Alright, the AI boom continues to expand the circle of those who are profiting from it. This time, the spotlight has shifted from GPUs to ordinary central processing units.

On Monday, AMD added almost 10% and, for the first time, surpassed a market capitalization of $1 trillion; Intel rose by about 12%, and Arm by 17%.

The trigger was the success of Meta’s new AI agent, Muse. What’s the logic? If a regular chatbot just answers questions, then an AI agent can search for information on its own, run programs, make purchases, or perform dozens of actions in the background. And that means significantly more computing—not only on Nvidia GPUs, but also on standard central processing units.

Demand is already so strong that Intel’s CEO said last week that the company can currently satisfy only about half of customer requests.

The market itself could also become huge. Arm estimates the server processor segment at roughly $120 billion by 2030, and AMD sees potential as high as $220 billion.

So what matters to us? The AI boom is gradually no longer just a story about Nvidia. The more AI moves from impressive demos to agents that actually do the work, the more hardware the entire system needs — GPUs, CPUs, memory, and networking equipment.

There are also first problems: Amazon has already blocked Muse’s ability to make purchases on its site without approval. But even this shows how quickly AI agents are starting to move into real business.

So making money from AI won’t be only those who create the best models. Someone also has to sell the processors for all those billions of actions that AI agents will carry out every day. And this week the market very clearly showed who it sees among the main beneficiaries — AMD, Intel, and Arm.

Nikita Guppal | ProInvestments

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