The Circuit
- Episódios
- 194
- Publicação
- semanal
- Último episódio
- 13 nov 2026
Sobre o podcast
A podcast about the business and market of semiconductors
Episódios 194
Jensen Huang Resigns: NVIDIA's Succession Crisis and the Fate of the AI Supply Chain
In this explosive episode of The Circuit, Ben Bajarin and Jay Goldberg react to the shocking resignation of NVIDIA CEO Jensen Huang following a scandal involving affairs with direct reports and alleged ties to …
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In this explosive episode of The Circuit, Ben Bajarin and Jay Goldberg react to the shocking resignation of NVIDIA CEO Jensen Huang following a scandal involving affairs with direct reports and alleged ties to a Chinese spy. The hosts compare Huang's sudden departure to the absence of Steve Jobs at Apple, noting that his exit leaves a massive cultural void in the industry and raises serious questions about NVIDIA's board and its lack of a succession plan. They theorize that the scandal and subsequent leaks may have been an orchestrated political hit job by hawkish Washington D.C. operatives looking to aggressively crack down on Chinese chip access. Furthermore, they discuss the immense financial fallout for the broader AI build-out, arguing that without Jensen's "central bank" balance sheet support for neo-clouds, hyperscalers like Amazon and Google will gain massive negotiating power. Finally, the duo reviews the latest neo-cloud earnings, contrasting Nebius's construction-delayed stock plunge with CoreWeave's 20% surge driven by strong spot pricing and a shift toward prepayment contracts.
The "Semi-Apocalypse": Market Panic, Enterprise AI, and the 2028 GPU Glut Theory
In the latest episode of "The Circuit" based on the transcript provided in the file "ben-jay (12).txt", hosts Ben Beheron and Jay Goldberg cover a wide spectrum of technology and semiconductor news, opening …
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In the latest episode of "The Circuit" based on the transcript provided in the file "ben-jay (12).txt", hosts Ben Beheron and Jay Goldberg cover a wide spectrum of technology and semiconductor news, opening with a discussion on the unexpected shortage of Apple's premium polishing cloths, which Ben argues are uniquely necessary for cleaning new nano-textured touchscreen devices. The core of the conversation analyzes a recent, massive sell-off in semiconductor stocks—dubbed the "semi-apocalypse"—which the hosts attribute to automated AI trading strategies, market panic, and premature anxieties about a potential 2028 GPU supply glut as new fabrication plants come online. Despite market fears, both hosts remain highly bullish on enterprise AI adoption, pointing to Anthropic's compute constraints and Cloudflare's parabolic addition of 158,000 new customers in Q3 as evidence that businesses are actively scaling agentic AI. The episode concludes with an earnings roundup, noting that AMD and ARM are successfully securing their supply chains and shifting their core narratives toward data center growth, while also highlighting SiTime's strategic advantage in replacing analog quartz timing with digital MEMS components for high-density compute infrastructure.
What a Week! Anthropic Opens the Books, Intel Raises More Questions, Marvell and Lumentum??
Ben Bajarin and Jay Goldberg unpack a packed week for AI and semiconductors, starting with Anthropic’s S-1 and what it reveals about the cost of staying at the frontier. We discuss why enterprise AI adoption …
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Ben Bajarin and Jay Goldberg unpack a packed week for AI and semiconductors, starting with Anthropic’s S-1 and what it reveals about the cost of staying at the frontier. We discuss why enterprise AI adoption still has room to grow, what our latest CIO survey says about ROI, and why Anthropic wants more control over its compute infrastructure. Hyperscaler earnings raise a broader question: how much of that AI investment is improving the rest of their businesses? Then we turn to Intel’s disappointing guidance and the planning problems that keep pushing its recovery further out. We close with the reported Marvell–Lumentum talks and a debate over whether optical suppliers need to become part of larger networking companies to defend their position against Broadcom.
