# Episode 18: Frameworks for Valuing Semiconductor Companies

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2023-05-15
- Length: 38m
- Episode: 19
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies
- Listen: https://share.transistor.fm/s/ca056d76

## Summary

Ben Bajarin and Jay Goldberg discuss frameworks for valuing semiconductor companies, arguing that software ecosystems create defensible moats beyond silicon performance. They analyze Nvidia’s CUDA dominance, Apple’s hardware-software integration, and Qualcomm’s reliance on wireless standards to explain market leadership. The hosts also evaluate AMD’s strategic pivot to inference and custom chips, Intel’s architectural shifts, and Broadcom’s private equity-style portfolio approach.

## Chapters

- [0:17](https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies#t=17) Introduction: Valuing Nvidia and Apple
- [2:40](https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies#t=160) Apple’s Software Moat and Pricing Power
- [7:37](https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies#t=457) Nvidia’s CUDA Dominance and AI Strategy
- [18:55](https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies#t=1135) Intel’s Linux Investment and Qualcomm’s Standards
- [24:29](https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies#t=1469) RISC-V Customization and AMD’s Position
- [32:51](https://hardwarepodcasts.com/podcast/the-circuit/2023-05-15-episode-18-frameworks-for-valuing-semiconductor-companies#t=1971) Intel’s Foundry Strategy and Broadcom’s PE Model

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)
- [Intellectual property](https://hardwarepodcasts.com/topic/intellectual-property)

## Most relevant to

large enterprises

## Mentioned

- Nvidia (company)
- Apple (company)
- AMD (company)
- Intel (company)
- Qualcomm (company)
- Broadcom (company)
- CUDA (product)
- RISC-V (other)
- Linux (other)
- VMware (company)

## Related episodes from other shows

- [Whither Semiconductors? The Wheels on the Bus Go ‘Round and ‘Round](https://hardwarepodcasts.com/podcast/ee-times-current/2021-07-16-whither-semiconductors-the-wheels-on-the-bus-go-round-and-round) (EE Times Current)
- [Heterogeneous Computing with Raja Koduri](https://hardwarepodcasts.com/podcast/oxide-and-friends/2024-07-18-heterogeneous-computing-with-raja-koduri) (Oxide and Friends)
- [CEO Interview: Mike Henry of Mythic | The Biggest Chip Deal Ever | Do Androids Dream of Electric Smartphones?](https://hardwarepodcasts.com/podcast/ee-times-current/2020-09-18-ceo-interview-mike-henry-of-mythic-the-biggest-chip-deal-ever-do-androids-dream) (EE Times Current)
- [Can the Nvidia Monopoly on AI Chips Be Broken?](https://hardwarepodcasts.com/podcast/ee-times-current/2026-03-16-can-the-nvidia-monopoly-on-ai-chips-be-broken) (EE Times Current)
- [Season 5 of Moore's Lobby is Coming Soon](https://hardwarepodcasts.com/podcast/moores-lobby/2022-09-06-season-5-of-moores-lobby-is-coming-soon) (Moore's Lobby)

## Citing this page

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