Podcast Summary

Podcast: Bloomberg Intelligence
Episode: Walmart Boosts Outlook While Warning That Higher Costs Loom
Date: November 20, 2025
Hosts: Scarlet Fu, Paul Sweeney

Episode Overview

This episode of Bloomberg Intelligence offers a deep dive into the latest earnings and strategic moves from major companies: Walmart, Nvidia, Verizon, and Abbott Laboratories. The hosts are joined by Bloomberg Intelligence sector analysts to unpack how company performance reflects broader trends in consumer behavior, technology, and corporate strategy. The discussion focuses particularly on Walmart's robust outlook amidst higher costs, Nvidia's market dominance, Verizon's restructuring amid layoffs, and Abbott's major acquisition in the medtech space.

Key Discussion Points and Insights

1. Walmart’s Earnings and Strategic Moves

Guest: Jen Bartashus, Senior Retail Analyst, Bloomberg Intelligence
Segments: 03:20 - 13:00

• Strong Q3 Performance & Stock Surge

  • Walmart reported strong earnings, with shares up 5.7% for the day and 18% year-to-date (03:30).
  • The success is attributed not just to value-seeking consumers but Walmart’s investments in convenience and e-commerce.

• E-commerce Growth and Customer Diversification

  • Walmart has expanded its digital offerings, now selling luxury items like pre-owned Chanel bags, attracting higher-income shoppers (05:30).

    “Wal Mart has done a lot to really expand its marketplace and that includes bringing in items that will appeal to that higher income consumer.” – Jen Bartashus (05:45)

  • E-commerce is a major driver for stickier customer relationships, ensuring future growth even after economic trends stabilize.

• NASDAQ Move – Becoming a Tech Forward Retailer

  • Walmart plans to move its listing from the NYSE to NASDAQ to highlight its tech-focused evolution (07:00).

    “There’s a perception...in being perceived more as a tech company, which Walmart in all truthfulness has evolved into...especially amongst other retailers.” – Jen Bartashus (07:25)

  • Being included in NASDAQ 100 and the QQQ ETF is part of broader strategy.

• Consumer Trends and Holiday Outlook

  • Walmart sees steady spending from middle- and high-income customers; some concern remains for lower-income shoppers (09:00).

    “We do think that people will prioritize spending on kids...but all indicators right now seem that we're headed towards a reasonably solid holiday season.” – Jen Bartashus (10:05)

  • Holiday season expectations are cautiously optimistic.

• Walmart vs. Target – Execution vs. Environment

  • Walmart’s execution, particularly in apparel (5% sales growth each month in Q3), is separating it from competitors facing headwinds, such as Target (11:15).

2. Nvidia’s Blockbuster Earnings and Market Positioning

Guest: Kunjan Sobhani, Senior Semiconductor Analyst
Segments: 15:40 – 21:45

• Earnings Beat and Demand Signals

  • Nvidia’s Q3 results topped even the highest expectations, with demand pipeline of “half a trillion dollars”—possibly conservative due to numerous deals (16:05).

    “Not just on the numbers...they blew past even the loftiest buy side targets...significant upside to the current state numbers.” – Kunjan Sobhani (16:20)

• Shifting Business Focus and Pipeline Strength

  • While gaming chips underperformed slightly compared to estimates, analysts view this as less relevant given the shift toward data centers and AI.

• China and Geopolitical Risks

  • No significant revenue is assumed from China due to ongoing restrictions, and customer demand there is low (18:15).

    “Because of geopolitical issues, the customers in China are not just readying and getting up to buy Nvidia chips right now.” – Kunjan Sobhani (18:50)

• Competitive Landscape

  • Nvidia dominates AI chip markets with >90% share; closest competition comes from ASICs (Broadcom, Google TPUs, Amazon Trainium) and AMD GPUs (20:25).

