2 Reasons AMD Can Still Outperform by 2030

Volatility picked up following the midterm elections that created uncertainty around the data center build-out. As a leading chip supplier, Advanced Micro Devices (NASDAQ:AMD) is down about 20% over the last month, as of Nov. 9, but based on revelations in its latest third-quarter results, I believe the stock can still beat the market through 2030.

According to Multpl, S&P 500 (SNPINDEX:^GSPC) earnings per share (EPS) growth has averaged about 22.3% annually over the past several decades. FactSet projects S&P 500 earnings growth of about 16% in 2027.

AMD is aiming higher. In November 2025, it targeted revenue growth above 35% annually and adjusted EPS above $20 within three to five years. In August, CEO Lisa Su said the company expects to "significantly exceed" that EPS goal. Two growth engines support it -- server chips lifted by AI agents, and Instinct graphics processing units (GPUs) with a multiyear sales runway.

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