# Episode 64: Is the AI Sky Falling (Bubble Popping/Hype Cycle Over)

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2024-04-22
- Length: 39m
- Episode: 65
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over
- Listen: https://share.transistor.fm/s/6eb668fd

## Summary

Hosts Ben Bajarin and Jay Goldberg analyze the recent volatility in semiconductor and AI stocks, arguing that the downturn reflects retail investor behavior and high valuations rather than a fundamental slowdown in AI progress. They discuss the disconnect between company fundamentals and stock prices, citing Nvidia, Supermicro, and Humane AI Pin as examples of market dynamics and hype cycle realities. The conversation highlights that while hardware efficiency is improving, the software and application layer has yet to deliver the expected ROI, keeping the industry in a complex transition phase.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=6) Introduction: Stock Volatility and Retail Investor Impact
- [2:06](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=126) Nvidia Stock vs. Fundamentals and Retail Dominance
- [7:52](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=472) Buy-Side Dilemmas and Institutional Constraints
- [11:24](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=684) Stock Splits, Humane AI Pin, and the Hype Cycle Peak
- [16:47](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=1007) LLM Consolidation and Mobvoy IPO Financials
- [22:33](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=1353) Hardware Spend vs. Software ROI and Sequoia Data
- [24:46](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=1486) Energy Constraints and Hardware Efficiency Gains
- [31:15](https://hardwarepodcasts.com/podcast/the-circuit/2024-04-22-episode-64-is-the-ai-sky-falling-bubble-popping-hype-cycle-over#t=1875) Nvidia Architecture Cadence and Future Outlook

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)

## Most relevant to

large enterprises

## Mentioned

- Nvidia (company)
- Supermicro (company)
- Humane AI Pin (product)
- Rabbit (company)
- LLaMA 3 (product)
- Mobvoy (company)
- Microsoft (company)
- Sequoia (company)
- Blackwell (product)
- H100 (product)
- B200 (product)
- AMD (company)
- ASML (company)
- Avago (company)
- Marvell (company)
- Micron (company)

## Related episodes from other shows

- [AI Chip Revelations | A Corporate Soap Opera | The Sounds of a Pandemic](https://hardwarepodcasts.com/podcast/ee-times-current/2020-04-17-ai-chip-revelations-a-corporate-soap-opera-the-sounds-of-a-pandemic) (EE Times Current)
- [Fixing AI’s Bottlenecks: Memory, Scale, and Sparsity](https://hardwarepodcasts.com/podcast/ee-times-current/2026-04-23-fixing-ais-bottlenecks-memory-scale-and-sparsity) (EE Times Current)
- [Wow, Dave REALLY likes Top Gun](https://hardwarepodcasts.com/podcast/the-amp-hour/2022-07-25-wow-dave-really-likes-top-gun) (The Amp Hour)
- [The Silicon 100: How Startups Rule the Future](https://hardwarepodcasts.com/podcast/ee-times-current/2021-07-02-the-silicon-100-how-startups-rule-the-future) (EE Times Current)
- [Is NVIDIA like Sun from the Dot Com Bubble?](https://hardwarepodcasts.com/podcast/oxide-and-friends/2024-06-27-is-nvidia-like-sun-from-the-dot-com-bubble) (Oxide and Friends)

## Citing this page

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