Thu, November 20, 2025 | 9:11AM ET

Nvidia’s Everything Everywhere All At Once

Economic Strategist, Market Intelligence

“When I choose to see the good side of things, I’m not being naive. It is strategic and necessary. It’s how I’ve learned to survive through everything.” — CEO Waymond, Everything Everywhere All At Once

Chart of the Day

Nvidia’s Everything Everywhere All At Once

Good morning!

All I wanted for Christmas was for Nvidia’s third quarter earnings to reaffirm the AI bull run. It seems like Santa came early this year.

Shares of the chips juggernaut rallied as much as 6.5% after the bell yesterday, and this morning, they’re up about 5% before open.

It reported record third quarter sales of $57 billion, up 62% from a year ago, which beat expectations. It also upped its guidance for fourth quarter revenue, expecting it to hit $65 billion.

“AI is going everywhere, doing everything, all at once,” Chief Executive Jensen Huang said during the earnings call.

Let me just say I and countless other investors are breathing a huge sigh of relief that Nvidia’s earnings came in better than expected because it makes it significantly harder for the broader market to rally without the biggest weight in the S&P 500 leading the charge.

The next big test for the market now is whether Nvidia’s earnings can help revive the broader tech trade, which seems to be showing signs of unraveling this month. Many are questioning if an AI bubble has already popped.

Its strong earnings last night should help quell a lot of the AI naysayers, and hopefully help the Nasdaq Composite recover from its 4.9% decline this month. If we’re lucky, it might even be enough for investors to overlook a late September jobs report and make up for the dashed hopes of a December interest-rate cut.

The positive reception is particularly welcome because a handful of prominent investors have become bearish on the stock, which when it’s 7% of the S&P 500 also has the tendency to make one bearish about other AI stocks. The latest example came Monday when billionaire tech investor Peter Thiel’s fund entirely cut its Nvidia position in the third quarter. SoftBank completely emptied out its position recently, too. Prominent investors like Michael Burry have outrightly taken a bearish bet against Nvidia.

While that’s never good to see, I think their outflows will ultimately matter little because of all the deals that Nvidia keeps signing. Just yesterday, Huang announced he is working with Saudi Arabia to “build supercomputers that will control quantum computers and power their compute-heavy error correction systems.” Elon Musk’s xAI will also work with the kingdom’s HUMAIN on a new data center that will be powered by Nvidia chips.

I’m hopeful the stock can sustainably break out of its rut. It’s been rangebound for the past five months, and while it was not that long ago that it hit $5 trillion in market value, it no longer has those bragging rights. Rival AMD’s recent deals and excitement surrounding its upcoming MI450 chips signal that it’s shaping up to be a formidable opponent in the chips race.

The most interesting bit about the recent market sell-off to me is that Nvidia’s stock looks very attractive from the perspective of valuations. It’s trading at 29.3 times forward valuations, while Broadcom’s trading at 37.4 and Walmart’s at 35.0 multiples. JFYI: Walmart had its earnings this morning, and I’ll share my thoughts on that later.

Do you think we’re saved because of Nvidia? Click here to send us your response.

📧✍️Here’s what a reader commented📧✍️

Q: Do you think Google’s the tortoise and ChatGPT’s the hare?

A: I am switching to Gemini. ChatGPT could not import the chart CSV data accurately this morning and after about 5 times trying I gave up. Not sure what happened, it used to be very accurate. I tried Gemini and received accurate results on the first try. I don’t know how many billions or trillions ChatGPT is planning on spending, but if they can’t successfully import a simple .csv file with a handful of rows it will be a lot of wasted money.

Catch up with FS Insight

We had expected equities would rally post-NVDA, partially due to relief and partially reflecting that the stock was down into earnings. We still expect November to end up being a positive month.

Technical

Failure to mount a strong rally in December that helps to lift market breadth into year-end would likely prove to be a 1st Half 2026 problem. For now, I like positioning long and feel that NVDA’s results likely help the market recover.

