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The next episode of Broken Silicon will be joined by Ed Elson of the Prof G Markets pod! Ed is a highly educated and very articulate individual who frequently speaks about the business side of Nvidia, Intel, AMD, and basically every company MLID typically covers!

I would suggest you shouldn't ask highly technical questions on this one, however no subject or company is off-base - Ed follows tech. And, at a minimum we plan to discuss:

Intel's Q3 2025 Earnings (will be out by then)

The AI Bubble - How are we sure it IS one by now? What will pop it?

Nvidia's (maybe?) Pivot back to Gaming once the Bubble Pops

Nvidia N1X vs Panther Lake vs AMD APUs

AMD vs Nvidia in AI

You have ~24 hours (till Saturday Evening) to submit below! Be as thoughtful and concise as possible to have your submissions considered...

Check out Prof G Markets: https://www.youtube.com/@TheProfGPod

https://futurism.com/artificial-intelligence/aws-outage-amazon-fired-workers-ai

https://www.intc.com/news-events/press-releases/detail/1753/intel-reports-third-quarter-2025-financial-results

https://x.com/mooreslawisdead/status/1981828635104264557

Comments

Archer

Hi Tom and Ed, With the emerging battlefield of pc-console hybrids, do you think we could see AT0 (or any future flagship dies) make its way into one as the top model?

EuroBlue

Hi, Tom If you've seen the interview (if not link with timestamp is attached) of an Arch Linux dev following the Valve sponsorship saying that the donation from Valve regarded support for different CPU Architectures like arm64 and riscv64, but mainly arm64 and he explicitly tells that Valve is interested in ARM. Also you leaked info about AMD's Sound Wave which is a ARM based APU. Now Valve is preparing to launch their arm64 hybrid gaming VR Headset. And we can not forget the recent donation (hiring contractors) to work for the FEX-Emu project which is a lightweight program that allows running x86-64 software on ARM64 CPUs including games which is demonstrated by the YouTube channel of the project. So, after connecting the dots my question is: Do you think that Steam Deck 2 could have an AMD manufactured ARM64 based APU, which would provide the necessary leap in performance per hour? Here is the link with the time stamp: https://youtu.be/zB62zhzGV1A?si=3AYhvuW9qfyC-6tK&t=441

AllenC

Hi Tom & Ed Is there any serious possibility that AMD might make their next Gen sockets (and maybe IO/graphics dies?) shares between the architectural successor of Soundwave as well as Zen (whatever it is), assuming Soundwave is a banger From my point of view, it would: - be in line with their increasingly wild modularity, - save money on platform design, and - make the ARM architecture less likely to be cut due to demand Just curious

transpose1195

I haven't been following the details closely, but one interesting aspect of the potential AI bubble is the ways in which money bounces around. For example Nvidia makes an investment in openAI, which then turns around and buys GPUs from Nvidia. Are there parallels to this in past bubbles? Does this say anything about the stability of the potential bubble?

Mateo

Hi Tom and Ed, If the AI cycle cools and RDNA 5 pressures Gaming, what Rubin-era consumer-visible upgrades are you actually hearing whispers about—e.g., deeper hardware paths for real-time 3D Gaussian Splatting / neural rendering, or notably better path-tracing / RT efficiency paired with DLSS 4-class features? Which of those would move the needle at the same power for GeForce users?

Mateo

And I have a follow up question regarding GDDR7, the industry has 24Gb (3GB) devices today and NVIDIA just announced Rubin CPX with 128GB GDDR7 for long-context inference (shipping by end-2026), which implies higher-density dies will be available. Do you expect consumer Rubin boards to launch on 24Gb chips (think 12/18/24GB SKUs) and then pivot to 32Gb (4GB) once those parts ramp—or do you see NVIDIA jumping straight to 4GB devices on certain models?

Girthmaxxer

Ed Zitron has talked about the human centipede of AI investment where, despite OpenAI and others showing no real roadmap towards profitability or even an actual use case for generative AI, they continue to purchase more and more compute. When the AI bubble inevitably bursts, what do you think will happen with the millions of dollars of highly specialised AI hardware that AI firms will be sitting on?

