# Ep 142: AMD Financial Analyst Day, Neoclouds earnings - REITS or Neoclouds?

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-11-18
- Length: 45m
- Episode: 144
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds
- Listen: https://share.transistor.fm/s/17405154

## Summary

Ben Bajarin and Jay Goldberg analyze AMD's Financial Analyst Day, discussing CEO Lisa Su's conservative roadmap, the $100 billion revenue projection, and the competitive landscape against NVIDIA, including the potential for AMD to become a backup plan for hyperscalers like Amazon. The hosts then debate the recent earnings of 'neocloud' providers like CoreWeave, Nebius, and White Fiber, questioning whether these companies are true cloud operators or merely REITs serving hyperscaler tenants. They explore game theory scenarios involving custom silicon, inference vs. training workloads, and the strategic positioning of AMD's MI300 series against NVIDIA's dominance.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=5) Introduction: The Circuit and AMD Analyst Day Overview
- [0:50](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=50) AMD Analyst Day: Lisa Su's Roadmap and Market Reaction
- [5:13](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=313) AMD TAM Projections vs. NVIDIA and Market Share Concerns
- [10:42](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=642) Game Theory: Amazon, Tranium, and AMD as Plan B
- [18:12](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=1092) Inference vs. Training Data Centers and Product Fragmentation
- [26:43](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=1603) Neocloud Earnings: CoreWeave, Nebius, and White Fiber
- [33:51](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=2031) The REIT vs. Neocloud Debate: CoreWeave's Customer Base
- [40:18](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-18-ep-142-amd-financial-analyst-day-neoclouds-earnings-reits-or-neoclouds#t=2418) NVIDIA's Influence and the Future of Neocloud Sustainability

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

large enterprises

## Mentioned

- AMD (company)
- NVIDIA (company)
- CoreWeave (company)
- Nebius (company)
- White Fiber (company)
- Microsoft (company)
- Amazon (company)
- Google (company)
- Lisa Su (other)
- Jensen Huang (other)
- MI300 (product)
- Helios (product)
- Tranium (product)
- TPU (product)
- Rock M (product)
- CUDA (other)
- ZT Systems (company)
- Core Scientific (company)
- Equinix (company)
- Digital Realty (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)
- [Google TPU vs Nvidia GPUs: Token Per Watt Dominance, or the Era of Scaling Is Over?](https://hardwarepodcasts.com/podcast/built-2-scale/2025-11-26-google-tpu-vs-nvidia-gpus-token-per-watt-dominance-or-the-era-of-scaling-is-over) (Built 2 Scale)
- [AMD's MI300 and the Future of Accelerated Compute](https://hardwarepodcasts.com/podcast/oxide-and-friends/2023-12-12-amds-mi300-and-the-future-of-accelerated-compute) (Oxide and Friends)
- [Is NVIDIA like Sun from the Dot Com Bubble?](https://hardwarepodcasts.com/podcast/oxide-and-friends/2024-06-27-is-nvidia-like-sun-from-the-dot-com-bubble) (Oxide and Friends)
- [Predictions 2022](https://hardwarepodcasts.com/podcast/oxide-and-friends/2022-01-04-predictions-2022) (Oxide and Friends)

## Citing this page

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