# EP 153: Nebius and Neocloud Insights, WFE + Memory Madness, Networking Upside

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-02-16
- Length: 49m
- Episode: 155
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside
- Listen: https://share.transistor.fm/s/a96d8aff

## Summary

Ben Bajarin and Jay Goldberg analyze the financial sustainability of neocloud providers like Nebius and CoreWeave, highlighting the risk of relying on hyperscaler contracts and the necessity of precise economic modeling. They discuss Applied Materials' record earnings driven by memory demand and the strategic shift toward long-term agreements with customers like Samsung. The hosts also examine the networking sector, noting how Cisco, Arista, and Astera Labs face the threat of being designed out by vertical integrators like NVIDIA in AI data centers.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside#t=5) Introduction: Copper and Fiber Statistics
- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside#t=5) Nebius and CoreWeave: Neocloud Sustainability
- [13:45](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside#t=825) Nebius Earnings and Financial Modeling
- [21:30](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside#t=1290) Applied Materials Earnings and Memory Demand
- [33:06](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside#t=1986) Memory Market Dynamics and Chinese Competitors
- [40:57](https://hardwarepodcasts.com/podcast/the-circuit/2026-02-16-ep-153-nebius-and-neocloud-insights-wfe-memory-madness-networking-upside#t=2457) Networking: Cisco, Arista, and Astera Labs

## Topics

- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)
- [Sourcing & supply chain](https://hardwarepodcasts.com/topic/sourcing-and-supply-chain)

## Most relevant to

large enterprises

## Mentioned

- Nebius (company)
- CoreWeave (company)
- Applied Materials (company)
- Samsung (company)
- Cisco (company)
- Arista (company)
- Astera Labs (company)
- NVIDIA (company)
- Corning (company)
- Micron (company)
- YMTC (company)
- CXMT (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)
- [Fixing AI’s Bottlenecks: Memory, Scale, and Sparsity](https://hardwarepodcasts.com/podcast/ee-times-current/2026-04-23-fixing-ais-bottlenecks-memory-scale-and-sparsity) (EE Times Current)
- [OSHW, Makerbot & Memristo - Maundering Memristor Mathematicaster](https://hardwarepodcasts.com/podcast/the-amp-hour/2011-10-11-oshw-makerbot-memristo-maundering-memristor-mathematicaster) (The Amp Hour)
- [Surging AI and Data Center CapEx: Are We on the Verge of a Bubble? w/ Wasif Khan](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2026-03-17-surging-ai-and-data-center-capex-are-we-on-the-verge-of-a-bubble-w-wasif-khan) (The Manufacturing Executive)
- [Who benefits from the AI power bottleneck?](https://hardwarepodcasts.com/podcast/catalyst/2025-12-04-who-benefits-from-the-ai-power-bottleneck) (Catalyst)

## Citing this page

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