3. Verizon’s Workforce Reduction and Competitive Strategy

Guest: John Butler, Senior Telecom Analyst
Segments: 24:30 – 32:10

• Major Layoff Announcement

  • Verizon will cut up to 20% of its non-union workforce, reflecting a major strategic shift under new CEO Dan Schulman (24:50).

    “He’s looked at the organization and believes it's a little too heavy, a little too bureaucratic. He sees room for ample cost cuts...we need to move faster.” – John Butler (25:05)

• Cost Cuts to Fuel Promotions

  • The restructuring aims to create room for more competitive pricing and promotions—seen as key to regaining subscriber growth lost to T-Mobile and cable rivals (26:10).

    “You’re getting leaner on the expense line, which gives you...more room on the revenue line to begin to promote more and match competitors like T Mobile.” – John Butler (27:00)

• Dividend Strategy

  • Commitment to maintain Verizon’s hefty 6.7% yield, balancing cost cuts, and sustaining free cash flow without risking a costly dividend cut (28:35).

• Competitive Response

  • The wireless market is mature and saturated, with all major players ready to escalate promotional battles if needed (30:10).

    “Wireless is a very mature business. It's a saturated market. It's a zero sum game...they are willing to promote heavily to protect that baby.” – John Butler (30:25)

4. Abbott’s $21B Acquisition of Exact Sciences

Guest: Matt Henriksen, Senior Medtech Analyst
Segments: 34:40 – 41:55

• Deal Overview and Market Reaction

  • Abbott to buy cancer-screening company Exact Sciences for $21 billion—a 51% premium to last close, viewed as reasonable for the growth offered (34:50).

• What Does Exact Sciences Do?

  • Best known for ColoGuard at-home colon cancer screening tests; pioneers in non-invasive cancer screenings (36:35).

    “They're the ones that have been the pioneers in driving...take home pre screening tests...” – Matt Henriksen (36:40)

• Regulatory and Financial Implications

  • Minimal antitrust risk, as there’s enough market competition; Abbott’s stock dipped only slightly post-announcement (38:20).

• Strategic Fit

  • The acquisition is expected to be accretive to Abbott’s organic growth and improve gross margins (39:15).

    “Exact Sciences comes in with double digit sales growth. So that's going to be accretive for them in the long run.” – Matt Henriksen (39:35)

  • Abbott may reduce SG&A costs and further profit from integration.

Notable Quotes & Moments

• Walmart’s Retail Evolution

  “...nearly every household has some sort of interaction with Walmart during the course of a year, whether it’s in terms of frequency or not.” – Jen Bartashus (11:45)

• Nvidia’s Market Strength

  “This was one of the more bullish earnings we have seen from this name in a while...the reliability of gaming as a KPI for analysts is no longer there.” – Kunjan Sobhani (17:25)

• Verizon’s Leadership Reset

  “He’s got a tightrope to walk here. Again, you're cutting 13% of the organization as a first move...My hope is they're going to be able to sustain free cash flow which will generate more than enough to sustain that dividend there.” – John Butler (28:55)

• Abbott & Exact Sciences: Consumer Connection

  “That thing sat in my closet for like a year. It's like, oh my God. I know. It's one of those things you have to do, but you don't want to do.” – Scarlet Fu & Paul Sweeney, on the ColoGuard test (37:05)

Timestamps for Key Segments

• Walmart’s Strong Quarter & Strategy: 03:20 – 13:00
• Nvidia’s Blowout Earnings: 15:40 – 21:45
• Verizon’s Layoffs and Price War: 24:30 – 32:10
• Abbott Buys Exact Sciences Explained: 34:40 – 41:55

Conclusion

This episode provided rich insight into how strategic decisions at major companies like Walmart, Nvidia, Verizon, and Abbott Laboratories are shaping their sectors—and what these moves mean for shareholders and consumers alike. The hosts and analysts keep the tone accessible and insightful, unpacking dense financial news with clear explanations and candid commentary.