Nvidia tipped to overtake AMD and Intel in server CPUs

Mizuho Securities analysts led by Vijay Rakesh forecast rapid expansion in server CPUs as agentic AI systems take on more autonomous work across multiple programs and external systems. The total addressable market for global server CPUs is expected to reach about $209 billion by 2030, with average annual growth of 32% over the next four years.

Agentic AI is expected to become the main growth engine. Mizuho estimated the agentic AI CPU market at about $80 billion in 2030, reflecting a compound annual growth rate of 123% over the next four years. Head-node CPUs for AI servers built around graphics processing units are projected to grow 61% a year to $68 billion by 2030, while conventional server CPUs are expected to expand just 2% a year and remain at about $60 billion.

Nvidia is projected to deliver the fastest revenue growth among major vendors, with server CPU revenue rising to $60 billion in 2028 from about $7 billion in 2025. Mizuho expects Nvidia, led by its Vera server CPU, to gain share in the merchant CPU market and overtake AMD and Intel in 2027.