Shows
The CircuitEP 138: Talking GPU Depreciation, OCP TakeawaysIn 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.
2025-10-2051 minThe CircuitEpisode 116: Earnings (AAPL, QCOM), Intel's Chiplet Bet, AI Factory ThesisIn this episode, Ben and Jay discuss the latest earnings reports from Apple and Qualcomm, focusing on the implications of tariffs, supply chain resilience, and the shifting landscape of semiconductor manufacturing. They explore Apple's confidence in its business despite uncertainties, the significant manufacturing shift to India, and Qualcomm's diversification strategy in the IoT and automotive sectors. The conversation highlights the challenges and opportunities both companies face in a rapidly evolving market. In this conversation, Jay Goldberg and Ben discuss the current state of the semiconductor industry, focusing on cost management strategies, Intel's advancements in foundry technology, and the competitive...
2025-05-0652 minThe CircuitEpisode 113: Talking DSPs with CEVA CEO Amir PanushIn this conversation, Jay Goldberg interviews Amir Panoush, CEO of CEVA, discussing the evolution of the company, its role in the semiconductor industry, and the importance of digital signal processing (DSP) technology. They explore Siva's market segments, customer base, and the company's value proposition compared to competitors like ARM. The discussion also covers the integration of AI at the edge, new customer partnerships, and the emerging satellite market. Amir shares insights on management strategies in an IP-focused company and outlines future directions for CEVA.
2025-04-1438 minThe CircuitEpisode 112: Talking x86 and Intel's Future With Intel Product CEO Michelle JohnstonIn this episode, Ben Bajarin and Jay Goldberg are joined by special guest Michelle Johnston, CEO of Intel products. They discuss the new culture shift at Intel, how Intel can use this new approach to compete and innovate in AI, how to invigorate x86 and Intel Architecture, and the opportunity for both product and foundry in the chiplet era.
2025-04-0728 minThe CircuitEpisode 111: Talking Chips and Wafers with Chips and WafersIn this episode, Ben Bajarin and Jay Goldberg engage with Simi Sherman and Chaim Eisenberg from Chips and Wafers to explore the intricacies of the semiconductor industry. They discuss the importance of both qualitative and quantitative analysis in understanding market trends, the challenges of data collection, and the unique insights their company provides. The conversation delves into the competitive landscape of ASICs versus GPUs, the significance of tracking various data points, and how this information can be leveraged for predictive analysis in investments. In this conversation, Simi Sherman and Ben Bajarin delve into the intricacies of investment data, emphasizing...
2025-03-3155 minThe CircuitEpisode 110: NVIDIA's Identity CrisisIn this episode, Ben Bajarin and Jay Goldberg discuss the recent GTC event, highlighting its shift from graphics technology to a focus on AI and robotics. They share their emotional responses to the keynote, the crowded atmosphere, and their disillusionment with the lack of new AI demos. The conversation delves into Jensen Huang's defensive stance during the keynote, Nvidia's identity crisis, and the company's significant investments in R&D. They conclude by reflecting on the growing influence of GTC and its importance in the tech industry.
2025-03-2441 minThe CircuitEpisode 109: Unpacking the Nuances of Deep Seek with Austin LyonsIn this conversation, Jay Goldberg and Austin Lyons delve into the emergence of Deep Seek, an AI lab that has gained attention for its innovative models and unique approach to AI development. They discuss the origins of Deep Seek, its self-funded nature, and the implications of its advancements in the context of geopolitical constraints. The conversation highlights the lab's offerings, including its reasoning models and mixture of experts, and explores how Deep Seek has managed to innovate despite hardware limitations. The discussion also touches on the future of AI scaling and the ongoing debate about the effectiveness of simply...
2025-03-1648 minThe CircuitEpisode 108: MWC Observations, MRVL and AVGO Earnings, Apple's new DevicesIn this episode, Ben Bajarin and Jay Goldberg discuss the recent Mobile World Congress (MWC) in Barcelona, reflecting on its relevance in the current tech landscape, particularly in the telecom and semiconductor industries. They explore the shift in focus from traditional mobile technologies to AI and data centers, the challenges faced by telecom operators, and the evolving role of software in the industry. The conversation also touches on Qualcomm's positioning, the dynamics of network processors, and humorous observations about the latest innovations, including humanoid robots and AI avatars. Finally, they tease an upcoming discussion about Apple's modem technology and...
2025-03-1046 minThe CircuitEpisode 107: NVIDIA Earnings and Peak Nvidia? (Sentiment Wise)In this episode, Ben Bajarin and Jay Goldberg discuss Nvidia's recent earnings report, market reactions, and the implications for the future of AI and the company's stock performance. They analyze the current state of Nvidia's business, including product segmentation, enterprise demand, and geopolitical factors affecting the market. The conversation also touches on the volatility of Nvidia's stock and the behavior of retail investors in the context of AI advancements.
2025-03-0237 minThe CircuitEpisode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia EarningsIn 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...
2025-02-2542 minThe CircuitEpisode 105: Sanity Check on Custom ASICS?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.
2025-02-1741 minThe CircuitEpisode 104: Earnings Thoughts (QCOM, AMD, Arm) and Hypersaler CapEx SteadyIn 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...
2025-02-1044 minThe CircuitEpisode 103: Earnings - MSFT, META, AAPL, INTC - The Custom ASIC Debate!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...