Micron's Roadmap, Meta's AI Infrastructure, and NVIDIA's Supply Chain Mastery
In this episode of The Circuit, Ben Bajarin and Jay Goldberg dissect a massive week in semiconductor earnings and infrastructure developments. The conversation opens with Micron's surprisingly transparent …
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In this episode of The Circuit, Ben Bajarin and Jay Goldberg dissect a massive week in semiconductor earnings and infrastructure developments. The conversation opens with Micron's surprisingly transparent technology webinar, where the company outlined its high bandwidth memory (HBM) roadmap, dismissed 4F-squared memory architectures, and subtly flexed its innovation lead over Chinese competitors like CXMT. The hosts then analyze Lam Research's inline quarter, attributing revenue caps to cleanroom and material supply constraints rather than demand, as Wafer Fab Equipment (WFE) projections swell toward $200 billion. Shifting to hyperscalers, they explore Meta's strategic advantage in owning massive AI compute clusters, which enables them to rapidly train, distill, and serve models like Muse at superior unit economics compared to API-dependent competitors. Finally, the duo tackles NVIDIA's aggressive supply chain lock-up, debunks the panic around Amazon staging idle GPUs in warehouses as a standard construction practice, and issues a stark warning about the coming surge in AI-powered cybersecurity threats.
WFE to the Moon (Still), Semicon West and OCP Insights
In this action-packed episode of The Circuit, Ben Bajarin and Jay Goldberg recap a hectic week in Silicon Valley, spanning Semicon West in San Francisco, the Open Compute Project (OCP) Summit in San Jose, and …
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In this action-packed episode of The Circuit, Ben Bajarin and Jay Goldberg recap a hectic week in Silicon Valley, spanning Semicon West in San Francisco, the Open Compute Project (OCP) Summit in San Jose, and major analyst events. The hosts examine the evolving semicap and wafer equipment landscape—including insights from ASML, TSMC, and Applied Materials' new EPIC Center launch—noting how toolmakers are re-engineering cleanroom capabilities and pushing reticle limits to support massive AI accelerators and advanced packaging. They then transition to the OCP Summit floor, unpacking the physical and engineering realities of modern data center infrastructure. The discussion covers the immense crowds surrounding liquid cooling innovations (such as Delta Electronics' 3MW manifold system), the shift toward 800V DC power architectures, and the complex choices data center operators face when balancing co-packaged optics (CPO) against the surprising longevity of copper interconnects. Finally, Ben and Jay analyze the architectural trade-offs of scaling compute domains across multi-rack topologies versus squeezing maximum GPU density into single racks.
Unpacking Marvell's Analyst Day, OpenAI Revenue Rumors, and the Heterogeneous Rack
In this episode of The Circuit, Ben Bajarin and Jay Goldberg kick off a packed conference week (Semicon West, Applied Materials' EPIC Center launch, and the sold-out OCP Summit) before diving into Marvell's …
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In this episode of The Circuit, Ben Bajarin and Jay Goldberg kick off a packed conference week (Semicon West, Applied Materials' EPIC Center launch, and the sold-out OCP Summit) before diving into Marvell's upbeat Analyst Day in New York. They examine how Marvell has shifted its narrative beyond Amazon custom ASIC share battles toward a broader data center infrastructure play—spanning optical interconnects, switching silicon, and a newly teased class of AI infrastructure management silicon built to work alongside traditional BMCs and FPGAs in complex, heterogeneous scale-up compute domains. Next, the hosts unpack the recent market panic over leaked OpenAI ARR figures, arguing that the episode exposes the fragility of the AI semiconductor trade and how physical infrastructure bottlenecks—specifically whether the U.S. grid can energize 20 to 30 gigawatts of power next year—pose a much greater risk to chip timelines than end-user demand. Finally, they close with a strategic theory on why TSMC is granting AMD extra wafer capacity to potentially throttle Intel's cash flow as Intel Foundry becomes a credible threat, and how a looming 20% downturn in the PC market could ironically free up critical wafer supply for higher-margin server CPUs and custom AI ASICs.
