The Circuit

Latest Episodes:

Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings Feb 24, 2025

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In this episode, Ben Bajarin and Jay Goldberg discuss Apple's recent announcement of their C1 modem and the new iPhone 16E. They explore the implications of Apple's entry into modem technology, the positioning of the iPhone 16E in the market, and the potential impact on Qualcomm. The conversation also delves into the integration of modem technology within Apple's ecosystem and the future of 5G in Apple's products. In this conversation, Jay Goldberg and Ben Bajarin discuss the strategic moves of major tech companies like Apple and Broadcom, the ongoing challenges faced by Intel, and the implications of government intervention in the semiconductor industry. They also delve into the current state of the AI market, particularly focusing on Microsoft and Nvidia, and speculate on future earnings and market dynamics.

Episode 105: Sanity Check on Custom ASICS? Feb 16, 2025

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In this episode, Ben Bajarin and Jay Goldberg delve into the ongoing debate between ASICs and GPUs in the AI compute landscape, discussing the implications for companies like NVIDIA and AMD. They explore the role of custom silicon in hyperscalers' strategies and the potential for GPUs to regain market share. The conversation then shifts to the often-overlooked world of analog semiconductors, highlighting their significance in various applications, including automotive and robotics. The hosts emphasize the need for a deeper understanding of analog technology as it becomes increasingly relevant in the evolving tech landscape.

Episode 104: Earnings Thoughts (QCOM, AMD, Arm) and Hypersaler CapEx Steady Feb 10, 2025

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In this episode, Ben Bajarin and Jay Goldberg discuss the recent earnings reports of Qualcomm, AMD, and Arm, analyzing the surprising market reactions and investor expectations. They delve into Qualcomm's strong quarter but puzzling stock performance, AMD's ongoing struggle to establish itself in the AI market, and Arm's critical yet underappreciated role in the AI ecosystem. The conversation highlights the shifting dynamics in technology investments and the challenges companies face in meeting heightened investor expectations. In this conversation, Ben Bajarin and Jay Goldberg discuss the complexities surrounding Arm's intellectual property (IP) and its market dynamics, the confusion in revenue metrics, and the expectations investors have regarding growth. They delve into the trends in capital expenditures (CapEx) among major tech companies and the dual nature of cloud revenue, distinguishing between traditional cloud services and emerging AI workloads. The discussion also highlights the critical role NVIDIA plays in the AI market and the challenges it faces in meeting demand.

Episode 103: Earnings - MSFT, META, AAPL, INTC - The Custom ASIC Debate! Feb 03, 2025

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In this episode, Ben Bajarin and Jay Goldberg discuss the latest earnings reports from major tech companies, focusing on their strategies related to AI and the semiconductor industry. They analyze Microsoft's approach to AI, Meta's success in monetizing AI, Apple's challenges in the current market, and Intel's uncertain position in the semiconductor landscape. The conversation highlights the ongoing evolution of AI and its implications for these companies' futures. In this conversation, Jay Goldberg and Ben Bajarin discuss Intel's recent earnings report, highlighting mixed results and ongoing challenges within the company. They delve into the implications of the CEO search, investor sentiment, and the strategic direction Intel must take moving forward, particularly in the context of AI and CPU innovation. The discussion emphasizes the need for a clear strategy and the importance of focusing on core competencies to navigate the competitive landscape.

Episode 102: Deeeeeepseeeeeeek! Jan 27, 2025

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In this episode, Ben Bajarin and Jay Goldberg discuss the recent market reactions to DeepSeek's AI model, its implications for the AI landscape, and the future of AI infrastructure investments. They explore the efficiency of DeepSeek's training methods, the skepticism surrounding AI valuations, and the potential of ambient agents in AI development. The conversation highlights the complexities of AI technology and the uncertainty in predicting its future applications.

Episode 101 Part 2: Digging into TSMC Earnings Jan 20, 2025

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In part two of this conversation, Ben Bajarin and Jay Goldberg discuss TSMC's recent quarterly performance, highlighting its strong growth driven by AI and changing dynamics in chip manufacturing. They explore the implications of AI on TSMC's business model, the challenges faced by NVIDIA in data center transitions, and the future of ASICs and custom chips. The discussion also touches on Intel's relationship with TSMC, the impact of edge AI, and ongoing acquisition rumors in the semiconductor industry.

Episode 101 Part 1: Discussion with Jordan Schneider (ChinaTalk) on New Semi Regulations Jan 20, 2025

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In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg welcome Jordan Schneider, founder of China Talk, to discuss the evolving landscape of US-China technology relations, particularly focusing on semiconductor restrictions. Schneider provides insights into the recent regulations imposed by the Biden administration, the motivations behind these changes, and the potential effectiveness of these measures in slowing down China's technological advancements. The conversation also explores the challenges and workarounds that Chinese companies may employ to navigate these restrictions, as well as the implications for the future of AI and semiconductor innovation. In this conversation, the speakers discuss the evolving landscape of AI technology, focusing on the competition between the US and China, the implications of hardware and software advancements, and the regulatory challenges faced by companies like Nvidia. They explore the potential for new technological paradigms and the impact of corporate pushback against AI regulations, while also considering the future dynamics of AI on a global scale.

Episode 100: CES 2025 - Applied AI, Applied Robotics, AR/MR Tipping Point Jan 14, 2025

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In this episode, Ben Bajarin and Jay Goldberg reflect on their experiences at CES, discussing the varying levels of AI integration and the prevalence of AI washing. They explore the future of robotics, emphasizing a turning point in humanoid robotics and the potential for AI to enhance these technologies. The conversation shifts to the advancements in AR/VR technologies, highlighting the impact of the Chinese ecosystem on innovation and affordability. Finally, they delve into the semiconductor investment landscape, stressing the importance of technical understanding in evaluating companies within this sector.

Episode 99: Semis Outlook for 2025 - Bullishness Remains Jan 05, 2025

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In this episode, Ben Bajarin and Jay Goldberg discuss their predictions for 2025, focusing on market trends, investment strategies, and the impact of AI on various sectors. They explore the implications of the upcoming Consumer Electronics Show (CES), the potential for growth in semiconductor stocks, and the importance of software revenue in AI deployments. The conversation also touches on consumer electronics trends, the future of AR glasses, and the aerospace and military spending landscape. Finally, they speculate on the likelihood of a foldable iPhone release in the near future.

Episode 98: 2024 Semi Recap and Outlook Into 2025 Dec 21, 2024

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In this episode, Ben Bajarin and Jay Goldberg discuss the current state of the semiconductor market as they transition from 2024 to 2025. They analyze Nvidia's growth trajectory, the challenges faced by AMD and Intel, and the performance of other key players like Apple and Broadcom. The conversation also touches on the impact of AI on the semiconductor industry, the role of custom ASICs versus GPUs, and the future of cloud software in relation to hyperscalers like Microsoft and Google. The hosts provide insights into market trends and expectations for the upcoming year, emphasizing the importance of understanding the evolving landscape of technology and investment opportunities.

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