2025-02-0355 minThe CircuitEpisode 102: Deeeeeepseeeeeeek!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.
2025-01-2842 minThe CircuitEpisode 101 Part 2: Digging into TSMC EarningsIn 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.
2025-01-2030 minThe CircuitEpisode 101 Part 1: Discussion with Jordan Schneider (ChinaTalk) on New Semi RegulationsIn 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...
2025-01-2043 minThe CircuitEpisode 100: CES 2025 - Applied AI, Applied Robotics, AR/MR Tipping PointIn 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.
2025-01-1442 minThe CircuitEpisode 99: Semis Outlook for 2025 - Bullishness RemainsIn 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.
2025-01-0542 minThe CircuitEpisode 98: 2024 Semi Recap and Outlook Into 2025In 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...
2024-12-2136 minThe CircuitEpisode 97: Accellerated Infrastructure - Marvell Analyst Day, Broadcomm Earnings - Infra!!In this episode, Ben Bajarin and Jay Goldberg discuss the recent Marvell Industry Analyst Day, focusing on the concept of accelerated infrastructure in data centers, the competitive landscape with Broadcom, and the significance of custom HBM in AI silicon. They explore how Marvell is positioning itself as a data center company and the implications of custom solutions in the evolving semiconductor industry. The conversation also touches on Nvidia's dominance and the future of data centers, emphasizing the need for optimization and the potential for a shift back to more affordable solutions. In this conversation, Ben Bajarin and Jay Goldberg...
2024-12-1351 minThe CircuitEpisode 96: The State of Intel Post Pat G, Product Roadmap focus, Foundries Strategic ValueIn this episode, Ben Bajarin and Jay Goldberg discuss the unexpected retirement of Pat Gelsinger from Intel and its implications for the company's future. They explore the strategic direction Intel may take post-Gelsinger, the challenges of leadership transition, and the importance of product focus versus foundry operations. The conversation delves into the need for a growth strategy in a competitive landscape and the potential paths forward for Intel as it navigates these changes. In this conversation, Jay Goldberg and Ben Bajarin discuss the current state and future of Intel, focusing on its CPU market position, the challenges it faces...
2024-12-0646 minThe CircuitEpisode 95: QCOM Financial Investor Day, and NVIDA Earnings (age of Nvidia is over)In this episode, Ben Bajarin and Jay Goldberg discuss Qualcomm's recent Analyst Day and NVIDIA's earnings report. They analyze Qualcomm's shift towards becoming a compute-centric company, the challenges in the smartphone market, and the potential growth in automotive and IoT sectors. The conversation then shifts to NVIDIA, where they explore the implications of its recent earnings, the end of its rapid growth phase, and the competitive landscape in inference technology. The hosts emphasize the importance of execution for Qualcomm and the evolving dynamics in the semiconductor industry.
2024-11-2540 minThe CircuitEpisode 93: Arm/QCOM Earnings, Trump Presidency Impact on Semis, NVDA PreviewIn this episode, Ben Bajarin and Jay Goldberg discuss recent earnings reports from Arm and Qualcomm, analyzing market reactions and the implications of ongoing lawsuits. They delve into Qualcomm's diversification strategy, particularly in the automotive sector, and the potential impact of political changes on semiconductor policy. The conversation also touches on Nvidia's strong demand and supply constraints, highlighting the cyclical nature of the semiconductor industry and the challenges ahead.
2024-11-1137 minThe CircuitEpisode 92: Another week in Semi's Earnings. -AMD, Intel, Capex growth in CloudIn this episode, Ben Bajarin and Jay Goldberg discuss the latest earnings reports from AMD and Intel, focusing on market expectations, performance, and the challenges faced by both companies. They analyze AMD's struggle to meet high investor expectations in the AI market and Intel's ongoing turnaround efforts under CEO Pat Gelsinger, highlighting the balance between financial prudence and technological leadership. The conversation also touches on the mixed reactions from the market regarding Intel's recent earnings and the implications for its future. In this conversation, Jay Goldberg and Ben Bajarin discuss Intel's recent financial strategies, particularly focusing on their gross...
2024-11-0444 minThe CircuitEpisode 91: Thoughts on: Snapdragon Summit, Arm v. QCOM, RISC-V SummitIn this episode, Ben Bajarin and Jay Goldberg discuss the Qualcomm Snapdragon Summit, highlighting the company's return to custom cores, advancements in AI integration, and innovations in automotive technology. They also delve into the competitive landscape of automotive software, Qualcomm's branding evolution, and the ongoing legal drama with ARM regarding licensing issues. The conversation provides insights into the semiconductor industry and Qualcomm's strategic positioning in the market. In this conversation, Jay Goldberg and Ben Bajarin delve into the complexities of the ongoing contract dispute between ARM and Qualcomm, exploring the broader implications for the tech industry, particularly in terms...
2024-10-2948 minThe CircuitEpisode 90: TSMC/ASML Earnings Signals, X86 Consortium, Nuclear TrendingIn this episode, Ben Bajarin and Jay Goldberg discuss the recent earnings reports from major semiconductor companies, focusing on ASML's disappointing results and TSMC's optimistic outlook. They explore the cyclical nature of the semiconductor industry, the implications of Intel and AMD's collaboration on x86 architecture, and the competitive pressures from ARM. The conversation highlights the complexities of the market and the challenges faced by these companies in navigating demand and supply dynamics. The conversation delves into the dynamics of Intel's marketing strategies, the significance of the Open Compute Platform Conference, and the emerging trend of nuclear energy in powering...
