Andrew Homan & Chris Miller - Redefining Semiconductor Progress - [Invest Like the Best, EP.395] | Invest Like the Best with Patrick O'Shaughnessy | Podwise
In this episode of Invest Like the Best, Andrew Homan and Chris Miller dive into the semiconductor industry, focusing on the significant shift driven by AI's increasing demand for computing power. They discuss the hurdles faced by established companies like Intel as they try to adapt to these changes. The conversation covers the transformation of business models, from integrated chip manufacturers to fabless companies and the vertical integration seen in hyperscalers. Key investment themes include the potential for high returns in the infrastructure layer, which encompasses chips and cloud services, the geopolitical risks tied to concentrated chip manufacturing, and the challenges and opportunities for new players in a market largely led by NVIDIA and TSMC. Additionally, they highlight the vital role of software, the need for power efficiency, and the complexities within the semiconductor supply chain.
