The Circuit Episode 155: SHOW ME THE MONEY! NVIDIA Earnings, and more from the Week!
24 snips
Mar 2, 2026 A whirlwind week of semiconductor and AI news, from AMD's deal with Meta to NVIDIA's big quarter and market reaction. They unpack supply constraints, multi‑vendor strategies, and memory and networking plays. Funding moves by OpenAI and AWS's role get attention, along with neo‑cloud economics and rising revenue at Anthropic. The conversation touches on AI agents, SaaS disruption, and why humans may still matter.
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Meta Validates AMD As A Second Source GPU
- Meta can be compute-agnostic and pick whatever hardware gives the best TCO for its internal AI workloads.
- The Meta–AMD deal includes optimized (not fully custom) Instinct GPUs plus equity, signaling AMD as a real second source for datacenter GPUs.
Equity-as-Incentive Bought AMD A Major Customer
- AMD gave Meta roughly 10% equity via performance-based warrants to secure a massive Instinct deployment and align incentives.
- Jay Goldberg compares the move to early Qualcomm deals where equity won strategic anchor customers.
Capacity Constraints Force Compute Agnosticism
- Capacity scarcity is driving customers to be compute-agnostic and take whatever supply they can secure from multiple vendors.
- AMD deals help them win TSMC allocation and move up in deployment rankings versus sold-out NVIDIA.