Has the Memory Cycle Broken? Plus: Nvidia & Broadcom’s $40B+ Financing Playbook
In this episode of The Circuit, Ben Bajarin and Jay Goldberg unpack the shifting structural economics of the semiconductor and AI landscape. Following Micron’s latest earnings, they kick off with a deep-dive …
Notas do episódio
In this episode of The Circuit, Ben Bajarin and Jay Goldberg unpack the shifting structural economics of the semiconductor and AI landscape. Following Micron’s latest earnings, they kick off with a deep-dive debate on whether the memory market has permanently raised its floor to $600B–$800B, or if rapid capacity expansion from players like China’s CXMT will trigger a classic cyclical reckoning by 2028. They also examine the trade-offs between high-margin HBM and "trailing-edge" legacy memory like DDR4, as well as how rising component costs are impacting consumer PC and smartphone upgrade cycles. Next, Ben shares on-the-ground insights from HPE’s investor event, questioning whether HPE's post-Juniper pivot truly makes it a networking company as enterprises scramble to upgrade aging infrastructure against agentic AI security threats. The hosts then analyze the rise of "Balance Sheet as a Service"—breaking down Nvidia’s bold vendor financing disclosures and Broadcom’s reported $42 billion loan commitment to Anthropic ahead of its IPO, and why fabless chip designers are taking on this massive capital risk instead of foundries like TSMC. Finally, they explore "Tokenomics," looking at how investors and enterprise buyers can move past AI hype to quantify the hard-dollar unit economics of input/output tokens, hardware optimization, and specialized frontier models
Memory Pricing Pressures, Meta's Muse AI, and the Agentic CPU Crunch
In this episode of The Circuit, Ben Bajarin and Jay Goldberg explore the evolving dynamics of the semiconductor memory market, consumer AI agents, and critical compute infrastructure. The hosts begin by …
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In this episode of The Circuit, Ben Bajarin and Jay Goldberg explore the evolving dynamics of the semiconductor memory market, consumer AI agents, and critical compute infrastructure. The hosts begin by analyzing the aggressive capacity expansions and yield improvements of Chinese memory providers YMTC and CXMT, discussing how their growing output might provide pricing relief for consumer electronics OEMs currently squeezed by massive data center demand. The conversation then pivots to Meta's new "Muse" AI assistant, which the hosts view as a potential catalyst for mainstream AI adoption that could bridge the user skill gap by acting as a proactive personal and enterprise orchestrator. Finally, they unpack Anthropic's $11 billion equity-exchange partnership with Akamai, highlighting its implications for distributed edge inference and the massive, unforeseen surge in CPU demand required to power these continuous "agentic" workloads.
Conversation with Ayar Labs CEO Mark Wade on Silicon Photonics, Co-Packaged Optics, and Next-Gen AI Infrastructure
In this episode of The Circuit, hosts Ben Bajarin n and Jay Goldberg speak with Mark Wade, CEO of IR Labs, and Jesse Leiter, VP of Capital Strategy and Investor Relations. The conversation focuses on the …
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In this episode of The Circuit, hosts Ben Bajarin n and Jay Goldberg speak with Mark Wade, CEO of IR Labs, and Jesse Leiter, VP of Capital Strategy and Investor Relations. The conversation focuses on the necessity of solving the interconnect bottleneck in large-scale AI data centers by transitioning to optical connectivity. Mark explains the immense complexity of integrating optical engines into advanced CMOS nodes and highlights how the release of ChatGPT accelerated the market's demand for these large-scale computing solutions. Additionally, the discussion explores IR Labs' strategic reliance on leading-edge foundries like TSMC, their ecosystem partnerships with tech giants like NVIDIA, AMD, and Intel, and their calculated funding strategy aimed at an eventual IPO in a market projected to reach $30 to $50 billion by 2030
Capítulos (13)
EP 192: Talking Apple Silicon with Apple's Tom Boger, Kaiann Drance, and Sri Santhanam
In this episode of The Circuit, host Ben Bajarin sits down with Apple's product marketing and engineering leaders at Apple Park to unpack their latest silicon and hardware announcements. The discussion explores …
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In this episode of The Circuit, host Ben Bajarin sits down with Apple's product marketing and engineering leaders at Apple Park to unpack their latest silicon and hardware announcements. The discussion explores the benefits of Apple’s vertically integrated approach, diving into the transition to 2-nanometer process technology and its impact on performance, power efficiency, and advanced thermal management across the A20 Pro and M-series chips. The panel also highlights the architectural decisions driving robust on-device AI capabilities—such as the dual neural engine and unified memory—and underscores Apple's deep commitment to hardware-level security and privacy through innovations like the Secure Enclave and Secure Exclave.
