Nvidia Calms AI Bubble Fears & Target Nearing Rock Bottom?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the wild backstory to the most expensive modern painting ever sold.
Then, what AI bubble? Nvidia crushed earnings once again. It's Thursday, November 20th. Let's ride.
The year is 3500. You walk into your home after a long day from work and a small furry animal scurries to greet you. It's your pet raccoon. It's not as crazy as it sounds.
What did Nvidia's Q3 earnings reveal about the AI market?
A new study found that raccoons living near people in urban areas are showing early signs of domestication. reflecting many of the same evolutionary characteristics that led to the domestication of dogs over thousands of years. The physical appearance of city slicker raccoons is already changing. The study found that raccoons living near people are developing snouts that are 3.5% shorter than raccoons living in rural areas. That shorter nose, combined with traits like white patches, floppier ears, and softer features are telltale signs of of domestication. Toby, dogs are never going to be replaced as a man's best friend, but raccoons are on their way to becoming man's best nemesis. I am so for it.
Honestly, raccoons are sick as pets. This study is interesting, though, because domestication is often viewed as something that is forced upon animal species, but clearly it can happen without us influencing it really at all. But that's not to say humans have nothing to do with it. One of the leads in the study, Dr. Lesh, explained, trash is really the kickstarter. Animals love our trash because it's an easy source of food. All they have to do is endure our presence, not be aggressive and they can chow down. But it also begs the question, if raccoons do eventually become our new pets, do we call the domesticated version something else? And I am voting yes. And I am voting for trash pandas. I mean, if it was part of the reason they evolved to become pets, you got to name them a new species.
So I'm advocating for trash pandas. And now a word from our sponsor, U.S. Bank. Hey, pet parents, this one's for you. Remember the last time your dog or cat or raccoon ate something they shouldn't have in the resulting panic trip to the vet? Your fur baby was fine, but you got stuck with an expensive, unexpected bill.
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If the stock market and society as a whole are really being held up by Nvidia's performance like some have joked, we can all breathe a sigh of relief because the biggest company in the world knocked it out of the park yesterday. Nvidia's gargantuan data center business beat analysts' estimates once again growing revenue by 62% to $51 billion compared to the $49 billion expected. Even more importantly, it projected revenue of $65 billion for the fourth quarter, exceeding Wall Street's expectations. Nvidia CEO Jensen Huang summed up the past quarter pretty well, saying, AI is going everywhere, doing everything all at once. A proclamation investors were happy to hear and also sounds like a great movie idea.
Where is all this demand coming from? At this point, it would be easier to list who Nvidia isn't working with after a quarter spent announcing deals with OpenAI, Anthropic, Intel, Oracle, Microsoft, Palantir, Nokia, and others. Its CFO started off the earnings call by confirming that they have $500 billion in Blackwell and Rubin orders booked through the end of 2026. Showing demand for their current and future GPU models remains insane, especially from so-called high-end companies.
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