TechCheck TechCheck Takes: Brushing off new bubble warnings, Google’s AI comeback and Nvidia’s China threat 11/25/25
Nov 25, 2025
Dan Niles, founder of Niles Investment Management, dives into the tech market's AI bubble concerns and Nvidia's performance amidst GPU depreciation. Josh Woodward, VP at Google, highlights breakthroughs with Gemini 3 and the innovative Nano Banana Pro, emphasizing product scaling and user engagement. Aaron Ginn, the 'GPU whisperer,' raises alarms about China's open-source AI threats and outlines the geopolitical risks to Nvidia, cautioning against underestimating China's ambitions in the AI market.
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Insiders Warning Amid Surging AI Capital
- Insiders like Sundar Pichai and Demis Hassabis now openly warn of an AI bubble despite the hype.
- That mismatch between warnings and accelerating capital inflows is inflating the bubble further.
NVIDIA Demand Remains Extremely Strong
- NVIDIA's accelerating revenue guidance shows extraordinary demand for AI compute.
- Continued strong utilization of older A100 chips suggests longer useful life and sustained demand.
Depreciation Lives Mask True AI Costs
- Longer reported depreciation lives could overstate earnings and mask real capital needs.
- Hyperscalers' claimed multi-year GPU lifespans affect CapEx and debt assumptions for AI buildouts.