AMD AI Takeaways Note •AI accelerator market now seen at $1.4T by 2030 (up from $1T prior). We also raises forecast to $1T by 2028, backed by our bottom-up analysis •Server CPU TAM also boosted to >$220B by 2030. Agentic AI expected to be ~50% of TAM, with CPU:GPU ratio tightening toward 1:1. •MI455X is a major leap: 34x higher throughput & 18x lower token cost vs MI355X. Already outperforming Nvidia B200 in some LLM inference. •MI500 brings optical interconnects, ahead of Nvidia Rubin Ultra in key areas (HBM, 4-die package, scale-up domain). •Venice CPU strongest for AI workloads: 2.2x/2.0x higher throughput vs competitors. We estimate ~300k CoWoS builds expected in 2027 → big ASP uplift. 📈 No change to estimates and TP #AMD# #AdvancingAI#