Crypto

BTC was selling off during U.S. hours even as equities rose, pointing to structural (possibly forced) sellers. With equities near perceived upside targets, investors were less willing to rotate into a non-trending asset.

News We’re Following

Breaking News

Hiring Defied Expectations in September, With 119,000 New Jobs WSJ
Nvidia’s Strong Results Show AI Fears Are Premature WSJ

Markets and economy

Holiday Hiring Slows, Frustrating Job Seekers NYT
Saudi Arabia’s Prince Has Big Plans, but His Giant Fund Is Low on Cash NYT
Federal Reserve officials ‘strongly’ divided on December interest rate cut FT
Bitcoin Fails to Rally After Nvidia Boosts Markets. Why That’s a Big Worry for Crypto. BR

Business

Walmart Reports Strong Sales Growth, Raises Outlook WSJ
Oracle Was an AI Darling on Wall Street. Then Reality Set In. WSJ
Palo Alto tops earnings expectations, announces Chronosphere acquisition CNBC
Block’s stock has suffered in a ‘dismal’ fintech market. But these new forecasts are drawing cheers. MW

Politics

Trump and Mamdani Will Meet at White House on Friday NYT
Trump Approves the Release of the Epstein Files, but Loopholes Remain NYT

Overseas

Trump’s total boycott of G20 casts shadow over its future FT
China’s shadow navy trains to take Taiwan RT

Of Interest

Walmart to shift listing to Nasdaq as retailer raises sales forecasts FT
Self-storage real estate has ‘close to zero’ correlation to the broader economy. That’s a good thing CNBC

Overnight

S&P Futures	+78 point(s) (+1.18% )
overnight range:	+32 to +96 point(s)

APAC

Nikkei	+2.65%
Topix	+1.66%
China SHCOMP	-0.40%
Hang Seng	+0.02%
Korea	+1.92%
Singapore	+0.15%
Australia	+1.24%
India	+0.54%
Taiwan	+3.18%

Europe

Stoxx	50 +1.04%
Stoxx	600 +0.89%
FTSE	100 +0.77%
DAX	+1.00%
CAC	40 +0.93%
Italy	+1.09%
IBEX	+1.16%

Dollar Index (DXY)	-0.06% to 100.17
EUR/USD	-0.09% to 1.1528
GBP/USD	+0.15% to 1.3078
USD/JPY	-0.12% to 157.35
USD/CNY	0.00% to 7.1142
USD/CNH	+0.01% to 7.1168
USD/CHF	-0.10% to 0.8063
USD/CAD	-0.01% to 1.4051
AUD/USD	+0.11% to 0.6485

UST Term Structure

2Y-3M Spread widened	0.3bps to -28.8bps
10Y-2Y Spread narrowed	-1.5bps to 52.8bps
30Y-10Y Spread narrowed	-0.6bps to 61.1bps

Yesterday's Recap

SPX	+0.38%
SPX Eq Wt	-0.30%
NASDAQ	100 +0.56%
NASDAQ Comp	+0.59%
Russell Midcap	-0.13%
R2k	-0.04%
R1k Value	-0.12%
R1k Growth	+0.76%
R2k Value	-0.35%
R2k Growth	+0.26%
FANG+	+0.68%
Semis	+1.85%
Software	-0.50%
Biotech	-0.59%
Regional Banks	+1.06%
SPX GICS1 Sorted	-1.30%
Utes	-0.81%
REITs	-0.79%
Cons Staples	-0.61%
Healthcare	-0.14%
Cons Disc	+0.05%
Indu	+0.36%
SPX	+0.38%
Fin	+0.42%
Materials	+0.46%
Comm Srvcs	+0.72%
Tech	+0.93%

USD HY OaS

All Sectors	-3.4bps to 356bps
All Sectors ex-Energy	-4.1bps 340bps
Cons Disc	-5.2bps to 487bps
Indu	-1.8bps to 260bps
Tech	-1.7bps to 358bps
Comm Srvcs	-4.9bps to 303bps
Materials	-2.8bps to 263bps
Energy	-4.2bps to 344bps
Fin Snr	-6.5bps to 256bps
Fin Sub	-2.1bps to 410bps
Cons Staples	-8.0bps to 435bps
Healthcare	-4.0bps to 361bps
Utes -4.6bps to 252bps *

