The trend toward specialized processing devices such as TPUs, DPUs, GPUs, and FPGAs has exposed the weaknesses of PCIe in interconnecting these devices and their hosts. Several attempts have been proposed to improve, augment, or downright replace PCIe, and more recently, these efforts have converged into a standard called Compute Express Link (CXL). CXL is already on version 2.0 in terms of commercial availability, but its potential to radically change the conventional server architecture has only just started to surface. For example, CXL can increase the bandwidth and quantity of memory available to any single machine beyond what that machine can originally provide, most importantly, in a manner that is fully transparent to software applications. We argue, however, that CXL can have a broader impact beyond memory expansion and deeply affect the architecture of data-intensive systems. In a nutshell, while the cloud favored scale-out approaches that grew in capacity by adding full servers to a rack, CXL brings back scale-up architectures that can grow by fine-tuning individual resources, all while transforming the rack into a large shared-memory machine. In this paper, we describe why such architectural transformations are now possible, how they benefit emerging heterogeneous hardware platforms for data-intensive systems, and the associated research challenges.