AI Agents Drive Up Server CPU Space, Funds Pulling Out of Tech Stocks

On July 23, research in the latest report indicated that with NVIDIA launching its Vera CPU architecture and entering more direct competition with AMD in the next generation of AI server platforms, the potential market size for server CPUs is expected to reach $170 billion by 2030, approximately four times the current level. The buy rating on NVIDIA is maintained with a target price of $350, as it is believed that the core of this competition has shifted from single-chip performance to how AI agent workloads should be measured: whether it is faster completion of individual agent tasks or accommodating more agents within the same rack.

At the time of this judgment, AI stocks were experiencing a rapid turnover phase. The Philadelphia Semiconductor Index had previously fallen over 20% from its peak, entering a technical bear market, but chip stocks subsequently rebounded. On Tuesday, U.S. stocks rose, driven by Micron and NVIDIA, with the Nasdaq up 1.3%; by Wednesday, rising oil prices and increasing U.S. Treasury yields suppressed risk appetite, leading the S&P 500 to a slight decline of 0.1% and the Nasdaq to drop 0.6%, with AI stocks continuing to drag down the overall market.

The flow of funds also shows a similar divergence. Client fund flow reports indicate that clients have net bought U.S. stocks for the third consecutive week, but the buying mainly came from retail investors and ETFs. Last week, clients purchased $3.4 billion in stock ETFs while selling $3.1 billion in individual stocks; retail investors recorded their largest weekly purchase since May 2025, and institutional buying has also been positive for the third consecutive week, but entirely driven by ETFs. Hedge funds have sold stocks for the second consecutive week.

At the sector level, technology stocks experienced their first outflow in three weeks, while communication services saw outflows for the third consecutive week; funds shifted towards consumer discretionary, financials, and energy. Small-cap and micro-cap stocks received significant buying interest, with the related four-week rolling average inflow reaching a new high since tracking began.

The long-term outlook for the server CPU market still supports the demand narrative for NVIDIA, AMD, and the AI infrastructure chain; however, client fund flows remind us that current trading has shifted from "buying all AI winners" to "selecting companies that can prove orders, profitability, and cash flow."

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