2024-10-2444 minThe CircuitEpisode 89: Advancing AI, thoughts on AMD's Event, Nvidia, and Chain of Reasoning AIIn this episode of The Circuit, Ben Bajarin and Jay Goldberg discuss the recent AMD AI event, focusing on the advancements in CPU architecture, the competitive landscape with NVIDIA, and the importance of vertical integration in AI systems. They explore the role of CPUs in AI workloads, the complexities of total cost of ownership for hyperscalers, and AMD's growth projections in the market. In this conversation, Ben Bajarin and Jay Goldberg discuss the dynamics of the AI accelerator market, the performance of AMD's stock in relation to market expectations, the future of inference and compute demands in AI, and...
2024-10-1445 minThe CircuitEpisode 88: AI Accellerators, Startup graveyard? With Special Guest Austin LyonsIn this episode, Ben Bajarin, Jay Goldberg, and Austin Lyons discuss the rapid evolution of AI technology and its implications for hardware and software. They explore the challenges faced by AI accelerators, the role of hyperscalers, and the investment landscape in AI startups. The conversation highlights the disparity between the fast-paced development of AI software and the slower advancements in hardware, particularly in the context of GPUs and dedicated AI accelerators. The speakers also delve into the future of real-time training and inference, emphasizing the need for integrated systems over disaggregated ones.
2024-10-0751 minThe CircuitEpisode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!In this episode, Ben Bajarin and Jay Goldberg discuss the recent announcements from Meta at MetaConnect, particularly focusing on their new AR glasses concept. They compare Meta's approach to Apple's Vision Pro, exploring the implications of custom silicon, product timing, and the importance of developer ecosystems. The conversation also touches on the role of Google in the AR/VR space, the potential for an open ecosystem, and the excitement surrounding future technologies in this rapidly evolving field.
2024-09-3040 minThe CircuitEpisode 86: Intel's Inflection Point? Analyzing the Intel Plan.In this episode, Ben Bajarin and Jay Goldberg discuss the current state of Intel, focusing on its challenges, board dynamics, and the implications of activist investors. They delve into Intel's foundry strategy, customer relationships, and the significance of the 18A technology. The conversation also touches on Qualcomm's interest in Intel and explores hypothetical merger scenarios, concluding with insights on the future of CPUs in an AI-driven market.
2024-09-2347 minThe CircuitEpisode 85: OpenAI leaves AI Silicon in the DustIn this episode, Ben Bajarin and Jay Goldberg discuss the recent advancements in AI software, particularly focusing on OpenAI's new model and its implications for silicon architecture. They explore the challenges of inference costs, the need for silicon innovation, and the competitive landscape involving Nvidia and Google. The conversation highlights the rapid evolution of AI technology and the ongoing race to keep up with software demands.
2024-09-1641 minThe CircuitEpisode 83: The Earnings Heard Round the World (NVDA)In this episode, Ben Bajarin and Jay Goldberg discuss NVIDIA's recent earnings and the challenges of managing expectations in the stock market. They touch on the mispronunciation of NVIDIA, the volatility of the stock, and the impact of whisper numbers on investor sentiment. They also discuss the role of NVIDIA's CEO, Jensen Huang, and the difficulty of managing investor relations. The conversation covers topics such as the slowdown in growth, gross margins, and the sustainability of high gross margins in the semiconductor industry. In this conversation, Ben Bajarin and Jay Goldberg discuss the reasons why they are not concerned...
2024-09-0447 minThe CircuitEpisode 80: Viewing AI Compute Demands as a Tectonic Shift for Semiconductor DesignIn this episode, Ben Bajarin and Jay Goldberg discuss the tectonic shift happening in the semiconductor industry due to the rise of AI. They highlight the need for substantial improvements in energy-efficient computing performance and the importance of reducing power consumption. The conversation also touches on the role of companies like Applied Materials in driving innovation and advancements in the industry. They discuss Intel's investments in advanced packaging and lithography, as well as the release of their PDK. The episode concludes with a discussion on the breakthrough in high NA EUV technology by Imec.
2024-08-2033 minThe CircuitEpisode 79: Not Your Grandfathers Data CenterIn this episode, Ben Bajarin and Jay Goldberg discuss the current state of the stock market and the semiconductor industry. They explore the factors that may be contributing to the recent fluctuations in stock prices and the challenges faced by the semiconductor market. They also delve into the changing dynamics of data center design and the implications for the growth of AI. Additionally, they touch on the automotive semiconductor market and the delays in product releases. Overall, they provide insights into the trends and challenges in the semiconductor industry.
2024-08-1440 minThe CircuitEpisode 78: What a Week in Semis! AMD! ARM! Qualcomm! Intel?This episode of The Circuit covers the recent earnings reports of semiconductor companies, including AMD, Arm, Qualcomm, and Intel. The hosts discuss the market sentiment, the strength of the data center infrastructure, and the growth potential of these companies. They highlight the cleverness of Arm's business model and the positive trends in their licensing and royalty revenue. They also analyze Qualcomm's performance, noting the anomaly in the automotive market and the misconception of Qualcomm as a PC play. Overall, the hosts provide insights into the semiconductor industry and the factors influencing the market. In this conversation, Jay Goldberg and...
