$ARM

Dylan Patel: “CPUs are sold out.” $INTC earnings and conference call confirmed the looming CPU shortage. There are three main drivers: - Agentic systems, as CPUs do the planning and orchestration. - Increasing complexity of and demand for reinforcement learning environments that run on CPUs. - Increasing deployment of AI instilled apps. Models run on GPUs but apps themselves run on CPUs. Demand for all these will grow secularly as AI systems will only get more agentic, RL environments will only get more complex, and deployment will only accelerate. As a result, GPU-to-CPU ratio in AI workloads will move from 1:8 to 1:2 or maybe even 1:1 in the future. CPU supercycle is about to start. $AMD $INTC $ARM