Bloomberg Intelligence BI Weekend: Nvidia, Retail Earnings Results
18 snips
Aug 29, 2025 Explore Nvidia's strong earnings, albeit with cautious revenue forecasts, and its strategic stance in the semiconductor market. Delve into a significant merger as Nexstar acquires Tegna amid evolving antitrust policies. Discover Keurig Dr Pepper's acquisition of JDE Peet’s and the dynamics of the cold beverage sector. Also, examine Eli Lilly's promising obesity pill trial and discuss how Williams-Sonoma thrives despite market challenges, highlighting retail resilience and varying performances from retailers like Kohl's.
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NVIDIA's Beat Masks Elevated Expectations
- NVIDIA beat fundamentals but missed sky-high expectations, especially in data center compute.
- Networking strength and a China revenue guide (even without clarity) show continued underlying demand for Blackwell ramp products.
China Revenue Is Conditional On Approvals
- China remains an overhang until approved Blackwell-specific chips and clearer US-China dynamics emerge.
- NVIDIA guided $2–5 billion of H2O China revenue next quarter, signaling some confidence but not full clarity.
Two-Front Competition: GPUs And ASICs
- NVIDIA dominates merchant GPUs with >90% revenue share while AMD is a distant second.
- Hyperscaler ASICs pose a separate risk by capturing wallet share even if not socket share.