Squawk Pod Summary: AMD’s Lisa Su on AI Chips & Shaun White’s Snow League

Date: November 12, 2025
Hosts: Joe Kernen, Becky Quick, Andrew Ross Sorkin
Key Guests: Lisa Su (AMD CEO), Shaun White (Olympic gold medalist, entrepreneur)

Overview

This episode of Squawk Pod features two high-profile interviews:

1. Lisa Su, CEO of AMD, discusses the company’s surge in market value, its strategy in the booming AI chip sector, and the evolution of the semiconductor market.
2. Shaun White, Olympic snowboarder, introduces his new venture, the Snow League, aiming to professionalize and elevate snowboarding and freeskiing, focusing on athlete empowerment and storytelling.

Alongside these, the hosts debate hot topics in business, government, and market influence, including the Trump administration’s reported plans to curb the power of proxy firms and fund managers.

Key Discussion Points & Insights

1. Proxy Firms and Shareholder Voting Power

Segment Start: 04:01

• The Trump administration is reportedly considering measures to reduce the influence of proxy advisory firms (e.g., ISS, Glass Lewis) and index fund giants (Vanguard, BlackRock).
• Debate on default voting rights:
  • Andrew Ross Sorkin: “Do you want the management to have the power or do you want ostensibly…Vanguard and these other funds…representing the interests of the shareholders?” [05:33]
  • Becky Quick objects to the default system: “It shouldn’t be an opt out, it should be an opt in. If I choose to give you my vote, then I’m going to do that.” [07:37]
  • Joe Kernen: Expresses concern over fund managers imposing personal agendas: “Do not be voting your own ridiculous notions with my stuff. You’re not king.” [12:04]
• The hosts agree voting choices could be clearer and highlighted the complexity for average investors who hold diversified funds.

2. AMD CEO Lisa Su on AI, Chips, and Global Leadership

Interview Start: 15:44

AMD’s Growth and AI Opportunity

• Becky Quick highlights AMD’s dramatic growth under Lisa Su (market cap from $2B to over $380B).
• Lisa Su explains:
  • The AI market opportunity is “massive,” projecting a trillion-dollar total addressable market by 2030.
  • “We're really excited about what we have. It's a product portfolio, it's a set of partnerships, but it's also a vision for…where computing is going in the future.” [17:03]
  • Productivity gains are now visible: “The signals in the market right now say that we're still at the very beginning of the technology, but you're starting to see significant productivity.” [18:42; see earlier reference at 01:17]
  • Capex is rising among hyperscalers as ROI is coming into view.
• Su addresses skepticism on the scale of risk:
  • “I don't think it's a big gamble. I think it's the right gamble.” [20:31]
  • On OpenAI’s path: “We see a incredible opportunity in front of us.” [22:31]

Competing with Nvidia & Data Center Growth

• AMD is planning to grow its AI data center business rapidly (80% per year, aiming for >10% market share).
• Lisa Su:
  • “This is an amazing market with tremendous growth. And whenever you have a market…on a steep growth curve, it really favors innovation and it favors partnership.” [23:50]
  • AMD focuses on a strong tech roadmap and key partnerships (OpenAI, Oracle, Meta); different workloads require different solutions.

AMD’s Turnaround vs. Intel

• Joe Kernen: Notes AMD’s rise from “an also-ran” to a tech leader.
• Su: “When you’re at inflection points in technology, you have to make the right strategic bets.” [26:12]
• AMD’s commitment to high-performance computing and sustained strategic investment has led to explosive growth (1% to ~40% of CPU market share).

AI Chip Lifespan, Depreciation, and Adoption

• Sorkin inquires about the rapid pace of chip innovation and depreciation schedules.
• Su:
  • Chips have layered adoption: bleeding edge for foundational models, current-gen for mainstream use.
  • “AI is for everyone. Like everyone should get a piece of AI.” [29:16, also 12:55]
  • Useful life is extending: “You can definitely use these assets…five, six years and some would say even beyond for…workhorse applications.” [31:13]

The Global Semiconductor Race & U.S. Industrial Policy

• The Trump administration’s and prior Biden CHIPS Act’s support is deemed “very helpful…engaging industry.” [33:26]
• Su advocates for U.S. leadership in both chip design and manufacturing: “We lead in design today, but we must have manufacturing in the United States. And even if it's a little bit more expensive, that's totally fine.” [34:13]
• Export controls: Necessary for national security, but must be implemented thoughtfully.
• On partnerships and competition:
  • “Our industry is such that we compete and then we also partner…You need to bring the best of the best together.” [37:08]

Moore’s Law, Innovation, & Tech Limits

• Moore’s Law is slowing but new approaches (e.g., 3D stacking, “chiplets”) are driving innovation.
• Lisa Su: “When you have smart people and you focus them on a problem, they can do amazing things.” [39:07]
• “Chiplets”: Layering chips vertically, once seen as radical, now essential tech.

