AMD: How Chips Are Changing

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[00:02:27] - [First question] - Where to start when it comes to understanding semiconductors 

[00:04:21] - Why semiconductors were created in the first place  

[00:04:57] - Key milestones and players in the semiconductor industry 

[00:07:35] - What are the factors that determine who wins and loses

[00:08:37] - The semiconductor industry map today writ large

[00:12:05] - How the changing geopolitical landscape affects power in this sector 

[00:14:15] - Why we can’t just throw unlimited money at this problem to solve it 

[00:15:30] - Whether or not chip businesses are actually defensible and good businesses

[00:17:37] - Differences between CPUs and GPUs and how everything we do uses them

[00:22:56] - AMD’s history with CPUs and GPUs and how they’ve evolved over time

[00:26:55] - Why there is such a high barrier to enter and disrupt the chip design market

[00:31:54] - A future where we transition to specific and specialized use-case chips 

[00:35:36] - Companies like Google and Apple building their own in-house chips

[00:38:55] - Other industries where this dynamic exists outside of semiconductors

[00:41:57] - The scope and economics of AMD today 

[00:44:26] - What’s important to know about AMD and Intel’s capital allocation strategies

[00:47:28] - What he’d focus on if he was the capital allocator for a big chip company

[00:48:55] - One major lesson that this industry has taught him about investing

[00:50:28] - Major lessons about AMD and the world writ large that isn’t addressed yet