Morgan Stanley: Agentic AI shifts value from GPUs to CPUs and memory, creating up to $60bn incremental CPU TAM by 2030

The next phase of artificial intelligence is no longer just about faster GPUs. As AI moves from single-task generation to autonomous, multi-step "agentic" systems, the economic value is migrating to the broader infrastructure stack, with CPUs and memory emerging as the new bottlenecks, Morgan Stanley said in its latest research report.