The Circuit – Details, episodes & analysis

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The Circuit

Ben Bajarin and Jay Goldberg

Technology

Business

Frequency: 1 episode/7d. Total Eps: 184

A podcast about the business and market of semiconductors

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RSS

Apple

Data updated on 10/09/2026

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https://www.ft.com/content/d5a80891-b27d-4110-90c9-561b7836f11b?accessToken=zwAAAYX6Cry1kdPVqAiRsn1BENOQyVYbeDbxGw.MEUCIQDHVa-MC5rwlXh6u4xBA2DfP5Ai2IG22D8KAeANtfOkxgIgCE2rCvhZPMsynZVZ7YwLNkfVmhKDVgpIJQTAsjuuTSk&amp
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https://www.theregister.com/2023/08/08/amazon_arm_servers/
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RSS feed quality

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Score global : 53%

Publication history

Monthly episode publishing history over the past years.

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Ep 191: Agents Gone Wild: Broadcom’s ASICs and the AI Frontier

Episode 184

Monday, September 7, 2026 • Duration 51:24

In this episode, Ben and Jay discuss the launch of their firm's new AI knowledge agent, Atlas, before diving into Broadcom's latest earnings and the growing complexity of modeling the custom ASIC market. They debate the semiconductor supply chain bottleneck, with Ben arguing that constraints will peak in 2027 before massive new capacity arrives in 2028, while Jay cautions that this incoming oversupply could shift pricing power and lower margins. Finally, they analyze Nvidia's acquisition of Hugging Face and explore the future of AI models, agreeing that while open and closed models will coexist, closed "frontier" models remain essential for enterprise cybersecurity and defending against rogue actors.

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EP 190: NVIDIA and Marvell Earnings, Hot Chips Hot Takes

Episode 183

Monday, August 31, 2026 • Duration 53:19

Ben Bajarin and Jay Goldberg break down NVIDIA’s earnings, examining how supply constraints shape growth and rising component costs pressure margins. They discuss NVIDIA’s financing commitments to neoclouds and the risks of using its balance sheet to support the ecosystem. Marvell’s XPU-attach strategy offers another route into custom silicon, with questions around when its Google opportunity will convert into revenue.

From Hot Chips, Ben shares why competing inference architectures suggest the industry is still working out how to serve AI at scale. The conversation explores the software and system-design challenges facing accelerator startups, along with custom HBM base dies and their implications for memory costs and supplier flexibility. Waymo’s workload-specific silicon raises another question: how much of inference will converge on a common architecture?

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EP 189: Analyzing ADI Earnings, Custom Silicon Shifts, and Semiconductor Debt

Episode 182

Sunday, August 23, 2026 • Duration 38:48

In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the shifting dynamics across the semiconductor landscape, from analog chips to custom silicon and corporate balance sheets.

Analog Devices (ADI) & The Data Center Wave: ADI reports a strong quarter, driven by a doubling of its data center revenue and expanding opportunities in 800-volt data center architectures. Ben and Jay discuss ADI’s conservative focus on SAM (Serviceable Addressable Market) over TAM, high gross margins, and how analog content per gigawatt is becoming a key driver for power, safety, and sub-volt conversion.
AI Sentiment vs. Market Reality: The hosts address the hype around AI "curing cancer," clarifying Moderna’s recent bio-informatics announcement, and discuss the growing local friction surrounding massive data center construction projects.
Custom ASICs & Marvell’s Google Win: Analysis of Marvell’s expanding relationship with Google for periphery XPU attach, optical interconnects, and CXL. They unpack why this is a massive win for Marvell’s diversification and clear up misconceptions regarding Broadcom's market position.
The Era of "Balance Sheet Competition": Semiconductor giants are using equity, warrants, and Special Purpose Vehicles (SPVs) to fund data center capacity. Ben and Jay debate the risks of chip companies taking on debt-like obligations to compete with NVIDIA.

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EP 188: The Wild West of Optical, Cisco's AI Hack, and Is Compute an Investable Asset

Episode 181

Monday, August 17, 2026 • Duration 56:11

In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down the evolving structural dynamics across optical networking, semiconductor manufacturing, and AI infrastructure financing. They begin by analyzing the divergent earnings from Lumentum and Coherent, pointing to margin pressures and the yield challenges Coherent faces during its transition to 6-inch indium phosphide wafers. This leads to a detailed debate on optical interconnect architectures—distinguishing Linear Pluggable Optics (LPO) from Near-Packaged Optics (NPO) and Co-Packaged Optics (CPO)—while noting that adoption remains largely rack-to-rack rather than internal to the rack due to manufacturing and serviceability bottlenecks. Turning to enterprise networking, the hosts highlight Cisco's resurgence powered by its proprietary Silicon One chips and its clever use of Anthropic's Mythos model to run security audits that drive hardware refreshes. Applied Materials' record quarter is evaluated next, where eight quarters of visibility backed by Long-Term Agreements (LTAs) demonstrate structural supply chain shifts, despite market hesitancy likely tied to Intel's pending capex plans. Finally, they examine NVIDIA's proposed $500 billion data center financing initiative, debating whether vendor-backed capital creates circular demand or serves as a necessary bridge for capital markets, while challenging Jensen Huang's assertion that compute should be viewed as a standalone, non-obsolescent asset class.

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EP 187: Inside the Future of Memory Summit & AMD’s "Boring" Bullishness

Episode 180

Sunday, August 9, 2026 • Duration 40:43

n this episode of The Circuit, Ben and Jay unpack a busy week of tech earnings and the buzzing Future of Memory Summit. The hosts kick things off by analyzing AMD’s latest earnings, discussing why the street had a mixed reaction to a quarter that demonstrated solid, reliable execution and surprisingly bullish signals for data center CPU demand.

