What Nvidia’s Perfect Quarter, Google Gemini 3, and Interest Rates Reveal About the AI Trade (ft. Doug O'Laughlin)

Is the AI trade cooling off, or is this the calm before an even more explosive phase of the build-out?Zaid sits down with Doug O’Loughlin, President at SemiAnalysis, to break down the strange moment we’re in: Nvidia just delivered a flawless earnings print, but the market still sold off. Doug explains why AI spending might actually accelerate from here, how Google’s Gemini 3 and in-house TPUs have suddenly shifted the competitive landscape, and why founders like Zuck and Sundar are willing to pour billions into GPUs even as investors panic. They dive into the real useful life of Nvidia chips, whether OpenAI’s shine is fading, how rate cuts fuel the “AI party,” and what happens when hyperscalers start borrowing real money to ramp capex. Plus: why Oracle might actually be betting the company, and Doug’s call on when OpenAI could IPO.

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