# EP 132: NVIDIA Earnings + Ben's Thesis Time and Those Lumpy ASICs

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-08-31
- Length: 54m
- Episode: 133
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-08-31-ep-132-nvidia-earnings-bens-thesis-time-and-those-lumpy-asics
- Listen: https://share.transistor.fm/s/b123b08d

## Summary

Ben Bajarin and Jay Goldberg analyze Nvidia's recent earnings, focusing on the uncertainty surrounding its China sales strategy, the interpretation of Jensen Huang's $3-4 trillion cumulative infrastructure forecast, and the competitive dynamics of custom ASICs. They discuss Marvell's 'lumpy' ASIC business, particularly the competitive bidding for Amazon's Tranium chip against AMD and Alchip, and examine Dell's position in the early Blackwell server ramp.

## Chapters

- [0:43](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-31-ep-132-nvidia-earnings-bens-thesis-time-and-those-lumpy-asics#t=43) Nvidia Earnings Review and China Licensing Uncertainty
- [13:09](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-31-ep-132-nvidia-earnings-bens-thesis-time-and-those-lumpy-asics#t=789) Jensen Huang's Infrastructure Capex Forecast and Token Monetization
- [25:14](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-31-ep-132-nvidia-earnings-bens-thesis-time-and-those-lumpy-asics#t=1514) AI Software Longevity and the Graphics Analogy
- [36:15](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-31-ep-132-nvidia-earnings-bens-thesis-time-and-those-lumpy-asics#t=2175) Marvell's ASIC Business and Amazon Tranium Competition
- [51:30](https://hardwarepodcasts.com/podcast/the-circuit/2025-08-31-ep-132-nvidia-earnings-bens-thesis-time-and-those-lumpy-asics#t=3090) Dell's Blackwell Server Ramp and ODM Dynamics

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [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

- Nvidia (company)
- Marvell (company)
- Dell (company)
- Amazon (company)
- AMD (company)
- Alchip (company)
- Blackwell (product)
- H20 (product)
- Tranium (product)
- Grace Blackwell (product)

## Related episodes from other shows

- [Can the Nvidia Monopoly on AI Chips Be Broken?](https://hardwarepodcasts.com/podcast/ee-times-current/2026-03-16-can-the-nvidia-monopoly-on-ai-chips-be-broken) (EE Times Current)
- [NVIDIA: Jensen Huang. From near collapse to becoming the world’s biggest company](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-05-18-nvidia-jensen-huang-from-near-collapse-to-becoming-the-worlds-biggest-company) (How I Built This)
- [Nvidia & Arm: The East Coast Perspective](https://hardwarepodcasts.com/podcast/ee-times-current/2021-04-23-nvidia-arm-the-east-coast-perspective) (EE Times Current)
- [China’s $28B Big Fund | The Cockiest Startup | Sony’s Ambitions](https://hardwarepodcasts.com/podcast/ee-times-current/2019-11-22-chinas-28b-big-fund-the-cockiest-startup-sonys-ambitions) (EE Times Current)
- [Monte Carlo Formula E Race | Trade War: China’s View | AI @ Hot Chips](https://hardwarepodcasts.com/podcast/ee-times-current/2019-05-31-monte-carlo-formula-e-race-trade-war-chinas-view-ai-hot-chips) (EE Times Current)

## Citing this page

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