Intel’s latest earnings report showed big demand for central processing units, or CPUs, as companies rush to build out their artificial intelligence capabilities, sending its stock surging. The numbers led investors to scoop up shares of another major chipmaker: Advanced Micro Devices.

AMD shares soared more than 12% on Friday as Wall Street analysts were caught off guard by Intel’s CPU performance — which they believe will translate to other big CPU makers.

“We figured CPUs were the next big bottleneck, but Intel’s results indicate that is already translating to very significant upside,” D.A. Davidson analyst Gil Luria wrote in a Friday note. “The CPU is reinserting itself as an indispensable foundation of the AI era, and the once…