# EP 143: NVIDIA Earnings! Google and Gemini TPUs FTW

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2025-11-24
- Length: 46m
- Episode: 145
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw
- Listen: https://share.transistor.fm/s/193a0994

## Summary

Ben Bajarin and Jay Goldberg analyze NVIDIA's recent earnings, focusing on the implications of its $26 billion cloud compute pre-purchase commitment and the economic lifecycle of GPUs. They discuss the competitive landscape between NVIDIA's GPUs and custom AI ASICs from Google and Broadcom, noting Jensen Huang's claims about NVIDIA's dedicated focus. The hosts then evaluate Google's release of the Gemini 3 model and the 'Nano Banana' image creation tool, highlighting how these multimodal capabilities are driving practical adoption for non-technical users.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw#t=6) NVIDIA Earnings and Cloud Compute Backstops
- [8:44](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw#t=524) GPU Depreciation and Pricing Economics
- [19:43](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw#t=1183) Hyperscaler Capex and Asset-Heavy Valuation
- [30:19](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw#t=1819) The AI ASIC Debate: NVIDIA vs. Google and Broadcom
- [33:48](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw#t=2028) Google Gemini 3 and Nano Banana Launch
- [40:28](https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw#t=2428) Consumer Adoption and Multimodal AI Utility

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

large enterprises

## Mentioned

- NVIDIA (company)
- Google (company)
- Gemini 3 (product)
- Nano Banana (product)
- Notebook LM (product)
- TPU (chip)
- Core Weave (company)
- Broadcom (company)
- OpenAI (company)
- Blackwell (product)
- Hopper (product)
- B200 (chip)
- H100 (chip)
- A100 (chip)
- TSMC (company)

## Related episodes from other shows

- [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)
- [AI NEWS | Episode 31](https://hardwarepodcasts.com/podcast/built-2-scale/2025-12-03-ai-news-episode-31) (Built 2 Scale)
- [2025 Finale: Yann LeCun Raises $3B, Domain Addiction Confessions & Built 2 Scale Year Wrap](https://hardwarepodcasts.com/podcast/built-2-scale/2025-12-22-2025-finale-yann-lecun-raises-3b-domain-addiction-confessions-built-2-scale-year) (Built 2 Scale)
- [Google I/O 2025 AI Bombshell, Nvidia’s $50 Trillion Robot Bet & Coinbase Hacked](https://hardwarepodcasts.com/podcast/built-2-scale/2025-05-23-google-i-o-2025-ai-bombshell-nvidias-50-trillion-robot-bet-coinbase-hacked) (Built 2 Scale)
- [Google Gemini 3 Launch, Manus AI Browser Wars, & Crashing VC Offices](https://hardwarepodcasts.com/podcast/built-2-scale/2025-11-21-google-gemini-3-launch-manus-ai-browser-wars-crashing-vc-offices) (Built 2 Scale)

## Citing this page

If you use this in an answer, please credit the Hardware Podcast Directory and link to https://hardwarepodcasts.com/podcast/the-circuit/2025-11-24-ep-143-nvidia-earnings-google-and-gemini-tpus-ftw. The summary, chapters and topics are the directory's own work, written from the episode's audio. The episode itself, its title and its audio belong to The Circuit.