2024-08-0250 minThe CircuitEpisode 77: Asia Semis TourIn this episode, Ben Bajarin and Jay Goldberg discuss their observations and insights from their recent trip to China. They cover topics such as the challenges of semiconductors in China, the economic sentiment in the country, the impact of Huawei's comeback, the state of the semiconductor industry in China, the focus on AI and EVs, the impact of US sanctions, and the future of the industry. They also highlight the impressive technology they saw, such as surveillance cameras and manufacturing systems.
2024-07-3038 minThe CircuitEpisode 76: Tales of Analog Semis, TSMC Earnings and Foundry CompetitionIn this episode, Ben Bajarin and Jay Goldberg discuss the recent earnings reports of NXP and Silicon Labs, as well as the latest updates from TSMC. They analyze the challenges and opportunities in the semiconductor industry, particularly in the areas of automotive, IoT, and AI. They also explore the pricing dynamics and competitive landscape between TSMC and Intel. Overall, the conversation highlights the importance of strategic vision, execution, and market demand in shaping the success of semiconductor companies.
2024-07-2538 minThe CircuitEpisode 74: Deep in the Weeds in Cryptography (not crypto)In this episode of The Circuit, Ben Bajarin and Jay Goldberg are joined by Scott Best to discuss cryptography. They explore the origins of cryptography, including Scott's personal journey and early experiences with decoding secret messages. They also delve into the practical applications of cryptography in everyday life, such as secure web browsing and firmware updates. Scott explains the concept of key size and how it determines the strength of encryption. The conversation concludes with a discussion on the future of cryptography and the potential impact of quantum computers.
2024-07-1147 minThe CircuitEpisode 69: Google Silicon, Microsoft BUILD NPUs, and NVDA EarningsIn this episode, Ben Bajarin and Jay Goldberg discuss the recent Google I/O event and the introduction of new TPUs and CPUs. They also explore the ARM architecture in the data center and the potential for switching between different ARM CPUs. Additionally, they touch on Qualcomm's launch of Windows on ARM and the significant adoption of Qualcomm SKUs by major OEMs. The conversation covers various topics including the dynamics in the PC space, Nvidia's earnings, and the 10-to-1 stock split. The main takeaways include the strong position of Windows in the PC ecosystem, the growth of Nvidia's data...
2024-05-2847 minThe CircuitEpisode 67: A Conversation with Aart de Geus on EDA and the Future of Silicon DesignIn this episode of The Circuit, Ben Bajarin and Jay Goldberg interview Aart de Geus, the executive chair and co-founder of Synopsys, about the semiconductor industry and the evolution of electronic design automation (EDA). They discuss the concept of EDA and how it allows designers to simulate and optimize circuits without physically building them. Aart de Geus highlights the shift from analog to digital design as a major inflection point in the industry. He also explains the role of EDA tools in automating the design process and the importance of functional correctness in chip design. The conversation then delves...
2024-05-1342 minThe CircuitEpisode 66: Earnings Insights on Industry Segments (Infra, PCs, Mobile, Auto/industrial)In this episode of The Circuit, Ben Bajarin and Jay Goldberg discuss the latest developments in the semiconductor industry, focusing on the sectors of data centers, PCs, mobile, automotive, and industrial semiconductors. They analyze the performance of companies like Intel, AMD, Nvidia, Apple, Qualcomm, and NXP, and explore the factors influencing their success or challenges. The conversation highlights the impact of AI on the industry, the dynamics of the Chinese market, the potential for a super cycle in PCs, and the outlook for the automotive and industrial semiconductor sectors.
2024-05-0736 minThe CircuitEpisode 65: Capex to the Moon!SummaryIn this episode, Ben Bajarin and Jay Goldberg discuss the skyrocketing capex by cloud hyper scalers and its implications. They explore the significant growth in capex spending by companies like Google, Microsoft, and Amazon, and the connection between capex and revenue growth. They also discuss the challenges of monetizing AI investments and the need for clear consumer use cases. The conversation touches on the potential for new innovations in AI wearables, AR glasses, autonomous cars, and robotics. They also consider the deflationary effects on costs and the timeline for the development of AI applications.
2024-04-3040 minThe CircuitEpisode 62: Intel Foundry Financials and CHIPS Act StrategiesSummaryIn this conversation, Ben Bajarin and Jay Goldberg discuss the recent Intel webinar on the foundry business and the financial breakout for Intel Foundry Services (IFS). They analyze the financial details, including the higher costs and lower margins than expected, and the potential for improvement in the future. They also discuss the impact of the CHIPS Act and the subsidies received by TSMC for their Arizona foundries. The conversation concludes with a discussion on Intel's progress under CEO Pat Gelsinger and the opportunities and challenges they face in the data center and AI markets.
2024-04-0930 minThe CircuitEpisode 61: A Holistic Analysis of NvidiaIn this episode, Ben Bajarin and Jay Goldberg discuss the competition faced by Nvidia in the semiconductor industry. They explore various competitors, including AMD, Intel, and startups like Grok, Etched, and Cerebras. They also delve into the threat posed by custom silicon and the strategies of hyperscalers like Google, Microsoft, Facebook, and Amazon. Overall, the conversation highlights the challenges and opportunities for Nvidia in maintaining its position as a leader in the market. In this conversation, Jay Goldberg and Ben Bajarin discuss various themes related to Nvidia and the AI market. They explore the growing moat of Nvidia and...
