The Circuit EP 143: NVIDIA Earnings! Google and Gemini TPUs FTW
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Nov 24, 2025 The conversation dives into NVIDIA's impressive earnings and what it means for the market. They explore the dynamics of cloud compute pre-purchases and NVIDIA's training strategies. The discussion shifts to the rapid evolution of AI-optimized data centers and the power of Google's TPUs. Ben shares exciting insights on NanoBanana's Notebook LM, which revolutionizes infographic creation from data and handwritten notes. They also touch on productivity implications and how multimodal experiences can drive broader user adoption.
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NVIDIA's Growth Pace Is Relentless
- NVIDIA's quarter shows accelerating demand and could push them toward very large quarterly revenue within 18–24 months.
- Market reaction still depends heavily on macro factors like interest rates despite strong beats.
Huge Cloud Commitments Suggest Backstops
- NVIDIA disclosed a jump in pre-purchases of cloud compute services from $14B to $26B, signaling complex partner and capacity dynamics.
- That figure likely reflects purchase commitments or backstops rather than pure operational cloud spend.
Capacity Tightness Raises Training Questions
- Capacity in NeoClouds like CoreWeave looks sold out, raising questions about where large-scale model training occurs.
- NVIDIA may use partner backstops or its own data centers, but public capacity appears constrained.