What does the Program Counter hold during a CPU cycle?

The Program Counter (PC) plays a crucial role in the operation of the CPU by keeping track of the instruction flow during processing. Specifically, it holds the memory address of the instruction that is to be executed in the upcoming cycle. This means that as the CPU completes the execution of an instruction, the PC increments or updates its value to point to the next instruction in the sequence. By maintaining this address, the CP can ensure a smooth and organized execution order, allowing the processor to fetch and execute instructions sequentially.

The other choices do not accurately reflect the role of the Program Counter. For example, while the PC does relate to what is being executed next, it does not directly hold the data nor the instruction itself, but rather the address from which that instruction can be fetched. Therefore, understanding the function of the Program Counter is essential for grasping how the CPU processes instructions systematically.