Advanced Micro Devices (AMD 0.05%), better known simply as AMD, is often overlooked by investors, as it has a distant second-place market share to leading chipmaker Nvidia (NVDA 1.74%) in the AI-fueled data center accelerator market.

There are several reasons why AMD stock should be on your radar right now. CEO Lisa Su has established a long track record of outperforming expectations. The company's recent data center chips are gaining impressive traction. And AMD has been steadily taking PC market share from long-time leader Intel (INTC 0.91%) for years.

However, the biggest reason why it's not too late to buy AMD right now is because of the long-tailed growth potential in some of its core markets.

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AMD's market growth

Here are a few projections for AMD's core markets from reputable analytical firms:

• Data center capital expenditure is expected to roughly double over the next three years, and according to Grand View Research; the data center accelerator market is expected to grow from about $34 billion in revenue last year to $166 billion by 2030.
• The gaming GPU market is estimated to be a $5 billion opportunity today, but is expected to more than 6x in size by 2030, according to Mordor Intelligence.
• The automotive GPU market is expected to be a $45 billion market by 2030, according to Virtue Market Research, a 33% annualized growth rate.
• Overall, the global GPU market (which is only one type of chip AMD makes) is expected to grow from $62 billion in 2024 to over $460 billion by 2032, a 29% annualized growth rate.

The bottom line is that even if AMD simply maintains its current market share, revenue growth could be extremely strong for the foreseeable future.