Bernstein: AI Agents Push Chip Demand 'Off Charts,' Nvidia Q4 Revenue Hits $68B

Bernstein analyst Stacy Rasgon states AI agents have driven chip demand 'off the charts,' shifting bottlenecks to foundries and equipment makers, with Nvidia's Q4 FY2026 revenue at $68.13B (Data Center $62.31B) and $95.2B supply commitments. This follows IDC's May 2 notes that AI infrastructure has permanently rewired semiconductor demand toward data-center memory, sustaining HBM/DRAM prices into 2027 amid TSMC's U.S. investment surge to $65B ($6.6B subsidies). Robust Q4 2025 macro—info profits $317.7B (+3%), durable goods $433.4B, corporate profits +10% YoY—fuels multi-year supply constraints, boosting foundries, Nvidia, and equipment vendors like ASML (backlog $45B) and Lam ($6.6B guide).