Bloomberg Tech – "All Eyes on Nvidia Ahead of Earnings"

Date: November 19, 2025
Host: Caroline Hyde (New York) & Ed Ludlow (San Francisco)
Key Guests/Contributors:

Ian King, Bloomberg US semiconductor reporter
Carmen Reinicke, Bloomberg US equities reporter
Martin Norton, Chief Investment Strategist, Empower
Elon Musk, CEO, Tesla/X
Jensen Huang, CEO, Nvidia
Tom Giles, Bloomberg Senior Tech Executive Editor
Mandeep Singh, Bloomberg Intelligence Senior Tech Analyst
Pooja Goyal, Partner & Chief Investment Officer, Carlyle Infrastructure Group
Justin Hotard, CEO, Nokia
Seth Fiegerman, Bloomberg News Editor
Riley Griffin, Bloomberg Legal Reporter
Kunjan Sobhani, Bloomberg Intelligence Analyst

Episode Overview

This episode zeroes in on Nvidia, the bellwether for the current AI and tech mega-cycle, as it prepares to announce quarterly earnings. The discussion spotlights Nvidia's outsize influence on tech markets, the larger AI investment narrative, and concerns about valuation, infrastructure, and potential bubbles. Key excerpts include market perspectives ahead of earnings, an exclusive conversation with industry icons Elon Musk and Jensen Huang on AI’s future—including out-of-this-world (literally) infrastructure scenarios—and analysis of the broader AI ecosystem's impact, from data center buildouts to workforce changes.

1. Market Anticipation: Nvidia at the Center of Tech Volatility

Segment: 04:00–10:00

Nvidia's earnings are highly anticipated, with expectations of 50%+ revenue and net income growth year-over-year, leading the S&P 500 and Nasdaq.
Recent market volatility is attributed in large part to Nvidia’s performance; almost $2 trillion wiped off the Nasdaq 100 since late October.
"The expectation is revenue growth above 50%, net income growth above 50%. But all that matters is what CEO Jensen Huang tells us about the future." — Host (05:25)
Ian King puts Nvidia's trajectory in perspective: "We're looking for a prediction in the 60 billion range for revenue. And just to give that context, that's 10x where we were three years ago." (07:00)
Concerns linger about sustainability: Is this AI demand a temporary spike or a lasting shift? Specific focus on the durability of demand and the risk of depreciation on older hardware.

2. Preview of Key Earnings Questions

Segment: 07:30–13:00

Analysts will scrutinize not just headline growth but also forward guidance, product roadmap, deal specifics (e.g., circular financing with clients like Anthropic), and margin sustainability.
Ian King notes: "What's going to happen will be that the investment community are getting their first chance to sort of... ask him about the details, to ask him about the new products, to ask about the margins, to ask about when exactly these sales will kick in." (08:10)
Ongoing anxiety about "depreciation on older chips and circular financing" (09:15), including huge Nvidia investments in clients to sustain chip demand.

3. Nvidia’s Stake in Broader Market Sentiment

Guest: Carmen Reinicke
Segment: 11:00–17:00

Nvidia represents nearly 8% of the S&P 500, and its largest clients are other "Magnificent 7" members (Amazon, Google, Meta, Microsoft).
Wall Street treats Nvidia earnings as a macro indicator: the company's outlook will set the tone for broader tech and AI spending.
"The sentiment here, what investors take away about their confidence from the report, is going to be maybe even more important than the actual numbers." — Carmen Reinicke (16:20)
Key focus: Is the AI supercycle sustainable as revenue growth is expected to slow going forward? What about exposure to China amid export constraints?

4. Investment Perspective: Is the AI Supercycle Real?

Guest: Martin Norton (Empower)
Segment: 18:00–29:00

Martin is cautiously optimistic, asserting that the market may see a "relief rally" but still faces high valuations and unresolved big-picture doubts (demand, depreciation, capacity).
"I don't think you can ever count out a relief rally... but we're not looking at really attractive valuations at this point." (18:40)
On AI’s real-world impact: "I tend to believe that the supercycle is real, that it is going to have a pretty profound impact on the economy. But we have to make room for the full range of outcomes when we price these things." (21:10)
Concerns about utilization and depreciation of GPUs influence how institutional investors model risk and future demand.

