We're still early in the AI cycle, says Bernstein's Stacy Rasgon

📅 Oct 14, 2025 CNBC Television 8 MIN 38391 VIEWS 13 SEGMENTS · 2 SPEAKERS

Stacy Rasgon, Bernstein U.S. semiconductor managing director and senior analyst, joins 'Squawk Box' to discuss the state of the chips sector, whether the AI bubble is brewing, and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in busines...

Questions asked in this interview

0:01But Guy, the last, what, couple of years?
0:46Did you do that, some remedial work?
1:25But I mean, it's, it's, how do you navigate it at this point? What are your favorites?
2:58Why do you think he's wrong?

Stacy Rasgon 0:00 ↗

Things back over to you guys.

Host 0:01 ↗

Okay, Don. Thanks. Chip stocks meanwhile, giving back some of yesterday's gains. The sector moved higher after OpenAI and Broadcom announced a custom chip deal and Broadcom was sharply higher. But it's down today. The last few minutes, Oracle announcing it's going to deploy 50,000 graphics processors from AMD starting in the second half of 2026. Joining us now, Stacy Rasgon in Bernstein, US semiconductor managing director and a senior analyst. And I don't know if you were ever wondering, why did I get into this, this area of finance. But Guy, the last, what, couple of years? This is where it's at. Stacy, it's, it's, it's hard to even be unbelievable.

Stacy Rasgon 0:45 ↗

It's certainly been a ride.

Host 0:46 ↗

I mean, it used to be you remember memory. It used to bore you to death. I guess there were those. We used to call them field FPGAs. Field programmable gate arrays. We called it where you could pick orange, you could get grape if you wanted, if you're out on the field. But they were gate arrays, then graphics chips and CPUs. But now AI changed everything and I don't even know. I mean, I need to go back to school to, to really understand it. Did you do that, some remedial work?

Stacy Rasgon 1:14 ↗

Well, you know, it's, but my graduate work in semis is probably 20 years out of date at this point. But, but I've, we've been here and there on it. Yeah.

Host 1:25 ↗

AMD eclipses Intel. Intel's, you know, got some government help and, and maybe inducing some private companies to get involved, or they're public. But I mean, it's, it's, how do you navigate it at this point? What are your favorites?

7 more exchanges in this transcript

Cite this transcript

APA, MLA, BibTeX

APA

Rasgon, S. (2025, October 14). We're still early in the AI cycle, says Bernstein's Stacy Rasgon [Interview transcript]. CNBC Television. CEOInterviews.AI. https://ceointerviews.ai/interview/3082437/

MLA

Stacy Rasgon. "We're still early in the AI cycle, says Bernstein's Stacy Rasgon." CNBC Television, 14 Oct. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3082437/.

BibTeX

@misc{rasgon2025_3082437,
  author       = {Stacy Rasgon},
  title        = {We're still early in the AI cycle, says Bernstein's Stacy Rasgon},
  howpublished = {Interview transcript, CNBC Television. CEOInterviews.AI},
  year         = {2025},
  month        = {oct},
  url          = {https://ceointerviews.ai/interview/3082437/},
  note         = {Speaker-attributed transcript with timestamps}
}

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Key Quotes (2)

“It's certainly been a ride. I mean, it used to be you remember memory. It used to bore you to death. I guess there were those. We used to call them field FPGAs. Field programmable, Gatorade. We called it where you could pick orange. You could get grape if you wanted, if you're out on the field. But they were gate arrays, then graphics chips and CPUs. But now AI changed everything and I don't even ”

▶ 0:45

“My general call this year has mostly quality AI names and ignore most of the rest. And by and large, like that's kind of worked like we've liked Nvidia. We've liked Broadcom. You know I still think that the AI cycle I think we're still early I think it's still got legs in all of these new deals that we've been seeing announced. You know they actually I think have the effect of extending it even lo”

▶ 2:10 POLICY

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About Stacy Rasgon

Stacy Rasgon, senior analyst at Bernstein, appeared on CNBC's "Fast Money" on August 20, 2026, to discuss Nvidia's upcoming earnings report. He stated that the company's numbers "broadly should be very, very good," citing the start of the Rubin product cycle, Nvidia's next-generation platform. Rasgon noted that Nvidia had previously guided to over $1 trillion in revenue over a three-year period, which he said would imply close to $500 billion in data center revenues next year, and expressed hope that the company might raise that guidance. Rasgon also addressed questions about how customers would finance large AI-related expenditures, saying that questions about returns were "starting to get more and more settled in the favor of the idea that there is a return." He acknowledged that some potential customers are startups without long track records, but noted that lease backstops and Nvidia's strong balance sheet provide strategic advantages beyond technology and ecosystem. He observed that Nvidia's stock had recently outperformed the broader semiconductor index, with the SOX down about 5% over the past month while Nvidia was up 4-5%, and said he would be hopeful that reversal could continue given the start of the new product cycle.

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