Memory Pricing Pressures, Meta's Muse AI, and the Agentic CPU Crunch

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1. 

   E189 · 12 Oct 2026 · 1 hr 1 minNew

   Unpacking Marvell's Analyst Day, OpenAI Revenue Rumors, and the Heterogeneous Rack

   In this episode of The Circuit , Ben Bajarin and Jay Goldberg kick off a packed conference week (Semicon West, Applied Materials' EPIC Center launch, and the sold-out OCP Summit) before diving into Marvell's upbeat Analyst Day in New York. They examine how Marvell has shifted its narrative beyond Amazon custom ASIC share battles toward a broader data center infrastructure play—spanning optical interconnects, switching silicon, and a newly teased class of AI infrastructure management silicon built to work alongside traditional BMCs and FPGAs in complex, heterogeneous scale-up compute domains.…

2. 

   E188 · 5 Oct 2026 · 58 min

   Has the Memory Cycle Broken? Plus: Nvidia & Broadcom’s $40B+ Financing Playbook

   In this episode of The Circuit , Ben Bajarin and Jay Goldberg unpack the shifting structural economics of the semiconductor and AI landscape. Following Micron’s latest earnings, they kick off with a deep-dive debate on whether the memory market has permanently raised its floor to $600B–$800B, or if rapid capacity expansion from players like China’s CXMT will trigger a classic cyclical reckoning by 2028. They also examine the trade-offs between high-margin HBM and "trailing-edge" legacy memory like DDR4, as well as how rising component costs are impacting consumer PC and smartphone upgrade…

3. 

   E186 · 21 Sep 2026 · 51 min

   Conversation with Ayar Labs CEO Mark Wade on Silicon Photonics, Co-Packaged Optics, and Next-Gen AI Infrastructure

   In this episode of The Circuit, hosts Ben Bajarin n and Jay Goldberg speak with Mark Wade, CEO of IR Labs, and Jesse Leiter, VP of Capital Strategy and Investor Relations. The conversation focuses on the necessity of solving the interconnect bottleneck in large-scale AI data centers by transitioning to optical connectivity. Mark explains the immense complexity of integrating optical engines into advanced CMOS nodes and highlights how the release of ChatGPT accelerated the market's demand for these large-scale computing solutions. Additionally, the discussion explores IR Labs' strategic…

4. 

   E185 · 15 Sep 2026 · 30 min

   EP 192: Talking Apple Silicon with Apple's Tom Boger, Kaiann Drance, and Sri Santhanam

   In this episode of The Circuit, host Ben Bajarin sits down with Apple's product marketing and engineering leaders at Apple Park to unpack their latest silicon and hardware announcements. The discussion explores the benefits of Apple’s vertically integrated approach, diving into the transition to 2-nanometer process technology and its impact on performance, power efficiency, and advanced thermal management across the A20 Pro and M-series chips. The panel also highlights the architectural decisions driving robust on-device AI capabilities—such as the dual neural engine and unified memory—and…

5. 

   E184 · 7 Sep 2026 · 51 min

   Ep 191: Agents Gone Wild: Broadcom’s ASICs and the AI Frontier

   In this episode, Ben and Jay discuss the launch of their firm's new AI knowledge agent, Atlas, before diving into Broadcom's latest earnings and the growing complexity of modeling the custom ASIC market. They debate the semiconductor supply chain bottleneck, with Ben arguing that constraints will peak in 2027 before massive new capacity arrives in 2028, while Jay cautions that this incoming oversupply could shift pricing power and lower margins. Finally, they analyze Nvidia's acquisition of Hugging Face and explore the future of AI models, agreeing that while open and closed models will…

6. 

   E183 · 31 Aug 2026 · 53 min

   EP 190: NVIDIA and Marvell Earnings, Hot Chips Hot Takes

   Ben Bajarin and Jay Goldberg break down NVIDIA’s earnings, examining how supply constraints shape growth and rising component costs pressure margins. They discuss NVIDIA’s financing commitments to neoclouds and the risks of using its balance sheet to support the ecosystem. Marvell’s XPU-attach strategy offers another route into custom silicon, with questions around when its Google opportunity will convert into revenue. From Hot Chips, Ben shares why competing inference architectures suggest the industry is still working out how to serve AI at scale. The conversation explores the software and…

7. 

   E182 · 23 Aug 2026 · 39 min

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

   In this episode of The Circuit , hosts Ben Bajarin and Jay Goldberg break down the shifting dynamics across the semiconductor landscape, from analog chips to custom silicon and corporate balance sheets. Analog Devices (ADI) & The Data Center Wave: ADI reports a strong quarter, driven by a doubling of its data center revenue and expanding opportunities in 800-volt data center architectures. Ben and Jay discuss ADI’s conservative focus on SAM (Serviceable Addressable Market) over TAM, high gross margins, and how analog content per gigawatt is becoming a key driver for power, safety, and…