2024-04-0349 minThe CircuitEpisode 59: Discussing All Things AI Accelerators With Austin LyonsIn this conversation, Ben Bajarin, Jay Goldberg, and Austin Lyons discuss the semiconductor industry and the role of AI accelerators. They cover topics such as the future of Intel, the spectrum of AI accelerators, the dominance of Nvidia in training, the failure of accelerator startups, and the debate between general-purpose and specialized accelerators. They also explore the issue of GPU bloat and the need for alternative solutions in the accelerated computing space. The conversation explores the challenges of porting software to new architectures, the reluctance to switch from Nvidia, the potential for startups to disrupt the AI hardware market...
2024-03-1849 minThe CircuitEpisode 58: Discussion with Ventiva CEO, Carl Schlachte on Thermals/CoolingIn this episode, Ben Bajarin and Jay Goldberg discuss the thermal problem faced by data centers and other electronic devices. They are joined by Carl Schlachte, the CEO of Ventiva, a company that provides innovative cooling solutions. The conversation covers the origin story of Ventiva, the challenges faced by the company, and the unique technology they offer. They also discuss the traditional cooling technologies in the market and how Ventiva's approach differs. The episode highlights the importance of rethinking design and the potential benefits of Ventiva's solution in various electronic devices. The conversation explores the impact of video communication...
2024-03-1343 minThe CircuitEpisode 57: MWC 2024 Observations and InsightsSummaryIn this episode of The Circuit, Ben Bajarin and Jay Goldberg discuss the infrastructure side of telecom at Mobile World Congress. They highlight the importance of the show for telecom operators and the focus on networking and telecom infrastructure. The conversation covers the current state of 5G deployment and the upcoming transition to 6G. They also discuss the challenges and concerns in upgrading core networks and the potential costs and timing of 6G. The decline of millimeter wave technology and the use of custom silicon in telecom infrastructure are also explored, along with the...
2024-03-0544 minThe CircuitIFS Connect Takeaways | Nvidia Earnings as the New Semiconductor KingSummaryThis episode of The Circuit discusses the recent Intel Foundry event and Nvidia's earnings. The conversation explores Intel's focus on becoming a leading foundry and its bet on advanced packaging. The hosts also discuss concerns about Intel's culture and execution, as well as the response from TSMC. The episode concludes with predictions about the future of the market and the role of Intel in the industry. In this conversation, Jay Goldberg and Ben Bajarin discuss the future of TSMC and Apple, Intel's commitment to Apple and chiplets, the push towards chiplets in PCs, Intel's...
2024-02-2649 minThe CircuitEpisode 55: Intel IFS Economics and Last Fabs StandingSummaryIn this episode, Ben Bajarin and Jay Goldberg discuss the puzzle of Intel foundries and the challenges of determining their revenue. They explore historical economics data points and the exit zone for leading-edge fabs. They analyze the revenue and financial projections for Intel Foundry Services (IFS) and the need for external customers. They also discuss the long-term outlook for IFS and potential scenarios for the future, including strategic partnerships and acquisitions. The episode concludes with the understanding that IFS will require a long-term timeframe and significant investment to become a competitive foundry....
2024-02-1940 minThe CircuitEpisode 52: AI and Outsized ExpectationsSummaryIn this episode, Ben Bajarin and Jay Goldberg discuss the outsized expectations for AI growth and the impact on stock market reactions. They explore the challenges of modeling AI growth and the difficulty of charging more for AI features. They also discuss the potential for AI to accelerate refreshment cycles and the importance of realistic expectations. The conversation highlights the small gains of AI in software and the experimentation stage of AI. They conclude by emphasizing the need to measure expectations and be reasonable in the AI industry.Takeaways...
2024-02-0441 minThe CircuitEpisode 51: Intel Earnings and Foundry TrendsSummaryIn this episode, Ben Bajarin and Jay Goldberg discuss Intel's recent earnings call and the challenges the company is facing. They analyze the guidance provided by Intel and the concerns raised by investors. The conversation also delves into Intel's core businesses, including the consumer and data center groups, and the impact of competition from companies like Nvidia. The hosts explore Intel's partnership with UMC to increase trailing edge capacity and the potential for specialized trailing edge processes. They conclude by highlighting the need for Intel to prove itself in the coming quarters and address ongoing challenges.
2024-01-2937 minThe CircuitEpisode 50: TSMC Earnings Set Stage for 2024SummaryIn this conversation, Ben Bajarin and Jay Goldberg discuss the latest news and trends in the semiconductor industry, with a focus on TSMC's strong earnings and growth forecast. They explore the importance of AI in TSMC's business and the strong position of NVIDIA in the AI market. They also discuss the challenges of designing AI-first silicon and the need for differentiation in AI accelerators. The conversation touches on the dynamics of leading-edge manufacturing, the transition from financial objectives to innovation in semiconductors, and the significance of Supermicro's pre-announcement. They conclude by emphasizing the importance...
2024-01-2237 minThe CircuitEpisode 49: CES Semiconductor Trends, Where was AI? 2024 OutlookSummaryIn this episode, Ben Bajarin and Jay Goldberg discuss their experience at CES and the presence of AI in various products. They explore the evolution of massage chairs and the AI wash in the industry. They also analyze the two tracks of AI at CES, with a more muted presence in big vendor booths and a greater focus in Eureka Park. The conversation delves into the role of AI in semiconductor vendors and the importance of on-device AI. They discuss the balance between cloud and edge AI and the outlook for semiconductors in 2024. They also touch...
