# Episode 92: Another week in Semi's Earnings. -AMD, Intel, Capex growth in Cloud

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2024-11-04
- Length: 44m
- Episode: 92
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2024-11-04-episode-92-another-week-in-semis-earnings-amd-intel-capex-growth-in-cloud
- Listen: https://share.transistor.fm/s/21e3a1c3

## Summary

Ben Bajarin and Jay Goldberg analyze recent earnings from AMD and Intel, discussing how AMD's stock dropped despite reasonable results because investors expected it to displace Nvidia in AI, while Intel's turnaround under CEO Pat Gelsinger faces skepticism due to a Reuters report highlighting management missteps. The hosts examine Intel's strategic decision to 'kitchen sink' its financials by reporting an 18% gross margin to create future comparison advantages, and debate the company's cultural challenges and the viability of its Gaudi AI accelerator roadmap. They also cover the mobile semiconductor sector, noting MediaTek's solid performance contrasted with Qorvo's stock decline due to losing share in flagship Android devices to Qualcomm and Broadcom.

## Outline

1. Introduction: AMD Earnings and Market Expectations
2. Intel's Turnaround, Reuters Report, and Credibility Crisis
3. Intel's Financial Strategy: Kitchen Sinking Margins and Restructuring
4. Intel's Culture, Gaudi Roadmap, and Strategic Dilemmas
5. Mobile Sector: MediaTek, Qorvo, and Qualcomm Dynamics

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)

## Most relevant to

large enterprises

## Mentioned

- AMD (company)
- Intel (company)
- Nvidia (company)
- MediaTek (company)
- Qorvo (company)
- Qualcomm (company)
- Broadcom (company)
- Gaudi (product)
- Falcon Shores (product)
- ARC A770 (product)
- Pat Gelsinger (other)
- Lisa Su (other)

## Related episodes from other shows

- [Intel after Gelsinger](https://hardwarepodcasts.com/podcast/oxide-and-friends/2024-12-05-intel-after-gelsinger) (Oxide and Friends)
- [Intel CPU |5G Fixed Wireless | AI Silicon Race | SMIC Rift](https://hardwarepodcasts.com/podcast/ee-times-current/2019-03-29-intel-cpu-5g-fixed-wireless-ai-silicon-race-smic-rift) (EE Times Current)
- [Lip-Bu Tan's Intel](https://hardwarepodcasts.com/podcast/oxide-and-friends/2025-03-21-lip-bu-tans-intel) (Oxide and Friends)
- [Interview: AMD CTO Papermaster | Interview: Imagination CEO Black | Where to Invest in 2020](https://hardwarepodcasts.com/podcast/ee-times-current/2020-01-24-interview-amd-cto-papermaster-interview-imagination-ceo-black-where-to-invest-in) (EE Times Current)
- [EE Times Weekly Briefing: Friday, February 1, 2019](https://hardwarepodcasts.com/podcast/ee-times-current/2019-02-02-ee-times-weekly-briefing-friday-february-1-2019) (EE Times Current)

## Citing this page

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