The Circuit Ep 142: AMD Financial Analyst Day, Neoclouds earnings - REITS or Neoclouds?
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Nov 18, 2025 The discussion highlights AMD's Analyst Day and its evolving strategies against competitors like NVIDIA. Insights into game theory reveal how AWS might pivot to AMD if its custom silicon underperforms. The hosts analyze neoCloud earnings, debating whether these companies act more like infrastructure landlords than true cloud providers. Key concerns around growing demand amidst operational challenges are addressed, along with the broader implications of GPU scarcity on the tech landscape.
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Hyperscalers Diversify From NVIDIA
- Hyperscalers want more compute and to avoid dependence on NVIDIA, so they pursue custom silicon.
- Those who fail with custom chips may turn to AMD as plan B or C.
AMD's Multi‑Pronged Competitive Push
- AMD's Helios, servers and MI500 roadmap could make AMD competitive with NVIDIA by 2027.
- AMD lacks networking but gains server, rack, and improving software stacks.
Inference Will Fragment Infrastructure
- Inference-focused data centers will be smaller, city-proximate, and drive SKU fragmentation.
- Expect separate training and inference ASICs and product lines over time.