AI is reshaping how software gets built, how infrastructure gets deployed, and how platforms compete for relevance. On Episode 296, Patrick Moorhead and Daniel Newman break down GTC expectations, Microsoft's Anthropic-powered Copilot shift, Adobe's leadership transition, Apple's AI strategy, and the infrastructure debates shaping the next phase of enterprise AI.

The handpicked topics for this week are:

1. GTC and the Shift to Heterogeneous Compute: NVIDIA heads into GTC with growing pressure to articulate a broader heterogeneous compute strategy. Pat & Dan discuss CPUs, GPUs, inference accelerators, and how future AI workloads will increasingly span training, pre-fill, decode, and agentic workflows.

2. Why the CPU Is Back in the AI Conversation: As agentic AI expands, CPU demand is moving back into focus. The hosts discuss why CPU-to-GPU ratios are tightening, why this matters for infrastructure planning, and how AI compute is becoming more diversified.

3. Microsoft's Anthropic-Powered Copilot Shift: Microsoft is leaning harder into model optionality by integrating Anthropic into Copilot workflows. The bigger takeaway is not model preference alone, but Microsoft's distribution advantage, governance layer, and ability to bundle AI functionality directly into the enterprise productivity stack.

4. The Semantic Layer and the Future of Enterprise Software: Rather than replacing core enterprise systems overnight, AI is increasingly being layered on top of existing platforms. The discussion highlights how enterprise software may evolve through AI wrappers, orchestration, and semantic interfaces rather than a complete replacement.

5. Adobe's CEO Transition and the AI Narrative Gap: Adobe posted strong numbers, but investor skepticism remains. The conversation centers on whether Adobe failed to clearly articulate its AI upside, whether the market simply remains unconvinced, and why leadership change may reflect the need for a different kind of AI-era storytelling.

6. Grid Underutilization and the Energy Debate: Google, Tesla, and others are backing a lobbying effort focused on grid underutilization. The hosts unpack why this matters for hyperscalers, data center growth, and the broader push to use energy infrastructure more intelligently before simply adding more capacity.

7. The Flip: Has Apple Found a Way to Win Without Massive AI CapEx? In this week's debate, Patrick argues Apple may have found a differentiated path by focusing on device-level inference, silicon efficiency, and distribution across its installed base. Daniel pushes back, arguing that if intelligence becomes platform agnostic, Apple risks becoming just another hardware endpoint with a limited moat at the AI layer.

8. HPE's Networking-Led Enterprise AI Positioning: HPE's results reinforced the strategic value of networking as a differentiation layer. The Juniper acquisition, enterprise focus, and higher-margin infrastructure strategy continue to distinguish HPE from peers chasing hyperscale AI server volumes.

9. Oracle's OCI Momentum and the Fungibility of Compute: Oracle delivered the "show me" quarter investors wanted, driven by OCI growth and backlog expansion. The hosts argue that if Oracle builds the capacity, the compute will get used, regardless of which model provider ultimately occupies it.

10. Adobe, TSMC, and ASML as Signals of the Next AI Buildout: From Adobe's forward-looking market pressure to TSMC's continued growth and ASML's move into advanced packaging, the conversation closes on what these indicators say about demand durability, capital discipline, and the future of semiconductor infrastructure.

For a deeper dive into each topic, please click on the provided links. Subscribe to our YouTube Channel so you never miss an episode.

The Decode

Nvidia Expands AI Infrastructure Ecosystem https://www.cnbc.com/2026/03/09/nscale-ai-data-center-nvidia-raise.html https://x.com/PatrickMoorhead/status/2031039275861455314?s=20 NVIDIA and Thinking Machines Lab Announce Long-Term Gigawatt-Scale Strategic Partnership https://blogs.nvidia.com/blog/nvidia-thinking-machines-lab/ https://techcrunch.com/2026/03/10/thinking-machines-lab-inks-massive-compute-deal-with-nvidia/ Microsoft 365 Copilot Wave 3 – Turning Copilot from add-on into stack strategy https://x.com/PatrickMoorhead/status/2031072488059449701 https://x.com/danielnewmanUV/status/2031016955549716542 Microsoft CEO Satya Nadella praises outgoing Adobe CEO Shantanu Narayen's 'legendary run' at digital media company https://economictimes.indiatimes.com/tech/technology/microsoft-ceo-satya-nadella-praises-outgoing-adobe-ceo-shantanu-narayens-legendary-run-at-digital-media-company/articleshow/129541308.cms Google, Tesla, and data center developer Verrus are among a group of companies arguing that the electrical grid is being underutilized https://techcrunch.com/2026/03/10/google-and-tesla-think-were-managing-the-electrical-grid-all-wrong/ The Flip: Has Apple Found a Way to Win Without Massive AI CapEx? Perplexity Computer to Run on Mac Desktop Computers & iOS https://x.com/danielnewmanUV/status/2031841884822229340?s=20

https://x.com/PatrickMoorhead/status/2031825606313119750?s=20 https://x.com/PatrickMoorhead/status/2032276716786221113?s=20 Bulls & Bears

HPE Q1 Earnings

https://www.hpe.com/us/en/newsroom/press-release/2026/03/hpe-reports-fiscal-2026-first-quarter-results.html

https://x.com/danielnewmanUV/status/2031132577256403050?s=20

https://x.com/PatrickMoorhead/status/2031109683717747160

Oracle Q3 Earnings

https://finance.yahoo.com/news/oracle-stock-rockets-higher-on-q3-earnings-beat-2027-revenue-outlook-201151427.html

https://x.com/PatrickMoorhead/status/2031502202766766104

https://x.com/danielnewmanUV/status/2031518677242147087

TSMC Earnings (Jan-Feb revenue rose 30%)

https://pr.tsmc.com/english/news/3290

https://seekingalpha.com/news/4562561-tsmc-jan-feb-revenue-rises-30-amid-strong-global-ai-demand

Adobe Q1 Earnings

https://www.businesswire.com/news/home/20260312749997/en/Adobe-Delivers-Record-Q1-Results

https://news.adobe.com/news/2026/03/adobe-q1fy26-financial-results

UiPath Earnings

https://www.investing.com/news/earnings/uipath-forecasts-full-year-revenue-above-expectations-stock-seesaws-after-hours-4555553

https://ir.uipath.com/news/detail/431/uipath-reports-fourth-quarter-and-full-year-fiscal-2026-financial-results

Rubrik Earnings

https://www.investors.com/news/technology/rubrik-stock-rbrk-rubrik-earnings-q42025/

https://ir.rubrik.com/financials/quarterly-results/default.aspx

SentinelOne Earnings

https://www.investors.com/news/technology/sentinelone-stock-s-sentinelone-earnngs-news-q42025/