5. Elon Musk & Jensen Huang: AI, Space, and the Bubble Debate

US-Saudi Investment Forum
Segment: 31:00–44:00

Elon Musk — The Case for AI in Space

"If civilization continues, which it probably will, then AI in space is inevitable... The way to think of AI in space is that in order to achieve any meaningful percentage of a Kardashev 2 scale civilization... you must have solar powered AI satellites in deep space." (32:10)
On energy for data centers in space: "In space, you've got continuous solar. You actually don't need batteries because it's always sunny in space." (35:45)

Jensen Huang — Is This an AI Bubble?

Huang reframes the "bubble" question, citing a major paradigm shift from general-purpose to accelerated computing:
- "Six years ago, CPUs were 90% of the world's supercomputers, top 500 supercomputers six years ago. This year less than 15%... meanwhile accelerated computing went from 10% to 90%." (41:20)
On demand: "What is left over to fuel that revolutionary agentic AI is not only substantially less than you thought and all of it justified." (43:40)

6. Global AI Infrastructure and Geopolitics

Segment: 45:00–56:00

Musk and Huang jointly announce XI (Elon’s venture/X.ai) will build a 500MW data center in Saudi Arabia, in partnership with Humane.
The hosts and Tom Giles discuss the race for "sovereign AI"—each region wants its own capacity/security—and the crucial question of access to Nvidia's latest GPU chips (e.g. Blackwell architecture).
"There's this urgency to find sovereign AI... ensure that each region of the world has the computing that it needs." — Tom Giles (48:10)
The US government wants not just outbound investment (American chips in Saudi infrastructure) but reciprocal capital flow into US tech and manufacturing.

7. Rivalry and Innovation: Alphabet, Google Gemini, and Hardware Shifts

Guest: Mandeep Singh
Segment: 57:00–62:00

Google's Gemini 3 AI model is lauded for leapfrogging in multimodality and visual reasoning abilities.
This may allow Google Cloud to reallocate Nvidia GPU resources, increasing cloud offerings for external customers.
"Google is still buying Nvidia chips. In fact, they are one of the top three customers for Nvidia." — Mandeep Singh (60:00)

8. Massive AI-Fueled Infrastructure Buildout

Guest: Pooja Goyal, Carlyle
Segment: 63:00–69:00

Data center buildout is at historic scale: Carlyle (via Copia Power) is developing over 20GW of hyperscale data center capacity, combined with on-site power generation (solar, gas, storage).
"A campus is basically like a mini city that has multiple gigawatts of power generation capacity... we're talking about $30 billion in capital investment between the power generation assets as well as the data center assets." — Pooja Goyal (67:00)
Speed, cost-effectiveness, and reliability (five-nines, or 99.999% uptime) are critical as AI compute demand explodes.

9. Connectivity and Growth: The Networking Backbone

Guest: Justin Hotard, Nokia CEO
Segment: 70:00–75:00

AI is transforming networking: Nokia is building the "plumbing"—optical, IP routing—for massive, AI-native data factories.
Future growth opportunities are expected in logistics, manufacturing, transport, and mission-critical applications (public safety, rail, emergency services).

10. Workforce Impacts: Is AI the Real Reason for Tech Layoffs?

Guest: Seth Fiegerman
Segment: 78:00–83:00

Companies increasingly cite AI as the rationale for job cuts, but underlying macro pressures and pandemic over-hiring are also major drivers.
"Something has shifted in the last six months... we're in a bit more of a difficult macroeconomic environment... but two, it's a little bit easier probably for investors to say it's AI than to say we over hired." — Seth Fiegerman (80:00)
Some states, like New York, now require companies to disclose if layoffs are AI/automation-related, but better transparency is needed.

11. US Legal Landscape: Meta vs. FTC

Guest: Riley Griffin
Segment: 83:30–87:00

Meta won a key legal victory regarding Instagram and WhatsApp acquisitions; the judge found social media competition has dramatically changed since the suit's filing, with TikTok eroding Meta's share.

