The AI Trade Is Moving Beyond GPUs As Inference Demand Builds

MoneyMarketsThe AI Trade Is Moving Beyond GPUs As Inference Demand BuildsByAndrew Graham,Contributor.Forbes contributors publish independent expert analyses and insights. I’m a portfolio manager focused on cross‑market signals.Follow AuthorMay 18, 2026, 01:33pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesOver the past two years, the artificial intelligence trade has revolved around one central bet: companies would need far more computing power to train larger models.That put GPUs, or graphics processing units, in the spotlight. These chips can handle many calculations at once, making them essential for training large AI models. Since GPUs require vast physical infrastructure to operate at scale, the rush to secure chips quickly became a fight for data center space, power access and broader capacity.Investors responded by pouring money into the businesses that powered this entire buildout. This trade has obviously done well and likely has room to run. As the market looks beyond the training-fed boom, though, the opportunity set may begin to widen.The reason is that AI models do not create much value simply by existing. They only do so when people and businesses use them. That moves the discussion from training to inference, which is the process of running trained models to answer questions, complete tasks or power applications. For investors, the difference is not academic. Training needs enormous computing power while models are being built. Inference, by contrast, depends on steady capacity as AI spreads through search, software, customer service, coding and other workflows. That brings CPUs, or central processing units, back into the discussion because they help coordinate activity across compute.MORE FOR YOUThat would mark a notable turn. CPUs were long the workhorse of...