AMD stock traded near $616 at the time of writing, up 187% year-to-date and 281% over the past year. The chipmaker briefly crossed $1 trillion in market value on Sept. 21, 2026, before falling back. Jim Cramer, for one, thinks the run has further to go.

Addressing the rally on CNBC's Mad Money on Sept. 28, Cramer said AMD's run "is not over." He called CEO Lisa Su's turnaround "arguably maybe the greatest of all time" and said he sees no sign it will stop soon.

Su took over as chief executive on Oct. 8, 2014, when a share cost about $3 and the company was worth roughly $2.5 billion. Measured against the current share price, that is a gain of roughly 200-fold during her tenure, and the trillion-dollar peak reached this month stands in sharp contrast to the company she inherited.

Why Cramer Is Watching CPUs, Not GPUs

Cramer's case for AMD is not built on graphics chips, the business that powered Nvidia's rise. It is built on central processing units and the emergence of agentic AI.

Agentic AI systems reason, plan, and act on their own. That workload is inference-heavy and runs constantly, a profile that favors CPUs over the training-focused GPU demand that made Nvidia dominant.

AMD's EPYC server CPUs have been gaining ground on Intel for years. That momentum showed up in the company's most recent quarterly results, with data center revenue hitting $6.7 billion in Q2 2026, up 107% year over year. The company's 6th Gen EPYC processors launched in July and were built specifically for agentic workloads. AMD also closed an $8.2 billion deal for World Labs, a firm founded by Dr. Fei-Fei Li, adding in-house AI research capability.

The $1 Trillion Milestone in Context

The milestone takes on added meaning when set against AMD's larger rival. Nvidia's data center unit alone booked $89 billion in revenue last quarter, more than 13 times AMD's total. Yet Nvidia's $5.5 trillion valuation is only about five times AMD's size.

That gap suggests investors are not pricing AMD on what the company holds today. They are pricing it on where it is headed.

Cramer did flag one caveat. A stock up 30% in September alone, one that briefly touched $1 trillion, is vulnerable to profit-taking if unexpected news hits. Still, he stood by his call.

AMD's momentum extends to customer deals. Su has secured commitments from Anthropic for up to 2 gigawatts of MI450 GPUs and expanded AMD Helios deployments with Meta, Microsoft, OpenAI, and Oracle. The pace of those deployments, and how quickly the Anthropic commitment fills toward its 2-gigawatt ceiling, will show up in AMD's data center segment, the line that grew 107% year over year in Q2.

Of the 36 analysts covering AMD in the past three months, 30 rate it a buy and none rate it a sell, according to TipRanks.

Shares Slip Despite New AI Assistant

On Wednesday, Sept. 30, AMD stock slipped 0.59% despite the launch of Ross, a new AI assistant built to help engineers move faster through design, testing, debug, and software work. The decline was modest in the context of the stock's larger run.

The assistant draws on an AMD knowledge base of guides and technical docs, and it uses reusable "agent skills" that teams repeat proven workflows across projects. AMD plans to add new tools to Ross each month.

"The AMD Ross agentic AI assistant has been a valuable addition to our development workflow," said Geetha Govindaraj of iWave Global.

The dip came even as analysts issued fresh notes on Tuesday, Sept. 29. William Blair's Sebastien Naji kept a Hold rating with no price target, StoneX's Cody Acree kept a Buy at $685, and Stifel's Ruben Roy kept a Buy at $635.

Wall Street's consensus rating on AMD stands at Strong Buy, based on 30 Buy and six Hold ratings over the past three months. The average price target sits at $648.07, implying about 7% upside from current levels.