Episode summary
Nvidia Fuels Bets on AI Trade | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 42 min · Hosts: Carol Massar, Tim Stenovec · Guests: Mandeep Singh, Matthew O’Neill, Nina Trentmann, Eric Aboaf, Patrick Pan
Summary
Nvidia’s blowout forward guide dominated the episode, with the host and a guest arguing that the company’s projected 70% revenue growth for fiscal 2028 signaled that AI infrastructure demand is still broadening rather than peaking. The guest said the upside is being driven not just by hyperscalers but by neoclouds and other new buyers, and noted that Nvidia is even seeing enough confidence to support supplier commitments and potentially higher data-center revenue next year. The guest also said China was a relatively small contributor in the latest quarter, while margin pressure from higher memory costs is being partly passed on to customers.
The conversation then moved to Salesforce and CrowdStrike. On Salesforce, the guest said the stock’s 22% jump reflected relief that the company remains sticky and can still retain customers, but warned that the Anthropic partnership suggests Salesforce is yielding some AI upsell opportunity. On cyber, the guest said CrowdStrike and peers are benefiting from fear among CIOs and CISOs that LLM-powered attacks will expose vulnerabilities, while agentic AI is also increasing demand for security tools.
The episode also featured a broader CFO discussion with S&P Global about AI monetization, token costs, and the durability of issuance tied to hyperscaler capex, plus a segment on Meta’s youth-safety settlement and a bike-industry interview with XLAB that highlighted vertically integrated manufacturing, tariff resilience, and rapid early U.S. growth.
Key takeaways
- The guest said Nvidia’s 70% fiscal 2028 revenue-growth guide implied demand is still running far beyond hyperscalers and into neoclouds and other new buyers.
- The guest said Salesforce’s 22% stock surge was more about the market’s prior pessimism easing than a fundamental break from AI competitive pressure.
- The guest argued that CrowdStrike and other security vendors are benefiting from AI-driven paranoia inside enterprise security teams.
- The S&P Global CFO said AI is mainly an accelerant on the revenue side today, with retention, larger pipelines, and usage helping justify spend.
- The XLAB guest said the brand has already 5xed its initial U.S. launch forecast and expects similar expansion into other major markets.
Notable quotes
“I mean, that 70% number that they gave for 2027 and their fiscal 2028 is what drove all that optimism”
“This is absolutely going beyond the hyperscalers”
“there will be a margin impact uh to companies that are buying these servers and we will see that in their margins over time”
“I think it's too early to say that but for now the enterprise plays is let's boost our security uh posture”
“we essentially 5xed the initial forecast for coming into the US”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Today's trade all about Nvidia shares were up by more than 8.7%. It had more than $440 billion in market cap just today. — That's incredible. — Like yesterday we talked to the CEO of of Lamb Research. Okay. — Right. Right. — It's a big company.
Yep. — $400 billion in total market cap. — So what does it tell you?
Like well that's a question that Mandy Singh is going to answer for us. Salesforce shares also having their best day in 6 years up more than 22 and a2%. Mandy Singh is Bloomberg Intelligence global head of technology research.
He joins us here in the Bloomberg Interactive Brokers Studio. Wow. So I'm going to pose the question to you that I posed to Ian in the 2:00 hour and it's something that uh Elizabeth on our team pointed out earlier today.
Uh the postmarket reaction from the company's stock versus what the stock did after the call. a huge delta there. Why was that?
I mean, that 70% number that they gave for 2027 and their fiscal 2028 is what drove all that optimism. — So, should we just ignore everything about Nvidia numbers on an earnings day until we hear from the CFO on the call?
Well, they don't normally give a future one-year guide. So this was sort of uh an aberration in terms of how they guided uh in the second quarter but look that's where uh they have the visibility and also the supply commitments that they have made you know it was up almost $160 billion to their suppliers.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nvidia ai chip demand
- nvidia revenue outlook
- ai spending momentum
- markets rally
- social media debate
Companies and tickers mentioned
- NVDA
- SPGI
- Nvidia
- S&P Global
- Bloomberg
- X-Lab
Watch the episode
Watch “Nvidia Fuels Bets on AI Trade | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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