Invest Like the Best with Patrick O'Shaughnessy

Andrew Homan & Chris Miller - Redefining Semiconductor Progress - [Invest Like the Best, EP.396]

298 snips
Nov 5, 2024
In this conversation, Andrew Homan, Managing Partner at Maverick Silicon, and Chris Miller, Tufts professor and "Chip War" author, dive deep into the semiconductor industry. They explore the seismic shifts caused by AI in chip demand and the strategic challenges major players like Intel are facing. The duo discusses the geopolitical complexities of self-sufficiency, the rise of fabless manufacturing, and the investment landscape for startups. They highlight the pressing need for sustainability in semiconductor capital expenditure and the role of innovation in this ever-evolving digital age.
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INSIGHT

Vertical Integration in AI

  • The semiconductor industry is undergoing a shift in business models.
  • AI companies and cloud providers are vertically integrating, designing their own chips for specific workloads like search or social media apps.
INSIGHT

AI Investment Focus

  • Andrew Homan focuses on the infrastructure/silicon layer of the AI ecosystem due to its clearer value capture potential.
  • The application and foundational model layers have an uncertain future in terms of economic winners.
INSIGHT

Semiconductor Investing Challenges

  • Semiconductor investing has historically been less attractive due to high capital intensity and competition.
  • This contrasts with software, which has seen more investor interest and success.
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