Capítulos
Carregando capítulos…
Ep 191: Agents Gone Wild: Broadcom’s ASICs and the AI Frontier
In this episode, Ben and Jay discuss the launch of their firm's new AI knowledge agent, Atlas, before diving into Broadcom's latest earnings and the growing complexity of modeling the custom ASIC market. They …
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In this episode, Ben and Jay discuss the launch of their firm's new AI knowledge agent, Atlas, before diving into Broadcom's latest earnings and the growing complexity of modeling the custom ASIC market. They debate the semiconductor supply chain bottleneck, with Ben arguing that constraints will peak in 2027 before massive new capacity arrives in 2028, while Jay cautions that this incoming oversupply could shift pricing power and lower margins. Finally, they analyze Nvidia's acquisition of Hugging Face and explore the future of AI models, agreeing that while open and closed models will coexist, closed "frontier" models remain essential for enterprise cybersecurity and defending against rogue actors.
EP 190: NVIDIA and Marvell Earnings, Hot Chips Hot Takes
Ben Bajarin and Jay Goldberg break down NVIDIA’s earnings, examining how supply constraints shape growth and rising component costs pressure margins. They discuss NVIDIA’s financing commitments to neoclouds and …
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Ben Bajarin and Jay Goldberg break down NVIDIA’s earnings, examining how supply constraints shape growth and rising component costs pressure margins. They discuss NVIDIA’s financing commitments to neoclouds and the risks of using its balance sheet to support the ecosystem. Marvell’s XPU-attach strategy offers another route into custom silicon, with questions around when its Google opportunity will convert into revenue.
From Hot Chips, Ben shares why competing inference architectures suggest the industry is still working out how to serve AI at scale. The conversation explores the software and system-design challenges facing accelerator startups, along with custom HBM base dies and their implications for memory costs and supplier flexibility. Waymo’s workload-specific silicon raises another question: how much of inference will converge on a common architecture?
EP 189: Analyzing ADI Earnings, Custom Silicon Shifts, and Semiconductor Debt
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the shifting dynamics across the semiconductor landscape, from analog chips to custom silicon and corporate balance sheets.Analog …
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In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the shifting dynamics across the semiconductor landscape, from analog chips to custom silicon and corporate balance sheets.
- Analog Devices (ADI) & The Data Center Wave: ADI reports a strong quarter, driven by a doubling of its data center revenue and expanding opportunities in 800-volt data center architectures. Ben and Jay discuss ADI’s conservative focus on SAM (Serviceable Addressable Market) over TAM, high gross margins, and how analog content per gigawatt is becoming a key driver for power, safety, and sub-volt conversion.
- AI Sentiment vs. Market Reality: The hosts address the hype around AI "curing cancer," clarifying Moderna’s recent bio-informatics announcement, and discuss the growing local friction surrounding massive data center construction projects.
- Custom ASICs & Marvell’s Google Win: Analysis of Marvell’s expanding relationship with Google for periphery XPU attach, optical interconnects, and CXL. They unpack why this is a massive win for Marvell’s diversification and clear up misconceptions regarding Broadcom's market position.
- The Era of "Balance Sheet Competition": Semiconductor giants are using equity, warrants, and Special Purpose Vehicles (SPVs) to fund data center capacity. Ben and Jay debate the risks of chip companies taking on debt-like obligations to compete with NVIDIA.
EP 188: The Wild West of Optical, Cisco's AI Hack, and Is Compute an Investable Asset
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the evolving structural dynamics across optical networking, semiconductor manufacturing, and AI infrastructure financing. They begin …
Notas do episódio
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the evolving structural dynamics across optical networking, semiconductor manufacturing, and AI infrastructure financing. They begin by analyzing the divergent earnings from Lumentum and Coherent, pointing to margin pressures and the yield challenges Coherent faces during its transition to 6-inch indium phosphide wafers. This leads to a detailed debate on optical interconnect architectures—distinguishing Linear Pluggable Optics (LPO) from Near-Packaged Optics (NPO) and Co-Packaged Optics (CPO)—while noting that adoption remains largely rack-to-rack rather than internal to the rack due to manufacturing and serviceability bottlenecks. Turning to enterprise networking, the hosts highlight Cisco's resurgence powered by its proprietary Silicon One chips and its clever use of Anthropic's Mythos model to run security audits that drive hardware refreshes. Applied Materials' record quarter is evaluated next, where eight quarters of visibility backed by Long-Term Agreements (LTAs) demonstrate structural supply chain shifts, despite market hesitancy likely tied to Intel's pending capex plans. Finally, they examine NVIDIA's proposed $500 billion data center financing initiative, debating whether vendor-backed capital creates circular demand or serves as a necessary bridge for capital markets, while challenging Jensen Huang's assertion that compute should be viewed as a standalone, non-obsolescent asset class.