2024-01-1640 minThe CircuitEpisode 48: Semiconductor Industry Wish Lists for 2024SummaryIn this episode, Ben Bajarin and Jay Goldberg discuss their hopes and predictions for the semiconductor industry in 2024. They cover topics such as the need for clarity of direction in automotive semis, the potential for partnerships and spin-offs in the industry, the importance of venture funding for semiconductor startups, the need for a more balanced and realistic narrative around AI, and the challenges and tensions between the US and China in the chip industry. They also make some speculative predictions about potential acquisitions and consolidation in the industry.Takeaways...
2024-01-0839 minThe CircuitEpisode 47: Event Season Insights (Marvell, AMD, Intel)SummaryIn this episode, Ben Bajarin and Jay Goldberg discuss recent semiconductor events, including Marvell's analyst day, AMD's Advancing AI event, and Intel's AI Everywhere event. They analyze the key takeaways from each event, including Marvell's focus on data infrastructure, AMD's new chiplet SOC and AI capabilities, and Intel's architectural advancements in client and data center products. The hosts also discuss the challenges and opportunities in the AI PC market and share their holiday wishes.TakeawaysMarvell is a data infrastructure company with strong product roadmaps and a focus on the data...
2023-12-1842 minThe CircuitEpisode 46: A Discussion with Arm CEO Rene HaasSummaryIn this conversation Ben Bajarin and Jay Goldberg have a discussion with Rene Haas, President of ARM, provides an overview of the company and its role as the brain that powers electronic devices. He explains ARM's business model of designing CPUs and licensing them to chip manufacturers. Haas discusses the value capture and increasing ARM's share of the value in the market. He highlights the growth drivers for ARM in various industries, including PCs, cloud data centers, networking, automotive, and IoT. Haas also addresses the impact of US sanctions on China and ARM's success...
2023-12-1136 minThe CircuitEpisode 44: Silicon, Tech Exploration and the Awkward Journey of ProgressIn this week's episode, Ben Bajarin and Jay Goldberg chatted about companies pushing the limits of what is possible with technology and breaking new ground with new products and experiences. They discuss the impacts this has on the semiconductor landscape and why its a necessary, even if awkward, step to progress.
2023-11-2933 minThe CircuitEpisode 43: The Custom Silicon Trend ContinuesBen Bajarin and Jay Goldberg dive into the recent announcements from Microsoft around their new custom silicon chips. They also discuss MediaTek's ambitions, shared from the MediaTek executive summit last week, where they are doubling down on helping people build custom silicon for the data center.
2023-11-2138 minThe CircuitEpisode 42: Analyzing Arm's First Q Earnings as a Public CompanyBen Bajarin and Jay Goldberg analyze Arm's most recent quarterly earnings in this episode. These also happen to be Arm's first earnings report and investor call as a public company. Ben and Jay discuss the read from the earnings and the investor call and insights learned.
2023-11-1338 minThe CircuitEpisode 41: B2B The Story of QualcommIn this episode of our short series in Back to Basics, Jay Goldberg shares the key moments in Qualcomm's story that led to the market position they have today.
2023-11-0632 minThe CircuitEpisode 40: Apple M3, Qualcomm X Elite, and Increased Competition for X86Ben Bajarin and Jay Goldberg discuss key news bits from Qualcomm's Snapdragon Summit, Apple's Scary Fast event where new M3 Apple Silicon was announced, and what it means for the market as a whole and for architecture competition.
2023-10-3143 minThe CircuitEpisode 39: TSMC Earnings- Canary in the Coal Mine, and Process Technology CompetitionBen Bajarin and Jay Goldberg share what they thought were the most interesting and telling takeaways from TSMC's earnings. Why TSMC can give us insight into semiconductor segment recovery, and the coming battle brewing with process technology competition.
2023-10-2341 minThe CircuitEpisode 37: Updated Thoughts on Entity ListsBen Bajarin and Jay Goldberg discuss the anticipated update to the entity list facing US and China semiconductor relations. They also discuss the relevance of the RISC-V being discussed as potentially being regulated as it relates to China as well.
2023-10-0929 minThe CircuitEpisode 36: The Wide World of MemoryBen Bajarin and Jay Goldberg welcome guest Steven Woo, a Fellow at Rambus, to discuss the wide world of memory. The discussion covers how memory differs from logic, the many types of memory and their purpose and function, how to gauge innovation in memory advances, and the key applications driving the need to innovate more in memory.
2023-10-0237 minThe CircuitEpisode 35: The State of Intel via Their Innovation SummitBen Bajarin and Jay Goldberg discuss the state of Intel as interpreted by what they saw and learned from Intel's Innovation Summit - Called Innovation. Topics:- Intel's products and product roadmap competitiveness - Read on What Public Investors took away- Intel's Foundry Opportunity and Timing
2023-09-2634 minThe CircuitEpisode 34: A Semiconductor Hash - Apple A17 Pro, Arm IPO, Huawei Kirin 9000, China's ambitionsIn this episode, Ben Bajarin and Jay Goldberg discuss a myriad of subjects from recent news in the semi-industry. Main topics:Apple A17 ProArm IPOHuawei Kirin 9000China's Ambitions and the intent of sanctions
2023-09-1840 minThe CircuitEpisode 33: The Land of IoT with Guest Stacey HigginbothamOn this week's episode of The Circuit, Ben Bajarin and Jay Goldberg are joined by Stacey Higginbotham to discuss the land of IoT. They cover everything from market segments, use cases, the unified software dream, key companies in silicon, and more.
