Munro Concentrated Global Growth Fund on Intel Corporation
Thesis
Munro sees Intel becoming increasingly important to the AI supply chain as applications move from prompt-based interactions to autonomous AI agents. Agentic workflows require more CPU processing to coordinate tasks and other agents, creating an additional growth opportunity beyond GPU-centric AI training. Meta’s launch of Muse reinforced the fund’s belief that this demand is moving into a new phase. Munro considers semiconductors a multi-year investment cycle with a larger addressable market than traditional PC and smartphone demand implies.
“the agentic phase of AI, which requires more CPU content, where Intel is an important enabler.”
Key risks
- Agentic AI adoption failing to translate into sustained CPU demand
- Regulatory and political challenges affecting AI infrastructure buildouts
- Investor concerns about the durability of the AI capital-spending cycle