The Circuit
Episode 116: Earnings (AAPL, QCOM), Intel's Chiplet Bet, AI Factory Thesis
May 6, 2025
The discussion covers recent earnings from Apple and Qualcomm, highlighting their strategic responses to market challenges and supply chain shifts. Apple's pivot to manufacturing in India shows its adaptability, while Qualcomm eyes growth in IoT and automotive sectors. The conversation delves into Intel's advancements in semiconductor technology and chiplet architecture, which could reshape future manufacturing. Additionally, the concept of AI factories is introduced, focusing on transforming infrastructure from a cost center into a profit generator.
52:03
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Quick takeaways
- Apple is strategically manufacturing more iPhones in India to enhance supply chain resilience amidst uncertainties and tariff impacts.
- Intel is focusing on advancing its foundry capabilities and embracing AI factories to transform data centers into profit-generating entities.
Deep dives
Apple's Revenue Guidance Amid Uncertainty
Apple has shifted from providing explicit guidance to offering revenue ranges, reflecting a cautious yet confident outlook in a climate of uncertainty. Management acknowledges potential impacts from tariffs, estimating a significant effect of around $900 million, which is notably more transparency than their competitors have provided. The discussion around the supply chain indicates that a growing percentage of iPhones are now manufactured in India, suggesting a strategic shift that may boost supply chain resilience. This pivot not only showcases Apple's adaptability but also reinforces their belief in the long-term stability and growth potential of their business.