Date	Time	Description	Estimate	Last
11/20	8:30 AM	Sep Oct AHE m/m	0.3	0.3
11/20	8:30 AM	Sep Oct Unemployment Rate	4.3	4.3
11/20	8:30 AM	Sep Oct Non-farm Payrolls	51	22
11/20	10:00 AM	Oct Sep Existing Home Sales	4.08	4.06
11/20	10:00 AM	Oct Sep Existing Home Sales m/m	0.49	1.5
11/21	9:45 AM	Nov P Sep F S&P Srvcs PMI	54.6	54.8
11/21	9:45 AM	Nov P Oct S&P Manu PMI	52	52.5
11/21	10:00 AM	Nov F Oct P UMich 1yr Inf Exp	n/a	4.7
11/21	10:00 AM	Nov F Oct P UMich Sentiment	50.6	50.3
11/25	8:30 AM	Sep PPI m/m	n/a	-0.1
11/25	8:30 AM	Sep Core PPI m/m	n/a	-0.1
11/25	9:00 AM	Sep Aug Case Shiller 20-City m/m	n/a	0.19
11/25	10:00 AM	Nov Oct Conf Board Sentiment	93.3	94.6
11/26	8:30 AM	3Q P 3Q A GDP QoQ	n/a	3.8
11/26	8:30 AM	Sep P Durable Gds Orders	n/a	2.9
11/26	10:00 AM	Oct Sep PCE m/m	n/a	0.3
11/26	10:00 AM	Oct Sep Core PCE m/m	n/a	0.23
11/26	10:00 AM	Oct Sep PCE y/y	n/a	2.7
11/26	10:00 AM	Oct Sep Core PCE y/y	n/a	2.90511

Disclosures (show)

This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com.

Conflicts of Interest

This research contains the views, opinions and recommendations of FS Insight. At the time of publication of this report, FS Insight does not know of, or have reason to know of any material conflicts of interest.

General Disclosures

FS Insight is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws.

FS Insight is a member of IRC Securities’ Research Prime Services Platform. IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry. Certain personnel of FS Insight (i.e. Research Analysts) are registered representatives of IRC Securities, a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators. As registered representatives and independent contractors of IRC Securities, such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by FS Insight clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements. IRC Securities does not distribute the research of FS Insight, which is available to select institutional clients that have engaged FS Insight.

As registered representatives of IRC Securities our analysts must follow IRC Securities’ Written Supervisory Procedures. Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof, (2) maintaining client confidentiality, (3) archival of electronic communications, and (4) appropriate use of electronic communications, amongst other compliance related policies.

FS Insight does not have the same conflicts that traditional sell-side research organizations have because FS Insight (1) does not conduct any investment banking activities, and (2) does not manage any investment funds.

This communication is issued by FS Insight and/or affiliates of FS Insight. This is not a personal recommendation, nor an offer to buy or sell nor a solicitation to buy or sell any securities, investment products or other financial instruments or services. This material is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice.
The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Intended for recipient only and not for further distribution without the consent of FS Insight.

This research is for the clients of FS Insight only. Additional information is available upon request. Information has been obtained from sources believed to be reliable, but FS Insight does not warrant its completeness or accuracy except with respect to any disclosures relative to FS Insight and the analyst’s involvement (if any) with any of the subject companies of the research. All pricing is as of the market close for the securities discussed, unless otherwise stated. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, risk tolerance, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein. Except in circumstances where FS Insight expressly agrees otherwise in writing, FS Insight is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 15B of the Securities Exchange Act of 1934. All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website, fsinsight.com. Not all research content is redistributed to our clients or made available to third-party aggregators or the media. Please contact your sales representative if you would like to receive any of our research publications.