Bloomberg Talks: Wedbush's Dan Ives Talks Nvidia Earnings

Date: February 26, 2026
Guest: Dan Ives, Global Head of Tech Research at Wedbush Securities
Hosted by: Bloomberg Team

Episode Overview

This episode features tech analyst Dan Ives breaking down Nvidia’s recent earnings and the broader tech and AI landscape with Bloomberg’s hosts. Discussion touches on Nvidia’s dominance, its competitors, the state of software stocks versus semiconductors, strategic insights on Apple, and opinions on trends in college football. Ives provides deep context, delivering characteristic metaphors and bold calls on where investors should be looking in today’s market.

Key Discussion Points & Insights

Nvidia’s “Michael Jordan-like” Performance

• Nvidia’s Data Center Windfall:
  • Dan Ives labels Nvidia’s results as “Michael Jordan like numbers” (01:05).
  • Points to data center segment outperforming street expectations and “law of large numbers doesn’t apply with Nvidia.”
  • Projects current guidance as “conservative,” seeing 30% year-on-year growth possibly moving “closer to 40%” (01:23).
• 500 Billion Dollar Opportunity:
  • References Nvidia’s “Blackwell and Rubin” platform, suggesting even the company’s $500 billion opportunity is underestimated.

AMD’s Position in AI Chips

• Competitive Landscape:
  • Dan Ives praises AMD CEO Lisa Su for strong strategic moves but maintains Nvidia’s top spot:

    "If Lisa Su is flying the plane, you're in 3A, drinking cabernet, watching Netflix, feeling really good. ... AMD, they're going to get 15, 20% of this market over the coming years." (02:01)

• Vendor Expansion & Risks:
  • Hosts question whether Nvidia's vendor base can expand.
  • Ives notes: “At least next 18, 24 months, probably 36 months. If you’re calling the red phone for a chip, it’s the godfather of a black leather jack of Jensen who’s answering that phone” (03:15).

Margins, Competition, and Industry Outlook

• Gross Margins & Competition:
  • Nvidia is expected to maintain “gross margin 75% over the coming years.” (02:48)
  • Certain risk from tech giants developing their own chips, and from international players (Huawei, China), but “right now, you don’t have a choice.”
• Medium-term Market Structure:
  • The field is likely to broaden from a handful of vendors to potentially “5, 7, 10 vendors over time” (03:27).

Software Stocks vs. Hardware Hype

• Market Disconnect:

  • Dan Ives sees software stocks (“Salesforce, ServiceNow, Microsoft, others”) as undervalued and their decline as overblown:

    “It’s the most…disconnected tech trade that I’ve seen in my career.” (03:54)

  • Cites Jensen Huang’s (Nvidia CEO) earnings call:

    “Software will be the hearts and lungs from a data perspective and use cases of AI.” (03:57)

  • Downplays fears over AI models like Claude unseating software incumbents as “a fictional tale.”

• Current Hedge Fund Behavior:

  • Instead of buying the software dip, Ives observes, “everyone just run[ning] to semis and hard[ware].” (04:56)
  • Hosts draw comparison to a previous panic in April 2025, asking if “this is the same analog now.”
  • Ives responds with a baseball analogy to describe short-term negativity:

    “It’d be like being negative on Aaron Judge because of the way he plays the first week of a season.” (05:42)

  • Sees this as a “generational opportunity” for software leaders.

Apple’s 2026 Outlook

• Product Refresh Ahead:
  • Apple is expected to deliver both lower-cost iPhones and significant iOS updates (Siri-based AI), leading up to the iPhone 18 and WWDC (06:32).
• Stock Prognosis:
  • Ives makes a bold comparison:

    “This is a stock Google in 2025 will be Apple in 2026 between the product refreshers…” (07:06)

Sports Sidebar: Penn State & College Football

• Perspectives on Coaching & NIL:
  • Dan Ives, a Penn State alum, praises the new coaching hire and NIL rules:

    “We got the golden ticket with Campbell as coach. … It’s the rebuild to a natty in the next few years.” (07:37)

  • On NIL (Name/Image/Likeness):

    “I think they’ve even[ed] the playing field… It’s a new world. But, but I think it’s, it’s, it’s not going to be changed anytime soon.” (08:27)

Dan Ives’s Top Stock Pick

• Microsoft as the “Most Disconnected” Tech Stock:
  • Ives’s single best buy:

    “A single best buy to me right here is Microsoft. Microsoft, the way that that stock’s trading, it’s almost the most disconnected tech stock that I’ve seen probably in the last two years.” (08:58)

Notable Quotes

• On Nvidia's strength:
  • “If you look at this over years...I view these as generational opportunities as this all plays out. ... The Bears are winning the narrative in the day that's going to be short lived. That's how you ultimately...make money in this market.” — Dan Ives (05:42)
• On AMD’s strategic positioning:
  • “If Lisa Su is flying the plane, you’re in 3A, drinking cabernet, watching Netflix, feeling really good…” — Dan Ives (02:01)
• On the current software selloff:
  • “It’s the most...disconnected tech trade that I’ve seen in my career.” — Dan Ives (03:54)
• On Apple’s future:
  • “This is a stock Google in 2025 will be Apple in 2026 between the product refreshers…” — Dan Ives (07:06)
• On Microsoft:
  • “A single best buy to me right here is Microsoft. … It’s almost the most disconnected tech stock that I’ve seen probably in the last two years.” — Dan Ives (08:58)

Timestamps for Important Segments

• Nvidia Earnings Outperformance: 01:05–01:46
• AMD’s Progress & Competitive Landscape: 02:01–02:24
• Market Share, Gross Margins, Competition: 02:48–03:34
• Software Stocks vs. Hardware Mania: 03:54–05:14
• Current Market Analogy & Opportunity: 05:42–06:11
• Apple’s Product Pipeline & Strategic Outlook: 06:32–07:15
• Penn State & College Football Trends: 07:30–08:54
• Single Best Buy (Microsoft): 08:58

Tone & Style

Dan Ives brings candid, energetic takes, often using sports analogies and bold language to capture both risk and opportunity. The episode moves quickly across segments, balancing in-depth tech sector insight with lighter commentary on sports and investing narratives.