The Circuit

In this episode, Ben Bajarin and Jay Goldberg discuss Intel's recent earnings report, highlighting a sense of stability in the market compared to previous downturns. They explore the demand for CPUs, particularly in the enterprise sector, and the implications of upcoming product launches. The conversation shifts to Intel's foundry developments, where they express optimism about new manufacturing processes and customer engagement. They also analyze the competitive landscape of AI compute infrastructure, particularly focusing on Amazon's challenges with its Tranium chips and the implications of Anthropic's partnership with Google. Finally, they delve into the future of AI agents, discussing the current limitations and potential advancements needed for these technologies to become viable.

In this episode, Ben Bajarin and Jay Goldberg discuss the recent industry discussion (confusion?) on GPU depreciation.  Jay Goldberg was also at OCP this week and they disucss takeaways from the networking show related to AI compute and AI datacenter. 

In this episode, Ben Bajarin and Jay Goldberg discuss the recent partnership between OpenAI and AMD, exploring its implications for the AI compute landscape. They delve into the competitive dynamics between AMD and NVIDIA, OpenAI's ambitions to become a hyperscaler, and the financial challenges associated with massive AI infrastructure investments. The conversation shifts to Intel's advancements showcased during a tour of their Fab 52, highlighting their competitive edge in semiconductor manufacturing. Finally, they touch on Qualcomm's acquisition of Arduino and its potential impact on the IoT sector.

Takeaways

OpenAI's partnership with AMD marks a significant shift in AI compute.
AMD is positioning itself as a serious player in AI GPUs.
OpenAI's ambition to become a hyperscaler raises questions about funding.
The demand for AI compute is concentrated among a few major players.
Intel's Fab 52 showcases advanced manufacturing capabilities.
Intel's 18A process is competitive but needs to prove itself in products.
Qualcomm's acquisition of Arduino aims to strengthen its IoT strategy.
The AI infrastructure build-out is unprecedented in scale and cost.
There is uncertainty about the long-term demand for AI services.
The competitive landscape in cloud computing is rapidly evolving. 

In this episode, Ben Bajarin and Jay Goldberg delve into the evolving landscape of hyperscalers and Neo clouds, discussing their definitions, the significance of power contracts, and the shift from Bitcoin mining to AI infrastructure. They explore the challenges posed by storage constraints in the age of AI, the implications of OpenAI's new app Sora, and Meta's acquisition of Rivos for custom silicon development. The conversation culminates in a reflection on the importance of semiconductor manufacturing and the future of technology.

In this conversation, Jay Goldberg and Michael Cunningham discuss the evolving landscape of semiconductor recruitment, focusing on macro trends, the impact of AI, and the challenges of reshoring manufacturing. They explore the skills in demand, the dynamics of the job market, and provide valuable advice for both entry-level engineers and senior directors looking to advance their careers. The discussion emphasizes the importance of soft skills, ownership in leadership roles, and the need for companies to adapt to the changing technological landscape.

On this week’s episode of The Circuit, Ben Bajarin and Jay Goldberg break down the surprising new partnership between NVIDIA and Intel, including a $5B investment and plans for co-developed CPU–GPU systems for data centers and PCs. They explore what this means for x86 in AI racks, AMD’s competitive position, and why Intel’s silence on Foundry raises big questions. The conversation also touches on Meta’s new Ray-Ban AR glasses—demo fails and all—and Huawei’s unexpected progress in advanced chipmaking. A packed episode full of strategy, irony, and hot takes on the future of semiconductors.

In this episode, Ben Bajarin and Jay Goldberg discuss the recent Apple iPhone launch event, highlighting the innovations in the iPhone Air and Apple's semiconductor strategy. They delve into Synopsys's disappointing earnings report and the subsequent market reactions, as well as Broadcom's position in the semiconductor landscape. The conversation also covers Nvidia's new CPX system and the implications for the market, concluding with a discussion on the funding of the AI boom and the financial strategies of major players like Oracle and OpenAI.

Ben and Jay unpack why Broadcom’s “fourth customer” (~$10B) custom-ASIC win reset sentiment even after a modest beat/raise, and how that squares with hyperscalers second-sourcing away from NVIDIA in the near term. They frame the true battleground as networking—Ethernet’s ubiquity vs. NVLink’s tight integration—then differentiate GPUs’ performance-per-watt advantages from custom ASIC cost calculus, arguing that “lumpiness” (program outcomes) is not “cyclicality” (inventory swings). They stress TAM realism: it’s easy to total up CapEx, but the ROI numerator (revenue/profit) is still unknowable. Structurally, TSMC remains the default winner, with a plausible Intel Foundry financing path in the wings, while Google looks more likely to “sell capacity” for TPUs than chips. Net: GPUs keep the bulk of spend through 2030 even as select first-party silicon scales, and the market should judge claims against networking choices and workload fit—not headlines.

In this conversation, Ben Bajarin and Jay Goldberg discuss the recent earnings reports of Nvidia and Marvell, focusing on the implications for the AI market and the challenges posed by geopolitical factors, particularly regarding China. They analyze Nvidia's growth projections, the complexities of ASICs, and the competitive landscape for AI servers, particularly highlighting Dell's position in the market. The discussion also touches on the nuances of CapEx spending and the importance of clear communication from companies to investors.

In this conversation, Ben Bajarin and Jay Goldberg discuss the recent government investment in Intel, its implications for the semiconductor industry, and the competitive landscape of Nvidia's new technology. They explore the future of Intel, the challenges it faces in securing customers, and the significance of Nvidia's Spectrum XGS Ethernet announcement. The discussion also touches on the state of the analog devices market and anticipates Nvidia's upcoming earnings call, highlighting key areas of interest and potential impacts on the industry.

Takeaways

The U.S. government now owns 10% of Intel, signaling confidence in the company.
The investment is part of a broader strategy to support semiconductor manufacturing in the U.S.
Intel's future hinges on securing customers and government support.
Nvidia's Spectrum XGS Ethernet allows for distributed GPU clusters across locations.
The competitive landscape is shifting, with Nvidia targeting Broadcom and Huawei.
Analog devices are seeing mixed signals in the market, particularly in automotive.
Robotics is an emerging area for analog devices, but still faces challenges.
Nvidia's upcoming earnings call is highly anticipated, with expectations of strong demand.
The relationship between the U.S. and China is affecting tech investments and sales.
The need for a strong board and expertise in manufacturing is crucial for Intel's success.