# Episode 103: Earnings - MSFT, META, AAPL, INTC - The Custom ASIC Debate!

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-02-03
- Length: 55m
- Episode: 104
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate
- Listen: https://share.transistor.fm/s/f18e4896

## Summary

Ben Bajarin and Jay Goldberg analyze recent earnings from Microsoft, Meta, Apple, and Intel, focusing on the strategic implications for the semiconductor industry. They discuss Microsoft's continued high capital expenditure on AI despite unclear ROI for SMBs, and Meta's success in monetizing AI through ad optimization and its custom NTIA accelerator. The hosts also examine Apple's reliance on services and the potential of edge AI models like DeepSeek, while highlighting Intel's existential crisis regarding its foundry strategy, margin pressures, and the ongoing CEO search.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate#t=6) Introduction: Earnings Week Overview and AI Bubble Context
- [1:15](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate#t=75) Microsoft: High Capex, SMB AI Adoption, and Cloud Growth
- [9:01](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate#t=541) Meta: Monetizing AI, Custom Silicon, and the NTIA Accelerator
- [21:30](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate#t=1290) Apple: iPhone Dynamics, Services Growth, and Edge AI
- [29:04](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate#t=1744) Intel: Mixed Earnings, Foundry Dilemma, and CEO Search
- [47:48](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-03-episode-103-earnings-msft-meta-aapl-intc-the-custom-asic-debate#t=2868) AMD, AI Accelerators, and the Role of CPUs in AI

## 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)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)

## Most relevant to

large enterprises

## Mentioned

- Microsoft (company)
- Meta (company)
- Apple (company)
- Intel (company)
- NVIDIA (company)
- AMD (company)
- DeepSeek (other)
- NTIA (product)
- Intel 18A (product)
- Falcon Shores (product)
- Jaguar Shores (product)

## Related episodes from other shows

- [Inside the emerging frontier of models, machines and manufacturing hell.](https://hardwarepodcasts.com/podcast/built-2-scale/2025-12-11-inside-the-emerging-frontier-of-models-machines-and-manufacturing-hell) (Built 2 Scale)
- [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)
- [Season 5 of Moore's Lobby is Coming Soon](https://hardwarepodcasts.com/podcast/moores-lobby/2022-09-06-season-5-of-moores-lobby-is-coming-soon) (Moore's Lobby)
- [Google CRUSHES Everyone + Elon's $10B Anime Crisis + The Age of Agents](https://hardwarepodcasts.com/podcast/built-2-scale/2025-08-29-google-crushes-everyone-elons-10b-anime-crisis-the-age-of-agents) (Built 2 Scale)
- [CEO Interview: Mike Henry of Mythic | The Biggest Chip Deal Ever | Do Androids Dream of Electric Smartphones?](https://hardwarepodcasts.com/podcast/ee-times-current/2020-09-18-ceo-interview-mike-henry-of-mythic-the-biggest-chip-deal-ever-do-androids-dream) (EE Times Current)

## Citing this page

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