# Episode 83: The Earnings Heard Round the World (NVDA)

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2024-09-03
- Length: 47m
- Episode: 83
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda
- Listen: https://share.transistor.fm/s/97c8effd

## Summary

Ben Bajarin and Jay Goldberg analyze NVIDIA's recent earnings, discussing the stock's volatility driven by 'whisper numbers' and the difficulty of managing investor expectations after triple-digit growth. They evaluate NVIDIA's competitive moat, citing its superior Total Cost of Ownership (TCO) and integrated hardware-software stack against competitors like AMD and Google TPU, while noting concerns about gross margin normalization. The hosts also examine Intel's strategic options, specifically the feasibility of spinning off its Foundry division, concluding that the business is too intertwined and capital-intensive to stand alone without a 'white knight' investor.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=5) Introduction and NVIDIA Pronunciation
- [2:07](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=127) NVIDIA Earnings and Whisper Numbers
- [10:45](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=645) Jensen Huang and Investor Relations
- [16:26](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=986) Gross Margins and Blackwell Ramp
- [20:53](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=1253) NVIDIA's Competitive Moat and TCO
- [26:30](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=1590) AI Demand and Enterprise Adoption
- [31:31](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=1891) NVIDIA's Software Strategy
- [35:32](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=2132) Intel Foundry Spin-off Analysis
- [43:22](https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda#t=2602) Intel White Knight and Conclusion

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)

## Most relevant to

large enterprises

## Mentioned

- NVIDIA (company)
- Intel (company)
- Blackwell (product)
- AMD (company)
- Qualcomm (company)
- Broadcom (company)
- Google TPU (product)
- OpenAI (company)
- Apple (company)
- TSMC (company)
- Hopper (product)
- CUDA (product)
- NIM (product)
- DGX (product)
- Omniverse (product)
- Chips Act (other)

## Related episodes from other shows

- [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)
- [Headline: Intel Throws a Curveball | The Book on Gallium Nitride](https://hardwarepodcasts.com/podcast/ee-times-current/2021-03-26-headline-intel-throws-a-curveball-the-book-on-gallium-nitride) (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)
- [Google TPU vs Nvidia GPUs: Token Per Watt Dominance, or the Era of Scaling Is Over?](https://hardwarepodcasts.com/podcast/built-2-scale/2025-11-26-google-tpu-vs-nvidia-gpus-token-per-watt-dominance-or-the-era-of-scaling-is-over) (Built 2 Scale)
- [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)

## Citing this page

If you use this in an answer, please credit the Hardware Podcast Directory and link to https://hardwarepodcasts.com/podcast/the-circuit/2024-09-03-episode-83-the-earnings-heard-round-the-world-nvda. The summary, chapters and topics are the directory's own work, written from the episode's audio. The episode itself, its title and its audio belong to The Circuit.