The Circuit

Latest Episodes:

EP 135: Talking Semiconductor Recruiting Sep 28, 2025

Show notes

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.

EP 135: INTEL AND NVIDIA!! Meta Connect and Ray Ban Display, Watch Huawei/China Sep 19, 2025

Show notes

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.

EP 134: Apple iPhones and Tensor Cores, Synopsis Earnings, Hock's Comments at Goldman Sep 14, 2025

Show notes

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.

EP 133: Broadcom Earnings, More on ASICS vs. GPUs, Google Selling TPUs? Sep 08, 2025

Show notes

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.

EP 132: NVIDIA Earnings + Ben's Thesis Time and Those Lumpy ASICs Aug 31, 2025

Show notes

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.

EP 132: Offical Gov. Stake in Intel, NVIDIA's New Scale Across Fabric, NVIDIA Earnings Preview Aug 24, 2025

Show notes

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.

EP 131: NVIDIA/AMD Export Tax Unconstitutional? AMAT Earnings, Talking NeoClouds, Another Week for Intel! Aug 17, 2025

Show notes

In this conversation, Ben Bajarin and Jay Goldberg discuss various topics related to the semiconductor industry, including the implications of new regulations on companies like AMD and Nvidia, the challenges faced by cloud computing providers, the market dynamics affecting Applied Materials, and the potential government involvement in Intel's future. They explore the complexities of profitability, market competition, and the evolving landscape of technology and regulation.

Takeaways

New regulations on semiconductors may be unconstitutional but are unlikely to be challenged.
Profitability concerns overshadow the earnings of cloud computing companies.
Demand for GPU compute is high, but electricity constraints limit growth.
Applied Materials faces uncertainty due to vague guidance and market dynamics.
Government involvement in Intel could complicate the free market.
The distinction between ownership and governance is crucial in state-owned enterprises.
The future of AI and cloud computing is tied to infrastructure and capacity.
Investors are skeptical about the viability of Neo cloud models.
The semiconductor industry is navigating a complex regulatory environment.

EP 130: AMD Earnings Insights, AI Networking The New (not so new) Hot Segment, GPT 5! Aug 11, 2025

Show notes

In this episode, Ben Bajarin and Jay Goldberg discuss the latest earnings from AMD, highlighting their strong performance amidst market fluctuations and concerns about competition in the AI space. They delve into the growing importance of AI networking solutions and the recent release of OpenAI's open-source models, including GPT-5, which introduces a more collaborative approach to AI interactions. The conversation also touches on the uncertain future of AI and the challenges faced by Intel, concluding with a reflection on the evolving landscape of technology and its implications for the market.

EP 129: Capex to the Moon 2.0! Bubble Debate, and QCOM and Arm Earnings Aug 04, 2025

Show notes

In this episode, Ben Bajarin and Jay Goldberg discuss the latest earnings reports from major tech companies, exploring themes of market dynamics, investment in AI, and the implications of CapEx spending. They delve into the concept of whether we are in a bubble, the challenges of monetizing AI, and the competitive landscape among tech giants like Google, Meta, and Amazon. The conversation also touches on the potential disruption from Apple in the search market, the role of Nvidia in AI, and the future of companies like Qualcomm and Arm in a rapidly evolving tech environment.

EP:127 Intel Earnings, Exploring the Possible Scenario of a TSMC Monopoly Jul 28, 2025

Show notes

The conversation explores the implications of a potential TSMC monopoly in the semiconductor industry, discussing the risks it poses to pricing, innovation, and competition. The speakers emphasize the need for strategic decisions among semiconductor companies and the importance of considering commercial solutions to mitigate the risks associated with a monopoly.

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