CPU stocks rally as Meta's Muse fuels the Agentic AI trade. $INTC +13.9% $ARM +14.5% $AMD +9.1% (ATH) Meta launched Muse earlier this month. It’s now the most downloaded free app on the U.S. iPhone App Store, surpassing ChatGPT. Why does that matter for CPUs? Because AI agents do a lot more than generate text. They browse, call tools, execute code, and coordinate multi-step tasks. That can make the workload far more CPU-heavy than chatbot inference. Industry estimates suggest CPU-to-GPU ratios could move from 1:8 in training to 1:4 in inference and potentially 1:1+ with agentic AI. Citi now sees the CPU market reach $237B by 2030. But the supply is already the constraint. $INTC: Intel CEO Lip-Bu Tan says Intel can currently meet only ~50% of customer CPU demand. $INTC has also raised prices several times this year. $AMD: AMD reportedly plans ~10% price hikes in Q4. Its server CPU TAM is modeled at >35% CAGR through 2030. $ARM: Arm-based CPUs already account for ~50% of the AI host CPU segment. $NVDA: Shipping Vera, a CPU built for agentic AI and inference workloads. Agents could make CPUs the next major bottleneck.