{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Circuit","title":"EP 133: Broadcom Earnings, More on ASICS vs. GPUs, Google Selling TPUs? ","html":"","width":"100%","height":180,"duration":2626,"description":"Ben and Jay unpack why Broadcom’s “fourth customer” (~$10B) custom-ASIC win reset sentiment even after a modest beat/raise, and how that squares with hyperscalers second-sourcing away from NVIDIA in the near term. They frame the true battleground as networking—Ethernet’s ubiquity vs. NVLink’s tight integration—then differentiate GPUs’ performance-per-watt advantages from custom ASIC cost calculus, arguing that “lumpiness” (program outcomes) is not “cyclicality” (inventory swings). They stress TAM realism: it’s easy to total up CapEx, but the ROI numerator (revenue/profit) is still unknowable. Structurally, TSMC remains the default winner, with a plausible Intel Foundry financing path in the wings, while Google looks more likely to “sell capacity” for TPUs than chips. Net: GPUs keep the bulk of spend through 2030 even as select first-party silicon scales, and the market should judge claims against networking choices and workload fit—not headlines.","thumbnail_url":"https://img.transistorcdn.com/fYACcTX9lHJQV5HMEqnPC2MCPLH1nc-KdhtAT0N5lV4/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzM3MjEyLzE2NzQz/MTg3MzAtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}