# EP 140: NVIDIA's $300B chart, CAPEX to the MOON FOREVER!

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-11-03
- Length: 53m
- Episode: 142
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever
- Listen: https://share.transistor.fm/s/f272ccfe

## Summary

Ben Bajarin and Jay Goldberg discuss the semiconductor industry's massive capital expenditure surge, focusing on NVIDIA's projected $300B revenue and the strategic shift of hyperscalers like Amazon and Google toward custom silicon (Tranium, TPUs) to reduce reliance on NVIDIA. They analyze the emergence of Substrate, a startup challenging ASML with new lithography tools, and the consolidation in the RF component market with Skyworks acquiring Qorvo. The hosts also touch on the fragmentation of the cloud market into hundreds of 'neo-clouds' and the uncertain future of AI infrastructure demand.

## Chapters

- [0:04](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever#t=4) Introduction and Substrate Lithography Disruption
- [9:09](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever#t=549) NVIDIA's $300B Revenue Projection and GPU Shipments
- [15:52](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever#t=952) NVIDIA's Telecom Ambitions and AI RAN
- [23:05](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever#t=1385) Hyperscaler Earnings and Capex Surge
- [36:27](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever#t=2187) The Battle for Cloud Control: Custom Silicon vs. NVIDIA
- [51:47](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-03-ep-140-nvidias-300b-chart-capex-to-the-moon-forever#t=3107) Apple Results and RF Market Consolidation

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)
- [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)
- ASML (company)
- Substrate (company)
- TSMC (company)
- Intel (company)
- Samsung (company)
- IBM (company)
- Microsoft (company)
- Google (company)
- Amazon (company)
- Anthropic (company)
- OpenAI (company)
- Nokia (company)
- Skyworks (company)
- Qorvo (company)
- Qualcomm (company)
- Apple (company)
- Cloudflare (company)
- Rambus (company)

## 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)
- [Whither Semiconductors? The Wheels on the Bus Go ‘Round and ‘Round](https://hardwarepodcasts.com/podcast/ee-times-current/2021-07-16-whither-semiconductors-the-wheels-on-the-bus-go-round-and-round) (EE Times Current)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [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)
- [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)

## Citing this page

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