AI doomsday? Not yet. Why Nvidia results are dragging the tech bulls back to work
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For weeks, markets toyed with the idea that the AI boom was cracking under its own weight. Nvidia’s latest earnings have torched that narrative. Delivering what Morgan Stanley called “likely the largest revenue beat in semiconductor history,” the chipmaker reignited a global tech rally, crushed a wave of AI doomerism, and reminded investors that the most crowded trade in markets isn’t running out of steam, it’s accelerating. Nvidia stunned Wall Street late Wednesday with October-quarter revenue of $57 billion, $3 billion above its own guidance, and a January-quarter forecast of $65 billion that sailed past expectations. Morgan Stanley described the quarter as “a breakout,” driven by an explosive ramp in Blackwell products, which contributed roughly $40 billion in sales as transition headwinds subsided. The brokerage noted that GB300 now accounts for two-thirds of Blackwell revenue and that Nvidia sees upside to its $500 billion GTC commen...