Maggie Lake Talking Markets Episode 106: Will NVDA Bring Down The Market? With Peter Boockvar.
6 snips
Nov 17, 2025 
Join Peter Boockvar, Chief Investment Officer at Bleakley Financial Group, as he unpacks the upcoming NVIDIA earnings and their potential market implications. He discusses how AI is reshaping big tech into capital-intensive businesses and the risks surrounding cryptocurrencies like Bitcoin. Peter argues that businesses that harness AI will thrive more than those building the infrastructure. He also touches on global financial concerns, including rising yields and private credit risks, while offering insights on resilient consumer staples and opportunities in retail.
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Episode notes
AI Trade Made Tech Capital Intensive
- The Gen AI tech trade has shifted big-cap tech from asset-like, capital-light models to highly capital-intensive ones.
- Investors must reprice these firms since higher CapEx undermines prior valuation multiples.
CapEx Explosion In Major Tech
- Oracle plans to spend ~52% of revenue on CapEx this fiscal year versus 10% in 2021, and Meta may spend ~35% of revenue.
- Such massive spend raises doubt about whether previous valuation multiples remain justified.
GPU Lifecycles Drive Nvidia Earnings Risk
- NVIDIA must clarify GPU lifecycle and pricing because depreciation and obsolescence materially affect earnings.
- Guidance on chip longevity will shape hyperscaler assumptions and market reaction to earnings.