To The Moon

This week, both $Intel(INTC)$ and $Advanced Micro Devices(AMD)$ surged, stealing the spotlight from the previously hot memory sector. Although SK Hynix delivered very strong earnings, SanDisk in the memory sector declined yesterday.

Why has CPU replaced memory as the new favorite?

Agentic AI workloads (task scheduling, state management, I/O control) are overwhelming GPUs alone — CPUs are now critical infrastructure again, not just supporting hardware.

Over the past two years, the market has been used to a single chain: capex up → GPU orders up → HBM up → advanced packaging up.

In this chain, CPUs were just a supporting role — “one extra chip bundled in the server,” and were given low valuation weight.

Morgan Stanley’s March AI Agent report pointed out:
pure inference and agent-based inference are physically different, and putting them into the same BOM model ignores the CPU as a core driver.

GPU is the BRAIN, responsible for token generation; CPU is the ORCHESTRATION layer, responsible for task coordination; Memory is KNOWLEDGE, responsible for data retrieval

Investors, take note! What are the four major investment opp ...

Every tool call in an agent workflow must first be processed by the CPU:
parsing JSON outputs, reconstructing context and the next prompt, then sending it back to the GPU for the next round of inference.

It may look like simple string processing, but under long context windows + multi-step reasoning, each round processes tens of KB to several MB of intermediate state.

$Intel(INTC)$: Best Quarter, Eyeing a 26-Year High

Intel delivered far stronger-than-expected sales guidance. A year ago, the market was asking if Intel could survive. Now, it’s asking whether Intel has enough capacity.

The company stated that June-quarter revenue is expected at $13.8B–$14.8B, versus analyst expectations of $13B.

• Data center revenue surged

• Cloud customers are aggressively buying Intel’s latest processors

• Foundry business: revenue per customer guidance upgraded from “hundreds of millions” to “billions”

• One-time restructuring charges still exist, but core business is clearly turning around

$CSOP SK Hynix Daily (2x) Leveraged Product(07709)$: Memory Scarcity Is No Longer Just a Narrative

Goldman Sachs’ takeaway after 1Q26 results:

• Revenue +198% YoY, operating profit +405% YoY

• DRAM ASP forecast raised to +182% YoY (from +144%)

• HBM demand is fully booked for the next 3 years, supply cannot meet LTA commitments

• ROE projected at 60–70%, a record high for SK Hynix

• Target price raised to ₩1,800,000

JPMorgan’s data showing DRAM contract prices up 96% QoQ confirms this is not a short-term spike — the memory cycle has shifted into a new gear.

After the surge, are semiconductors overvalued or not?

CPU vs Memory — Which AI Hardware Leg Has More Upside?

• Do you think Intel can reach a new all-time high?

• Is a $100 price target for Intel reasonable?

• Will CPUs replace memory as the next hot sector?

• Leave your comments to win at least 5 tiger coins~