Concept:
Program Counter (PC) is a register that keeps track of instruction execution.
Step 1: Instruction cycle
Fetch → Decode → Execute cycle is followed.
Step 2: Role of PC
PC stores the memory address of the next instruction.
Step 3: During execution
After fetching an instruction, PC increments automatically.
Step 4: Branching condition
In case of jump/branch, PC is updated accordingly.
Step 5: Conclusion
\[
\boxed{\text{Address of the next instruction}}
\]
Final Answer:
\[
\boxed{(D)}
\]