New Delhi, April 22 -- The next phase of artificial intelligence is no longer just about faster GPUs. As AI moves from single-task generation to autonomous, multi-step "agentic" systems, the economic value is migrating to the broader infrastructure stack, with CPUs and memory emerging as the new bottlenecks, Morgan Stanley said in its latest research report.

The shift marks a structural pivot from raw compute to orchestration. While GPU demand remains robust, each model call now requires more coordination, persistent memory and system-level processing, widening the AI spend pool beyond accelerators. "Agentic AI widens the trade beyond GPUs, with CPUs becoming the control plane for multi-step workflows and system orchestration," the repor...