Since the groundbreaking launch of ChatGPT in late 2022 and the subsequent explosion of the generative AI craze, one company has been synonymous with the infrastructure boom: Nvidia. Despite Nvidia's continued prosperity and projected 70% revenue growth this fiscal year, Wall Street is increasingly looking beyond the chip giant, channeling significant investment into companies that were previously on the periphery of the AI buildout.

This week provided a stark illustration of what MIzuho analyst Jordan Klein terms a potential "changing of the guard in AI." Chipmakers Advanced Micro Devices (AMD) and Intel both saw their shares climb approximately 25%. Meanwhile, memory manufacturer Micron experienced a remarkable jump of over 37%, and fiber-optic cable producer Corning rose about 18%.

All four of these companies have more than doubled in value this year, with Intel leading the charge, up over 200%. In contrast, Nvidia's stock, while still performing well, is only slightly ahead of the Nasdaq's performance in 2026, with a 15% gain for the year, boosted by an 8% rally this week.

This redistribution of investment suggests investors believe the AI bull market has substantial staying power and that data centers will require a diverse range of advanced components for the foreseeable future. The memory sector, in particular, has been a major focus due to a global shortage driving up prices and transforming companies like Micron, a 47-year-old firm in a niche part of the semiconductor market, into one of the hottest trades over the past year.

Micron recently surpassed a $700 billion market capitalization for the first time, and its stock has surged over 750% in the past year. CEO Sanjay Mehrotra indicated in March that key customers are receiving only "50% to two-thirds of their requirements" due to ongoing supply constraints.

The memory market is predominantly led by Micron, alongside South Korean giants Samsung and SK Hynix, both of which are also experiencing historic stock rallies.

Mizuho's Klein noted that such performance is typical when a market faces a significant shortage, leading to price surges while expenses increase only modestly. He stated, "You make a lot of money being overweight historic memory upturns when new capacity cannot be added fast enough. That simple."

Agents Drive 'Tremendous Demand'

Beyond memory, the demand for central processing units (CPUs), the backbone of everyday computing devices, is insatiable. CPUs had largely become secondary considerations as model developers like OpenAI and Anthropic, along with cloud titans such as Google, Microsoft, and Amazon, focused on acquiring Nvidia's Graphics Processing Units (GPUs).

However, the spotlight is now shifting back to CPUs as the AI momentum moves from chatbots to more complex AI agents. Bank of America estimates that the data center CPU market could more than double from $27 billion in 2025 to $60 billion by 2030.

AMD's recent quarterly results highlighted this emerging trend, with earnings, revenue, and future guidance significantly exceeding expectations, driven by robust data center growth. AMD, a long-time leader in the CPU market, now forecasts 35% growth over the next three to five years in the server CPU market, a substantial increase from its previous 18% projection.

"Agents are really driving tremendous demand in the overall AI adoption cycle, and we're very excited to be in the middle of it," stated AMD CEO Lisa Su during an earnings call interview with CNBC's "Squawk on the Street."

Analysts at Goldman Sachs and Bernstein have upgraded AMD to buy ratings, citing the positive CPU tailwinds. JPMorgan Chase analysts noted that the current market conditions "crystallizes the structural inflection underway across both server CPU and [datacenter] accelerator growth trajectories."

Intel, once the dominant force in the CPU market before missing key transitions like AI, is experiencing a revival, bolstered by substantial U.S. government investment.

Intel's stock achieved its best month on record in April, more than doubling, and has continued its upward trajectory with a 33% rise in early May. The shares saw a significant 13% surge following a Bloomberg report indicating Apple's discussions with Intel and Samsung regarding chip production for its U.S. devices. Further gains were recorded after The Wall Street Journal reported an preliminary agreement between Intel and Apple for the latter to manufacture some processors.

Beyond core processing units, companies involved in the broader AI infrastructure are also benefiting. Glass manufacturer Corning has secured a significant deal with Nvidia for the development of three new U.S. factories dedicated to optical technologies. This partnership allows Nvidia to invest up to $3.2 billion in Corning, signaling a strategic shift towards fiber-optic cables for its rack-scale systems.

Corning also recently finalized a $6 billion deal with Meta through 2030 to supply fiber-optic cables for its AI data centers.

Nvidia CEO Jensen Huang stated that the partnership with Corning will "revitalize American manufacturing" and emphasized that the current global infrastructure buildout is the largest in human history.

Corning's stock reached a record high in February, surpassing its previous peak from the dot-com era, and has continued its upward trend. However, some analysts draw parallels to the late 1990s internet boom, which was followed by a significant market correction. Jonathan Krinksy, an analyst at BTIG, noted that the current semiconductor market valuations resemble those of 1999 and warned of a potential 25% to 30% correction for the PHLX Semiconductor Index, which has already gained 66% this year.