Episode summary
Bloomberg Surveillance TV: November 11th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 25 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Julian Emanuel, Jeannette Lowe, Jay Goldberg
Summary
The discussion centered on whether the AI trade still has room to run after strong results from CoreWeave and as investors reassessed rate expectations, bond yields, and the durability of tech leadership. Julian Emanuel argued that the pressure on AI-centric stocks is easing, that CoreWeave’s report was an important reassurance for credit markets, and that the theme remains powerful enough to support chips, megacap tech, and software. He also said the market is still too focused on near-term noise and that 2027 GDP could run above 2% if the AI buildout continues.
The conversation then turned to the political and regulatory overhang around Nvidia and Jensen Huang. Jeannette Lowe said the controversy should intensify bipartisan scrutiny of chip exports, national security, and possible restrictions around cloud access to advanced chips. She argued that Congress is likely to move tougher language into year-end legislation, and that Washington’s focus on China hawks and export controls will broaden from a single company to the wider AI supply chain.
Jay Goldberg was more bearish on Nvidia specifically, saying the stock’s bull case is tied closely to Jensen Huang and that the company lacks an obvious succession plan. He argued the political pressure is real, the legal and management distraction could weigh on Nvidia, and that rivals like AMD and Broadcom could gain share even if the broader AI trade remains intact.
Key takeaways
- Julian Emanuel said CoreWeave’s results are a meaningful reassurance for credit investors and a sign the AI trade still has “much further to run.”
- Emanuel expects the AI buildout to support GDP growth well above 2% next year and said December still likely brings a 25 basis point cut.
- Jeannette Lowe said the Nvidia controversy is likely to accelerate bipartisan action on chip exports, cloud access, and national-security restrictions.
- Jay Goldberg said Nvidia’s risk is unusually concentrated in Jensen Huang, and he sees no clear succession plan at the company.
- Goldberg said Nvidia may be hobbled by legal and political distractions even if the broader demand for AI chips stays strong.
Notable quotes
“The pressure on the AI trade in the data center buildout is slowdown is moderating significantly. We are careful and patient buyers of AIcentric stocks”
“It's a feature. You can't get around it the same way you can't get around the fact that uh 10 stocks in the S&P 500 account for 41% of the way to the index”
“This new situation with Nvidia is going to propel those provisions to likely be included as part of the bill when it gets done by the end of the year”
“the the drawback is that we're in this position now where there's no obvious succession”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Bramitz and Amarie Hordern.
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We begin this hour with tech leading stocks higher after strong results from Corewave. Julian Emanuel of Evercore writing, "The pressure on the AI trade in the data center buildout is slowdown is moderating significantly. We are careful and patient buyers of AIcentric stocks." Julian joins us now for more. Julian, great to see you.
Good morning.
Are you buying Nvidia? We we it is part of our basket. The AI class of 2027 we don't necessarily talk about single stocks but it is a is core to the basket and we've constructed this basket that you know wants to own chips wants to own mag 7 wants to own software because we believe that the theme broadly has much further to run.
So talking more broadly, how much steam did Cororeweave give to the entire trade given the fact that this has been one of the big skepticisms that some of these neoclouds were kind of harbingers of the bubble to come?
Very very important because look, if you think about the stress in the markets over the last several months, the first wave of angst was when the 10-year yield ran through 5% and went to 536. And then you know the the angst around oh no one will ever be able to issue debt again.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- equity outlook
- quantitative strategy
- policy research
- market surveillance
- world markets
Companies and tickers mentioned
- EVR
- Evercore ISI
- Strategas Securities
- Seaport Group
Watch the episode
Watch “Bloomberg Surveillance TV: November 11th, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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