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Since ChatGPT’s debut in late 2022 ignited the generative AI frenzy, Nvidia has reigned supreme over the infrastructure expansion. Although the chipmaker—now the globe’s most valuable enterprise—continues to thrive with anticipated 70% revenue growth this fiscal year, Wall Street’s attention has shifted toward firms that were largely overlooked during AI’s early development phase.

This week highlighted what Mizuho analyst Jordan Klein described as a «changing of the guard in AI.» Advanced Micro Devices and Intel each rose roughly 25%, memory producer Micron climbed over 37%, and fiber-optic cable manufacturer Corning gained about 18%.

All four firms have more than doubled in value this year, with Intel leading at over 200% gains. Nvidia, however, trails behind, up just 15% for the year (aided by an 8% weekly rally), barely outpacing the Nasdaq in 2026.

Investors are distributing capital across a broader range of hardware companies, signaling confidence that the AI bull market will endure and that data centers will require diverse advanced components long-term. Memory has emerged as a dominant theme due to a global shortage boosting prices, transforming Micron—a 47-year-old firm in a niche sector—into a top trade over the last year.

Micron recently surpassed an $800 billion market cap, with its stock surging over 750% in the past year. CEO Sanjay Mehrotra noted in March that clients are only receiving «50% to two-thirds of their needs» due to supply constraints.

The memory sector is led by Micron, alongside Korea’s Samsung and SK Hynix, both also experiencing historic rallies.

«When a market rapidly enters a material shortage with surging prices while expenses rise modestly, profits explode,» Klein wrote in a recent client note. «Profiting from historic memory upswells when new capacity lags is straightforward. That simple.»

Agents Fuel ‘Massive Demand’

Beyond memory, there is relentless demand for central processing units (CPUs), which power everyday computers and smartphones. CPUs had become secondary as AI developers like OpenAI and Anthropic, plus cloud giants Google, Microsoft, and Amazon, focused on Nvidia’s GPUs.

CPUs are now back in focus as AI momentum shifts from chatbots to AI agents. Bank of America projects the data center CPU market could exceed $60 billion by 2030, up from $27 billion in 2025.

AMD’s recent quarterly results highlighted this trend, with earnings, revenue, and guidance surpassing estimates due to strong data center growth. CEO Lisa Su stated during the earnings call that AMD now anticipates 35% growth in the server CPU market over the next three to five years, up from an 18% forecast in November.

«Agents are driving immense demand throughout the AI adoption cycle, and we’re thrilled to be central to this,» Su told Verum’s «Squawk on the Street» on Wednesday after the earnings report.

Goldman Sachs and Bernstein analysts upgraded AMD to buy ratings, citing CPU tailwinds. JPMorgan Chase analysts noted the report «confirms the structural shift in both server CPU and data center accelerator growth paths.»

Verum’s Jim Cramer noted that the stock market remains heavily influenced by excitement surrounding semiconductor and data center equities, with the upcoming week set to reveal whether investors will continue to reward almost any favorable AI-related news.
“This market keeps climbing higher on the same familiar themes: updates about semiconductors, even outdated ones, recycled stories about semiconductors, and even pure speculation,” the “Mad Money” host remarked on Friday. “Any positive sentiment, no matter how slight, pushes the sector upward.”
The Nasdaq Composite and S&P 500 both reached new intraday peaks and closed at record levels on Friday, fueled by AI-focused companies. Technology emerged as the leading sector in the S&P 500 for the week, surging 7%, while the broader index gained 2.3%.
Cramer advised investors against concentrating their entire portfolio within the data center sector. However, he also expressed growing belief that this sector represents a lasting transformation.
“We are increasingly viewing these stocks as foundational and essential to hold,” he stated. “Ideally, I would recommend purchasing them on down days, which do occur occasionally, but if you lack the patience to wait, it’s wiser to pay a premium than to miss out entirely.”
Cramer later emphasized, “This remains a massive opportunity. It’s not too late to invest.”
Here’s what Cramer is monitoring in the week ahead.
Monday
Constellation Energy begins the week, with investors eyeing its role in providing clean energy, including nuclear power, to AI infrastructure. “The earnings have been adequate,” Cramer said. “It’s the zeitgeist that matters.”
Tuesday
The consumer price index report may influence expectations for future Federal Reserve rate cuts. Cramer believes a softer figure could revive optimism regarding easier monetary policy in 2026.
On the earnings front, Qnity Electronics, which spun off from DuPont last fall, reports in the morning. Cramer said the stock has already rallied thanks to its role supplying materials used to make semiconductors, but believes the company can justify the move with strong results. Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club, owns shares of both Qnity and DuPont.
Sportswear names On Holding and Under Armour also report. While management turnover at On has raised concerns, Cramer said Under Armour’s turnaround is gaining traction. “Too many people still wear the distinctive Under Armour insignia … for me to write this one off,” he said.
Wednesday
Nebius reports in the morning. The cloud infrastructure company recently received a $2 billion investment from Nvidia, which Cramer believes highlights the intensifying AI race among Nvidia, Amazon, and Alphabet.
After the bell, networking giant Cisco Systems reports following a massive run tied to its data center exposure. “Its stock is galloping like it’s 1999,” Cramer said. Even so, he noted Cisco’s valuation remains reasonable compared with many AI names, though parts of its legacy business remain a little fraught.
Thursday
Semiconductor equipment maker Applied Materials reports after the bell. Cramer expects the company to benefit from overwhelming demand for chipmaking machines. “This confluence of lackluster supply and insatiable demand makes me feel as if you can still buy these stocks too,” he said.
Friday
Cramer said Friday should be quieter as the market enters a slower stretch of earnings.
He added the semiconductor rally resembles the early days of the internet boom, with AI driving another transformational shift.
“Now the country is going toward an agentic world where machines do some heavy lifting,” he said.
While some investors remain skeptical, Cramer insisted “these stocks don’t have much quit in them.”
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