What’s News in Earnings: Should Markets Worry About an AI Bubble?

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 21 November 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bonus Episode for Nov. 21. Chipmakers are raking it in, but investors are getting nervous over “circular” AI semiconductor deals, the potential for an AI bubble and the pop that could follow. How grounded are those concerns about the AI boom? WSJ chips reporter Robbie Whelan discusses how the biggest names in chipmaking performed last quarter and what it could mean for markets. WSJ Heard on the Street writer Asa Fitch hosts this special bonus episode of What's News in Earnings, where we dig into companies’ earnings reports and analyst calls to find out what’s going on under the hood of the American economy. Sign up for the WSJ's free Markets A.M. newsletter. Further Reading: Nvidia’s Strong Results Show AI Fears Are Premature Nvidia Profits Soar, Countering Investor Jitters on AI Boom The AI Boom Is Looking More and More Fragile AMD Reports Sharply Higher Profits, Sales AMD Is an Increasingly Formidable Competitor to Nvidia Intel Surges as First Earnings Report Since U.S. Investment Shows Momentum Investors Love Intel Again. That Still Doesn’t Solve Its Problems. TSMC Raises Revenue View Again Amid Global AI Investment Frenzy CoreWeave Reports Doubling of Revenue From AI Boom CoreWeave CEO Plays Down Concerns About AI-Spending Bubble Is the Flurry of Circular AI Deals a Win-Win—or Sign of a Bubble? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Why are businesses like HelloVet choosing Apple products and services?
0:04.8	So we started the business two years ago.
0:07.2	We had a few people who were used to PCs and this was their first foray into Macs.
0:12.5	But it's been super smooth getting everyone onto those devices and everyone seems really, really happy.
0:18.0	Find out how Mac can help you run and grow your business at apple.com forward slash
0:23.6	HelloVet.
0:29.4	Hey listeners, I'm Asa Fitch for the Wall Street Journal, and this is What's News and
0:34.4	earnings.
0:35.1	Our look at some of the biggest themes standing out this earnings season.
0:38.3	Today we're talking about chips.
0:41.3	Now, semiconductors are the computational picks and shovels, if you will, of the AI boom.
0:47.3	And big tech companies and AI developers are buying as many of them as they can.
0:52.3	Now, Nvidia is the leading AI chip company by far.
0:56.2	It reported quarterly results on Wednesday that pleased a lot of investors and helped settle markets.
1:02.1	Nvidia's stock fell again yesterday, which perhaps speaks to the volatility we've seen in the AI trade lately. Here to help me dig into this is Wall Street Journal Chips
1:17.5	reporter Robbie Wheelan. Hi, Robbie, and thanks for being here. Hi, Isa. So we've seen some
1:24.3	pretty interesting earnings recently from chip suppliers like NVIDIA, which reported results on Wednesday. We've seen some pretty interesting earnings recently from chip suppliers like Nvidia, which reported results on Wednesday.
1:29.3	We've seen strong results and forecasts recently also from advanced micro devices, which makes AI chips.
1:36.3	Here's what AMD CEO Lisa Sue said on the company's earnings call earlier this month.
1:41.3	There's a real belief that AI compute really equates to intelligence.
1:48.0	So if you have the chance, if you have the balance sheet, if you have the capability to put on more compute,
1:54.0	you're going to do it because it's going to give you incremental advantage versus your competition.
	...

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