12. Final Preview: Nvidia’s Long-term Story and Critical Questions

Guest: Kunjan Sobhani
Segment: 88:00–92:00

Nvidia’s long-term trajectory is underpinned by AI, quantum, robotics, and networking partnerships.
Sustainability of demand is under the microscope: Are big orders genuine, and can supply (especially from TSMC & packaging) keep up?
Clarity sought on "circular financing," depreciation of GPUs, and whether customers are double-ordering GPUs out of scarcity fears.
"Useful life of these chips is three to five years, but from a business perspective, whether from a GPU rental pricing perspective, that's valued or not depends on customer use cases." — Kunjan Sobhani (91:00)

Notable Quotes & Moments

Ian King on Nvidia's growth: "That's 10x where we were three years ago. On profit for this year... that's more than Intel and AMD get in revenue combined." (07:00)
Martin Norton: "So goes Nvidia, so goes the market..." (21:30)
Elon Musk on AI in Space: "Once you realize... in order to achieve any meaningful percentage of a Kardashev 2 scale civilization... you must have solar powered AI satellites in deep space." (32:50)
Jensen Huang on computing paradigm shift: "CPUs were 90% of the world's supercomputers... this year less than 15%... accelerated computing went from 10% to 90%." (41:20)
Tom Giles on global data center buildout: "There's this urgency to find sovereign AI... ensure that each region of the world has the computing that it needs." (48:10)
Pooja Goyal on scale: "Once that site is fully built out, you're talking about $30 billion in capital investment between the power generation assets as well as the data center assets." (67:00)
Seth Fiegerman on layoffs: "It's a little bit easier probably for investors to say it's AI than to say we over hired." (80:25)

Key Timestamps for Reference

04:00 — Market reaction and Nvidia performance
07:00 — Semiconductor analyst Ian King on earnings expectations
11:00 — Carmen Reinicke on Nvidia’s market weighting
18:00 — Martin Norton on investment sentiment
32:10 — Elon Musk and Jensen Huang on AI in space
41:20 — Huang’s “bubble” answer and computing paradigm shift
48:00 — Tom Giles on sovereign AI and Middle East investments
60:00 — Mandeep Singh on Google’s Gemini/TPU-Nvidia dynamics
67:00 — Carlyle/Copia mega-campus infrastructure
78:00 — Seth Fiegerman on the AI rationale for tech layoffs
83:30 — Riley Griffin on the Meta antitrust legal win
88:00 — Kunjan Sobhani on Nvidia’s long-term prospects

Summary Table: Leading Narratives

| Theme | Speakers | Key Issues | |-----------------------------------------------------|---------------|--------------------------------------------------------------| | Nvidia’s Earnings and Market Impact | Hyde, Ludlow, King, Reinicke, Norton | Extreme market anticipation, scrutiny of growth sustainability | | AI Infrastructure Buildout | Huang, Musk, Giles, Goyal | Power, cooling, “sovereign AI”, investment scale | | Valuation and Utilization/Depreciation Debates | Norton, Sobhani | Will demand persist? Are customers over-ordering? | | AI Bubble/AI in Space Debate | Musk, Huang | Long-term viability, paradigm shift in computing | | Workforce and Regulatory Changes | Fiegerman, Griffin | Tech layoffs, AI as justification, legal/competitive landscape |

Bottom Line

This episode offers a comprehensive look at Nvidia’s pivotal role in AI, tech markets, and global digital infrastructure. Guests unpack both the immense optimism and acute skepticism facing the AI supercycle, highlighting both industry euphoria and the nagging questions about how sustainable, transformative, and inclusive the benefits of this technological revolution will be.

For full interviews and real-time updates, tune in to the upcoming exclusive with Nvidia CEO Jensen Huang at 6:30pm Eastern, directly following the company’s earnings call.

