# Ep 184: Earnings TSMC/ASML/AEHR, State of AI Semis

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-07-20
- Length: 59m
- Episode: 177
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis
- Listen: https://share.transistor.fm/s/b22aed15

## Summary

Hosts Ben Bajarin and Jay Goldberg analyze recent earnings from TSMC, ASML, and AEHR, discussing how AI-driven demand is reshaping semiconductor manufacturing. They detail TSMC's increased CapEx for advanced packaging, ASML's expansion of High NA EUV capacity, and AEHR's role in critical burn-in testing for complex chiplets. The hosts also examine market sentiment, noting investor rotation away from semiconductors despite strong fundamentals, and debate the long-term ROI of massive AI infrastructure investments by hyper-scalers and neoclouds.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=5) Introduction: TSMC, ASML, and AEHR Earnings Overview
- [1:01](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=61) TSMC CapEx Increase and Advanced Packaging Implications
- [6:25](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=385) Moore's Law, Cost Per Bit, and Foundry Space Requirements
- [13:35](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=815) ASML Revenue, High NA EUV, and Intel's Adoption Strategy
- [22:38](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=1358) AEHR Test Systems and the Importance of Burn-In Testing
- [32:03](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=1923) IBM's Decline and Nvidia's Neocloud Financing Model
- [38:44](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=2324) Investor Rotation, Market Sentiment, and Nvidia's Stock Performance
- [44:38](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=2678) AI ROI, Hyper-scalar Capex, and Enterprise Adoption Timelines
- [56:56](https://hardwarepodcasts.com/podcast/the-circuit/2026-07-20-ep-184-earnings-tsmc-asml-aehr-state-of-ai-semis#t=3416) AI as the '24 Hour Fitness' of Modern Industry

## Topics

- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Test & measurement](https://hardwarepodcasts.com/topic/test-and-measurement)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Marketing & brand](https://hardwarepodcasts.com/topic/marketing-and-brand)

## Most relevant to

large enterprises

## Mentioned

- TSMC (company)
- ASML (company)
- AEHR (company)
- NVIDIA (company)
- Intel (company)
- High NA EUV (product)
- IBM (company)
- Anthropic (company)
- OpenAI (company)
- Kimi (product)

## Related episodes from other shows

- [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)
- [ON Semi’s Acquisition | TSMC’s Finer Nodes | Tesla’s AI Chip | China’s Fabless Companies](https://hardwarepodcasts.com/podcast/ee-times-current/2019-04-26-on-semis-acquisition-tsmcs-finer-nodes-teslas-ai-chip-chinas-fabless-companies) (EE Times Current)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [Interview: AMD CTO Papermaster | Interview: Imagination CEO Black | Where to Invest in 2020](https://hardwarepodcasts.com/podcast/ee-times-current/2020-01-24-interview-amd-cto-papermaster-interview-imagination-ceo-black-where-to-invest-in) (EE Times Current)
- [Exploring the Convergence of SMT and Semiconductor Industries with ASMPT CEO Robin Ng](https://hardwarepodcasts.com/podcast/ems-c-level/2023-11-18-exploring-the-convergence-of-smt-and-semiconductor-industries-with-asmpt-ceo-rob) (EMS@C-LEVEL)

## Citing this page

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