# EP 152: CAPEXXXXXX!!!! The Trillion Dollar Datacenter Race and More

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-02-09
- Length: 46m
- Episode: 154
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more
- Listen: https://share.transistor.fm/s/6b3b46eb

## Summary

Ben Bajarin and Jay Goldberg discuss the surge in hyperscaler capital expenditure, dubbed 'CapEx Palooza,' driven by massive backlogs from Microsoft, Google, and Amazon, and the resulting investor skepticism regarding returns on this spend. They analyze the competitive dynamics between AWS, Azure, and GCP, noting that spending is largely driven by market share battles rather than immediate AI revenue, while also covering the impact of rising memory prices on consumer electronics from Qualcomm and MediaTek. The hosts highlight strategic M&A activity, specifically Texas Instruments' acquisition of Silicon Labs and SiTime's purchase of Renesas's timing division, as key shifts in the semiconductor landscape.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=5) Introduction: The Circuit and CapEx Palooza
- [1:36](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=96) Hyperscaler CapEx Backlogs and Investor Skepticism
- [7:43](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=463) Market Rotation and Return on Invested Capital
- [12:10](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=730) AWS, Azure, and GCP Competitive Dynamics
- [22:47](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=1367) Qualcomm, MediaTek, and Memory Price Headwinds
- [34:25](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=2065) SiTime and the Renesas Timing Division Acquisition
- [42:46](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-09-ep-152-capexxxxxx-the-trillion-dollar-datacenter-race-and-more#t=2566) Texas Instruments Acquires Silicon Labs

## Topics

- [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)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)

## Most relevant to

large enterprises

## Mentioned

- Microsoft (company)
- Google (company)
- Amazon (company)
- NVIDIA (company)
- Broadcom (company)
- Qualcomm (company)
- MediaTek (company)
- ARM (company)
- SiTime (company)
- Renesas (company)
- Texas Instruments (company)
- Silicon Labs (company)
- AMD (company)
- Apple (company)
- TSMC (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)
- [The Silicon 100: How Startups Rule the Future](https://hardwarepodcasts.com/podcast/ee-times-current/2021-07-02-the-silicon-100-how-startups-rule-the-future) (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)
- [Amazon Moves In, Dave Says Run](https://hardwarepodcasts.com/podcast/the-amp-hour/2015-10-16-amazon-moves-in-dave-says-run) (The Amp Hour)
- [Infineon’s $10B Gambit |Wally Rhines at DAC | IEEE ‘Reviewgate’](https://hardwarepodcasts.com/podcast/ee-times-current/2019-06-07-infineons-10b-gambit-wally-rhines-at-dac-ieee-reviewgate) (EE Times Current)

## Citing this page

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