The Circuit EP 131: NVIDIA/AMD Export Tax Unconstitutional? AMAT Earnings, Talking NeoClouds, Another Week for Intel!
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Aug 17, 2025 Dive into the complexities of the semiconductor industry as experts explore new export tax proposals that may challenge competition between AMD and Nvidia. Hear about the struggles of cloud computing firms, including skepticism surrounding NeoCloud’s sustainability. The demand for GPU capacity is rising, but so are the electricity constraints. The discussion also touches on government involvement in Intel and the future landscape of technology, including the exciting potential of AI and cloud infrastructure.
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Export Licenses Behave Like A Tax
- The proposed export-licensing fee functions like a revenue tax and many experts see it as likely unconstitutional.
- Companies will probably pay the fee rather than challenge it, making it de facto policy.
Selling Access Undermines Security Claims
- The policy risks creating a precedent where administrations extract money to allow exports, blurring national security with revenue.
- That undermines credibility: if access is sold, national security looks negotiable.
Demand Hits Power And GPU Limits
- NeoClouds face skepticism despite clear demand for GPU compute and capacity shortages.
- Electricity and GPU availability are the real constraints, not lack of customers.