Mizuho on Agentic AI CPU/servers: see Agentic AI driving demand higher, but memory/CPU supply potentially limit upside in 2H26E. "believe the demand for traditional servers could come from both x86 (+ve $INTC, $AMD) and $ARM-based CPUs with ARM gaining overall share into 2027E." "Estimate total server shipments for 2026E up 17% y/y to 14.6M units (prior: ~14.0M units) with non-AI server growth at up ~6% y/y (prior flattish y/y). Estimate AI servers growing at a 26% 2025-29E CAGR to reach 5.87M units by 2029E (prior: 5.67M units)" "Continued Blackwell/Rubin ramps providing near-term tailwinds for $CRDO" "We see AMD with Turin and Genoa continuing to see strong demand ahead of Venice ramps in 2H26E, while INTC continues to see Granite/Diamond Rapids supply constrained ahead of Coral Rapids in 2027E, and ARM continuing to benefit from partner ramps, ahead of upcoming AGI CPU, where demand was noted up 2x vs. launch, and potential ASIC announcement"