Episode summary
BI Weekend: US Banks, Domino’s, LVMH Earnings | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Scarlet Fu · Guests: Mandeep Singh, Michael Halen, Alison Williams, Deborah Aitken, Jennifer Bartashus, Anurag Rana
Summary
OpenAI’s infrastructure push dominated the tech discussion, with the host and a guest describing new multi-year deals with Broadcom, AMD, and Oracle as a race to secure compute capacity. The guest argued that custom silicon can dramatically cut costs versus merchant chips from Nvidia and AMD, and said OpenAI’s strategy resembles Google’s TPU model. The same segment also framed Apple as a notable laggard that may eventually need a custom-chip path or a partnership with Google now that antitrust pressure has eased.
The consumer and banking segments painted a resilient but selective spending backdrop. Domino’s posted a strong quarter on stuffed crust pizza, aggressive value offers like a $9.99 promotion, and a fuller rollout on DoorDash. In banks, the host and a guest highlighted broad earnings beats at Goldman Sachs, Bank of America, Morgan Stanley, JPMorgan Chase, and Wells Fargo, with wealth management and improved investment banking activity doing much of the work.
Luxury was the most encouraging macro read: LVMH’s third quarter showed sequential improvement across all five businesses, with China returning to mid- to high-single-digit growth. The retail segment added that Kellanova is boosting protein in Pop-Tarts and Walmart is testing shopping inside ChatGPT, both examples of consumer companies trying to capture changing habits without depending on big near-term revenue from new formats.
Key takeaways
- The guest said OpenAI’s Broadcom deal could be 30% to 40% cheaper than using Nvidia silicon for the same AI capacity.
- Michael Halen said Domino’s gains came from stuffed crust, $9.99 value offers, and the first full quarter on DoorDash.
- Alison Williams said Morgan Stanley’s wealth management net revenue of 8.23 billion was a major beat and supports its steadier earnings mix.
- Deborah Aitken said LVMH’s China business returned to mid- to high-single-digit growth, a key sign luxury demand may be stabilizing.
- Jennifer Bartashus said protein claims are helping packaged-food makers make “bad” foods feel more acceptable to consumers.
Notable quotes
“OpenAI is going after having as much compute capacity as they can”
“a company like open AI or Google makes up almost you know 50% plus of Broadcom's AI revenue”
“It was a great quarter. I mean 5.2% 2% same store sales in the in the US”
“We hit uh records uh multiple times, including in the end of September”
“the market expected around minus one we came in at plus one”
How the episode opens
Bloomberg Audio Studios, podcasts, radio news. This is Bloomberg Intelligence with Scarlett Fu and Paul Sweeney. How do you think the Fed is looking at tariffs, the uncertainty of tariffs?
Let's take a look at the sectors and how they perform. A lot of investors getting whipsawed every day by news events, breaking market headlines and corporate news from across the globe. Could we see a market disruption, a market event?
Are people just too exuberant out there? You see some so-called lowquality stocks driving this short-term rally. Bloomberg Intelligence with Scarlet Fu and Paul Sweeney on Bloomberg Radio, YouTube, and Bloomberg Originals.
On today's Bloomberg Intelligence Show, we dig inside the big business stories impacting Wall Street and the global markets. Each and every week, we provide in-depth research and data on some of the 2,000 companies and 130 industries that our analysts cover worldwide. Today, we'll look at why Wall Street's biggest banks reported quarterly earnings that surpassed almost all analyst expectations.
Plus, a look at how the tech company Oracle will commit to the widespread use of AMD chips. But first, we begin with some big news in the tech sector. Because this week, the AI research and development company OpenAI signed a multi-year agreement with Broadcom.
It is to collaborate on custom chips and networking equipment. The plan is to add 10 gawatts worth of AI data center capacity with the company's beginning to deploy racks of service containing the gear in 2026. Open AAI will design the hardware and work with Broadcom to develop it.
For more, we were joined by Mandep Singh, Bloomberg intelligence senior tech industry analyst. We first asked Mandep first take on the latest deal. Look, OpenAI is going after having as much compute capacity as they can.
And uh they did first 10 GW with Nvidia, 6 GW with AMD, and now 10 GW with uh Broadcom.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us bank earnings
- chip and networking deals
- domino's earnings
- lvmh earnings
- restaurant and packaged food
Companies and tickers mentioned
- AVGO
- DPZ
- LVMUY
- ORCL
- AMD
- OpenAI
- Broadcom
- Domino's Pizza
- LVMH
- Kellanova
- Oracle
- AMD
Watch the episode
Watch “BI Weekend: US Banks, Domino’s, LVMH Earnings | Bloomberg Intelligence” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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