In this episode of The Circuit, Ben Bajarin, Jay Goldberg, and Paul Karazuba discuss the current state of the semiconductor industry, focusing on the impact of tariffs, supply chain challenges, and the shift from copper to fiber in networking. They explore the inflection points driving demand for AI compute and the potential for mergers and acquisitions in the sector. The conversation highlights the complexities of navigating geopolitical tensions and the evolving landscape of technology and infrastructure.

In this episode, Ben and Jay discuss various topics related to the tech industry, focusing on hyperscalers, cloud computing, and the memory market. They analyze the earnings of Nebius and CoreWeave, the implications of heavy asset businesses, and the dynamics of AI and memory. The conversation also covers the performance of Applied Materials and networking companies like Cisco and Arista, highlighting the challenges and opportunities in these sectors.

In this episode, Ben and Jay discuss the significant surge in capital expenditure (CapEx) among major tech companies, dubbed 'CapEx Palooza.' They explore investor sentiment and market reactions to these expenditures, the implications of backlogs and demand in the tech sector, and the future of AI and cloud services. The conversation also delves into the dynamics of CapEx spending among hyperscalers, emerging trends in semiconductor mergers and acquisitions, and the impact of rising memory prices on consumer electronics. Additionally, they highlight the strategic acquisition of Silicon Labs by Texas Instruments and the potential of timing technologies in the market. The episode concludes with an announcement about their upcoming live stream.

This episode of The Circuit dives into the current "gold rush" of semiconductor earnings, navigating the tension between unprecedented demand and the hard physical constraints of the supply chain. Hosts Ben Bajarin and Jay Goldberg explore why the current Wafer Fab Equipment (WFE) cycle is structurally different from the past, the internal "compute wars" happening within hyperscalers like Microsoft and Meta, and the surprising volatility in the storage and analog markets.Whether it's the "AI hotel" backlog or the high-stakes memory negotiations at Apple, this discussion provides a deep look at the plumbing behind the AI revolution.

In this episode, Ben Bajarin and Jay Goldberg discuss Intel's recent earnings report, highlighting the company's strong Q4 performance but disappointing guidance due to wafer capacity constraints. They explore the challenges Intel faces in scaling its foundry operations, the market's reaction to the earnings call, and the strategic decisions being made by Intel's leadership. The conversation also delves into the complexities of advanced packaging and yield issues, as well as the future opportunities for Intel in the semiconductor industry and the importance of customer relations.

In this episode of The Circuit, Ben Bajarin and Jay Goldberg discuss the launch of Ben's new publication, "The Diligent Stack." The duo then performs a deep dive into TSMC’s recent earnings, analyzing the risks of semiconductor cyclicality, the massive CapEx requirements for the future, and the specific bottlenecks in advanced packaging (CoWoS). Later, they shift focus to OpenAI’s partnership with Cerebras and the introduction of ads to fund massive compute needs. Finally, they break down the latest data on GPU pricing, highlighting the significant premiums hyperscalers charge compared to NeoClouds and the difficulty of tracking pricing for Nvidia's new Grace Blackwell chips.

In this episode, Ben Bajarin and Jay Goldberg discuss the highlights from CES 2023, focusing on the significant advancements in robotics, AI infrastructure, and the competitive landscape among major tech companies like NVIDIA, AMD, and Intel. They explore the themes of modularity in data centers, the evolving role of CPUs, and the challenges posed by memory supply constraints. The conversation also touches on the future of autonomous vehicles and the integration of AI in everyday technology, emphasizing the rapid pace of innovation in the tech industry.

In this conversation, Ben Bajarin and Jay Goldberg engage with Benedict Evans to explore the current state of AI development, its historical context, and future predictions. They discuss the potential for an AI bubble, the importance of productization for user adoption, and the varying levels of AI integration across different industries. The conversation also touches on the comparison between Nvidia and Sun Microsystems, highlighting the challenges and opportunities in the AI landscape.

In this episode, Ben Bajarin, Jay Goldberg, and Austin Lyons delve into the evolving landscape of networking, particularly in the context of AI and GPU technologies. They discuss the transition from traditional networking methods to more complex AI-driven networking, the significance of scaling strategies, and the critical role of SerDes in modern data centers. The conversation also touches on the ongoing debate between copper and optical networking solutions, highlighting the challenges and innovations in the field.

This discussion analyzes the evolving landscape of semiconductor networking and custom silicon, anchored by recent updates from Marvell and Broadcom. Ben and Jay review Marvell’s Industry Analyst Day, noting the company’s strategic pivot toward networking and optical interconnects over pure custom logic. They debate the technical and timeline challenges of shifting AI clusters from copper to optical (fiber) cabling, contrasting Google’s proprietary all-optical approach with the broader merchant market. The conversation then moves to Broadcom’s recent earnings, dissecting the market’s negative reaction to CEO Hawk Tan’s low-energy performance, the looming competitive threat of MediaTek at Google, and the complexities of modeling AI revenue. Finally, they close with a year-end review of AI stock performance, highlighting growing capital sensitivity and skepticism regarding the sustainability of current AI infrastructure spending.