Bloomberg Tech – "All Eyes on Nvidia Ahead of Earnings"

Date: November 19, 2025
Host: Caroline Hyde (New York) & Ed Ludlow (San Francisco)
Key Guests/Contributors:

Ian King, Bloomberg US semiconductor reporter
Carmen Reinicke, Bloomberg US equities reporter
Martin Norton, Chief Investment Strategist, Empower
Elon Musk, CEO, Tesla/X
Jensen Huang, CEO, Nvidia
Tom Giles, Bloomberg Senior Tech Executive Editor
Mandeep Singh, Bloomberg Intelligence Senior Tech Analyst
Pooja Goyal, Partner & Chief Investment Officer, Carlyle Infrastructure Group
Justin Hotard, CEO, Nokia
Seth Fiegerman, Bloomberg News Editor
Riley Griffin, Bloomberg Legal Reporter
Kunjan Sobhani, Bloomberg Intelligence Analyst

Episode Overview

1. Market Anticipation: Nvidia at the Center of Tech Volatility

Segment: 04:00–10:00

Nvidia's earnings are highly anticipated, with expectations of 50%+ revenue and net income growth year-over-year, leading the S&P 500 and Nasdaq.
Recent market volatility is attributed in large part to Nvidia’s performance; almost $2 trillion wiped off the Nasdaq 100 since late October.
"The expectation is revenue growth above 50%, net income growth above 50%. But all that matters is what CEO Jensen Huang tells us about the future." — Host (05:25)
Ian King puts Nvidia's trajectory in perspective: "We're looking for a prediction in the 60 billion range for revenue. And just to give that context, that's 10x where we were three years ago." (07:00)
Concerns linger about sustainability: Is this AI demand a temporary spike or a lasting shift? Specific focus on the durability of demand and the risk of depreciation on older hardware.

2. Preview of Key Earnings Questions

Segment: 07:30–13:00

Analysts will scrutinize not just headline growth but also forward guidance, product roadmap, deal specifics (e.g., circular financing with clients like Anthropic), and margin sustainability.
Ian King notes: "What's going to happen will be that the investment community are getting their first chance to sort of... ask him about the details, to ask him about the new products, to ask about the margins, to ask about when exactly these sales will kick in." (08:10)
Ongoing anxiety about "depreciation on older chips and circular financing" (09:15), including huge Nvidia investments in clients to sustain chip demand.

3. Nvidia’s Stake in Broader Market Sentiment

Guest: Carmen Reinicke
Segment: 11:00–17:00

Nvidia represents nearly 8% of the S&P 500, and its largest clients are other "Magnificent 7" members (Amazon, Google, Meta, Microsoft).
Wall Street treats Nvidia earnings as a macro indicator: the company's outlook will set the tone for broader tech and AI spending.
"The sentiment here, what investors take away about their confidence from the report, is going to be maybe even more important than the actual numbers." — Carmen Reinicke (16:20)
Key focus: Is the AI supercycle sustainable as revenue growth is expected to slow going forward? What about exposure to China amid export constraints?

4. Investment Perspective: Is the AI Supercycle Real?

Guest: Martin Norton (Empower)
Segment: 18:00–29:00

Martin is cautiously optimistic, asserting that the market may see a "relief rally" but still faces high valuations and unresolved big-picture doubts (demand, depreciation, capacity).
"I don't think you can ever count out a relief rally... but we're not looking at really attractive valuations at this point." (18:40)
On AI’s real-world impact: "I tend to believe that the supercycle is real, that it is going to have a pretty profound impact on the economy. But we have to make room for the full range of outcomes when we price these things." (21:10)
Concerns about utilization and depreciation of GPUs influence how institutional investors model risk and future demand.

5. Elon Musk & Jensen Huang: AI, Space, and the Bubble Debate

US-Saudi Investment Forum
Segment: 31:00–44:00

Elon Musk — The Case for AI in Space

"If civilization continues, which it probably will, then AI in space is inevitable... The way to think of AI in space is that in order to achieve any meaningful percentage of a Kardashev 2 scale civilization... you must have solar powered AI satellites in deep space." (32:10)
On energy for data centers in space: "In space, you've got continuous solar. You actually don't need batteries because it's always sunny in space." (35:45)

Jensen Huang — Is This an AI Bubble?

