Phil Mercer

speaker

525 appearances 2 recordings 1 series first heard May 2026 last heard 21 May

Phil Mercer’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in May 2026 with 2.

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Bloomberg Tech · SpaceX Files for Nasdaq IPO · 21 May 2026 podcast

Reality check for NVIDIA, shares now down 2%. matched

We've been flat for most of the pre-market. matched

We kind of had choppy trading swinging between modest gains and modest losses early in this Thursday session. matched

After actually a strong forecast and a pitch that NVIDIA is diversifying from the data center giants, Jensen Wong said on a conference call with analysts that from robots to robo-taxis and every kind of startup in between, quote, we got it all covered. matched

But investors have become harder to impress. matched

Joining us to break it all down, Tony Wong, portfolio manager of the T. Rowe Price Science and Technology Fund. matched

And across the firm, in different guises, you know, T. Rowe, a big investor of NVIDIA's. matched

Okay, let's start. matched

$91 billion, plus or minus 2% in the second quarter. matched

It was like almost the whisper number for the sell side and the buy side. matched

But not enough, you know. matched

And why is matched

thing that I was trying to digest throughout the call with the data points that Jensen Wong and Colette Kress put forward is evidence of that, right? matched

The scaling laws and the dollar per token. matched

And they go to this $1 trillion figure, which I think they clarified is Blackwell Rubin, and it's for calendar year 2025 to 2027. matched

And it's basically a backlog, right? matched

But the main overarching point is that they would argue that Nvidia's own growth is trending ahead of even the hyperscale CapEx growth. matched

How do you model for that? matched

Like, is that the math matched

Tony, slightly unusual situation, but I spoke to Jensen at some length on Monday prior to earnings, but actually a lot of what he said about the demand supply equation was very prescient, salient. matched

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