# Episode 101 Part 2: Digging into TSMC Earnings

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-01-20
- Length: 30m
- Episode: 102
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings
- Listen: https://share.transistor.fm/s/e327f007

## Summary

Ben Bajarin and Jay Goldberg analyze TSMC's strong quarterly performance, driven by AI demand, raised Capex guidance of $38-42 billion, and maintained 53% gross margins. They discuss the shift in TSMC's business model from node-centric to volume-agnostic giant dies, highlighting NVIDIA's Blackwell liquid cooling scaling challenges and the growth of custom ASICs from hyper-scalers like Microsoft and Google. The conversation also covers Intel's evolving partnership with TSMC, the potential for Silicon Photonics in next-gen networking, and acquisition rumors surrounding Intel.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings#t=0) Introduction: TSMC Earnings Overview and Guidance
- [2:21](https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings#t=141) TSMC's Business Model Shift: Node vs. AI Volume
- [7:33](https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings#t=453) NVIDIA Blackwell Liquid Cooling and Scaling Challenges
- [13:57](https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings#t=837) Custom ASIC Growth and Hyper-scalar Demand
- [18:44](https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings#t=1124) Revenue Mix: NVIDIA Overtaking Apple and Advanced Packaging
- [23:54](https://hardwarepodcasts.com/podcast/the-circuit/2025-01-20-episode-101-part-2-digging-into-tsmc-earnings#t=1434) Intel's Relationship with TSMC and Acquisition Rumors

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

large enterprises

## Mentioned

- TSMC (company)
- NVIDIA (company)
- Blackwell (product)
- Intel (company)
- Broadcom (company)
- Qualcomm (company)
- Apple (company)
- Microsoft (company)
- Google (company)
- AMD (company)
- MediaTek (company)
- RISC-V (other)
- SOI (other)
- Panther (product)
- Lunar Lake (product)

## Related episodes from other shows

- [ON Semi’s Acquisition | TSMC’s Finer Nodes | Tesla’s AI Chip | China’s Fabless Companies](https://hardwarepodcasts.com/podcast/ee-times-current/2019-04-26-on-semis-acquisition-tsmcs-finer-nodes-teslas-ai-chip-chinas-fabless-companies) (EE Times Current)
- [TSMC Scraps a Batch of Wafers | AI Limitations | ISSCC](https://hardwarepodcasts.com/podcast/ee-times-current/2019-02-22-tsmc-scraps-a-batch-of-wafers-ai-limitations-isscc) (EE Times Current)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [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)
- [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)

## Citing this page

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