This episode of The Circuit covers a mix of tech industry tributes and major semiconductor financial updates. Hosts Ben and Jay begin by paying their respects to pioneering tech blogger and journalist Om Malik, who recently passed away. They then dive into Cerebras’s first earnings report as a public company, highlighting strong top-line demand for AI inference but noting investor concern over their complicated gross margins. Next, the hosts unpack Qualcomm’s Investor Day, focusing on the company&#x27;s aggressive $15 billion data center revenue guidance for fiscal 2029, their &quot;Dragonfly&quot; custom ARM CPU roadmap, and their strategic acquisition of software startup Modular. Finally, they analyze Micron&#x27;s massive earnings report, detailing a staggering 60% quarter-on-quarter memory price surge that has caught major buyers like Apple by surprise, concluding with a lively discussion on the &quot;Game of Thrones&quot; style market dynamics driving the memory industry.

EP 181: Cerebras Earnings, QCOM Investor Day, Micron Earnings and the Memory Mafia

The Circuit

# Full Transcript

**Podcast:** The Circuit

## Participants

- **Ben Bajarin** (The Circuit)
- **Jay Goldberg** (The Circuit)

## Transcript

Hello everyone, welcome to another episode of The Circuit. I am Ben Bajarin. Greetings programs, I'm Jay Goldberg. Well, this week was an up and down week. One of the downs was the tech industry learned that Om Malik, a long time staple in the tech industry,

arguably one of the earliest bloggers and probably the most influential of bloggers. I think the whole blogging thing happened largely because of Om and his popularity. He passed away on Wednesday of heart complications and everybody's been sharing some of their stories on Twitter.

I've known Om for a while, saw him every year at multiple Apple events. He was always extremely kind, very, very generous. I know he mentored countless of top tier tech media and was just an overall great dude. Yeah, so I just want to send, we want to send our consultancies out to his family and loved ones.

Om was an important part of the industry. I read his site, GigaOm, religiously every day for years and tried to think and write like him and he'll be missed. And he was an important one of the, he was one of the first and one of the most important influences on how we conduct tech journalism and tech writing today. Yeah. And if you aren't familiar with Om, I encourage you to, to take a, do a search for him on Twitter. You'll see kind of everybody sharing stories.

And even some of the blog stuff, he's been pretty active off Twitter, but, but wrote in some good essays. He was also a columnist in the New Yorker, which I always was like, how do you help me get a column in the New Yorker? He was like, I could put your name in, but he was like the only tech actual journalist with a column in New Yorker. It was pretty epic. So anyway, sad news, but great legacy that, that he left. I know everybody has appreciated the impact he's made on their lives and, and the tech industry.

So, and this many thoughts go out to his family. Okay. This week, earnings wise, we're kind of going to go in chronological order. There was a very keen interest on Cerebras' first, as a, as a public company. I will say I was on the road. I saw snippets of obviously the earnings release, but really the conference call.

Um, but, uh, I'll let you unpack it, Jay. And we can talk a little bit about the position that Cerebras is in. They got a little bit of good news with the launch or the tease of open AI 5.6, which they're running a just shy of 2 trillion parameter model on Cerebrus at higher token costs. So premium tokens, but, but that's happening. So anyway, I'll let you give the spiel, the quick spiel. Yeah. So, so they reported an earning and it earnings.

This is the first earnings as a public company. And it was one of those prints that was, if you just, if you just read it, as it came across the wire, everything looked fine. Um, but, uh, fine is not enough in today's world. Um, and I think the, t...

EP 181: Cerebras Earnings, QCOM Investor Day, Micron Earnings and the Memory Mafia

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

EP 181: Cerebras Earnings, QCOM Investor Day, Micron Earnings and the Memory Mafia

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.