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| What are this week’s market risks or opportunities? |
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| AI enthusiasm has broadened again, and this time the gains are spreading well beyond the usual mega-cap names. |
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| Meta’s new Muse personal AI agent has helped revive interest in agentic AI after reaching more than 2.5 million downloads within weeks of launch. Meta shares surged as investors started pricing a more tangible consumer use case for AI, while the Nasdaq reached another record and semiconductor stocks rallied sharply. |
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| The bigger market signal is where the money moved. AMD crossed $1 trillion in market value, while Intel, Arm, HPE and Marvell also climbed as investors looked further down the AI infrastructure chain. AMD is expanding from individual chips into complete AI systems, while the others supply processors, architecture, servers, networking and connectivity needed to run increasingly complex AI workloads. |
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| That broadening creates an opportunity, but it also raises the bar. The next phase of the AI trade will depend less on owning the theme and more on which companies can turn higher infrastructure spending into revenue and earnings. |
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| Which trades should I consider? |
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AI infrastructure has produced some of September’s strongest ProPicks AI performers, but the gains are coming from different parts of the stack.
- Intel (NASDAQGS:INTC): +43.18% in September — Demand for server CPUs and inference infrastructure has strengthened as agentic AI workloads increase compute requirements, while Intel has also highlighted continued progress across enterprise and cloud AI infrastructure.
- AMD (NASDAQGS:AMD): +36.91% — AMD crossed the $1 trillion market-cap mark this month as investors rewarded its expanding role across AI CPUs, GPUs and complete data-center systems.
- Arm (NASDAQGS:ARM): +30.46% — Arm has pushed deeper into agentic and physical AI, expanding its compute platform across cloud, edge and autonomous systems while more than 80 companies have joined its physical-AI ecosystem.
- Hewlett Packard Enterprise (NYSE:HPE): +25.19% — Record quarterly revenue and profit were backed by a 35% jump in server revenue and 75% growth in networking, prompting HPE to raise its 2026 and 2027 outlooks.
- Marvell Technology (NASDAQGS:MRVL): +23.08% — Marvell is benefiting from the networking side of the AI buildout, with its connectivity, switching and memory products increasingly central to moving data between compute, storage and memory inside large AI data centers.
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| The common thread is AI infrastructure, but the earnings exposure is different: processors at Intel and AMD, architecture at Arm, servers and networking at HPE, and data-center connectivity at Marvell. |
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| Should I consider this trade? |
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| AMD (NASDAQGS:AMD) has gained 36.91% in September, taking its market value above $1 trillion for the first time as investors price in a bigger role for the company across AI infrastructure. |
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| The latest quarter gives that move some substance. Revenue rose 50% year over year to a record $11.5 billion, while adjusted EPS climbed to $1.66 from $0.48 a year earlier. Data Center revenue more than doubled to $6.7 billion, driven by demand for EPYC server processors and Instinct AI GPUs. |
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| That business now accounts for 58% of AMD’s revenue, and management expects Data Center sales to accelerate again in the second half as EPYC demand builds, Instinct deployments scale and its Helios AI systems begin to ramp. |
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| The September rally has lifted expectations with it. AMD is increasingly being valued as a full AI systems company rather than simply an alternative chip supplier, which raises the execution bar from here. |
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| The next test is whether that data-center growth can keep translating into higher margins and earnings fast enough to support the new valuation. |
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| Data correct to 25.09.2026 |
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