Bloomberg Intelligence Podcast

Episode: "Softbank Sells Nvidia Stake for $5.8 Billion to Fund AI Bets"

Date: November 11, 2025

Hosts: Scarlet Fu, Paul Sweeney
Guests: Ed Ludlow (Bloomberg Tech co-anchor), Geetha Ranganathan (Media Analyst), Justin Teresi (Litigation Analyst), Matthew Palazzoli (Berkshire Hathaway Analyst)

Overview

This episode dives into key movements in tech, finance, and media, focusing on SoftBank’s $5.8 billion sale of its Nvidia stake to fund AI investments, earnings and consolidation in the media sector, a major Visa/MasterCard settlement affecting credit card rewards, and Warren Buffett's decision to “go quiet,” reflecting leadership transition at Berkshire Hathaway. The hosts bring in experts to offer context, insight, and implications for investors and the broader market.

Key Discussion Points & Insights

1. SoftBank Sells Entire Nvidia Stake

Segment Start: 02:04

• SoftBank sells its total Nvidia stake for $5.8B, stirring questions about timing and strategy.
• Ed Ludlow explains this is a repeat of a previous exit in 2019, before Nvidia’s AI/Data Center boom, but not a signal of lost faith in Nvidia.
• The sale is seen as SoftBank raising cash to fund a broad set of AI investments, both public and private (e.g., OpenAI, Stargate datacenter, Ampere).
• Ed Ludlow (02:37):
  “They're selling out the entire stake. And that's worth reiterating. It's all of it in one go. $5.6 billion, which for a $5 trillion company, almost $5 trillion company, is, is not that much. But it's also not unprecedented.”
• Concern over concentration risk in OpenAI, as SoftBank’s exposure is high, but the company seeks diversification.
• Ongoing focus on deploying Vision Fund capital.

2. Nvidia & CoreWeave Earnings Update

Segment Start: 05:09

• Nvidia owns a 6.5% stake in CoreWeave, an emerging cloud company.
• CoreWeave cut its full-year revenue guidance due to third-party datacenter delays, trimming the high end by $200M.
• CoreWeave struggles to build datacenter capacity fast enough to meet demand – a positive signal for sector demand, despite disappointing results.
• “CoreWeave cannot get data center capacity up and running quick enough to meet the demand that it has.” – Ed Ludlow (05:27)

3. Paramount Skydance Earnings & Media M&A Rumors

Segment Start: 09:16

• Paramount Skydance posts mixed earnings but outperforms in streaming profitability.
• Aggressive cost savings drive the company’s improved 2026 EBITDA guidance from $3.1B to $3.5B.
• Potential acquisition of Warner Bros. Discovery looms; executives downplay “must-have” M&A but acknowledge possible transformative deals.
• “There’s a lot of restructuring that needs to happen. But they really kind of downplayed, you know, Warner Brothers.” – Geetha Ranganathan (11:02)
• Warner Bros. Discovery highly prized due to brands like HBO, potential synergies in streaming and linear TV.
• Paramount Skydance has made three rejected bids for Warner Bros. Discovery; a deal would require significant equity.
• Timing is pressing: separation of Warner Bros. Discovery’s divisions set for mid-2026 if no sale occurs.
• Geetha Ranganathan (14:38):
  “It has to happen quickly, Paul, because ... they do have a split of the company ... supposed to happen some sometime mid-2026.”

4. Visa & MasterCard Settlement Impact on Credit Card Rewards

Segment Start: 17:37

• Major legal settlement after 20 years between Visa/MasterCard and merchants may change credit card acceptance and fees.
• Merchants may get new flexibility: accept only lower-tier cards, or surcharge premium card users (subject to state laws).
• Justin Teresi explains legal and financial implications, and highlights regional differences in fee surcharges (e.g., illegal in NY, possible in NJ).
• “When you have those really valuable premium cards ... there’s a fee associated with those. And it’s the merchants who are eating that fee, typically around 3 or 4%.” – Justin Teresi (18:22)
• The settlement’s effect on premium/reward cards remains uncertain; could impact card perks and acceptance.
• Discussion on gamification of card points and potential changes to consumer behavior.

5. Warren Buffett “Goes Quiet” – End of an Era at Berkshire Hathaway

Segment Start: 27:36

• Warren Buffett announces he is stepping back further: will stop writing the famous annual Berkshire letters and attending shareholder meetings, focusing on philanthropy.
• Matthew Palazzoli and hosts reflect on Buffett’s legacy and the gradual transition to Greg Abel.
• Berkshire’s cash hoard now at $382B; challenge of finding deals of meaningful size.
• No immediate dramatic changes expected in strategy—Abel praised as able successor, but may gradually put his stamp on the company.
• Matthew Palazzoli (29:19):
  “I think Abel walks a fine line now ... he will want to put his own stamp and make a name for himself, but also not stray too far from what has led to this massive value creation at Berkshire.”
• Discussion on Buffett’s approach to capital return: prefers reinvestment over paying dividends, but with interest rates high, cash has provided returns.
• Ownership structure protects Berkshire from activist intervention after Buffett’s passing; assets to be distributed gradually via family foundations.

Notable Quotes & Memorable Moments

• On SoftBank’s Nvidia Sale:
  "They're selling out the entire stake. And that's worth reiterating. It's all of it in one go. $5.6 billion ... But it's also not unprecedented." – Ed Ludlow (02:37)

• On Paramount Skydance’s M&A Prospects:
  "They've made three bids for Warner Brothers Discovery thus far, all of which have been rejected. The last one was for almost $24 a share, which was basically $60 billion equity value, about $90 billion enterprise value." – Geetha Ranganathan (12:38)

• On Credit Card Rewards Lawsuit:
  "When you have those really valuable premium cards ... there’s a fee associated with those. And it’s the merchants who are eating that fee, typically around 3 or 4%." – Justin Teresi (18:22)

• On Buffett’s Succession:
  "I think Abel walks a fine line now ... he will want to put his own stamp and make a name for himself, but also not stray too far from what has led to this massive value creation at Berkshire." – Matthew Palazzoli (29:19)

Timestamps for Key Segments

• SoftBank Sells Nvidia Stake: 02:04 – 05:09
• CoreWeave Earnings Discussion: 05:09 – 06:26
• Paramount Skydance & Warner Bros. Discovery M&A: 09:16 – 14:38
• Visa/MasterCard Merchant Settlement: 17:37 – 24:22
• Warren Buffett Goes Quiet/Berkshire Analysis: 27:36 – 33:23

Tone & Style

The tone throughout the episode is insightful yet conversational, with hosts blending sharp analysis with light banter (especially in the discussion of credit card rewards and media M&A). Market context is woven into each segment, and expert guests provide practical clarity without technical jargon.

Summary for New Listeners

This episode is essential listening for anyone invested in, or curious about, the evolving intersections of tech, investing, media, and payments:

• See how SoftBank’s shifting bets signal broader AI investment trends
• Track transformative media M&A and the future of streaming
• Understand the looming changes to how your premium credit cards are accepted and rewarded
• Mark a historic transition in the value-investing world as Warren Buffett steps back from public life

Each story is given context, expert interpretation, and a look at what could come next—a must for followers of finance, markets, and business innovation.