# What a Week! Anthropic Opens the Books, Intel Raises More Questions, Marvell and Lumentum??

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-11-02
- Length: 1h 25m
- Episode: 192
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu
- Listen: https://share.transistor.fm/s/c24dec07

## Summary

Ben Bajarin and Jay Goldberg analyze Anthropic’s S-1, highlighting its shift from a capital-light software model to a capital-intensive infrastructure player with a multi-chip strategy involving Nvidia, AMD, Google, and Broadcom. They discuss Intel’s disappointing Q4 guidance, attributing the miss to poor capacity allocation between PC and AI server wafers and substrate constraints, which has pushed its recovery timeline to 2028. The episode concludes with speculation on a Marvell-Lumentum acquisition, arguing that optical suppliers must verticalize to defend against commoditization by networking giants like Broadcom and Nvidia.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=5) Introduction: The Circuit hosts and episode overview
- [2:09](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=129) Anthropic S-1 Analysis: Scaling laws, profitability, and enterprise adoption
- [15:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=905) Enterprise AI ROI: Shadow IT, BU funding, and the CIO survey findings
- [22:31](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=1351) Anthropic’s Infrastructure Strategy: Multi-chip approach and vertical integration
- [36:29](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=2189) Hyperscaler Earnings: Meta, Google, and Amazon AI investment returns
- [54:58](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=3298) Intel’s Guidance Miss: Capacity constraints, PC downturn, and execution failures
- [1:14:51](https://hardwarepodcasts.com/podcast/the-circuit/2026-11-02-what-a-week-anthropic-opens-the-books-intel-raises-more-questions-marvell-and-lu#t=4491) Marvell-Lumentum Talks: Verticalization in optical networking and competition with Broadcom

## Topics

- [Connected products & IoT](https://hardwarepodcasts.com/topic/connected-products-and-iot)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)

## Most relevant to

large enterprises

## Mentioned

- Anthropic (company)
- Intel (company)
- Marvell (company)
- Lumentum (company)
- Broadcom (company)
- Nvidia (company)
- AMD (company)
- Google (company)
- Amazon (company)
- Meta (company)
- Credo (company)
- Cavium (company)
- Inphi (company)
- TSMC (company)
- Hugging Face (company)
- SchedMD (company)
- Grok (company)

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- [Intel CPU |5G Fixed Wireless | AI Silicon Race | SMIC Rift](https://hardwarepodcasts.com/podcast/ee-times-current/2019-03-29-intel-cpu-5g-fixed-wireless-ai-silicon-race-smic-rift) (EE Times Current)
- [EE Times Weekly Briefing: Friday, February 1, 2019](https://hardwarepodcasts.com/podcast/ee-times-current/2019-02-02-ee-times-weekly-briefing-friday-february-1-2019) (EE Times Current)
- [China’s $28B Big Fund | The Cockiest Startup | Sony’s Ambitions](https://hardwarepodcasts.com/podcast/ee-times-current/2019-11-22-chinas-28b-big-fund-the-cockiest-startup-sonys-ambitions) (EE Times Current)
- [Season 5 of Moore's Lobby is Coming Soon](https://hardwarepodcasts.com/podcast/moores-lobby/2022-09-06-season-5-of-moores-lobby-is-coming-soon) (Moore's Lobby)

## Citing this page

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