Saxo Market Call AI trade gets Nvidia earnings boost while JPY spins into the abyss
10 snips
Nov 20, 2025 Ruben Dalfovo, an Equity Strategist at Saxo, shares insights on Nvidia's strong earnings and its implications for tech revenue. He discusses Nvidia's diverse customer base and the challenges of supply constraints in the face of booming demand. The conversation also shifts to the weakening Japanese yen, highlighting its potential effects on Japan's fiscal policy and inflation. Dalfovo connects these themes to broader market dynamics and investor sentiment, emphasizing the importance of upcoming economic catalysts.
AI Snips
Chapters
Transcript
Episode notes
NVIDIA's AI Growth Runway
- NVIDIA's earnings and guidance show AI demand is strong and the company's growth runway remains long.
- Ruben Dalfovo highlights data-center revenue growth and expanding inference demand beyond hyperscalers.
Backlog Limits Revenue Today
- NVIDIA faces supply-side constraints, not demand, with a large backlog limiting revenue realization.
- Ruben notes power GPUs and slow data-center construction are the binding constraints.
Buffett's Alphabet Move Speaks Volumes
- Ruben points out Warren Buffett's recent small stake in Alphabet as a sign value investors are warming to big tech.
- He says this signals even traditionally cautious investors now see AI-related long-term value in tech names.