# Episode 98: 2024 Semi Recap and Outlook Into 2025

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2024-12-21
- Length: 36m
- Episode: 98
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025
- Listen: https://share.transistor.fm/s/48ec13d9

## Summary

Hosts Ben Bajarin and Jay Goldberg analyze the 2024 semiconductor market, highlighting Nvidia's dominant 174.95% stock gain and the contrasting underperformance of AMD and Intel. They debate whether custom ASICs from hyperscalers like Amazon (Trainium) and Microsoft (Maia) can challenge Nvidia's GPU ecosystem, concluding that Nvidia's software stickiness remains superior. The discussion extends to cloud software, predicting that Microsoft, Google, and Amazon will not see significant AI-driven revenue growth until 2026, with Meta potentially being the exception.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=6) Introduction: 2024 Semi Market Recap and Nvidia's Performance
- [3:23](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=203) Nvidia's Growth Trajectory and Blackwell Ramp Scenarios
- [8:41](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=521) Stock Performance Comparison: Broadcom, AMD, Intel, and Apple
- [13:45](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=825) Nvidia vs. Custom ASICs: The Hyperscalar Competition
- [23:10](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=1390) AMD and Intel's AI Strategy and Data Center Revenue
- [29:47](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=1787) Cloud Software Monetization: Microsoft, Google, and Amazon
- [36:30](https://hardwarepodcasts.com/podcast/the-circuit/2024-12-21-episode-98-2024-semi-recap-and-outlook-into-2025#t=2190) Conclusion: 2025 Outlook and Episode Wrap

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

large enterprises

## Mentioned

- Nvidia (company)
- AMD (company)
- Intel (company)
- Broadcom (company)
- Apple (company)
- TSMC (company)
- Qualcomm (company)
- Arm (company)
- Amazon (company)
- Microsoft (company)
- Google (company)
- Meta (company)
- Anthropic (company)
- Blackwell (product)
- MI300 (product)
- Trainium (product)
- Maia (product)
- TPU (product)
- CUDA (product)

## Related episodes from other shows

- [How Much is Enough for Hyperscale Companies?](https://hardwarepodcasts.com/podcast/ee-times-current/2019-07-26-how-much-is-enough-for-hyperscale-companies) (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)
- [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)
- [Predictions 2025](https://hardwarepodcasts.com/podcast/oxide-and-friends/2025-01-10-predictions-2025) (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)

## Citing this page

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