EP 187: Inside the Future of Memory Summit & AMD’s "Boring" Bullishness
n this episode of The Circuit, Ben and Jay unpack a busy week of tech earnings and the buzzing Future of Memory Summit. The hosts kick things off by analyzing AMD’s latest earnings, discussing why the street …
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n this episode of The Circuit, Ben and Jay unpack a busy week of tech earnings and the buzzing Future of Memory Summit. The hosts kick things off by analyzing AMD’s latest earnings, discussing why the street had a mixed reaction to a quarter that demonstrated solid, reliable execution and surprisingly bullish signals for data center CPU demand.
Ben then reports back from the Future of Memory Summit, where the convention center was completely packed—a clear sign of the times for the booming memory industry. He explains why the ecosystem around CXL (Compute Express Link) is finally maturing, driven by the rise of rack-scale AI architectures and the urgent need for hyperscalers to reuse vast amounts of legacy DDR4 memory for inference workloads. Finally, the duo debates the trajectory of the current memory supercycle—touching on the durability of long-term agreements (LTAs)—and highlights why SiTime is perfectly positioned to benefit from the growing need for precision timing and synchronization in AI data centers
EP 186: Mobile Bottlenecks, Skyrocketing AI CapEx, and the Compute Crunch
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down a packed earnings week across the technology and semiconductor sectors, grouping major updates into key themes around mobile markets …
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In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down a packed earnings week across the technology and semiconductor sectors, grouping major updates into key themes around mobile markets and AI infrastructure. They analyze softness in mobile demand alongside severe supply chain bottlenecks impacting Apple, Qualcomm, ARM, and MediaTek, highlighting how surging AI demand is squeezing capacity across foundry and memory partners. The hosts then dive into hyperscaler CapEx trends from Amazon, Microsoft, and Meta, evaluating the transition from AI training to inference, the rising adoption of behind-the-meter power solutions, and severe labor constraints in electrical trades. Finally, they address the growing reliance on debt financing for data center expansion and unpack the market mechanics behind recent stock volatility and hedge fund unwinds.
EP 185: AMD Advancing AI, Intel Earnings and WFE Demand
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg review major updates across the semiconductor industry, beginning with AMD’s Advancing AI Day where they discuss CEO Lisa Su’s performance, the …
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In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg review major updates across the semiconductor industry, beginning with AMD’s Advancing AI Day where they discuss CEO Lisa Su’s performance, the technical details of the Helios rack-scale architecture, and AMD's strategic fit for inference with partners like Anthropic. They next unpack Intel’s strong quarterly earnings, pointing out that the company beat revenue and margin estimates while confirming customer traction for its 18A and 14A process nodes, despite mixed market reactions over its conservative CapEx approach. The hosts then analyze the broader semiconductor capital equipment (semicap) sector, arguing that increased CapEx from key fab operators will drive sustained demand for equipment makers. Finally, they cover Texas Instruments’ solid quarterly report, noting signs of recovery in automotive and industrial markets along with surging demand for power semiconductors used in AI data centers.
Ep 184: Earnings TSMC/ASML/AEHR, State of AI Semis
In this episode, Ben and Jay analyze the latest developments in the semiconductor industry, focusing on TSMC, ASML, Air, and the broader market implications of AI and chip manufacturing advancements. They …
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In this episode, Ben and Jay analyze the latest developments in the semiconductor industry, focusing on TSMC, ASML, Air, and the broader market implications of AI and chip manufacturing advancements. They explore how these trends impact supply chains, CapEx, and future growth prospects.
