Dear Reader,
This is Dylan Jovine with Behind the Markets.
Happy Tuesday.
Today is Tuesday, April 28th.
And today I want to talk about semiconductor stocks.
In the past 30 days, Intel is up 89%.
AMD is up 71%.
Arm Holdings is up 74%.
About a year ago I talked about two massive opportunities emerging in AI — robotics and agentic AI.
Agentic AI is when you tell AI to do tasks for you on its own.
Simple example: every morning, go to database one, database two, and database three, pull my data, and present it in a clean format.
No human involvement required.
Here at Behind the Markets, we use agentic AI every day now for exactly this kind of thing.
What used to take hours — collecting data from multiple sources, building charts, formatting reports — is now served to us like a restaurant serves a meal.
That is agentic AI in action.
The Most Important Metric Right Now
As AI evolves toward agentic systems, there is one number you need to understand.
The CPU to GPU ratio.
In the first two and a half years of the AI boom, the ratio was one to eight.
One CPU sold for every eight GPUs.
GPUs were everything.
Everyone assumed CPUs were dead.
Now the ratio is one to four.
For every four GPUs sold, one CPU is sold alongside it.
And Intel's CEO Lip-Bu Tan put it plainly: "The CPU now serves as the orchestration layer and critical control plane for the entire AI stack."
He believes the ratio is heading toward parity — one CPU for every one GPU sold.
Evercore went even further last week, suggesting the ratio could flip to eight CPUs for every one GPU.
Think about what that means for the balance of power shifting away from Nvidia toward Intel, AMD, and ARM.
Why This Makes Sense
Agentic AI doesn't just need raw processing power the way basic AI models do.
It needs to orchestrate — to plan, to manage tasks, to coordinate across systems.
That is what CPUs do.
Every business owner I know right now is racing to “agentify” their operation.
We have our own internal project running here at Behind the Markets.
The goal is always the same — take the time people spend on repetitive data tasks and hand it to an AI agent, then redirect those people toward higher-value, revenue-generating work.
That is how agentic AI improves return on investment.
Lower the time invested.
Keep the output the same or better.
The Intel Story Gets More Interesting
Here is something most people missed.
On August 22nd, 2025, the Trump administration announced that the US government took a 10% stake in Intel at $20.47 a share — an $8.7 billion position.
Just 27 days later, Nvidia followed with a $5 billion investment of their own.
As of Friday, Intel hit its highest level ever — higher than even the Dot-Com bubble.
That government position is now up 315%, a gain of $28 billion for the United States.
And Friday was Intel's largest single-day gain since October 29th, 1987.
The CPU is back.
And I think the best of this move may still be ahead.
Anyway, that's all I have for you today.
Have a wonderful Tuesday.
I'll see you tomorrow.
“The Buck Stops Here,”
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Written by Dylan Jovine