CITIC Securities: Agent technology to significantly boost CPU demand and value
CITIC Securities predicts that Agent technology will substantially increase demand for Central Processing Units (CPUs), leading to a reassessment of their market value. In an optimistic scenario, the ratio of CPUs to Graphics Processing Units (GPUs) could reach 8:1. The long-term market size for CPUs is projected to reach $2 trillion, potentially surpassing the current GPU market. The year 2026 is anticipated to be a period of accelerated market penetration for domestically produced CPUs in China. It is expected that the market share of Chinese-made CPUs in the domestic commercial sector will rapidly climb from single digits to double digits. CITIC Securities recommends focusing on leading domestic CPU and GPU manufacturers, as well as key players in related supply chains.
The increasing integration of Agent technology into computing systems presents a significant inflection point for CPU manufacturers. As AI workloads become more sophisticated and distributed, the demand for robust and efficient processing power at the core of these systems is likely to rise. This shift could necessitate a re-evaluation of CPU architecture and market positioning, potentially moving beyond their traditional roles. The projected market expansion highlights the strategic importance of domestic semiconductor capabilities in meeting future technological demands and mitigating supply chain vulnerabilities.
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