Bloomberg Intelligence Podcast Summary
Episode: BI Weekend: Nvidia, Retail Earnings, Anthropic Investment
Date: November 21, 2025
Hosts: Scarlett Fu and Paul Sweeney
Overview
This episode spotlights major corporate earnings and trends across technology, retail, payments, and biotech. The discussion draws on deep analysis by Bloomberg Intelligence experts, zeroing in on Nvidia’s impressive AI-fueled growth, a landmark Anthropic investment, shifting fortunes among big retailers, pricing dynamics in obesity drugs, and strong momentum in premium sportswear. Throughout, the focus is on what these developments signal for markets, competitive dynamics, and consumer trends.
Key Segments & Insights
1. Nvidia Earnings: AI Growth Powerhouse
[02:43 – 06:03]
Guest: Kunjan Sobhani, Senior Semiconductor Analyst, Bloomberg Intelligence
- Earnings Blowout & Guidance: Nvidia posted bullish third-quarter earnings, beating the highest Street expectations for both Q3 and Q4 with guidance that appears conservative given a robust pipeline.
- Quote (03:02): “This was one of the more bullish earnings we have seen from this name in a while… the half a trillion of the pipeline… is a conservative number.” – Kunjan Sobhani
- Demand Outlook: Inventory is rising, not as a warning sign, but due to preparation for sustained, massive AI infrastructure demand into 2026-27.
- Gaming vs. Data Center: Gaming chip results now almost irrelevant; data center AI dominates Nvidia’s business and growth profile.
- Quote (04:03): “The reliability of the predictability of those numbers against which we are comparing the beat and miss for gaming is no longer as reliable.”
- China Impact: Nvidia assumes virtually no China GPU revenue due to geopolitics, despite having export licenses—demand in China is “basically shut down.”
- Quote (04:40): “Because of geopolitical issues, China has basically been shut down for American GPU providers.”
- Competitive Landscape: Closest rivals are Broadcom (AI ASICs for Google), Amazon’s Trainium, and to a lesser extent AMD for merchant GPUs.
2. Anthropic: The New AI Investment Battleground
[06:09 – 10:02]
Guest: Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence
- Big Investments: Microsoft and Nvidia are investing up to $15B in Anthropic as part of its next funding round, with Anthropic committing to $30B in Azure cloud spend.
- Anthropic is one of five “frontier” large language model (LLM) firms, alongside OpenAI, Google, Meta, and XAI.
- Funding Gap: Unlike cash-rich Google/Meta, Anthropic needs massive private funding and is leveraging strategic cloud partnerships for both money and compute.
- Industry Club: All “big tech” is circling AI startups; Meta stands (so far) outside this investment web, opting to use its own compute for its apps.
- Quote (08:10): “Well, you could say Meta... they're doing their own thing in terms of using the compute internally and they don't have a cloud business.”
- Business Viability: Investors seek ROI for the huge AI infrastructure spends; Microsoft can do this via cloud/client deals, but Meta’s spending must be justified by much higher engagement.
- Quote (08:32): “How are you generating ROI outside of your family of apps? And over there you have to show a really substantial increase in engagement...”
- Exit Prospects: Anthropic is more focused than OpenAI—potentially higher margins, less risk of distraction—but public listings still unclear.
3. Retail Earnings: A Tale of Two Strategies
[10:05 – 13:34]
Guest: Jennifer Bartashas, Senior Analyst (Retail, Staples & Packaged Food), Bloomberg Intelligence
- Walmart: Reports continued strength, benefiting from value-seeking customers and a fast-growing e-commerce segment, now targeting higher-income shoppers with premium online offerings (e.g., pre-owned luxury goods).
- Quote (10:39): “They’ve made investments in convenience that are really spurring e-commerce growth.”
- Nasdaq Move: Walmart is shifting its listing to Nasdaq, reflecting its digital evolution and aligning with tech-focused peers for higher valuation.
- Consumer Pulse: Walmart is optimistic for the holidays; spending is stable for middle/higher-income consumers, cautious at the lower end.
- Target: Facing sales drops amid competitive pressure and weaker discretionary consumer demand.
- Walmart appears to be capturing share as shoppers prioritize value.
4. Home Improvement Retail: Lowe’s vs. Home Depot
[15:40 – 20:04]
Guest: Drew Redding, US Homebuilding Analyst, Bloomberg Intelligence
- Lowe’s: Q3 results “better than feared," with stable underlying trends, but trimmed outlook reflects tough housing market and consumer uncertainty.
- Quote (16:07): “Lowe’s results could be best characterized as better than feared… underling trends in the business are pretty stable.”
- Professional Focus: Lowe’s is targeting growth in professional contractors, acquiring to serve larger pros, but still trails Home Depot.
- Industry Structure: Market remains fragmented; expect more consolidation.
- Tariff Impacts: Tariffs (e.g., Canadian lumber, Asian tools, cabinetry) are prompting modest price hikes; the impact will rise in Q4 and 2026.
