# EP 141: Talking Bubbles, ARM and QCOM Earnings, Memory/Storage Cyclicality

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-11-09
- Length: 51m
- Episode: 143
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality
- Listen: https://share.transistor.fm/s/aa00f28d

## Summary

Ben Bajarin and Jay Goldberg analyze the 'boom-bust-build-out' cycle in the current AI hardware market, arguing that while speculative excesses will correct, they leave behind productive infrastructure like power grids and cheap compute. They examine ARM's strategic shift toward first-party chip design and its acquisition of Dream Big Semiconductors to enhance CPU capabilities, alongside Qualcomm's growth driven by premium Android ASPs and its entry into data center inference. The hosts also discuss supply chain dynamics, noting how Tesla and OpenAI are securing foundry capacity through aggressive negotiations, while memory and storage companies like SanDisk manage tight supply through measured capacity expansion.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality#t=6) Introduction: The AI Bubble and Boom-Bust Cycle
- [10:24](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality#t=624) Critique of Gigawatt-Based Valuation Models
- [21:25](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality#t=1285) ARM Earnings, CSS Growth, and First-Party Chip Strategy
- [33:23](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality#t=2003) Qualcomm Premium Android Growth and Data Center Ambitions
- [39:40](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality#t=2380) Tesla and OpenAI Foundry Negotiations and Silicon Allocation
- [46:12](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-09-ep-141-talking-bubbles-arm-and-qcom-earnings-memory-storage-cyclicality#t=2772) Memory and Storage Cyclicality and SanDisk Earnings

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Sourcing & supply chain](https://hardwarepodcasts.com/topic/sourcing-and-supply-chain)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

large enterprises

## Mentioned

- ARM (company)
- Qualcomm (company)
- Dream Big Semiconductors (company)
- SanDisk (company)
- TSMC (company)
- Samsung Foundry (company)
- Intel (company)
- NVIDIA (company)
- OpenAI (company)
- Tesla (company)
- Micron (company)
- TD Cowen (company)
- Ben Thompson (other)
- Hobart and Huber (other)

## Related episodes from other shows

- [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)
- [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)
- [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)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [AI and Semiconductor Memory: More, More, More](https://hardwarepodcasts.com/podcast/ee-times-current/2021-10-01-ai-and-semiconductor-memory-more-more-more) (EE Times Current)

## Citing this page

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