CPU Shortage Hits, But Intel Stalls: Who Stole the Valuation?
CPU shortages hit but Intel lags. Discover why the market rewards new computing architectures over passive supply constraints.
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As the global semiconductor industry enters 2026, a subtle misalignment is unfolding: on one side is the “passive shortage” of traditional computing components, while on the other is the “active expansion” of new computing architectures.
With the superposition of three major variables—geopolitics, technological iteration, and capital expenditure—the market is no longer simply pricing based on “supply and demand.” Instead, it is beginning to ask: Who is defining the rules for the next generation of computing power?
When CPU prices rise, and shortages appear, yet stock prices fail to follow, the market has already delivered its verdict—this is not a “supply shortage rally,” but an “industrial power shift.”
Market Reaction
Recently, a strange phenomenon has emerged in the semiconductor sector: Intel and AMD general-purpose processors have seen price increases of 10%-15%, with delivery lead times stretching to three or four months. Logically, this should be a classic “supply shortage” scenario, with stock prices soaring. However, the capital markets have reacted coldly, even with a sense of indifference.
In contrast, another thread is far more lively: memory chip shortages have driven up the share prices of Samsung Electronics and Micron Technology; surging demand for optical modules has propelled Zhongji Innolight and Eoptolink to new highs; power grid equipment shortages have reshaped the valuations of TBEA and XJ Electric.
The question arises: Why does the market treat different shortages so differently?
The key lies not in “whether there is a shortage,” but in “who is short, and why.”
This round of CPU tightness is not essentially driven by a demand explosion, but rather “squeezed out.” A large amount of advanced wafer capacity has been prioritized for NVIDIA’s AI chips, Broadcom’s custom accelerators, and the self-developed processors of cloud giants such as Google and Amazon. General-purpose processors? They can only wait in line.