2023-09-1133 minThe CircuitEpisode 32: Nvidia and the AI Raging BullBen Bajarin and Jay Goldberg discuss Nvidia's recent earnings, and the growth prospects for the company going forward. They discuss a number of key debates surrounding the company and if this is a bubble or a buildout technology cycle as it relates to AI and the demand on compute infrastructure.
2023-09-0545 minThe CircuitEpisode 31: The Arm F1 and Pending IPOBen Bajarin and Jay Goldberg discuss the Arm F1 takeaways, challenges, and IPO upside.Show note links:Register Report on Graviton Revenue
2023-08-2942 minThe CircuitEpisode 30: Intel / Tower Semi Deal, Capacity Challenges, and Leading Edge $$$Ben Bajarin and Jay Goldberg discuss the Intel - Tower Semi deal falling through. They discuss the increasing challenge of global semiconductor M&A. They also dig into foundry capacity challenges and the economic opportunity for TSMC competitors at the leading edge.
2023-08-2134 minThe CircuitEpisode 29: The Myth of Semiconductor Industry DeglobizationBen Bajarin and Jay Goldberg discuss some of the recent political narratives from different countries around their desire to lessen dependence on certain nations. They discuss how much of this narrative dismisses the deeply intertwined global supply chain that makes up the semiconductor industry.
2023-08-1628 minThe CircuitEpisode 28: A Whole Lot of Custom Going OnBen Bajarin and Jay Goldberg discuss where and why more custom silicon is showing up in pockets of the industry. They also dive into Amazon's overall strategy with custom silicon and sometimes this strategy gets talked about and other custom efforts get no airtime.
2023-08-0740 minThe CircuitEpisode 27: Industry Cyclicality On Display in Big Semi Co. EarningsBen Bajarin and Jay Goldberg explain some of the nuanced dynamics of the semiconductor industry cyclicality. They outline the challenges in areas like data center spending, PC market doldrums, and softness in smartphones and what that may mean for 2024 if AI is a true computing inflection point.
2023-08-0339 minThe CircuitEpisode 26: A Thesis on AI's Impact on Semi SegmentsBen Bajarin and Jay Goldberg discuss Jay's recent article and flesh out a thesis related to AI's impact on different segments of the semiconductor industry.
2023-07-2334 minThe CircuitEpisode 25: Challenges for the Semiconductor Industry to Grow to $1 TrillionBen Bajarin and Jay Goldberg discuss the opportunities and challenges facing the semiconductor industry growing to a trillion-dollar industry by 2030, as some predict. They explore foundry opportunities and challenges, chiplets, and the role of scarce resources like material and energy.
2023-07-1743 minThe CircuitEpisode 24: The Arm CPU Datacenter PotentialBen Bajarin and Jay Goldberg explore the potential for Arm CPUs in the datacenter and whether they can truly challenge x86's dominance when it comes to datacenter CPU workloads.
2023-07-0939 minThe CircuitB2B Series: Wireless StandardsJay Goldberg continues his series of Back to Basics with some history and anecdotes of wireless standards.
2023-06-2642 minThe CircuitEpisode 23: Emerging Competitive Dynamics in Silicon Thanks AIBen Bajarin and Jay Goldberg discuss new competitive dynamics emerging in semis thanks to AI. They also highlight a few takeaways from AMDs recent AI and Datacenter day they attended.
2023-06-1933 minThe CircuitEpisode 22: Talking Apple Vision ProBen Bajarin and Jay Goldberg discuss Apple's latest technology product and platform in Apple Vision Pro (AVP). The look at what was learned about the underlying technology, Ben's experience having a demo, and where the competitive implications for others.
2023-06-0850 minThe CircuitEpisode 21: A Discussion on RISC-V with Calista Redmond CEO of RISC-V InternationalBen Bajarin and Jay Goldberg are joined by special guest Calista Redmond, CEO of RISC-V international. They discuss RISC-V and what makes it unique, as well as emerging applications for RISC-V and how this new platform opens up new opportunities in silicon innovation.
2023-06-0540 minThe CircuitEpisode 20: Apple's Silicon StrategyIn this episode, Ben Bajarin and Jay Goldberg discuss how Apple's approaches to designing their silicon and explore some of the fundamental reasons Apple silicon is such a significant competitive advantage for Apple.
2023-05-2939 minThe CircuitEpisode 19: The On-Device AI DebateIn this episode, Ben Bajarin and Jay Goldberg discuss the ways AI developers can take advantage of on-device processing to help reduce costs on cloud AI, improve accuracy, safety, and privacy.
2023-05-2234 minThe CircuitEpisode 18: Frameworks for Valuing Semiconductor CompaniesBen Bajarin and Jay Goldberg explore different ways of valuing semiconductor companies. Many semiconductor companies, are also software companies, but should that count in an analysis of their moat or value differentiation?