Huang reframes the "bubble" question, citing a major paradigm shift from general-purpose to accelerated computing:
- "Six years ago, CPUs were 90% of the world's supercomputers, top 500 supercomputers six years ago. This year less than 15%... meanwhile accelerated computing went from 10% to 90%." (41:20)
On demand: "What is left over to fuel that revolutionary agentic AI is not only substantially less than you thought and all of it justified." (43:40)

6. Global AI Infrastructure and Geopolitics

Segment: 45:00–56:00

Musk and Huang jointly announce XI (Elon’s venture/X.ai) will build a 500MW data center in Saudi Arabia, in partnership with Humane.
The hosts and Tom Giles discuss the race for "sovereign AI"—each region wants its own capacity/security—and the crucial question of access to Nvidia's latest GPU chips (e.g. Blackwell architecture).
"There's this urgency to find sovereign AI... ensure that each region of the world has the computing that it needs." — Tom Giles (48:10)
The US government wants not just outbound investment (American chips in Saudi infrastructure) but reciprocal capital flow into US tech and manufacturing.

7. Rivalry and Innovation: Alphabet, Google Gemini, and Hardware Shifts

Guest: Mandeep Singh
Segment: 57:00–62:00

Google's Gemini 3 AI model is lauded for leapfrogging in multimodality and visual reasoning abilities.
This may allow Google Cloud to reallocate Nvidia GPU resources, increasing cloud offerings for external customers.
"Google is still buying Nvidia chips. In fact, they are one of the top three customers for Nvidia." — Mandeep Singh (60:00)

8. Massive AI-Fueled Infrastructure Buildout

Guest: Pooja Goyal, Carlyle
Segment: 63:00–69:00

Data center buildout is at historic scale: Carlyle (via Copia Power) is developing over 20GW of hyperscale data center capacity, combined with on-site power generation (solar, gas, storage).
"A campus is basically like a mini city that has multiple gigawatts of power generation capacity... we're talking about $30 billion in capital investment between the power generation assets as well as the data center assets." — Pooja Goyal (67:00)
Speed, cost-effectiveness, and reliability (five-nines, or 99.999% uptime) are critical as AI compute demand explodes.

9. Connectivity and Growth: The Networking Backbone

Guest: Justin Hotard, Nokia CEO
Segment: 70:00–75:00

AI is transforming networking: Nokia is building the "plumbing"—optical, IP routing—for massive, AI-native data factories.
Future growth opportunities are expected in logistics, manufacturing, transport, and mission-critical applications (public safety, rail, emergency services).

10. Workforce Impacts: Is AI the Real Reason for Tech Layoffs?

Guest: Seth Fiegerman
Segment: 78:00–83:00

Companies increasingly cite AI as the rationale for job cuts, but underlying macro pressures and pandemic over-hiring are also major drivers.
"Something has shifted in the last six months... we're in a bit more of a difficult macroeconomic environment... but two, it's a little bit easier probably for investors to say it's AI than to say we over hired." — Seth Fiegerman (80:00)
Some states, like New York, now require companies to disclose if layoffs are AI/automation-related, but better transparency is needed.

11. US Legal Landscape: Meta vs. FTC

Guest: Riley Griffin
Segment: 83:30–87:00

Meta won a key legal victory regarding Instagram and WhatsApp acquisitions; the judge found social media competition has dramatically changed since the suit's filing, with TikTok eroding Meta's share.

12. Final Preview: Nvidia’s Long-term Story and Critical Questions

Guest: Kunjan Sobhani
Segment: 88:00–92:00

Nvidia’s long-term trajectory is underpinned by AI, quantum, robotics, and networking partnerships.
Sustainability of demand is under the microscope: Are big orders genuine, and can supply (especially from TSMC & packaging) keep up?
Clarity sought on "circular financing," depreciation of GPUs, and whether customers are double-ordering GPUs out of scarcity fears.
"Useful life of these chips is three to five years, but from a business perspective, whether from a GPU rental pricing perspective, that's valued or not depends on customer use cases." — Kunjan Sobhani (91:00)