Memorable Quote:

• “The world does find a way. When there is a need…engineers find a way to make sure they can.” – Lisa Su [39:29]

3. Shaun White and the Snow League: Pro Sports for Snowboarding

Interview Start: 42:35

League Concept and Rationale

• Joe Kernen: If there’s a pickleball league, why not a snow league? [43:24]
• Shaun White:
  • There’s a huge winter sports participant base (over 130 million globally, exceeding golf).
  • “After the Olympics, there's just nothing there for [top athletes]. . . So I felt it was my time and place to bring this about and I'm so excited for it.” [43:54]

Storytelling and Athlete Support

• Focused on year-round engagement and athlete narratives:
  • “Where’s the next Shaun White? I’m like, they’re there already. We’re just not telling their story. So for me, it’s all about elevating the athletes… Because it’s been deemed action sports for the longest time. But it is sports plus the rest.” [45:29]
• The league’s mission:
  • Raising prize purses (“the highest prize…ever in the sport,” $50,000 per event winner)
  • Equal pay for men and women
  • Minimum appearance payments for all competitors

Business Model and Ambitions

• Streaming and media rights are critical:
  • Partnership with NBC and Peacock leverages Olympic synergy and “paddock club” experiences (luxury fan zones).
  • Major sponsors include Tiffany’s (trophies), Marriott, and noted sports investment groups.
• Expansion: Targeting 10-15 events in 2–3 years, including potential indoor, global events.
• Focus is on sustainability and not selling out early: “You don’t want to sell too early…I think these private equity guys would like to get in at a low price.” – Joe Kernen [51:35]

Notable Quotes & Moments

| Timestamp | Speaker | Quote | |-----------|-----------|--------------------------------------------------------------------------------------------------------| | 01:17 | Lisa Su | “The signals in the market right now say that we're still at the very beginning of the technology…” | | 12:55 | Lisa Su | “AI is for everyone. Like everyone should get a piece of AI.” | | 07:37 | Becky Quick | “It shouldn’t be an opt out, it should be an opt in. If I choose to give you my vote then I’m going to do that.” | | 12:04 | Joe Kernen | “Do not be voting your own ridiculous notions with my stuff. You’re not king.” | | 29:16 | Lisa Su | “What I'd like people to think about is AI is for everyone. Like everyone should get a piece of AI.” | | 39:07 | Lisa Su | “When you have smart people and you focus them on a problem, they can do amazing things.” | | 43:54 | Shaun White | “After the Olympics, there's just nothing there for them… I felt it was my time and place to bring this about.” | | 45:29 | Shaun White | “Where’s the next Shaun White? I’m like, they’re there already. We’re just not telling their story.” | | 47:29 | Shaun White | “We have the highest prize purse that has ever been in the sport.” |

Timestamps for Major Segments

• Proxy Firms & Voting Power: 04:01 – 13:06
• Lisa Su/AMD AI & Chip Strategy: 15:44 – 40:49
• Shaun White & Snow League Interview: 42:35 – 52:20

Summary Takeaways

• AMD is betting big on AI, pursuing partnerships, and committed to both design and manufacturing leadership in the U.S. Lisa Su sees massive ongoing opportunity and enduring demand, with AMD poised to capture greater market share against rivals like Nvidia and Intel.
• The global semiconductor supply chain, export controls, and industrial policy remain hot-button issues as tech, security, and national advantage become intertwined.
• Shaun White’s Snow League is designed to fill the void in pro snow sports outside the Olympics, providing athletes with higher pay, visibility, and opportunities. A key differentiator is its commitment to storytelling and building a connected season—with robust backing from media and sponsors.
• Proxy voting influence remains a lively debate, intersecting investor rights, corporate governance, and the evolving role of fund managers.

This summary preserves the dynamic, candid tone of the episode’s hosts and guests, and distills the essential ideas and quotes for those seeking an in-depth yet accessible overview of Squawk Pod’s November 12, 2025 episode.