I want to achieve this in illustrator but the solution I see is CTRL+7 which work only for one shape... In photoshop, you just need you clip as many as you want...
Simply copy the large circle -- Ctrl/Commad-c
Select None -- Ctrl/Command-Shift-A
Paste in in front -- Ctrl/Command-f
Select All -- Ctrl/Command-a
Create a clipping mask -- Ctrl/Command-7