# EP 131: NVIDIA/AMD Export Tax Unconstitutional? AMAT Earnings, Talking NeoClouds, Another Week for Intel!

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-08-17
- Length: 45m
- Episode: 131
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-08-17-ep-131-nvidia-amd-export-tax-unconstitutional-amat-earnings-talking-neoclouds-an
- Listen: https://share.transistor.fm/s/21011997

## Summary

Hosts Ben Bajarin and Jay Goldberg discuss the constitutional and economic implications of new US export taxes on NVIDIA and AMD sales to China, noting the market's reluctance to challenge the policy. They analyze the financial viability of 'NeoCloud' providers like CoreWeave and Nebius, highlighting concerns over high leverage and electricity constraints despite strong demand. The conversation also covers Applied Materials' vague guidance due to China uncertainty and Intel's potential government stake, debating the risks of state involvement in a free market.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-17-ep-131-nvidia-amd-export-tax-unconstitutional-amat-earnings-talking-neoclouds-an#t=0) Introduction and Export Tax on NVIDIA/AMD
- [11:36](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-17-ep-131-nvidia-amd-export-tax-unconstitutional-amat-earnings-talking-neoclouds-an#t=696) NeoClouds: CoreWeave, Nebius, and Profitability
- [24:40](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-17-ep-131-nvidia-amd-export-tax-unconstitutional-amat-earnings-talking-neoclouds-an#t=1480) Applied Materials Earnings and China Restrictions
- [32:23](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-17-ep-131-nvidia-amd-export-tax-unconstitutional-amat-earnings-talking-neoclouds-an#t=1943) Intel Government Stake and Foundry Strategy

## Topics

- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Sourcing & supply chain](https://hardwarepodcasts.com/topic/sourcing-and-supply-chain)

## Most relevant to

large enterprises

## Mentioned

- NVIDIA (company)
- AMD (company)
- CoreWeave (company)
- Nebius (company)
- Applied Materials (company)
- Intel (company)
- ASML (company)
- Huawei (company)
- TSMC (company)

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- [For a couple weeks there...](https://hardwarepodcasts.com/podcast/the-amp-hour/2023-11-28-for-a-couple-weeks-there) (The Amp Hour)
- [Seismology 1: Nvidia & Arm | Seismology 2: US IC Manufacturing on the Rebound](https://hardwarepodcasts.com/podcast/ee-times-current/2020-08-07-seismology-1-nvidia-arm-seismology-2-us-ic-manufacturing-on-the-rebound) (EE Times Current)
- [Jersey Jeff Jactitation](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-02-07-jersey-jeff-jactitation) (The Amp Hour)
- [Dotty Ernest Annty Frost](https://hardwarepodcasts.com/podcast/the-amp-hour/2019-09-09-dotty-ernest-annty-frost) (The Amp Hour)

## Citing this page

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