# Episode 104: Earnings Thoughts (QCOM, AMD, Arm) and Hypersaler CapEx Steady

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-02-10
- Length: 44m
- Episode: 105
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-02-10-episode-104-earnings-thoughts-qcom-amd-arm-and-hypersaler-capex-steady
- Listen: https://share.transistor.fm/s/3225a522

## Summary

Ben Bajarin and Jay Goldberg analyze recent earnings from Qualcomm, AMD, and Arm, discussing why strong financial results failed to satisfy investor expectations in a risk-averse market. They highlight Qualcomm's solid execution in PCs and automotive, AMD's struggle to gain significant AI accelerator market share against NVIDIA, and Arm's complex IP licensing model and its role in the AI ecosystem. The hosts also examine the massive capital expenditures of hyperscalers, distinguishing between traditional cloud revenue and the emerging, yet unproven, ROI of AI workloads.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-10-episode-104-earnings-thoughts-qcom-amd-arm-and-hypersaler-capex-steady#t=6) Introduction: Qualcomm's Strong Quarter and Market Confusion
- [9:28](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-10-episode-104-earnings-thoughts-qcom-amd-arm-and-hypersaler-capex-steady#t=568) AMD's AI Struggles and CPU Focus
- [19:00](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-10-episode-104-earnings-thoughts-qcom-amd-arm-and-hypersaler-capex-steady#t=1140) Arm's IP Model, CSS Metrics, and AI Role
- [29:21](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-10-episode-104-earnings-thoughts-qcom-amd-arm-and-hypersaler-capex-steady#t=1761) Hyperscaler CapEx and the 'Boring Cloud' vs. AI Cloud
- [39:05](https://hardwarepodcasts.com/podcast/the-circuit/2025-02-10-episode-104-earnings-thoughts-qcom-amd-arm-and-hypersaler-capex-steady#t=2345) NVIDIA's Blackwell Supply Chain and Market Expectations

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)

## Most relevant to

large enterprises

## Mentioned

- Qualcomm (company)
- AMD (company)
- Arm (company)
- NVIDIA (company)
- Blackwell (product)
- Meta (company)
- Google (company)
- Amazon (company)
- Microsoft (company)
- MediaTek (company)
- Broadcom (company)
- Marvell (company)
- NXP (company)
- TI (company)
- Apple (company)
- Huawei (company)
- Transsion (company)
- Samsung (company)
- RISC-V (chip)

## 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)
- [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)
- [Fear & Loathing on the M&A Trail](https://hardwarepodcasts.com/podcast/ee-times-current/2021-02-26-fear-loathing-on-the-m-a-trail) (EE Times Current)
- [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)
- [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)

## Citing this page

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