Stocks Fall Before Nvidia’s High-Stakes AI Results

10 snips

Nov 18, 2025

Guest

Vance Howard, CEO at Howard Capital Management, discusses market momentum and the concerns surrounding AI valuations, likening them to the tech boom of '99. Ellen Wald, a Middle East expert, provides insights into the dynamics of the US-Saudi relationship and the Kingdom's investment strategies, highlighting diversification efforts beyond oil. Dr. Adam Posen analyzes the global economic outlook and the implications of US foreign policy, stressing the need to prioritize domestic challenges while balancing international engagements.

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INSIGHT

AI Valuations Face A Reality Check

JP Morgan's Daniel Pinto warned AI valuations may need a correction because productivity gains may arrive slower than markets expect.
Vance Howard agrees pullbacks are normal after big runs and treats them as buying opportunities with his mechanical model.

ADVICE

Use A Mechanical Trend Signal

Vance Howard uses a mechanical, math-based trend indicator (HCM byline) to remove emotion from trading decisions.
He advises scaling positions rather than going all-in or all-out to manage whipsaws and tax impacts.

INSIGHT

Robots Can Raise Profits But Hurt Jobs

Automation and robots could boost corporate profits while displacing many service jobs, shifting consumer spending patterns.
Vance Howard highlights both higher corporate earnings and potential long-term unemployment risks from robotics.

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A selloff in the world’s largest technology companies drove stocks to their longest slide since August, underscoring the American market’s narrow reliance on a handful of growth giants.
The S&P 500 lost almost 1%, falling for a fourth straight day. In the run-up to Nvidia Corp.’s results, the shares sank 2.8%. The bar is getting higher for the chipmaker to convince investors that the billions of dollars spent on artificial intelligence will pay off. Its outlook could have significant implications due to the firm’s massive influence on major indexes.
Wall Street has grown increasingly concerned that AI isn’t yet generating enough revenue or profits to justify the massive spending on infrastructure. Microsoft Corp. and Nvidia are committing to invest up to a combined $15 billion in Anthropic PBC, in a move that ties the AI developer closer to two of the biggest backers for its rival OpenAI.
The S&P 500 dropped to around 6,617, the lowest in more than a month. A gauge of tech megacaps slid 1.8%. A closely watched index of stock volatility — the VIX — hovered near 25.
Bitcoin climbed after briefly dropping below $90,000. The yield on 10-year Treasuries slid two basis points to 4.12%. The dollar wavered.
Today's show features:

Vance Howard, CEO & Portfolio Manager, Howard Capital Management, on market valuation and AI bubble concerns
Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on Saudi Crown Prince Mohammed bin Salman’s White House visit with President Donald Trump
Dr. Adam Posen, President of the Peterson Institute for International Economics, on the global economic outlook and the US monetary policy impact
Stephanie Guild, Chief Investment Officer at Robinhood Markets, on the makeup of next-gen retail investors and key trends among female investors who are increasingly coming into greater wealth

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