Notable Quotes & Moments

Ian King on Nvidia's growth: "That's 10x where we were three years ago. On profit for this year... that's more than Intel and AMD get in revenue combined." (07:00)
Martin Norton: "So goes Nvidia, so goes the market..." (21:30)
Elon Musk on AI in Space: "Once you realize... in order to achieve any meaningful percentage of a Kardashev 2 scale civilization... you must have solar powered AI satellites in deep space." (32:50)
Jensen Huang on computing paradigm shift: "CPUs were 90% of the world's supercomputers... this year less than 15%... accelerated computing went from 10% to 90%." (41:20)
Tom Giles on global data center buildout: "There's this urgency to find sovereign AI... ensure that each region of the world has the computing that it needs." (48:10)
Pooja Goyal on scale: "Once that site is fully built out, you're talking about $30 billion in capital investment between the power generation assets as well as the data center assets." (67:00)
Seth Fiegerman on layoffs: "It's a little bit easier probably for investors to say it's AI than to say we over hired." (80:25)

Key Timestamps for Reference

04:00 — Market reaction and Nvidia performance
07:00 — Semiconductor analyst Ian King on earnings expectations
11:00 — Carmen Reinicke on Nvidia’s market weighting
18:00 — Martin Norton on investment sentiment
32:10 — Elon Musk and Jensen Huang on AI in space
41:20 — Huang’s “bubble” answer and computing paradigm shift
48:00 — Tom Giles on sovereign AI and Middle East investments
60:00 — Mandeep Singh on Google’s Gemini/TPU-Nvidia dynamics
67:00 — Carlyle/Copia mega-campus infrastructure
78:00 — Seth Fiegerman on the AI rationale for tech layoffs
83:30 — Riley Griffin on the Meta antitrust legal win
88:00 — Kunjan Sobhani on Nvidia’s long-term prospects

Summary Table: Leading Narratives

Bottom Line

For full interviews and real-time updates, tune in to the upcoming exclusive with Nvidia CEO Jensen Huang at 6:30pm Eastern, directly following the company’s earnings call.

All Eyes on Nvidia Ahead of Earnings

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Summary

Bloomberg Tech – "All Eyes on Nvidia Ahead of Earnings"

Episode Overview

1. Market Anticipation: Nvidia at the Center of Tech Volatility

2. Preview of Key Earnings Questions

3. Nvidia’s Stake in Broader Market Sentiment

4. Investment Perspective: Is the AI Supercycle Real?

5. Elon Musk & Jensen Huang: AI, Space, and the Bubble Debate

Elon Musk — The Case for AI in Space

Jensen Huang — Is This an AI Bubble?

6. Global AI Infrastructure and Geopolitics

7. Rivalry and Innovation: Alphabet, Google Gemini, and Hardware Shifts

8. Massive AI-Fueled Infrastructure Buildout

9. Connectivity and Growth: The Networking Backbone

10. Workforce Impacts: Is AI the Real Reason for Tech Layoffs?

11. US Legal Landscape: Meta vs. FTC

12. Final Preview: Nvidia’s Long-term Story and Critical Questions

Notable Quotes & Moments

Key Timestamps for Reference

Summary Table: Leading Narratives

Bottom Line

Summary

Bloomberg Tech – "All Eyes on Nvidia Ahead of Earnings"

Episode Overview

1. Market Anticipation: Nvidia at the Center of Tech Volatility

2. Preview of Key Earnings Questions

3. Nvidia’s Stake in Broader Market Sentiment

4. Investment Perspective: Is the AI Supercycle Real?

5. Elon Musk & Jensen Huang: AI, Space, and the Bubble Debate

Elon Musk — The Case for AI in Space

Jensen Huang — Is This an AI Bubble?

6. Global AI Infrastructure and Geopolitics

7. Rivalry and Innovation: Alphabet, Google Gemini, and Hardware Shifts

8. Massive AI-Fueled Infrastructure Buildout

9. Connectivity and Growth: The Networking Backbone

10. Workforce Impacts: Is AI the Real Reason for Tech Layoffs?

11. US Legal Landscape: Meta vs. FTC

12. Final Preview: Nvidia’s Long-term Story and Critical Questions

Notable Quotes & Moments

Key Timestamps for Reference

Summary Table: Leading Narratives

Bottom Line