Key Topics:
- TSMC's CapEx increase and demand signals
- ASML's capacity expansion and high NA EUV technology
- Air's role in semiconductor testing and optical advancements
- Market sentiment and investor rotation in semiconductors
- The impact of AI on chip demand and manufacturing
EP 183: SKHynix IPO, AI Model Wars, and NVIDIA Supply Chain Rumors
In this episode of The Circuit, Ben and Jay dive into SK Hynix's ambitious US stock listing, discussing how the AI-driven memory boom and a need for deeper capital pools prompted the move, while speculating if …
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In this episode of The Circuit, Ben and Jay dive into SK Hynix's ambitious US stock listing, discussing how the AI-driven memory boom and a need for deeper capital pools prompted the move, while speculating if companies like MediaTek might follow suit. The hosts also explore the fierce competition among frontier AI models, noting that enterprise evaluation is shifting toward token efficiency for knowledge work and emphasizing the growing importance of AI orchestration layers and data ownership. Additionally, they break down Wall Street's harsh reaction to ON Semiconductor's acquisition of Synaptics, attributing the stock drop to a lack of clear corporate messaging regarding both sprawling businesses. Finally, the duo analyzes the rumors surrounding Nvidia's product roadmaps, concluding that while minor delays won't impact Nvidia's overall revenue given the massive compute demand, these shifts can trigger significant market volatility for the smaller optical and supply chain players dependent on those exact timelines.
EP 182: AI Fatigue , Meta's Neo-Cloud Rumors , and Samsung's Foundry Comeback
In this episode of The Circuit, Ben and Jay break down the recent volatility and AI fatigue hitting semiconductor stocks. They analyze how retail "tourists" and passive index funds might be driving market …
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In this episode of The Circuit, Ben and Jay break down the recent volatility and AI fatigue hitting semiconductor stocks. They analyze how retail "tourists" and passive index funds might be driving market valuations ahead of actual fundamentals. The hosts also unpack the rumors surrounding Meta reportedly leasing data center capacity to Google, debating whether Mark Zuckerberg's broad AI vision is struggling to align with the company's core advertising model, or if the company is simply bartering excess compute for access to coding tools like Gemini. Finally, the conversation shifts to the evolving foundry landscape, highlighting Infineon's new 300mm fab in Germany and Samsung's strategic use of its memory business to win new logic deals. They conclude with a warning about the unprecedented pricing power and margin expansion currently rippling through the entire semiconductor supply chain
EP 181: Cerebras Earnings, QCOM Investor Day, Micron Earnings and the Memory Mafia
This episode of The Circuit covers a mix of tech industry tributes and major semiconductor financial updates. Hosts Ben and Jay begin by paying their respects to pioneering tech blogger and journalist Om Malik …
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This episode of The Circuit covers a mix of tech industry tributes and major semiconductor financial updates. Hosts Ben and Jay begin by paying their respects to pioneering tech blogger and journalist Om Malik, who recently passed away. They then dive into Cerebras’s first earnings report as a public company, highlighting strong top-line demand for AI inference but noting investor concern over their complicated gross margins. Next, the hosts unpack Qualcomm’s Investor Day, focusing on the company's aggressive $15 billion data center revenue guidance for fiscal 2029, their "Dragonfly" custom ARM CPU roadmap, and their strategic acquisition of software startup Modular. Finally, they analyze Micron's massive earnings report, detailing a staggering 60% quarter-on-quarter memory price surge that has caught major buyers like Apple by surprise, concluding with a lively discussion on the "Game of Thrones" style market dynamics driving the memory industry.
EP 180: HPE Reflections on AI Compute Racks, Analog Analog Analog Semis.
