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= AMD=E2=80=99s spike reveals just how central CPUs are to the AI boom
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<= table class=3D"row-content stack" align=3D"center" border=3D"0" cellpadding= =3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;= mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 au= to" width=3D"600">
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He= y Snackers,

Goodbye Jeeves=E2=80=A6 Ask.com (formerly askjeeves.=F0=9D=96=BC=F0=9D=97= =88=F0=9D=97=86) has shut down af= ter almost 30 years of operation. Debuting in 1996, a whole year before Goo= gle, it wasn=E2=80=99t too long before search-and-answer stalwarts like Alphabet=E2=80= =99s engine and Yahoo overtook Jeeves =E2=80=94 which are now themselves ge= tting overshadowed by AI. See how the search ecosystem has shifted to forums and chatbots. 

The S&P 500, Nasdaq 100, and Russell 2000 posted new record closing highs (= again) on Wednesday after Axios reported that t= he US and Iran are close to a deal to end their conflict, wh= ich would lift restrictions around transit through the Strait of Hormuz. Oi= l fell sharply on the news. Energy was the worst-performing sector, while i= ndustrials was the best. Every Magnificent 7 company rose.

 
= BRAINS= OF THE OPERATION
AMD=E2=80=99s spike reveals just how central CPUs are = to the AI boom

CPUs have joined high-bandwidth chips as the apple of = AI investors=E2=80=99 eyes, with shares of Advanced Micro Devices = sharply higher after its robust Q1 results= and a strong sales outlook.

  • The central processing unit, long overshadowed by the higher-power= ed graphics processing units that helped kick-start the AI boom, is now enj= oying its time in the sun.
  • While AI agents are being asked to do more and make more decisions, not all= of their processes require a Mensa-level mind (that is, a GPU). In many ca= ses, merely a functioning noggin (or CPU) will do.
  • On the conference call, AMD CEO and Chair Lisa Su said that the appropriate= ratio of CPUs to GPUs in order to run AI models used to be =E2=80=9Ca 1-to= -4 or 1-to-8 configuration,=E2=80=9D but that=E2=80=99s =E2=80=9Cnow changi= ng and getting closer to a 1-to-1 configuration, or you can even imagine if= you get lots and lots of agents that you could have more CPUs than GPUs.= =E2=80=9D
<= td class=3D"pad" style=3D"padding-bottom:10px">

Both management and analysts were talking a lot more CPUs<= strong> compared to GPUs, which is a bit of a revealed preference = on the expected growth opportunity for the firm and, based on the performan= ce of peers, the industry at large.

It=E2=80=99s n= ot just AMD: 

  • In its fiscal Q4 2026 earnings report last night, Arm Holdings reported a de= luge of demand for its data center CPUs, whic= h were launched in late = March.
  • =E2=80=9CWe now have m= ore than $2 billion of customer demand across fiscal 2027 and fiscal 2028, = more than double what we stated at launch,=E2=80=9D per the press release. = =E2=80=9CSoon the data center will be Arm=E2=80=99s largest business.=E2=80= =9D 
  • The company s= ays it already has 50% market share for CPU compute among top hyperscalers.=
<= h1 style=3D"margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neu= e',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing= :normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-li= ne-height-alt:28px">THE TAKEAWAY

Bernstein analyst Stacy Rasgon noted that AMD has doubled its expectation f= or the CPU server total addressable market by 2030 to $120 billion from $60 billion a few months ag= o, =E2=80=9Cand given what we are seeing around agentic AI workloads this i= s looking potentially plausible.=E2=80=9D

=E2=80=9CThe world has changed, amid sentiment that the CPU growth trajecto= ry has changed,=E2=80=9D wrote Morgan Stanley analyst Joseph Moore.

<= /table>
= Read more
 
=
= THE BE= ST THING WE READ TODAY
How AI is turning every job interview into a coding interview

Live coding tests used to be a thing that happened mostly in engineers=E2= =80=99 job interviews. Now recruiters are asking a wide range of potential hires to spin up Claude Code and build something while they share their s= creens.

What the te= sts are like

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Snacks Shots
  • =F0=9F=8C=BD Fertilizer: An American Farm Bureau survey fo= und that 70% of respondents could not afford enough fertilizer for the season, as the price of= urea spikes following the blockage of the Strait of Hormuz. Markets are cu= rrently pricing in a 50% chance* that the price of fertilizer will get above $1,200 per ton this year, well above the $455 per ton it was trading at in February. 
  • =F0=9F=A7=A0 P= sychedelics: Markets are pricing in an 89% chance that the FDA approves a psychedeli= c substance for medical use this year, a sharp increase for a trade that wa= s going as low as 29% in early April. 

*Event contracts are offered through Robinhood Derivatives, LLC =E2=80=94 p= robabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.

=
<= span style=3D"word-break: break-word;"> 
Off the charts

What is America=E2=80=99s favorite planet, according to a new YouGov surv= ey? (Before you say it, Pluto is indeed included as a planet in the sur= vey.)

 
<= /tr>
<= h1=20 style=3D"margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',= Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:no= rmal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-= height-alt:30px">What else we're Snackin'
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Snack= Fact of the Day

Birmingham-Hoover, Alabama, is the best met= ro area for new grads, a new analysis found. 

=
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Thursday

  • Premarket earnings: Datadog, <= a href=3D"https://link.sherwood.news/click/45583153.12411380/aHR0cHM6Ly9yb2= Jpbmhvb2QuY29tL3N0b2Nrcy9QVE9OP3V0bV9zb3VyY2U9c25hY2tzJnV0bV9tZWRpdW09ZW1ha= WwmdXRtX2NhbXBhaWduPXNuYWNrc18yMDI2MDUwNyZ1dG1fY29udGVudD01OWU3M2RmYjM2Mzgy= NWJmZmI5NWE5ZjkwYWYwYzJlMQ/65c52b4d998ecb18d12e2d33B2f4d5ce3" style=3D"text= -decoration: underline; color: #5869ff;">Peloton, Warby Parker= , and Tapestry
  • Postmarket earnings: Coin= base, Airbnb, Affirm, Cloudflare, and Lyft
 
<= /table>

Was this email forwarded to you? Don=E2=80=99t miss out on= future stories =E2=80=94 subscribe to Snacks an= d get your daily dose of financial news straight to your inbox. 

Craving more insights in your inbox? Subs= cribe to Chartr and= = The Wrap for quality reads.

 
3D"T=
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=3D"Sherwood

Sherwood Media, LLC produces fresh and unique perspectives on topical finan= cial news and is a fully owned subsidiary of Robinhood Markets, Inc., and a= ny views expressed here do not necessarily reflect the views of any other R= obinhood affiliate... See more

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