Wednesday - November 19, 2025
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 570 Ratings
🗓️ 19 November 2025
⏱️ 6 minutes
🧾️ Download transcript
Summary
Market Recap and Insights: AI Chip Earnings and Economic Data Delays
In this episode of Dividend Cafe, Brian Szytel from The Bahnsen Group provides a market update for November 19th. After four negative trading days, the markets saw slight gains with notable attention on the largest AI chip company's positive earnings report. Concerns are discussed about the sustainability of high capital expenditures among trillion-dollar market cap companies amidst stretched valuations. Limited economic data due to government delays is also addressed, along with comments on the FOMC minutes and the unlikelihood of a December rate cut. Brian clarifies The Bahnsen Group's stance on market seasonality, emphasizing a focus on fundamentals over time-of-year influences. The episode wraps up with a look forward to upcoming economic data reports.
00:00 Introduction and Market Overview
00:26 AI Chip Company Earnings and Market Impact
01:36 Economic Calendar and Fed Decisions
02:45 Market Seasonality and Investment Strategy
03:30 Final Thoughts and Upcoming Data
Links mentioned in this episode: DividendCafe.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:10.0 | Welcome to Dividend Cafe this Wednesday, November the 19th. Brian Sightel is with you from our Newport Beach, California, |
| 0:19.0 | office here at the Bonson Group on a fifth day out of the last six that is actually positive. We had four days in a row of negative in the markets. The Dow closed up just a little bit, about 47 points. |
| 0:31.6 | S&P was up about a third of a percent. NASDAQ was up about six tenths of a percent. So you had a little bit rotation the other way back into some of the more growth-oriented |
| 0:41.0 | parts of the market, but just marginally. |
| 0:43.8 | Part of that was some anticipation of the largest AI chip companies' earnings that came |
| 0:48.5 | out today after the closing bell. |
| 0:51.3 | This is the largest market cap company in the world. So you know which one I'm speaking |
| 0:55.8 | about. Actually, beat earnings and the stock is up a little in the after hours, which is fine. |
| 1:02.1 | Obviously, the market is focused on this company because it's the largest company and also is |
| 1:07.1 | indicative of the entire AI ecosystem and such. None of that to say is that the trillion |
| 1:13.3 | dollar market caps that are out there and that are now spending 25 to 30 percent of revenue |
| 1:19.4 | on capital expenditures from a 10 to 20 percent amount, maybe that's sustainable, maybe it |
| 1:24.4 | isn't, and that's what the market is trying to discern right now in valuations. They're obviously very stretched. And so the issue here is even with earnings being |
| 1:33.4 | positive, at some point, you just get to a point of valuation being the main concern. And whether that |
| 1:38.5 | is here at this particular moment or whether it's next year, it's hard to tell, but that's what we're |
| 1:43.5 | watching at least. |
| 1:44.4 | There wasn't a ton in the economic calendar today other than just remember that a lot of the data |
| 1:49.3 | is still being frozen coming out of the government. In fact, speaking of which the September |
| 1:54.5 | employment report is going to come out on Thursday, and that's from September. You know, |
| 1:59.1 | how much that data is useful, you tell me. |
| 2:01.4 | There was an FOMC minutes out today, so this was some of the back and forth between those |
... |
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