# Episode 114: More Semi Tariff Chaos, Lip Bu's Plan, TSMC Earnings

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-04-21
- Length: 45m
- Episode: 115
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings
- Listen: https://share.transistor.fm/s/938a8e26

## Summary

Ben Bajarin and Jay Goldberg discuss the chaotic impact of new US tariffs on the semiconductor industry, noting 145% duties on Chinese goods and 25% on Taiwan, Japan, and Korea, which are driving up consumer electronics prices while AI infrastructure remains somewhat insulated. They analyze Intel's organizational restructuring under new CEO Lip-Bu Tan, highlighting employee anxiety over potential 'bloody summer' layoffs and the appointment of Sachin Katti as CTO. The hosts also examine TSMC's recent earnings, arguing that while the company is strong, its forecasts are lagging indicators of a potential slowdown in hyperscaler capital expenditures driven by economic uncertainty and ROI concerns.

## Chapters

- [0:07](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=7) Introduction: Tariff Chaos and Market Context
- [2:31](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=151) Tariff Breakdown: China, Taiwan, Japan, and Korea
- [7:21](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=441) Earnings Season: Walmart, Airlines, and Consumer Impact
- [12:52](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=772) AI Capex, Hyper-scalers, and ROI Questions
- [23:41](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=1421) Nvidia, H20/H100 Dynamics, and Supply Chain Rerouting
- [32:56](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=1976) The Analog Sector Crisis: Intel, TI, ADI, and China
- [33:18](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=1998) Intel's Restructuring: Lip-Bu Tan, Layoffs, and Sachin Katti
- [38:57](https://hardwarepodcasts.com/podcast/the-circuit/2025-04-21-episode-114-more-semi-tariff-chaos-lip-bus-plan-tsmc-earnings#t=2337) TSMC Earnings, HPC Growth, and Forecast Lag

## Topics

- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)

## Most relevant to

large enterprises

## Mentioned

- Nvidia (company)
- TSMC (company)
- Intel (company)
- TI (company)
- ADI (company)
- Apple (company)
- Walmart (company)
- Open AI (company)
- H20 (product)
- H100 (product)
- Blackwell (product)
- Sachin Katti (other)
- Lip-Bu Tan (other)

## Related episodes from other shows

- [Lip-Bu Tan's Intel](https://hardwarepodcasts.com/podcast/oxide-and-friends/2025-03-21-lip-bu-tans-intel) (Oxide and Friends)
- [EMS & The Economist - Tariffs Special - April 13th, 2025](https://hardwarepodcasts.com/podcast/ems-c-level/2025-04-14-ems-the-economist-tariffs-special-april-13th-2025) (EMS@C-LEVEL)
- [World Trade Futurity (WTF)](https://hardwarepodcasts.com/podcast/the-amp-hour/2016-11-11-world-trade-futurity-wtf) (The Amp Hour)
- [EMS & The Economist - Chaos-as-a-Strategy and How Tariffs Are Changing Supply Chains (May 25)](https://hardwarepodcasts.com/podcast/ems-c-level/2025-05-28-ems-the-economist-chaos-as-a-strategy-and-how-tariffs-are-changing-supply-chains) (EMS@C-LEVEL)
- [Book-to-Bills, Tariffs, Economic Uncertainty, and the Reshaping of US-Europe Relations: All on EMS & The Economist with Shawn DuBravac](https://hardwarepodcasts.com/podcast/ems-c-level/2025-03-16-book-to-bills-tariffs-economic-uncertainty-and-the-reshaping-of-us-europe-relati) (EMS@C-LEVEL)

## Citing this page

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