If You Missed Palantir or Nvidia. This is Far Bigger.
Overall Thesis
Agentic AI and robotics represent the next major investment wave after large language models, with significant opportunities in undervalued companies positioned to benefit from this emerging technology cycle.
Narratives
Nash briefly mentions ARM as one of three CPU-market players worth watching, noting it's down about 40% from June highs, but says he prefers AMD over it.
Key Arguments
- ARM owns the CPU architecture blueprint
- Down roughly 40% from June highs but up heavily over the past year
Nash notes Nvidia has already captured much of the AI/agentic upside, calling it a '15x' move already priced in, and argues AMD will take a share of Nvidia's supply chain rather than compete head-on.
Key Arguments
- Nvidia already benefited massively from the AI cycle (15x), so the current opportunity gap is elsewhere
- AMD's bundled rack sales will 'bite a little bit out of Nvidia's pie', though Nvidia was never meant to supply 100% of the chain
Tom Nash argues AMD is the most misunderstood beneficiary of the coming agentic AI and robotics wave, since rising CPU-to-GPU ratios will drive a surge in CPU demand that isn't priced in yet. He cites cheap valuation, strong growth metrics, and a top-tier CEO as reasons to build a position via dollar-cost averaging over the next year.
Key Arguments
- Agentic AI and robotics require far more CPUs relative to GPUs than classic LLM workloads, shifting the ratio from 1:12 toward 1:1 or 1:2
- AMD trades at 17x sales, the cheapest since 2022, with 50% annual growth, 1600% operating income growth, 160% net income growth, and 123% cash growth
- AMD sells its rack as a bundled unit, letting it capture share from Nvidia's supply chain
- AMD has one of the best CEOs in the business and the stock has corrected heavily from June highs, creating a buying opportunity
- The broader adoption of AI agents/robotics is still very early (only ~10% early adopters), leaving massive total addressable market untapped
Predictions (1)
Nash mentions Intel as one of the three main CPU players alongside ARM and AMD, noting a heavy pullback from June highs, but states his preference is AMD.
Key Arguments
- Down almost 40% from June highs but up heavily over the past year
Hedges & Caveats
- Nothing in this video constitutes tax, legal, financial and/or investment advice
- Past performance (Palantir, Nvidia, Fortinet, Arista, Micron calls) does not guarantee future results
- Acknowledges that not every stock call has been accurate
- Agentic AI and robotics technology deployment timeline is uncertain
- Current pricing of potential beneficiaries may already reflect some upside