Good morning. Investors just traded through one of the busiest 12-hour news cycles in recent memory with notable updates from Elon Musk, President Trump, the Fed, Google, the Labor Department and more — all of which we’ll unpack after we talk about Nvidia.
Another record-breaking quarter
Nvidia is single-handedly keeping the AI trade alive.
The chipmaker once again beat Wall Street’s earnings estimates, reporting earnings per share of $1.30 on record revenue of $57 billion.
The stock surged in overnight trading as did other technology names, as if the results gave the rest of the market permission to move on from the recent sell off.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” CEO Jensen Huang said in a statement.
“Compute demand keeps accelerating and compounding across training and inference — each growing exponentially. We’ve entered the virtuous cycle of AI.
The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries.
AI is going everywhere, doing everything, all at once.”
Data center sales hit $51.2 billion in the quarter, surpassing analysts’ forecasts for $49.09 billion and marking a 66% increase compared to a year ago.
Meanwhile, the company announced it paid out $243 million in dividends in the quarter.
"There has been a lot of talk about an AI bubble,” Huang said on the earnings call. “We see something different."
“Fears of an AI Bubble are way overstated in our view,” echoed Wedbush’s Dan Ives in a note to clients after the results. “This is another validation point for the AI Revolution.”
“This will be a foundational bullish data point for hyperscale names Microsoft, Google, Amazon, Oracle and software plays such as Palantir and Oracle.”
Now, while Nvidia’s total revenue was record-breaking, its revenue growth from a year ago slowed once again.
Understandably, the trajectories of both have diverged for several quarters given the sheer size of the company. Including the latest earnings release and guidance, Nvidia expects to pull in roughly $208 billion for the full fiscal year.
That would mark a 59% increase from a year ago — still impressive but a sharp decline from the previous growth rate of 114%.
While those figures satisfy Wall Street today, a slowing growth rate — no matter the total revenue amount — could eventually turn investors against the stock, regardless of how strong the demand story remains.
“All Nvidia has done is crush,” Douglas Boneparth, president of Bone Fide Wealth, told me on Full Signal ahead of the earnings results. “What if it gets to a point where they just don’t crush as much?”
Market snapshot
Elsewhere
📊September jobs data comes due today. The Bureau of Labor Statistics is due to release nonfarm payrolls numbers at 8:30 AM ET, ending the shutdown-induced blackout on data. It’s expected to show a gain of 50,000 jobs in September. (CNBC)
📉 November jobs data will be delayed. The BLS also announced that the November data will be published December 16 instead of December 5, and will contain what October data the agency was able to gather. (Yahoo Finance)
🤝 Elon Musk and Jensen Huang announced a partnership. The executives plan to build some of the world’s largest data centers in Saudi Arabia in a new deal with the nation’s HUMAIN AI company. Musk said the xAI’s data centers will be powered by Nvidia tech. (Bloomberg)
🏦 Odds for a Fed rate cut in December have collapsed. Officials remain divided on whether to cut again next month, according to the latest central bank minutes release. Market odds now show about a coin flip for cut versus no cut. (Yahoo Finance)
Rapid-fire
President Trump said “I’d love to fire his ass” about Jerome Powell (Axios)
Canada is tracking to be the second-biggest US Treasury buyer behind the UK (Barron’s)
Alphabet stock hit a new record after a positive release of its Gemini 3 AI model (CNBC)
Veteran economist Larry Summers resigned from the OpenAI board after the release of Epstein emails (Axios)
Block stock jumps 7.3% after sharing it expects gross profit to hit $15.8 billion in 2028 (CNBC)
President Trump has been publicly nudging Treasury Secretary Scott Bessent to take the top job at the Fed (AP)
Podcast
I sat down with Douglas Boneparth, the President of Bone Fide Wealth and one of the most influential voices in finance today, to discuss the AI trade, the latest sell-off in stocks, opportunities in boring investments, and how he started mining bitcoin in 2013.
On this day
🗓 November 20, 1923: Monthly inflation in Germany reached a ridiculous 3.2 million percent during the Weimar Republic’s inflation and currency crisis.
Last thing
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About me
📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.
I write our flagship newsletter and host our show, Full Signal, to prepare you for each trading day — unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else.
Feedback? Reply to this email, ping me on X @philrosenn, or write me directly at [email protected].