5. Fintech Highlight: Klarna's Public Earnings Debut
[20:07 – 22:59]
Guest: Anthony Hughes, Equity Capital Markets Reporter, Bloomberg
- Strong Growth: Klarna, a “buy now, pay later” pioneer, posted record revenue in its first public quarter, with fast US growth (40-50%).
- Business Model: Most revenue comes from merchant fees, not consumer interest—making it attractive for both buyers (for budgeting) and merchants (increased sales).
- Quote (21:20): “That pay-in-four product… is an interest-free product. The source of revenue is from the merchant.”
- User Profile: Typically younger users, small-ticket purchases, with global volume now at $110B.
- Competitive Landscape: Affirm is a key US rival.
6. Pharma Spotlight: Novo Nordisk Lowers Obesity Drug Prices
[23:02 – 28:19]
Guest: Michael Shaw, Senior Pharma/Biotech Analyst, Bloomberg Intelligence
- Strategic Price Cuts: Novo Nordisk is slashing self-pay prices on Wegovy and Ozempic by ~30% to undercut rival Eli Lilly and expand the US market.
- Quote (23:43): “This is basically a ploy to compete for new patient starts… Lilly’s got the more effective product.”
- Market Penetration: US obesity drug use remains low, but with price cuts and upcoming Medicare pilot, penetration should accelerate significantly.
- Hims & Hers Impact: Lower branded prices squeeze makers of compounded, off-label GLP-1s.
- Big Pharma Moves: Obesity drugs are a critical growth strategy amid patent cliffs; expect continued M&A to secure or expand pipelines.
7. Off-Price Retail: TJX Continues to Outperform
[30:25 – 35:37]
Guest: Mary Ross Gilbert, Senior Equity Analyst, Bloomberg Intelligence
- Results: TJX (TJ Maxx, Marshalls) posted strong sales and raised comp sales guidance, reflecting consumers’ move to value as the economy slows.
- Quote (30:48): “It appeals to all income groups... they have all the brands consumers want.”
- Inventory Sourcing: Despite better inventory management at full-price retailers, brands like PVH still supply off-price with unsold items, and luxury markdowns are now common.
- Growth Strategy: TJX pushes into international markets (Spain next), leveraging joint ventures and curated store drops tailored to demographics.
- Valuation: Investors pay a premium for TJX’s consistent execution, but the company continues to find growth, even in mature environments.
8. Sportswear Surge: Amer Sports Raises Guidance
[35:41 – 41:58]
Guest: Abigail Gilmartin, Athleisure & Footwear Analyst, Bloomberg Intelligence
- Earnings Beat: Amer (Salomon, Arc'teryx, Wilson) delivered 30% sales growth and raised guidance for the third time in 2025.
- China Resilience: Navigated backlash from a PR misstep in China (Arc'teryx fireworks), yet Greater China sales surged 47%, quelling market fears.
- Quote (36:12): “The key thing people are looking for was China… momentum is continuing into Q4.”
- Pricing Power: Premium positioning allows Amer to offset tariffs with minimal consumer resistance; full-price sell-through remains strong.
- Channel Strategy: Arc'teryx shifting to direct-to-consumer (DTC); Salomon still relies on wholesale, especially given consumers’ desire to try footwear in store.
- Market Trends: Nike remains top for Gen Z and Millennials, but brands like Hoka and On are gaining, albeit from a smaller base. Premium and niche brands are thriving even as competitors multiply.
- Risks: China was the key uncertainty, but otherwise Amer is executing well, especially in DTC and women's segments.
Notable Quotes
- “There’s significant upside to the current street numbers [for Nvidia]... the half a trillion of the pipeline… is a conservative number.”
— Kunjan Sobhani, [03:02] - “All indicators right now seem that we’re headed toward a reasonably solid holiday season [for retail].”
— Jennifer Bartashas, [12:51] - “Lowe’s has historically focused on the small and medium sized pro. This acquisition gives them exposure to larger pros.”
— Drew Redding, [17:13] - “US penetration rates in obesity drugs are low single digits; that’s obviously going to accelerate as these drugs become cheaper.”
— Michael Shaw, [24:42] - “TJX has all the brands consumers want… that’s why their Marmax division reported a 6% sales increase.”
— Mary Ross Gilbert, [30:48] - “Amer [Sports] sales up 30%, broad based strength across regions, across channels and across brands.”
— Abigail Gilmartin, [36:12]
In Summary
This episode delivers a rich, data-driven tour of pivotal developments in AI, retail, payments, and life sciences. Nvidia remains the bellwether for AI demand, while Anthropic’s mega-investments underline the scale now required in artificial intelligence. Walmart’s tech evolution, Lowe’s push with pros, Klarna’s fintech rise, Novo Nordisk’s pricing offensive, the enduring appeal of value at TJX, and Amer’s global sports momentum collectively sketch a marketplace in flux but full of opportunity for those innovating, scaling, and meeting consumer needs.
For listeners: Expect sharp insight into how macroeconomics, technology disruption, and evolving consumer habits are actively shaping the world’s biggest companies—and the next market leaders.