The Real Eisman Playbook Inside the AI Chip War: From Nvidia’s Dominance to Intel’s Turmoil | The Real Eisman Playbook Ep 28
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Oct 6, 2025 In this insightful discussion, Stacy Rasgon, a Managing Director at Bernstein Research, unpacks the fierce competition in the AI chip landscape. He delves into Nvidia's impressive growth, AMD's ambitious strides, and Intel's puzzling decline. The conversation touches on the critical role of China in the semiconductor supply chain and explores the nuances between GPUs and custom chips. With a focus on real-world AI applications and the potential impact of tariffs, Stacy provides a comprehensive look at the future of the semiconductor industry.
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AI Is Lifting The Whole Semiconductor Tide
- The current semiconductor boom is a tale of two cities: AI leaders ripping while many legacy segments languish.
- NVIDIA ignited the cycle after ChatGPT and has driven the sector's outperformance.
Two Ways The AI Spending Thesis Can Fail
- The sustainability question splits into cyclical digestion versus no-return doomsday scenarios.
- If spending yields no returns the whole AI-capex narrative could collapse, but current evidence favors ongoing buildout.
Power Is Becoming The Limiting Factor
- Power and infrastructure are becoming binding constraints for AI data-center scaleouts.
- A single gigawatt build can represent $50–60B of spend and ~$30–40B of addressable silicon revenue.