Shares of Advanced Micro Devices rose after the company said its total addressable market could reach $3 trillion by 2030.

The stock advanced 6% to $508.08. Shares have more than doubled this year.

The maker of high-performance computing processors said in July it expected its total addressable market to be roughly $2 trillion in 2030. On Tuesday, Chief Financial Office Jean Hu said at a conference that number could range as high as $3 trillion.

Demand is booming for GPUs, CPUs and AI PCs, Hu said. AMD's data center business also is expected to double next year, she said.

The company plans to launch a new GPU this quarter, with the business growing faster in the fourth quarter and next year, Hu said. AMD also has increased supply in the constrained CPU market, which will help the business expand more than 80% during the second half of this year, compared with the same period the year before.

"This AI super investment cycle is at the very beginning, and over time, we're going to continue to see strong demand for AMD's product," Hu said.