Agentic AI’s Hidden Cost: The Infrastructure Shift No One Predicted

In this episode, the team discusses a revealing week in thetech sector, marked by record-breaking rallies in the semiconductor market and shifting narratives within the AI trade. They analyze how the emergence of agentic AI is structurally accelerating CPU demand, providing a secondarygrowth leg for players like AMD and Intel alongside the dominant GPU market. The team also explores the strategic "compute arms race" through the lens of a massive partnership between Anthropic and SpaceX's XAI, while examining how software companies like HubSpot and Datadog are navigating the transition to AI-driven consumption models. Finally, they weigh the "bubble" warnings from legendary investors against the reality of an AI infrastructure build-out that shows no signs of slowing down, even as it begins to reshape corporate labor strategies. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were orwill be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.