** Advanced Micro Devices AMD.O forecast second-quarter revenue above Wall Street expectations on Tuesday, supported by keen demand for its data-center chips
** AMD expects the server CPU addressable market to grow at over 35% annually, reaching more than $120 billion by 2030, higher than the 18% yearly growth rate it forecast in November

** Shares up 17%, premarket

GLOW-UP GETS REAL

** J.P.Morgan ("neutral," PT: $385) says AMD's results crystallize the structural inflection underway across both server CPU and data center accelerator growth trajectories

** Bernstein ("outperform," PT: $525) says "while many stocks have been climbing strictly on vibes lately the company deserves significant credit for a fundamental story that increasingly is looking real"

** Morgan Stanley ("equal weight," PT: $410) says AMD remains in a very strong position to gain market share (CPUs), given Intel's lower share in hyperscale and flawed near term roadmap

** Jefferies ("buy," PT: $415) says the CPU market narrative meaningfully strengthened, and GPU execution in the back half remains the key swing factor