Intel and Advanced Micro Devices are among the most active names in extended trading, leading a broader rally in semiconductor equities.
The movement underscores a shift in investor sentiment as capital flows beyond Nvidia into the wider supply chain supporting artificial intelligence infrastructure.
The repricing aligns with recent analyst commentary highlighting a surge in demand for central processing units from hyperscale cloud providers.
UBS has noted that the shift toward CPU-intensive workloads is driving renewed interest in legacy chipmakers, suggesting the AI investment boom is expanding significantly beyond graphics processing units.
This broadening of the AI trade marks a continuation of the trend seen in the second quarter, where Wall Street poured capital into a diverse set of semiconductor suppliers including Micron Technology.
The market is increasingly pricing in sustained capex growth across the entire stack, rather than concentrating risk in a single dominant supplier.