# EP 181: Cerebras Earnings, QCOM Investor Day, Micron Earnings and the Memory Mafia

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-06-29
- Length: 1h 02m
- Episode: 174
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia
- Listen: https://share.transistor.fm/s/7e17648a

## Summary

Ben Bajarin and Jay Goldberg analyze Cerebras's first public earnings, highlighting strong AI inference demand but investor concern over low gross margins caused by expensive wafer-scale packaging and capacity rental dynamics. They then dissect Qualcomm's Investor Day, focusing on its aggressive $15 billion data center revenue guidance, the 'Dragonfly' ARM CPU roadmap, and the strategic acquisition of Modular to address software integration challenges. Finally, the hosts examine Micron's massive earnings report, noting a 60% quarter-on-quarter memory price surge that surprised buyers like Apple, and discuss the 'Game of Thrones' style market dynamics and pricing leverage among Micron, SK Hynix, and Samsung.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia#t=5) Introduction: Om Malik Tribute
- [1:39](https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia#t=99) Cerebras Earnings: Margins and Wafer-Scale Economics
- [8:40](https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia#t=520) Qualcomm Investor Day: Data Center Roadmap and Modular Acquisition
- [18:35](https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia#t=1115) Qualcomm Analysis: Software Lift and Custom ASIC Strategy
- [35:24](https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia#t=2124) Micron Earnings: 60% Price Surge and Contract Dynamics
- [48:44](https://hardwarepodcasts.com/podcast/the-circuit/2026-06-29-ep-181-cerebras-earnings-qcom-investor-day-micron-earnings-and-the-memory-mafia#t=2924) Memory Market: Game of Thrones and Pricing Leverage

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Sourcing & supply chain](https://hardwarepodcasts.com/topic/sourcing-and-supply-chain)
- [Microcontrollers & dev platforms](https://hardwarepodcasts.com/topic/microcontrollers-and-platforms)

## Most relevant to

early-stage companies, companies scaling up, established companies

## Mentioned

- Cerebras (company)
- Qualcomm (company)
- Modular (company)
- Micron (company)
- SK Hynix (company)
- Samsung (company)
- Apple (company)
- Nvidia (company)
- Dragonfly (product)
- HBM (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)
- [AI Disruption: DeepSeek and Cerebras](https://hardwarepodcasts.com/podcast/oxide-and-friends/2025-02-06-ai-disruption-deepseek-and-cerebras) (Oxide and Friends)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [TSMC Scraps a Batch of Wafers | AI Limitations | ISSCC](https://hardwarepodcasts.com/podcast/ee-times-current/2019-02-22-tsmc-scraps-a-batch-of-wafers-ai-limitations-isscc) (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)

## Citing this page

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