Morgan Stanley believes that agent artificial intelligence will expand chip spending, extending from graphics processors to central processors.

Morgan Stanley stated that the increasing autonomy of artificial intelligence may drive demand for central processing units, reshape the construction of data centers, and expand investments beyond the graphics chips that have dominated the current AI boom. In a note on Sunday, Morgan Stanley said, "As AI transitions from inference to autonomy, the computing bottleneck is shifting towards CPUs and memory, driving a step change in general computing intensity." The demand for graphics processing units remains strong, according to Morgan Stanley. Morgan Stanley estimates that by 2030, proxy AI will add $32.5 billion to $60 billion to the already over $100 billion data center CPU market. Proxy AI refers to systems that are able to plan tasks and take actions on their own, rather than simply responding to prompts. Morgan Stanley said that the next wave of proxy AI will be driven more by coordination rather than just raw computing power.