Christian Visconti

Hi Tom and Ed, Really interested on the economic standpoint of the situations, I have plenty of questions, Tom you may choose whichever fits best with the ongoing discussion. I thank you in advance for each one you will answer. 1)What happens to Nvidia economically/financially when the AI bubble bursts? 2)Been the fact that so many Nvidia employee are being paid in stocks, If they try to sell shares at the last brink are they risking to be accused of inside trading? 3)What risks are AMD and Nvidia taking now and why are they doing the money shuffle will all these companies? The fact that Nvidia guarantees to their customers that, if they are not profitable, they can sell back or lease GPUs to Nvidia, will make Nvidia capable to price and supply control the excess hardware when the demand for their products drops to the ground? 4)Do you think the USA will intervene or bail out Nvidia / AMD / OpenAI if thearket goes crashing? 5)AMD too (by a lesser degree) recently engaged with oracle and Open AI in doing some money shuffling for AI contracts, but being able to rely firmly on CPU production, are they considered a safer option than Nvidia in the event of the bubble bursting? 6) what do you speculate will happen to everyday people if the AI Bubble bursts? A part from Open AI being seized by the government and making ChatGpt super expensive...Will we see a flood of high specialized GPUs? How is everyday people's lives are going to change? If I think pessimisticly, I fear that when the bubble pops these GigaAI Factories and the electric power plants they built on our backs to serve the AI Corporations, are not gonna pay by themself anymore, so the people will suffer even more inflation in their domestic bills, petrol,gas, water, electricity,groceries prices will skyrocket. What's your opinion on the matter?

Cleansweep

Hi Tom and Ed, What exactly is it that makes AI such catnip for investors? Is it just the projected cost savings down the line, or is there something else that is fueling this bubble?

Deadeyes

Hi guys, I keep seeing people insist that AI isn't a bubble because AI isn't going away. Silly me, forgetting about that time when the internet went away and companies quit having websites or the time when all banks and mortgage brokers quit existing.../S Could you provide a relatively succinct explanation of why this is obviously a bubble so I can clip it and refer people to it? Thanks.

magneticmanul

Hi Ed and Tom, love both your shows! What happens when unemployed young men who are not in education or vocational training can no longer afford game consoles or PCs due to the AI-driven shortage of memory, storage, CPUs and GPUs? In this scenario, an AI girlfriend is also unaffordable because all the AI agents are being used for more valuable tasks like taking white collar jobs from humans. Are we looking at Arab Spring 2.0?

Planet 9

Hi Ed and Tom, I've always been interested in why it seems that the stock market doesn't seem to follow the wins and losses of companies from a technological perspective. If the technology is what drives these companies forward, I would expect to see a stronger connection between good products and stock value.

Ketafuki

Honestly, a quick aside on the misconceptions about market dynamics would be nice. It’s annoying to always hear about the “line goes up” mentality, as if companies never pivot from an exponential growth expectation.

KarbinCry

Can the "circular AI deals" truly be compared to the madness of the dot com/telecom dual bubble? In the AI case, it is always equity deals. Nvidia is effectively buying a share in Open AI for GPUs (instead of cash). Anthropic is giving shares to Amazon and Google for their investment of cash. AMD/OpenAI case is a bit weirder, but basically it is a stealth stock issue paying for AMD's market penetration play. My understanding is, in the dot com/telecom situation, it was much more heavily debt based or pure circularity (A paying for product of B, B paying for product of A). The AI situation is weird, probably unsustainable, but not analogous. It is equity deals creating weird nets of vertical integration through minority ownerships.

Jen-Hsun Huang, AI is not circular

AI is not a bubble. The use case of using Nvidia GPUs to calculate the best way to buy more and save more for the next generation of Nvidia GPUs will always be a money saving, efficient usage of AI!

BaconHouse Collective

Interested if Nvidia becoming what it has been over the bubble has had a brain drain effect on r&D at the other companies that will set them back long term does amd have a healthy skunks works pipeline of cool things that could be considered game changers like Royal core would have been for Intel

KarbinCry

Is AI bubble really significantly more severe than the general speculative bubble the entire market is in and has been in for years, with how cheap money became after 2008?

AI Generated Fish

I worked in the financial services industry during the 2008 financial crisis, what similarities do you see between that and the AI bubble?

AI Generated Fish

With Nvidia currently (this past week at least) trading at a 42X multiple of net income and AMD trading at a 136x multiple of net income, which do you think is more over-valued?

Chris Rijk

AI hardware sales are expected to be over $100Bn this year and to keep growing year after year but would you be surprised if the AI market keeps growing smoothly for the next 5 years for example? Or putting it another way, how likely do you think it is that we’ll see the AI bubble burst, at least in terms of hardware sales? What do you think would be the early signs of such an event?

Chris Rijk

Currently a number of large companies have their own internal AI chip designs rather than buy from third parties. If the AI bubble does burst would you expect those internal projects to continue? Somewhat related to this - do you expect the market for AI inference hardware to become more or less a commodity in the years ahead?

Chris Rijk

In Intel’s latest quarterly results they were able to turn in decent profits in both consumer and datacenter. Do you think they’ve at least achieved financial stability? Long term do you think they can prosper without being able to get large orders from other companies through their foundry business?