Key Topics:AI infrastructure evolutionServer and rack engineering innovationsAnalog components and power managementSemiconductor industry growth and GPU impactEnterprise and hyperscaler strategies for …
Notas do episódio
Key Topics:
AI infrastructure evolution
Server and rack engineering innovations
Analog components and power management
Semiconductor industry growth and GPU impact
Enterprise and hyperscaler strategies for differentiation
Cooling technologies and hybrid solutions
Networking and infrastructure for AI workloads
Multi-cloud and on-prem AI deployment trendsEP 179: Apple's WWDC and Siri AI, Nebius Inflection, China Trip Takeaways
In this episode of The Circuit, Ben and Jay dive deep into Apple's WWDC announcements, unpacking the "applied AI" strategy behind the newly indexed Siri, system-level CPU scheduling updates, and Apple's …
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In this episode of The Circuit, Ben and Jay dive deep into Apple's WWDC announcements, unpacking the "applied AI" strategy behind the newly indexed Siri, system-level CPU scheduling updates, and Apple's surprising embrace of Nvidia for private cloud compute. Ben also shares his takeaways from the Nebius conference in San Francisco, analyzing their unique custom server racks and their positioning as a highly capable neo-cloud infrastructure provider. Finally, Jay reports back from his recent trip to China, sharing ground-level observations on why US entity list restrictions are losing their impact, how IoT chipmaker Espressif creatively markets globally via Reddit and YouTube despite domestic blocks, and the real-world manufacturing bottlenecks facing humanoid robot actuators.
Ep 178: COMPUTEX! Broadcom Earnings, other nuggets from the Week
Welcome back to another episode of The Circuit with Ben Bajarin and Jay Goldberg! Broadcasting out of the post-Computex haze—with Jay still stationed somewhere in Asia —the guys dive into a hardware industry …
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Welcome back to another episode of The Circuit with Ben Bajarin and Jay Goldberg! Broadcasting out of the post-Computex haze—with Jay still stationed somewhere in Asia —the guys dive into a hardware industry undergoing a massive transition. Computex is no longer just a traditional PC and motherboard showcase; it is officially the new epicenter of AI server and data center infrastructure. Alongside the hardware pivot, Ben and Jay break down Broadcom's recent earnings, discussing how a 20% post-earnings stock dip highlights a volatile market where long-term AI expectations are getting dangerously ahead of near-term deployment realities
EP 176: Earnings! Marvell, Synopsis, Dell and more thesis time.
n this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the latest tech earnings and shifting infrastructure narratives driving the AI boom. Recorded slightly late ahead of the Computex …
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n this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the latest tech earnings and shifting infrastructure narratives driving the AI boom. Recorded slightly late ahead of the Computex frenzy in Taipei, the duo kicks things off with a surprising reading recommendation: Pope Leo XIV’s balanced, 40,000-word encyclical on AI. Shifting to the markets, they analyze Marvell's solid quarter, highlighting how the transition from training to a heterogeneous inference era is shifting Wall Street's focus toward the company's robust optical and throughput networking portfolio rather than just core compute tiles. They also tackle the opacity of electronic design automation licensing to explain why Synopsys saw a 10% stock drop despite a healthy print, noting market anxiety over their massive acquisition of Ansys. Finally, Ben takes a victory lap on his bullish Dell thesis; following a monster guidance report, the hosts discuss how Dell’s deep supply-chain integration, flexible financing terms, and premium enterprise support have made them the OEM of choice for both "neo-clouds" and upcoming on-prem enterprise AI factories. The episode closes with a spirited debate comparing NVIDIA's massive ecosystem value creation to Apple’s App Store "economic miracle," contrasting standardizing growth with Taiwanese ODM concerns over thinning margins and a loss of differentiation.
EP 166: NVIDIA Earnings, Dell Tech World and Storage Shock, Tech IPOs
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg dive into the latest tectonic shifts across the technology and semiconductor sectors, starting with a deep dive into Nvidia's recent earnings …
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In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg dive into the latest tectonic shifts across the technology and semiconductor sectors, starting with a deep dive into Nvidia's recent earnings report . They analyze Nvidia's impressive numbers—including $91 billion in revenue guidance and strong gross margins—and contrast that success with the stock's stagnant post-earnings performance, comparing the current market skepticism to Apple’s smartphone growth cycle around 2010 . The duo breaks down Nvidia's new segment reporting structure, debating the strategic implications of blending networking into data center revenue and splitting the segment into hyperscalers and "Neo clouds" . Ben then shares his first-hand observations from Dell Tech World, highlighting emerging enterprise trends like the financial motivations driving a shift back toward on-prem AI infrastructure to curb unsustainable cloud token spend . Finally, they wrap up the episode by examining two major recent IPO filings: Elon Musk's multifaceted SpaceX S1 and the rare, high-growth prospectus of China’s largest memory maker, Chongqing Memory Technologies (CXMT) .
