According to the latest FactSet statistics, as of the second fiscal quarter of 2026, Arm's enterprise value multiple (EV/EBITDA) is approximately 328x, AMD's is 44x, Intel's is 41x, Nvidia's is 30x, and Qualcomm's is 8x.
Behind this valuation restructuring is the market's shift towards trading in a "CPU supercycle": agents require extensive tool calls, scheduling, and sequential logic, and the CPU's role in AI servers is expanding from a supporting component to the core computing layer. Intel's Q2 server sales increased by only 9% year-over-year, but its average selling price (ASP) surged by 48%, significantly accelerating its data center business. This indicates that current growth stems from both demand and the upgrading and price increases of high-core-count CPUs.
This reflects that funds are shifting from simply chasing GPUs to pre-pricing the second wave of AI benefits from CPUs, and valuations of different companies have already diverged significantly.
