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

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-08-23
- Length: 38m
- Episode: 182
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt
- Listen: https://share.transistor.fm/s/982c914d

## Summary

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.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=5) Introduction: The Circuit and ADI Earnings Overview
- [1:01](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=61) ADI's Data Center Growth and 800-Volt Opportunity
- [7:08](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=428) Analog Content per Gigawatt and Engineering Creativity
- [14:15](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=855) Moderna, AI Hype, and Bioinformatics Reality
- [19:07](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=1147) Local Friction and Data Center Sentiment
- [20:13](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=1213) Marvell's Google Win and Broadcom's Position
- [29:42](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=1782) Balance Sheet Competition and SPVs
- [36:56](https://hardwarepodcasts.com/podcast/the-circuit/2026-08-23-ep-189-analyzing-adi-earnings-custom-silicon-shifts-and-semiconductor-debt#t=2216) Risks of Debt and Fixed Income Attention

## Topics

- [Analog & power electronics](https://hardwarepodcasts.com/topic/analog-and-power-electronics)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [AI & machine learning](https://hardwarepodcasts.com/topic/ai-and-machine-learning)

## Most relevant to

large enterprises

## Mentioned

- Analog Devices (company)
- Marvell (company)
- Broadcom (company)
- Google (company)
- NVIDIA (company)
- Moderna (company)
- Insilico (company)
- Empower (company)
- Cavium (company)
- Infineon (company)
- TI (company)
- Navitas (company)
- Wolfspeed (company)
- AMD (company)
- Lattice (company)
- Anthropic (company)
- OpenAI (company)
- TPU (product)
- CXL (other)

## Related episodes from other shows

- [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)
- [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)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [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)
- [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)

## Citing this page

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