EP 165: Cerebras IPO, Premium Tokens, Neo Clouds, and the Angstrom Era
In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg dive into the rapidly shifting economics and structural changes across the semiconductor and AI industries. From the recent Cerebras IPO to the …
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In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg dive into the rapidly shifting economics and structural changes across the semiconductor and AI industries. From the recent Cerebras IPO to the massive long-term forecast visibility in wafer fabrication equipment, they analyze whether current capital cycles align with the reality of enterprise AI demand. Finally, they debate how the "Angstrom era" and the end of Moore’s law are forcing a complete reinvention of chip manufacturing from scratch.
EP 164: ARM, ARM Earning, Agentic CPU Inflections, A World of Constraints
In this episode, Ben Bajarin and Jay Goldberg dive deep into the rapidly shifting landscape of semiconductor supply chains and the unexpected "CPU renaissance" driven by agentic AI. The duo explores the …
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In this episode, Ben Bajarin and Jay Goldberg dive deep into the rapidly shifting landscape of semiconductor supply chains and the unexpected "CPU renaissance" driven by agentic AI. The duo explores the "ultimate constraint" currently bottlenecking the industry, breaks down the latest earnings from ARM and AMD, and analyzes why the "Neo Cloud" players might be facing a massive strategic deficit.
Key Discussion Points:
- The Anhydrous Hydrogen Bromine Crisis: Jay reveals the "ultimate shortage" involving a rare gas essential for EUV lithography and memory production, involving a geopolitical tangle of Japanese refining and Israeli raw materials.
- +4
- The Death of the CPU-to-GPU Ratio: Why the industry is moving away from simple hardware ratios and toward rack-level topology and workload-specific modeling.
- +4
- ARM & AMD’s "Agentic" Surge: Insights into how the need to execute AI-generated code is driving massive demand for high-core-count CPUs, far exceeding previous estimates.
- +4
- Optical Networking Timing: A reality check on the "hockey stick" growth for optical interconnects, which is projected to truly inflect around 2028.
- +1
- The Neo Cloud Challenge: A critical look at CoreWeave, Nebius, and Iron, focusing on their massive CPU-install-base deficit compared to hyperscalers.
- +2
- Breaking News: Late-session discussion on the rumored foundry deal between Intel and Apple.
- +1
EP 163: Breaking the Memory Wall: Micron’s Strategy for the AI Era
This episode of The Circuit features Jeremy Werner, SVP and GM of Micron’s Core Data Center Business Unit, discussing the transformative impact of AI on the memory and storage industry. Werner explains that the …
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This episode of The Circuit features Jeremy Werner, SVP and GM of Micron’s Core Data Center Business Unit, discussing the transformative impact of AI on the memory and storage industry. Werner explains that the industry has shifted from a traditional cyclical model to a period of sustainable growth, driven by the unique demands of AI training and inference. He highlights the emergence of a "memory wall" in inference, where massive amounts of high-speed memory and storage are required to manage expanding context windows and avoid redundant recomputation. The conversation also covers Micron's efforts to innovate across the memory hierarchy—including HBM4 and ultra-high-capacity SSDs—to solve the data center's critical bottlenecks of power and physical space.
Capítulos
Carregando capítulos…
EP 162: TPUs Via Cloud Next, Intel Earnings, Foundry Scarcity
In this episode of The Circuit, Ben Bajarin and Jay Goldberg dive deep into an action-packed week for the semiconductor industry. Ben shares his firsthand insights from Google Next, detailing the launch of the …
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In this episode of The Circuit, Ben Bajarin and Jay Goldberg dive deep into an action-packed week for the semiconductor industry. Ben shares his firsthand insights from Google Next, detailing the launch of the new TPU v5p and v5i(referenced as 8T and 8I) and Google’s strategic shift toward disaggregated training and inference silicon. The duo then pivots to Intel’s surprisingly strong earnings, discussing whether the "CPU resurgence" and foundry improvements signal an end to the company’s existential crisis. Finally, they analyze the "drama" from the TSMC Symposium regarding High-NA EUV adoption and debate the long-term durability of the current semiconductor bull cycle.
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