Hardware Podcasts

EP 189: Analyzing ADI Earnings, Custom Silicon Shifts, and Semiconductor Debt

The Circuit · 23 Aug 2026 · 38m · Episode 182

What this episode covers

Hosts Ben Bajarin and Jay Goldberg analyze Analog Devices' (ADI) recent earnings, highlighting a doubling of data center revenue driven by 800-volt architectures and high gross margins, while noting their conservative focus on Serviceable Addressable Market (SAM). They discuss Marvell's strategic win with Google for custom silicon periphery and optical interconnects, clarifying that this diversifies Marvell's customer base beyond Amazon without significantly impacting Broadcom's core TPU business. Finally, the hosts examine the emerging trend of 'balance sheet competition,' where chipmakers like NVIDIA and Broadcom use Special Purpose Vehicles (SPVs) and debt to fund data center capacity, a risky departure from the industry's historical low-debt model.

Most relevant to

large enterprises

Topics

Mentioned

Companies
Analog Devices, Marvell, Broadcom, Google, NVIDIA, Moderna, Insilico, Empower, Cavium, Infineon, TI, Navitas, Wolfspeed, AMD, Lattice, Anthropic, OpenAI
Products
TPU
Also
CXL

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