Bloomberg Daybreak: Europe Edition Daybreak Weekend: Retail Preview, UK Budget, China PMI
Nov 21, 2025
Mary Ross Gilbert, a Senior Equity Analyst at Bloomberg Intelligence, discusses retail trends and holiday strategies for Kohl's and Abercrombie & Fitch. Kamakshaya Trevedi from Goldman Sachs analyzes market reactions tied to the UK’s fiscal dynamics. Dan Hansen, Chief UK Economist, explains the Office for Budget Responsibility's forecasts and the fiscal challenges facing the UK. John Liu, Executive Editor for Greater China, offers insights on the upcoming China PMI data, highlighting investment dips and the geopolitical strains between China and Japan.
AI Snips
Chapters
Transcript
Episode notes
AI Revenue Upside Does Not Guarantee Margins
- NVIDIA's strong outlook brightens Dell's AI server revenue prospects but raises margin concerns.
- Dell has guided low mid-to-high single-digit AI server margins, so profitability remains the key watch item.
Watch Operational Cuts To Protect Margins
- Dell has been streamlining operations and cutting costs to offset AI margin pressure.
- Investors should watch whether Dell sustains a high single-digit operating margin as AI mix grows.
Government Shutdown Can Temporarily Dent Sales
- The US federal shutdown may cause a temporary drag on Dell's results as government spending lags.
- Any impact should be short-lived with focus shifting to fiscal 2027 guidance.