The Circuit Ep 160: More good News for Intel, AI Model Trends, Future of Datacenter
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Apr 13, 2026 Discussion of Intel’s recent strategic wins and how advanced packaging could reshape foundry dynamics. Debate over TerraFab details, economics, and market reactions. Exploration of data center design shifts like 800 VDC and liquid cooling to squeeze more compute per megawatt. Conversation about AI model trends, token costs, Anthropic integrations into productivity apps, and capacity and measurement challenges.
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Intel-TerraFab Is A Vote Of Confidence For Intel IP
- Intel's public tie-up with Elon Musk's TerraFab is mainly a signal of technology and packaging validation rather than clarity on wafer economics or capacity.
- Ben Bajarin notes the announcement likely highlights Intel IP and advanced packaging strengths, even if wafer production details remain vague.
Packaging Is Intel's Foot In The Foundry Door
- Intel's recent string of announcements (TerraFab, Google, new chairman) shows mounting momentum for Foundry and packaging as an entry point.
- Jay Goldberg and Ben say EMIB/advanced packaging is getting customers in the door even before full wafer foundry deals.
Weird Valuation Split In Semiconductors
- Semiconductor market valuations are bifurcated: proven compute leaders trade at low multiples while speculative optical and niche names trade at very high multiples.
- Jay Goldberg calls this a confusing expectations game driven by who investors believe owns scarcity.