2023-05-1538 minThe CircuitEpisode 17: Exploring the MediaTek StoryBen Bajarin and Jay Goldberg discuss some learnings from Mediatek's analyst day and explore their overall story, narrative, and growth prospects. Can Mediatek offer a new element of competition in new markets?
2023-05-0141 minThe CircuitEpisode 16: Is the Semiconductor Growth Cycle Over?Ben Bajarin and Jay Goldberg discuss the narrative that some assert that the semiconductor industry's growth cycle is over. They discuss important dynamics of the semiconductor industry like cyclicality, pricing leverage, supply constraints, and more that play into how best to measure industry growth and supporting dynamics.
2023-04-2541 minThe CircuitEpisode 15: Growth Drivers for Semiconductors in the DatacenterIn this episode of the Circuit, Ben Bajarin and Jay Goldberg discuss the semiconductors' growth opportunities and market breakdowns in the data center. The datacenter is one of the most attractive growth revenue opportunities for semiconductors, and Jay and Ben discuss why. Link to Jay's article for relevant reading. Enterprise Electronics | Digits to Dollars
2023-04-1743 minThe CircuitEpisode 14: The Wide World of SensorsBen Bajarin and Jay Goldberg discuss the world of sensors and the silicon that powers them. While it may not be the most attractive market, the continued shift from analog to digital requires a world where sensors play critical roles in collecting and monitoring data.
2023-04-1131 minThe CircuitEpisode 13: How Semiconductors Will Shape The Automotive IndustryBen Bajarin and Jay Goldberg discuss the many ways the semiconductor industry will shape the automotive industry. They also discuss some of the challenges and opportunities for both semi conductor companies and automotive companies to differentiate and compete in this extremely large market.
2023-04-0344 minThe CircuitEpisode 12: Arm's Business Model ShiftBen Bajarin and Jay Goldberg discuss a report that Arm is looking to shift their business model in a way that provides greater financial upside for the company. As a result, Ben and Jay explore the broader nuance of licensing IP as a business model and the opportunities for IP transfer and enablement going forward.
2023-03-2840 minThe CircuitEpisode 11: Nvidia's GTC News: The Moat WidensBen Bajarin and Jay Goldberg discuss Nvidia's GTC event, product news, and major highlights. They discuss a range of big picture themes Nvidia's CEO Jensen Huang articulated during his keynote. They also outline how several of the announcements represent strategic advantages to Nvidia and keep them well positioned to capitalize on the AI boom we are seeing in the market.
2023-03-2235 minThe CircuitEpisode 10: Semiconductor Investor MindsetsBen Bajarin and Jay Goldberg discuss how semiconductor investors, on the sell and buy side, often think about semiconductor industry stocks and why companies' investor relations strategies struggle to land messages with a broad set of investors.
2023-03-1339 minThe CircuitEpisode 9: Silicon Trends and Highlights from MWCBen Bajarin and Jay Goldberg discuss silicon highlights from mobile world congress.
2023-03-0640 minThe CircuitEpisode 8: AI Infrastructure and Silicon DemandsBen Bajarin and Jay Goldberg discuss the impact the recent advances in foundational AI models and LMMs have on data center infrastructure and silicon. They also discuss how Nvidia remains best positioned as AI computing demands increase.
2023-02-2738 minThe CircuitEpisode 7: Semiconductor Industry Power PlayersBen Bajarin and Jay Goldberg discuss the companies they feel are in power positions over the next decade or longer. Ben fleshes out his Silicon Big 5 thesis and Jay shares his top list of semiconductor companies and they debate the differences in their list.
2023-02-2145 minThe CircuitEpisode 6: Semiconductor Industry Earnings ReviewJay Goldberg and Ben Bajarin discuss macro earnings trends from numerous semiconductor players and what the key takeaways from earnings are in semi-equipment, PC, Smartphone, and Industrial/IoT.
2023-02-1349 minThe CircuitEpisode 5: x86 vs. Arm vs. RISC-V, Shifting from General Purpose to Specific Purpose SiliconBen Bajarin and Jay Goldberg discuss architecture battles and how competition among x86, Arm, and RISC-V may play out. They examine some of the major players' strategies and industries where each architecture may succeed and debate the trend to shift away from general-purpose silicon to special-purpose designs.
2023-02-0641 minThe CircuitEpisode 4: Semiconductor Industry De-globalization Opportunities and ChallengesMany countries are working hard to invest in owning more of the semiconductor industry stack. This will be easier and harder for some countries. Ben Bajarin and Jay Goldberg discuss challenges and opportunities and how regulations may lead to unintended consequences in a world where the semiconductor industry relies on global partnerships.Patrick McGee's column on Apple's tying its future to China.
2023-01-2843 minThe CircuitEpisode 3: Moore's Law and Process vs. PackagingBen Bajarin and Jay Goldberg look at the challenges a slowing/dying Moore's Law has on foundries and silicon vendors. A key part of the discussion is the role process technology plays vs. packaging innovations in the future of the semiconductor industry.
2023-01-1640 minThe CircuitEpisode 2: The Business of Going VerticalBen Bajarin and Jay Goldberg discuss the main reasons and strategies why technology companies are increasingly making their own silicon.
2022-12-2833 minThe CircuitThe Circuit Ep:1 - IntroductionsBen Bajarin and Jay Goldberg introduce The Circuit and discuss why a dedicated podcast about the business and industry of semiconductors is needed and relevant.
2022-12-2114 min