Andrew Homan & Chris Miller - Redefining Semiconductor Progress - [Invest Like the Best, EP.396]
episode
Invest Like the Best with Patrick O'Shaughnessy
1h 25m
2 speakers
8 chapters
transcribed 25 days ago
Transcript
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Transcript generated automatically by AI and may contain errors.
Why is Intel’s current situation described as a “paradigm shift” in the semiconductor industry?
I know firsthand how complex the tech stack is for asset management firms.
How is AI driving a new wave of demand for chips and reshaping the semiconductor ecosystem?
And seemingly every new tool and data source makes the problem even worse, adding more complexity, more headcount, and more risk.
What are the key political and economic factors influencing global chip manufacturing today?
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How do venture‑capital investors evaluate opportunities and risks in the semiconductor sector?
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Why is NVIDIA considered dominant in data‑center GPUs, and what vulnerabilities could affect its position?
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What is the future of edge AI and how will new memory‑and‑interconnect architectures impact it?
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How are U.S. government policies such as the CHIPS Act shaping the future of semiconductor supply chains?
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What should investors expect from the semiconductor industry over the next decade?
Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is InvestLike the Best. This show is an open-ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts, and you can access all our podcasts, including edited transcripts, show notes, and other resources to keep learning at joincolossus.com.
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc.
My guests today are Andrew Homan and Chris Miller. Andrew has spent two decades at Maverick Capital and is a managing partner at Maverick Silicon, where he leads the firm's technology investments. Chris is a professor at Tufts and the author of the New York Times bestselling book, Chip War, which details the geopolitical battle to control the semiconductor industry. Today we get into a comprehensive discussion on the semiconductor ecosystem and the silicon backbone of our digital age. Andrew and Chris share insights on how venture capital is navigating this complex industry and what it means for the future of computing. We discussed the AI-driven revolution in chip demand, the geopolitics of semi-manufacturing, and the next wave of innovation behind NVIDIA.
Please enjoy my conversation with Andrew Homan and Chris Miller. So, guys, I thought a fun place to begin would be to talk about one specific thing in this ecosystem just as a jump-off point. And Intel seems like an interesting business to do that with because Intel's been around for a long time. There's been periods when Intel was an unbelievably dominant and pioneering business, and we're in the midst of a paradigm shift. So maybe you can describe why Intel, the business, is an interesting one to study to learn about what's happening in the field of semiconductors today.
So I guess maybe to kick it off, I was at an event last week with the Global Semiconductor Alliance and this topic came up and someone asked, What film genre would you describe in terms of what is happening in Intel right now? Is it a horror show? Will it end as a romantic comedy? And I'm not exactly sure what term I would use to describe that right now, but someone from the company got on stage and his Comment was I would describe it as a Hong Kong action film, which is probably a pretty good example of explaining the state of play right now there. And I think there's a lot of moving pieces. You've got geopolitical tensions laid on top of all of them. You've got competitive issues on the design business.
They're trying to break into the foundry business, kind of a next new leg of the stool for them. But there are a lot of moving pieces. guess is how I would kick it off, but Chris, you've been following the company for a long time, so
I think they illustrate how hard it is for a very successful company to pivot to a new business. Because Intel's problems, in my view, are actually a function of their success. They were too successful in producing chips for PCs, too successful in data center for a long time, and it made them risk averse and hesitant to invest in new products.
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Chapters
8 chapters
1
Why is Intel’s current situation described as a “paradigm shift” in the semiconductor industry?
0:00–0:04
2
How is AI driving a new wave of demand for chips and reshaping the semiconductor ecosystem?
0:04–0:10
3
What are the key political and economic factors influencing global chip manufacturing today?
0:10–0:21
4
How do venture‑capital investors evaluate opportunities and risks in the semiconductor sector?
0:21–0:25
5
Why is NVIDIA considered dominant in data‑center GPUs, and what vulnerabilities could affect its position?
0:25–0:27
6
What is the future of edge AI and how will new memory‑and‑interconnect architectures impact it?
0:27–0:29
7
How are U.S. government policies such as the CHIPS Act shaping the future of semiconductor supply chains?
0:29–0:35
8
What should investors expect from the semiconductor industry over the next decade?
0:35–1:25:29
Speakers
2 identifiedMore from Invest Like the Best with Patrick O'Shaughnessy
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