Podcast Summary: Nvidia’s Growth Shakes Confidence in Competitors

Podcast: The Last Invention is AI
Host: The Last Invention is AI
Date: November 20, 2025

Episode Overview

This episode unpacks Nvidia’s jaw-dropping Q3 2025 earnings and explores the broader implications for the artificial intelligence (AI) industry and the so-called “AI bubble.” The host analyzes Nvidia’s revenue growth, the dominance of its data center business, geopolitical tensions affecting sales in China, and the company’s outlook amidst continued skepticism about the sustainability of the AI boom. The commentary is insightful, energetic, and laced with direct quotes from Nvidia’s leadership.

Key Discussion Points & Insights

1. Nvidia’s Surprising Financial Results

• Nvidia's latest quarterly earnings have “shocked a lot of people” and calmed chatter about an imminent "AI bubble" pop.
• Revenue and Growth Highlights:
  • $57 billion in Q3 2025 revenue, up 60% year-over-year.
  • Net income: $32 billion, up 65% year-over-year.
  • Both metrics “beat Wall Street’s expectations” ([01:20]).
• Host’s Insight: The company’s exponential growth, especially considering repeated media predictions about an AI bubble, demonstrates strong, sustained demand—particularly among AI startups ("every single major AI company…I feel like I see these days has raised around Nvidia has invested into them. So the gravy train does keep rolling." [00:57]).

2. Dominant Data Center Business

• The data center segment was responsible for a staggering $51 billion of Q3 revenue.

  • 25% growth from previous quarter, 66% year-over-year ([02:06]).

• Other segments:

  • Gaming: $5.8 billion
  • Professional visualization & automotive: $4.2 billion

• CFO Colette Kress’s Statement:

  • Data center growth “fueled by acceleration of computing, new powerful AI models, and agentic applications” ([02:45]).
  • Demand is “spanning every market: CSP sovereigns, modern builders, enterprises, and supercomputing centers… multiple landmark buildouts” ([03:18]).

3. Unprecedented Demand for Blackwell Ultra & GPUs

• The Blackwell Ultra GPU, released earlier in the year, is now “the leader within the company” ([03:46]).

• Jensen Huang (CEO) on Sales:

  • “Blackwell sales are off the charts and cloud GPUs are sold out. Compute demand keeps accelerating and compounding across training and inference, each growing exponentially. We've entered the virtuous cycle of AI… AI is going everywhere, doing everything at once.” ([04:18])

• Even older Nvidia chips remain in high demand due to supply constraints for the latest models.

4. Geopolitical Roadblocks: China Gets Tough

• Nvidia’s H20 GPU sales to China have dropped due to new bans and regulatory challenges.
  • Only $50 million in sales, far below projections ([06:36]).
• Kress’s Diplomatic Statement:
  • “Sizable purchase orders never materialized… due to a geopolitical issue and the increasingly competitive market in China. While we were disappointed… we are committed to continue engagement with the US and China governments…” ([06:49])
• Host’s Analysis: The official line tries to maintain diplomatic tone, but the ban is a clear blockade for Nvidia. China is also catching up with their own chip designs.

5. Looking Ahead: Nvidia’s Bullish Forecast & AI Bubble Debate

• Nvidia is forecasting $65 billion for the next quarter.

• Immediate positive response from the market (“the stock price reacted to this immediately by continuing to increase,” [07:43]).

• AI Bubble Discourse:

  • Jensen Huang:
    • “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different.” ([08:02])
  • The host acknowledges the skepticism but stresses ongoing real-world investments, infrastructure build-outs, and that “AI companies cannot get enough chips and compute."

• Future outlook:

  • Growth likely to continue, especially if interest rates fall and the economy improves.
  • Host believes “we're going to see some explosive growth over the next five years. So buckle up. It’s going to get crazy, in my opinion.” ([09:00])

Notable Quotes & Memorable Moments

• On The AI Bubble:

  • “Jensen Huang does not feel like it’s about to crash. And maybe he’s talking his own book, but he does have some numbers to back it up.” ([01:04])

• On Unprecedented Growth:

  • “I think this really shows a company that is growing at an insane rate… the data center business was a record $51 billion.” ([01:24])

• On Global Demand:

  • “The AI ecosystem is scaling fast with more new foundational model makers, more AI startups across more industries and in more countries. AI is going everywhere, doing everything at once.” – Jensen Huang ([04:29])

• On China and Regulation:

  • “Due to geopolitical and also increasingly competitive markets in China, like China's coming up with some great chips… but like, no, China just straight up basically banned Nvidia chips from coming in.” ([06:59])

• Forecasting Future Growth:

  • “I think, especially if the economy improves and perhaps interest rates come down, I don’t think we're going to see a slowdown in the spending… we're going to just keep seeing a pretty incredible growth rate in this industry.” ([08:44])

Timestamps for Key Segments

• AI Bubble Talk and Nvidia’s Role: [00:29] – [01:15]
• Financials and Data Center Growth: [01:16] – [02:50]
• Blackwell Ultra & GPU Demand: [03:18] – [04:45]
• CFO & CEO Statements: [03:46] – [06:09]
• China Sales & Geopolitical Commentary: [06:33] – [07:30]
• Bubble Skepticism vs. Sustained Growth: [08:00] – [09:10]

Summary Tone

The host remains enthusiastic and skeptical in equal measure, admiring Nvidia’s unrelenting growth while questioning the sustainability of current trends. There’s a sense of awe but also honest commentary on the market, geopolitics, and the AI sector’s trajectory—rooted in the leaders’ own words.

Bottom Line

Nvidia’s latest results reinforce its pivotal role in the global AI surge. Despite geopolitical setbacks, especially in China, its explosive growth and bullish outlook shake confidence among competitors, fuel investor excitement, and — for now — postpone talk of an "AI bubble" collapse. The AI expansion appears poised for even further acceleration as foundational tools like Nvidia’s drive real-world infrastructure and opportunity.