Ben then reports back from the Future of Memory Summit, where the convention center was completely packed—a clear sign of the times for the booming memory industry. He explains why the ecosystem around CXL (Compute Express Link) is finally maturing, driven by the rise of rack-scale AI architectures and the urgent need for hyperscalers to reuse vast amounts of legacy DDR4 memory for inference workloads. Finally, the duo debates the trajectory of the current memory supercycle—touching on the durability of long-term agreements (LTAs)—and highlights why SiTime is perfectly positioned to benefit from the growing need for precision timing and synchronization in AI data centers

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EP 186: Mobile Bottlenecks, Skyrocketing AI CapEx, and the Compute Crunch

Episode 179

Monday, August 3, 2026 • Duration 01:04:10

In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg break down a packed earnings week across the technology and semiconductor sectors, grouping major updates into key themes around mobile markets and AI infrastructure. They analyze softness in mobile demand alongside severe supply chain bottlenecks impacting Apple, Qualcomm, ARM, and MediaTek, highlighting how surging AI demand is squeezing capacity across foundry and memory partners. The hosts then dive into hyperscaler CapEx trends from Amazon, Microsoft, and Meta, evaluating the transition from AI training to inference, the rising adoption of behind-the-meter power solutions, and severe labor constraints in electrical trades. Finally, they address the growing reliance on debt financing for data center expansion and unpack the market mechanics behind recent stock volatility and hedge fund unwinds.

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EP 185: AMD Advancing AI, Intel Earnings and WFE Demand

Episode 178

Monday, July 27, 2026 • Duration 54:34

In this episode of The Circuit, hosts Ben Bajarin and Jay Goldberg review major updates across the semiconductor industry, beginning with AMD’s Advancing AI Day where they discuss CEO Lisa Su’s performance, the technical details of the Helios rack-scale architecture, and AMD's strategic fit for inference with partners like Anthropic. They next unpack Intel’s strong quarterly earnings, pointing out that the company beat revenue and margin estimates while confirming customer traction for its 18A and 14A process nodes, despite mixed market reactions over its conservative CapEx approach. The hosts then analyze the broader semiconductor capital equipment (semicap) sector, arguing that increased CapEx from key fab operators will drive sustained demand for equipment makers. Finally, they cover Texas Instruments’ solid quarterly report, noting signs of recovery in automotive and industrial markets along with surging demand for power semiconductors used in AI data centers.

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Ep 184: Earnings TSMC/ASML/AEHR, State of AI Semis

Episode 177

Monday, July 20, 2026 • Duration 59:17

In this episode, Ben and Jay analyze the latest developments in the semiconductor industry, focusing on TSMC, ASML, Air, and the broader market implications of AI and chip manufacturing advancements. They explore how these trends impact supply chains, CapEx, and future growth prospects.

Key Topics:

TSMC's CapEx increase and demand signals
ASML's capacity expansion and high NA EUV technology
Air's role in semiconductor testing and optical advancements
Market sentiment and investor rotation in semiconductors
The impact of AI on chip demand and manufacturing

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EP 183: SKHynix IPO, AI Model Wars, and NVIDIA Supply Chain Rumors

Episode 176

Tuesday, July 14, 2026 • Duration 47:01

In this episode of The Circuit, Ben and Jay dive into SK Hynix's ambitious US stock listing, discussing how the AI-driven memory boom and a need for deeper capital pools prompted the move, while speculating if companies like MediaTek might follow suit. The hosts also explore the fierce competition among frontier AI models, noting that enterprise evaluation is shifting toward token efficiency for knowledge work and emphasizing the growing importance of AI orchestration layers and data ownership. Additionally, they break down Wall Street's harsh reaction to ON Semiconductor's acquisition of Synaptics, attributing the stock drop to a lack of clear corporate messaging regarding both sprawling businesses. Finally, the duo analyzes the rumors surrounding Nvidia's product roadmaps, concluding that while minor delays won't impact Nvidia's overall revenue given the massive compute demand, these shifts can trigger significant market volatility for the smaller optical and supply chain players dependent on those exact timelines.

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EP 182: AI Fatigue , Meta's Neo-Cloud Rumors , and Samsung's Foundry Comeback

Episode 175

Monday, July 6, 2026 • Duration 59:17

In this episode of The Circuit, Ben and Jay break down the recent volatility and AI fatigue hitting semiconductor stocks. They analyze how retail "tourists" and passive index funds might be driving market valuations ahead of actual fundamentals. The hosts also unpack the rumors surrounding Meta reportedly leasing data center capacity to Google, debating whether Mark Zuckerberg's broad AI vision is struggling to align with the company's core advertising model, or if the company is simply bartering excess compute for access to coding tools like Gemini. Finally, the conversation shifts to the evolving foundry landscape, highlighting Infineon's new 300mm fab in Germany and Samsung's strategic use of its memory business to win new logic deals. They conclude with a warning about the unprecedented pricing power and margin expansion currently rippling through the entire semiconductor supply chain

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The Circuit – Details, episodes & analysis

Podcast details

Recent rankings

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RSS feed quality and score

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The Circuit – Details, episodes & analysis

Podcast details

Recent rankings

Apple Podcasts

Spotify

Shared links between episodes and podcasts

Other2

Financial Times1

Amazon1

RSS feed quality and score

Publication history

Latest published episodes

Similar podcasts and content

Related Shows Based on Content Similarities

Related Shows Based on Content Similarities

Other2

Financial Times1

Amazon1

Apple Podcasts

Spotify