business became the primary growth driver as management doubled its addressable market and growth expectations within a year.
- Kunjan Sobhani says CPUs are resurging in AI servers and explain why CPU strength outpaced GPU focus this quarter.
Valuation Premium May Normalize As AMD Ramps AI GPUs
- AMD's rich valuation reflects early-stage positioning in server AI GPUs and could normalize as product ramps in 2027–2028.
- Kunjan notes NVIDIA had similar premium multiples at the same stage, implying potential valuation compression over time.
NVIDIA Investing Downstream To Avoid Optical Bottlenecks
- NVIDIA is investing in optical and networking suppliers to secure supply for large GPU clusters and future silicon photonics.
- Kunjan cites investments in Corning, Lumentum and Cohere to preempt optical component bottlenecks for CPO transitions in 2027–2028.