Episode summary
Intel Shares Fall on Report Nvidia Halts Production Test | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Kristine Aquino · Guests: Kim Forrest, Erik Larson, Seema Shah, Ross Gerber, Liz Hart
Summary
Markets were focused on a mixed set of policy and industry headlines, starting with Intel after a Reuters report said Nvidia halted a test of Intel’s 18A production process for advanced chips. The guest from Bokeh Capital Partners said she was not terribly worried, calling it a setback but also a useful learning exercise for Intel as it tries to compete with Taiwan Semi and other chipmakers.
The conversation broadened into the AI trade, where the guest argued that competition is healthy and that investors should ask harder questions about cost, who pays, and whether AI solves problems less expensively than the alternatives. She said the market still risks an AI bubble, and that meaningful benefits from AI will likely take much longer than many expect.
The show then turned to a federal judge’s decision allowing a $100,000 fee on new H-1B visa applications, which the legal reporter said could pressure technology and health care employers while lawsuits continue. Later, Sensor Tower data pointed to slower holiday spending, weaker traffic in retail and streaming apps, and rising value-seeking behavior. The final segment on commercial real estate was more upbeat, with the leasing executive saying 2025 was a pivot year and that 2026 should bring growth in trophy offices, industrial real estate, and San Francisco.
Key takeaways
- The guest from Bokeh Capital Partners said Intel’s setback with Nvidia is notable but not decisive, and may still teach Intel valuable lessons about its 18A process.
- The guest argued that AI competition is intensifying, which is good for capitalism, but investors should focus on who pays and whether products solve a real problem profitably.
- The guest warned that the AI buildout could still resemble a bubble and said the payoff is likely to take “way longer than anybody thinks.”
- The legal reporter said the $100,000 H-1B fee could become a broad constraint on tech and health care hiring while the courts continue to hear related cases.
- Sensor Tower’s data suggested softer holiday demand, slower ad spending, and a consumer shift toward value retailers and free ad-supported streaming.
- The leasing executive said commercial real estate has turned a corner, with trophy offices and San Francisco leading the recovery into 2026.
Notable quotes
“I'm not terribly worried about it. It's a new process for Intel. They've been trying hard to compete against um Taiwan Semi, and I think this is a setback for sure”
“And what the very best thing that capitalism does is create a competitive environment”
“who's going to pay for this and what's the return and all of those kind of good things”
“It's going to take way longer than anybody thinks”
How the episode opens
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It's Christina Kino sitting in for Scarletville. I'm Paul Sweeney live here in our Bloomberg Interactive Broker studio. Always love uh chatting with Kim Farest, founder and chief investment officer, Bokeh Partner.
We love talking to Kim about markets, about technology, AI. Um, and maybe I'm going to run this one by her. Intel, the news on Intel shares fell after report said that Nvidia halted a test to use Intel's production process to make advanced chips.
Uh, Kim, uh, you mentioned uh, in the notes that your firm is an investor in Intel. How do you view this news? Is it big news, game changer, don't worry about it kind of thing?
Oh, I think you know as a portfolio manager managing other people's money, you always worry about everything. But on this, I'm not terribly worried about it. It's a new process for Intel.
They've been trying hard to compete against um Taiwan Semi, and I think this is a setback for sure. But maybe Nvidia really wasn't going to ever use uh Intel's processes. We have to think about that.
And it's good that they tried it against, you know, the the absolute pinnacle of chips at this point or at least the pinnacle of chip makers at this point. So I think that the CEO of Intel is some uh someone who actually learns and changes and I believe that this is probably a good thing ultimately as they probably gain uh intel probably gain a lot of knowledge about what's right and what's wrong with the process.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nvidia intel 18a production test
- h-1b visa fee ruling
- warner bros discovery acquisition battle
- streaming deal dynamics netflix vs paramount skydance
- us commercial real estate 2026 outlook
Companies and tickers mentioned
- INTC
- NVDA
- NFLX
- NMRK
- MAA
- Intel
- Nvidia
- Bokeh Capital Partners
- Warner Bros Discovery
- Paramount Skydance
- Netflix
- Sensor Tower
- Gerber Kawasaki Wealth and Investment Management
- Newmark
- Mid-America
Watch the episode
Watch “Intel Shares Fall on Report Nvidia Halts Production Test | 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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