Morgan Stanley: Các tác nhân AI thúc đẩy quy mô thị trường CPU máy chủ, vốn rút khỏi các cổ phiếu công nghệ cá nhân

The Huoxing Finance report states that on July 23, Bank of America Research, in its latest report, indicated that with NVIDIA launching its Vera CPU architecture and engaging in more direct competition with AMD on the next-generation AI server platform, the potential market size for server CPUs could reach $170 billion by 2030, approximately four times the current level. Bank of America maintains a Buy rating on NVIDIA and a $350 price target, asserting that the core of this competition has shifted from single-chip performance to how AI agent workloads should be measured: whether it’s about completing individual agent tasks faster or hosting more agents within the same rack. At the time this assessment was released, AI stocks were undergoing rapid rotation. The Philadelphia Semiconductor Index had previously declined more than 20% from its peak, entering a technical bear market, but chip stocks subsequently rebounded. On Tuesday, U.S. equities rose, led by Micron and NVIDIA, with the Nasdaq rising 1.3%; by Wednesday, rising oil prices and higher U.S. Treasury yields dampened risk appetite, causing the S&P 500 to dip slightly by 0.1% and the Nasdaq to retreat 0.6%, as AI stock volatility continued to weigh on the broader market. Capital flows also showed similar divergence. Bank of America’s client flow report indicated that clients have net bought U.S. equities for the third consecutive week, but buying was primarily driven by retail investors and ETFs. Last week, clients purchased $3.4 billion in equity ETFs while selling $3.1 billion in individual stocks; retail investors recorded their largest weekly inflow since May 2025, and institutional buying also remained positive for the third consecutive week—entirely driven by ETFs. Hedge funds, however, sold equities for the second consecutive week. At the sector level, technology stocks saw their first outflow in three weeks, while communication services experienced outflows for the third consecutive week; capital shifted toward consumer discretionary, financials, and energy. Small-cap and micro-cap stocks received significant buying pressure, with their four-week rolling average inflow reaching a record high since Bank of America began tracking. Bank of America’s long-term outlook on the server CPU market continues to support the demand narrative for NVIDIA, AMD, and the broader AI infrastructure chain; however, client flow data reminds us that current trading has moved from “buy all AI winners” to “screening for companies that can demonstrate orders, margins, and cash flow.”