WSJ What’s News — “How Nvidia Is Powering the Market Turnaround”

Date: November 20, 2025
Host: Caitlin McCabe
Notable Guest: Seema Shah (Principal Asset Management), Joe Flint (WSJ Media Reporter), Lawrence Norman (WSJ Brussels Deputy Bureau Chief)

Episode Overview

The Thursday morning episode explores Nvidia’s blockbuster earnings and their ripple effects across financial markets, amid concerns of an AI bubble and recent stock market volatility. The show also covers up-to-the-minute major headlines, including the release of Epstein files, White House diplomacy around Ukraine, updated CDC vaccine language, and competition for Warner Bros Discovery in the media sector.

Key Discussion Points & Insights

1. Major Headlines & Political Developments

• Epstein Files Released

  • President Trump signed legislation mandating the release of previously classified Epstein documents; Attorney General Pam Bondi has 30 days to comply.
  • Fallout affects prominent figures: Former Treasury Secretary Larry Summers steps back from public commitments due to his ties, and Harvard initiates a review of those named in the released documents.
    • Notable quote:
      "I've said that I'm going to step back for a time. But I think it's very important to fulfill my teaching obligations."
      — Larry Summers, via recording (01:52)

• NYC Politics & Federal Tensions

  • Trump set to meet NYC Mayor-elect Zoran Mamdani, against whom he campaigned actively and threatened federal funding cuts.
  • Mamdani on his outreach:
    • Quote:
      "I would be willing to meet with anyone and everyone so long as it was to the benefit of the eight and a half million people who call the city home..."
      — Zoran Mamdani (02:30)

• CDC Vaccine Guidance Shift

  • Controversy as the CDC revises its web statement on autism and vaccines; new language hedges prior certainty and sparks public health debate.

• White House Peace Plan for Ukraine

  • The administration drafts a “nonstarter” peace plan, calling for major Ukrainian concessions, eliciting pushback from European leaders.
    • Quote:
      "There is a real pushback. There is no doubt what President Trump wants. He's made it very, very clear... The question is, how does it end?"
      — Lawrence Norman (04:11-04:52)

2. Nvidia’s Impact on Market Sentiment

Blockbuster Results and Investor Response

• Nvidia posts 62% year-over-year revenue growth ($57 billion), with an even more bullish forecast for the next quarter.

  • "Wall Street investors are breathing a sigh of relief today after better than expected earnings from Nvidia last night."
    — Caitlin McCabe (06:03)

• Market Reaction:

  • Markets rally; Nvidia’s positive results help to stem a rocky sell-off driven by fears of an AI-driven bubble.

Expert Analysis with Seema Shah

• Question: Do Nvidia’s results meaningfully ease AI bubble fears?

  • "So far... the way that the market is responding is really encouraging that we haven't had a pullback... The way that markets have been so rattled. Nvidia has really delivered, continues to feed the beast. But it's important to say that the stakes keep rising..."
    — Seema Shah (06:57)

• Guidance Matters: Nvidia projects $65 billion in sales for the current quarter.

  • "It's certainly going to be music to a lot of people's ears... They really needed to hear that forward guidance is positive..."
    — Seema Shah (07:49)

• Does the whole sector need to beat expectations, or just Nvidia?

  • "It's clearly the most important, but I think the market needs to hear it from all of the major ones... as these concerns continue to build up, it's important that all of these companies really do deliver."
    — Seema Shah (08:38)

• Looking Ahead: Macro Factors and 2026 Outlook

  • Investors are now pivoting attention to delayed job data and broader economic fundamentals.
  • "I think through to the end of the year, the market is going to stay quite range bound... [But] 2026 does look a little bit stronger in Q1."
    — Seema Shah (09:49)

3. Warner Bros Discovery Bidding War

• Paramount, Netflix, and Comcast in the Running
  • Paramount is the lead bidder, aiming to acquire the entire company; other bidders (Netflix, Comcast) are only interested in specific assets.
    • Quote:
      "Paramount is seen as being in the pole position because they are bidding for the entire company ..."
      — Joe Flint (10:51)
  • Paramount’s bid is cash-backed by the Ellison family (including Oracle founder Larry Ellison) and Redbird Capital, with possible post-deal funding from Middle Eastern sovereign wealth.
    • "When the Paramount bid goes in, the only signatures on it will be the Ellison family and Paramount."
      — Joe Flint (11:37)
  • Warner Bros Discovery hopes to close the auction by year-end.

Memorable Quotes & Moments (with Timestamps)

• Lawrence Summers on Stepping Back:
  • "I've said that I'm going to step back for a time..." (01:52)
• Zoran Mamdani on NYC Leadership:
  • "I would be willing to meet with anyone... to the benefit of the eight and a half million people who call the city home..." (02:30)
• Seema Shah on Nvidia Delivering:
  • "Nvidia has really delivered, continues to feed the beast. But it's important to say that the stakes keep rising..." (06:57)
• Seema Shah on Broader Market Impact:
  • "It's clearly the most important [Nvidia], but I think the market needs to hear it from all of the major ones." (08:38)
• Joe Flint on Paramount's Position:
  • "Paramount is seen as being in the pole position because they are bidding for the entire company..." (10:51)
  • "When the Paramount bid goes in, the only signatures on it will be the Ellison family and Paramount." (11:37)

Important Segment Timestamps

• 00:09–02:52: Political Headlines — Epstein file release, NYC mayoral transition, CDC vaccine controversy, Ukraine peace plan
• 06:03–10:19: Nvidia Earnings Breakdown and Expert Discussion
• 10:27–12:20: Warner Bros Discovery Sale — Key bidders and industry implications

Conclusion

Today’s episode captured how Nvidia’s robust financials offered much-needed stability to volatile markets shaken by talk of an AI bubble, while underscoring that expectations and risks remain high. Meanwhile, national developments—from the release of Epstein-related documents to efforts to broker peace in Ukraine—set a volatile political and economic backdrop. The media landscape is also shifting, with Paramount appearing poised to scoop up Warner Bros Discovery, highlighting an industry in transformation.

This edition balances fast-breaking headlines with deeper analysis, making it essential listening for anyone tracking markets, politics, and the business of technology.