The Rundown TSMC's October Sales Report Ignites AI Spending Concerns, OpenAI Seeks CHIPS Act Tax Credits
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Nov 10, 2025 The podcast delves into the recent downturn in tech stocks, with particular emphasis on concerns regarding hefty AI infrastructure investments lacking clear returns. There's a discussion about TSMC's revenue slowdown raising alarms over cooling AI chip demand, alongside big tech's ambitious $400 billion AI spending plans. OpenAI's pursuit of expanded tax credits for AI data centers sparks debate, while Rumble's acquisition of Northern Data aims to secure a massive GPU supply. Lastly, Pfizer's aggressive bid for MetSera and the potential fallout for rewards programs are also highlighted.
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AI Spending Pressure Makes Nvidia Earnings Crucial
- Investors worry big tech's huge AI infrastructure spending isn't yet producing meaningful returns and is pressuring tech stocks.
- NVIDIA's upcoming earnings are framed as a pivotal catalyst that could confirm or shake the AI investment thesis.
Prepare For Temporary Government Reopening
- Expect short-term relief from a likely Senate vote to reopen the government through January and plan accordingly.
- Remain prepared for renewed shutdown risk when the temporary funding measure expires.
TSMC Sales Slow, But Demand May Still Exceed Supply
- TSMC's October sales slowed to 17% YoY, the weakest growth since Feb 2024 and far below recent 30%+ months.
- That single-month dip raises questions about AI demand but CEO says capacity is strained and demand likely still strong.