The Circuit Ep 144: AMD Financial Analyst Day, Neoclouds earnings - REITS or Neoclouds?
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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Episode notes
Execution Over Hype
- AMD's Analyst Day showed disciplined execution but fell short of AI-era hype.
- The market expected flashier AI announcements, causing mixed investor reactions.
Lisa Su's Credibility Matters
- Lisa Su's conservative credibility makes AMD's bold TAM projections more notable.
- She forecasted a semiconductor TAM near $1 trillion by 2030, which investors debated.
The Math Behind AMD's TAM Claim
- AMD's $100B revenue target implies roughly 10% share of a $1T data-center electronics TAM.
- That math suggests Instinct GPUs may remain single-digit share without share gains.