Matt Frankel

I've said before that I feel like AI is in somewhat of a selective bubble right now.

What I mean by that is, some stocks out there, not Nvidia, are very inflated because investors think AI is going to 10X the business quickly.

Companies like Palantir come to mind when I say that.

But when it comes to the big tech companies that are really building out the infrastructure for AI itself, I really don't see it as a bubble.

For one thing, they're building real things with practical use cases, like data centers.

As these large language models and AI technology in general gets more capable, the need for more compute will grow almost exponentially, like Johnson Huang said.

One number that stood out to me is the $65 billion in revenue

that's expected in the fourth quarter, which would be an additional 14% growth sequentially in NVIDIA's revenue.

That has to be a direct impact of when you saw companies like Google, like Meta, Amazon investing more than anyone had expected in AI infrastructure.

So, for the big ones, I don't really think it's a bubble.

Tyler, you're right about the duopoly.

If I had to guess, my best guess would be that Ace Hardware is the No.

3, but I don't know that for a fact.

Neither one of these companies, I wouldn't call either of them great in terms of earnings.

Home Depot missed earnings for the third consecutive quarter.

I remember when they used to beat quarter after quarter after quarter.

They lowered their guidance.

They now expect a 5% year-over-year earnings decline for the full year of 2025.

They blamed the weak housing market correctly for the lack of demand and the relatively calm natural disaster season we saw.

It hurt expected sales of things like generators and roofing supplies, although I think we would all agree that that's a good problem to have, better than just generally consumer headaches.