Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon, today is Thursday, November 20th, and I'm your host, Kim Kahn.

A top story so far, Wall Street is echoing with praise for Nvidia after earnings and guidance that analysts say show the company is firing on all

cylinders and delivering a counterpunch to nearly every bearish take on the AI boom.

Morgan Stanley's Joseph Moore said CEO Jensen Wong directly tackle bubble concerns,

offering clear explanations on product life cycles, the value proposition of AI investments,

and the strategy behind accelerating ecosystem

growth.

Jeffrey's analyst playing Curtis said Nvidia answered the bell on questions about AI demand, financing,

and GPU depreciation.

Evercore ISIs, Mark Lip assists, says simply Nvidia is the AI ecosystem of choice, and unsurprisingly,

Wedbush's Dan Eyes hyped up the

hyperscaler hyperbally and said Jensen's earnings call was heard round the world.

But while NVIDIA looks good on the fundamentals, it looks too soon to say the AI trade is back.

The sell-the-rip crowd hit both the stock and the overall market all morning, with both wiping

out large gains at the open. On the economic front,

we finally got the September jobs data after the shutdown kept that on ice. Non-farm payrolls

rose by 119,000, more than double expectations, though July and August were revised down by 33,000.

More importantly for the Fed, unemployment rose to 4.4%, the highest in four years.

Wells Fargo economists say this is likely the last major data point the FOMC gets before its December meeting.

They argue another 25 basis point cut is warranted, given sluggish job growth and nearly 4.5% unemployment rate,

but admit that Hawks got enough ammunition today to keep pushing for no move in

...