Podcast
The Circuit
Hosted by Ben Bajarin and Jay Goldberg · EN
A podcast about the business and market of semiconductors
34episodes
Episodes
Newest firstAll episodes
EP 166: NVIDIA Earnings, Dell Tech World and Storage Shock, Tech IPOs
3d ago00:58:49Tap to summarizeIn this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg dive into the latest tectonic shifts across the technology and semiconductor sectors, starting with a deep dive into Nvidia's recent earnings report . They analyze Nvidia's impressive numbers—including $91 billion in revenue guidance and strong gross margins—and contrast that success with the stock's stagnant post-earnings performance, comparing the current market skepticism to Apple’s smartphone growth cycle around 2010 . The duo breaks down Nvidia's new segment reporting structure, debating the strategic implications of blending networking into data center revenue and splitting the segment into hyperscalers and "Neo clouds" . Ben then shares his first-hand observations from Dell Tech World, highlighting emerging enterprise trends like the financial motivations driving a shift back toward on-prem AI infrastructure to curb unsustainable cloud token spend . Finally, they wrap up the episode by examining two major recent IPO filings: Elon Musk's multifaceted SpaceX S1 and the rare, high-growth prospectus of China’s largest memory maker, Chongqing Memory Technologies (CXMT) .
Transcribe →EP 165: Cerebras IPO, Premium Tokens, Neo Clouds, and the Angstrom Era
1w ago00:56:12Tap to summarizeIn this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg dive into the rapidly shifting economics and structural changes across the semiconductor and AI industries. From the recent Cerebras IPO to the massive long-term forecast visibility in wafer fabrication equipment, they analyze whether current capital cycles align with the reality of enterprise AI demand. Finally, they debate how the "Angstrom era" and the end of Moore’s law are forcing a complete reinvention of chip manufacturing from scratch.
Transcribe →EP 164: ARM, ARM Earning, Agentic CPU Inflections, A World of Constraints
2w ago01:01:57Tap to summarizeIn this episode, Ben Bajarin and Jay Goldberg dive deep into the rapidly shifting landscape of semiconductor supply chains and the unexpected "CPU renaissance" driven by agentic AI. The duo explores the "ultimate constraint" currently bottlenecking the industry, breaks down the latest earnings from ARM and AMD, and analyzes why the "Neo Cloud" players might be facing a massive strategic deficit.Key Discussion Points:The Anhydrous Hydrogen Bromine Crisis: Jay reveals the "ultimate shortage" involving a rare gas essential for EUV lithography and memory production, involving a geopolitical tangle of Japanese refining and Israeli raw materials.+4The Death of the CPU-to-GPU Ratio: Why the industry is moving away from simple hardware ratios and toward rack-level topology and workload-specific modeling.+4ARM & AMD’s "Agentic" Surge: Insights into how the need to execute AI-generated code is driving massive demand for high-core-count CPUs, far exceeding previous estimates.+4Optical Networking Timing: A reality check on the "hockey stick" growth for optical interconnects, which is projected to truly inflect around 2028.+1The Neo Cloud Challenge: A critical look at CoreWeave, Nebius, and Iron, focusing on their massive CPU-install-base deficit compared to hyperscalers.+2Breaking News: Late-session discussion on the rumored foundry deal between Intel and Apple.+1
Transcribe →EP 163: Breaking the Memory Wall: Micron’s Strategy for the AI Era
3w ago00:52:10Tap to summarizeThis episode of The Circuit features Jeremy Werner, SVP and GM of Micron’s Core Data Center Business Unit, discussing the transformative impact of AI on the memory and storage industry. Werner explains that the industry has shifted from a traditional cyclical model to a period of sustainable growth, driven by the unique demands of AI training and inference. He highlights the emergence of a "memory wall" in inference, where massive amounts of high-speed memory and storage are required to manage expanding context windows and avoid redundant recomputation. The conversation also covers Micron's efforts to innovate across the memory hierarchy—including HBM4 and ultra-high-capacity SSDs—to solve the data center's critical bottlenecks of power and physical space.
Transcribe →EP 162: TPUs Via Cloud Next, Intel Earnings, Foundry Scarcity
Apr 2700:49:10Tap to summarizeIn this episode of The Circuit, Ben Bajarin and Jay Goldberg dive deep into an action-packed week for the semiconductor industry. Ben shares his firsthand insights from Google Next, detailing the launch of the new TPU v5p and v5i(referenced as 8T and 8I) and Google’s strategic shift toward disaggregated training and inference silicon. The duo then pivots to Intel’s surprisingly strong earnings, discussing whether the "CPU resurgence" and foundry improvements signal an end to the company’s existential crisis. Finally, they analyze the "drama" from the TSMC Symposium regarding High-NA EUV adoption and debate the long-term durability of the current semiconductor bull cycle.
Transcribe →EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change
Apr 2100:52:15Tap to summarizeIn this episode of The Circuit, Ben Bajarin and Jay Goldberg analyze a pivotal week in tech, beginning with TSMC’s strong earnings and their strategic decision to ramp up CapEx and N3 production specifically to meet massive AI demand. The duo explores the industry-wide compute deficit impacting firms like Anthropic and the potential IPO of Cerebras, while discussing the fragmenting market for custom ASICs as Google explores design partners like Marvell and MediaTek. Finally, they weigh in on the end of an era at Apple with Tim Cook stepping down; they argue his greatest legacy was preserving the company’s unique culture while handing the reins to John Ternus to lead a new hardware and AI growth cycle.
Transcribe →Ep 160: More good News for Intel, AI Model Trends, Future of Datacenter
Apr 1300:43:44Tap to summarizeBen Bajarin and Jay Goldberg analyze recent developments in the semiconductor industry, AI advancements, and data center innovations, providing insights into market dynamics, strategic moves by Intel, and the future of AI hardware and software.
Transcribe →EP 159: MediaTek and the Evolving Custom ASIC Business, More Memory Pain, and More
Apr 600:54:22Tap to summarizeBen Bajarin and Jay Goldberg discuss the latest developments in the semiconductor industry, focusing on MediaTek's strategic shift into ASICs, memory shortages, supply chain constraints, and Intel's recent acquisitions. They analyze market dynamics, technological advancements, and future trends shaping the industry.
Transcribe →EP 158: Arm 2.0, Memory Freak Out, and AI Models
Mar 3000:48:54Tap to summarizeThis episode explores ARM's strategic shift into product manufacturing, the implications for the CPU market, and the evolving landscape of AI and memory technology. Hosts Ben Bajarin and Jay Goldberg analyze ARM's new CPU launches, market positioning, and the future of AI models like Mythos, providing insights into the industry's next phase.
Transcribe →EP: 157 GTC! OFC! Micron Earnings (margin city)
Mar 2300:58:35Tap to summarizeBen Bajarin and Jay Goldberg discuss Nvidia GTC, AI infrastructure, optical networking, and the future of semiconductor technology. They analyze Nvidia's strategic positioning, product innovations, and industry trends shaping the AI and data center landscape. They also talk OFC/optical trends and Micron earnings.
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