3 Chip, Cloud, and SaaS Stocks to Own for the Agentic AI Revolution
Key Points
Handling agentic AI workloads requires data centers with more CPUs, and AMD makes some of the more popular ones.
Amazon is positioning itself to be a leading agentic AI cloud provider.
ServiceNow is set up to be a leader in agentic AI orchestration.
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Artificial intelligence (AI) is evolving, and the next big trend in the technology is agentic AI -- software that can be given somewhat complex tasks to perform and then handle them independently with little to no additional human oversight. There should be a number of winners across this trend, including within the chip, cloud computing, and software spaces.
I believe these three companies will be among the biggest beneficiaries in each of these areas.
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AMD: An agentic AI chip winner
While AI model training requires the parallel processing muscle of large numbers of powerful graphics processing units (GPUs), agentic AI needs more central processing units (CPUs), which are designed for sequential processing. As Intel CFO David Zinsner recently explained, because of that shift in usage toward agentic AI, the ratio of GPUs to CPUs in data centers, which not long ago was 8 to 1, and is currently 4 to 1, is headed toward 1 to 1.
That's a huge opportunity, and one of the companies best positioned to take advantage of it is Advanced Micro Devices (NASDAQ: AMD), which has consistently taken market share in the server CPU space. AMD has pegged this as a $120 billion opportunity in the next few years, while Nvidia's CEO recently called it a $200 billion opportunity.
AMD is already starting to produce CPUs designed specifically for agentic AI with its new Venice CPUs manufactured using Taiwan Semiconductor Manufacturing's latest 2-nanometer technology. These new chips feature massive memory bandwidth and have 256 cores, which act like isolated work zones. This lets the chip juggle hundreds of AI tasks at the same time. These are top-tier chips that will command premium prices and position the chip company to remain a leader in the space.
Image source: Getty Images.
Amazon: The agentic cloud platform
In the cloud computing infrastructure space, Amazon (NASDAQ: AMZN) is one of the companies best positioned for the rise of agentic AI. It has leaned into the trend through a massive partnership with OpenAI designed specifically around AI agents. The two companies have built a stateful runtime environment powered by OpenAI models that will let developers create AI agents that can remember context, access compute, and work with software tools. This environment is optimized to be run on AWS infrastructure and is integrated into its Bedrock Agentcore platform.
As part of their partnership, Amazon will be the exclusive cloud provider for OpenAI Frontier, which lets customers build, utilize, and manage AI agents. OpenAI has also made commitments to use Amazon's Trainium AI accelerators.
Not to be overlooked, Amazon also has a large custom server CPU business with its Graviton chips. It has signed a large deal to provide Meta Platforms with access to its CPUs.
ServiceNow: Looking to become the AI agent orchestration leader
ServiceNow (NYSE: NOW) basically provides the internal plumbing for information technology (IT) departments to run their software stacks, and the company is looking to leverage that positioning to become a leader in AI agent orchestration. The company's platform gets deeply ingrained in its customers' workflows, becoming an indispensable system of record built on top of security permissions, custom business logic, and audit trails.
While ServiceNow has grown its revenues at fairly consistent rates in the neighborhood of 20%, it has a huge opportunity with its new AI Control Tower solution. The company acquired asset visibility company Armis and rights permission solution Veza to boost the security capabilities of its platform. AI Control Tower can identify every AI agent and model running within an enterprise and apply governance and monitor security risks. It also tracks the performance of AI agents and gives customers full visibility into whether AI agents are earning their keep.
With the proliferation of AI agents still in its early days, ServiceNow has a huge agentic AI opportunity ahead of it.
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Geoffrey Seiler has positions in Advanced Micro Devices, Amazon, Meta Platforms, and ServiceNow. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Meta Platforms, Nvidia, ServiceNow, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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