The Rundown - Nvidia Earnings Alleviate AI Bubble Concerns, Walmart Raises Outlook Amid Strong Value Shopping Demand

Episode Date: November 20, 2025

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Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zadadmani, and today is Thursday, November 20th. In today's episode, we'll break down Nvidia's monster earnings from last night and why it might have just saved the stock market. We'll also recap earnings from Walmart and tell you why they're crushing their competition. Then stick around to the end of the show to find out why Jeff Bezos is coming out of retirement. We got a great show for you today. Let's go.

The stock market finally snapped a four-day losing streak yesterday with the S&P 500 adding 0.4%. And the NASDAG jumping 0.6%. Now, the big story yesterday was, of course, the Nvidia earnings, which dropped after the closing bell. We're going to get to that in a bit. Spoiler alert, they absolutely crushed it. But let's talk macro first, because we finally got some economic data from the government. this morning. The Bureau of Labor Statistics just published the September jobs report, and according to that delayed report, the U.S. economy added 119,000 jobs in September, which is more than the

50,000 jobs that was expected. So that is a pretty significant beat. Now, the unemployment rate did tick up to 4.4%. But overall, I'd say it's a pretty solid report, and it shows no major signs of a labor market slowdown. Now, keep in mind that this data is for the month of September, which is kind of old at this point, and unfortunately, we're not going to be getting a jobs report for the month of October. The BLS says they couldn't collect enough survey data due to the government shutdown. So the next jobs report will be for November, which will come out on December 16. This is kind of a big deal, because now the Fed won't have the latest labor data when deciding what to do with interest rates for their December meeting, which is on December 10th.

You know, a few weeks ago, the markets were pricing in a 90% chance of a rate cut in December, but now that's down to just 25%. The markets don't think that we're getting a rate cut in December anymore. Now, ultimately, that might not matter because the AI hype seems to be fully back on thanks to Nvidia's monster earnings, but we'll have to see. The next few weeks are setting up to be very interesting. So make sure you guys are subscribed for the podcast and tuning in every day to stay in the loop. Let's run through some headlines, starting with Nvidia.

Invidia reported earnings last night with the stock market hanging in the balance and And boy did they come in clutch crushing expectations across the board. They beat on top line. They beat on bottom line. Their margins were solid and their forecast was even better. Their revenues in Q3 was up 62% to $57 billion. Their data center revenue, which is their AI business, was up 66% to $51.2 billion. Their profits were up 65% to $31.9 billion.

And keep in mind, they're putting up growth numbers like this, despite doing zero. $0 in revenue from China because of U.S. export restrictions. Now, there was some concerns that Nvidia's margins might take a hit, but nope, margins came in at 73% right in line with estimates. In fact, the company expects their margins to go up next year. Now, the most important number from Nvidia every earnings is their forecast for the next quarter. And they crushed it there as well. They're projecting a massive quarter with $65 billion in revenue for Q4. On top of that, the CFO even hinted that they'll do a half,

$5 trillion in sales by 2026. I mean, these numbers are absolutely crazy and it's a clear sign that the demand for Nvidia's chips and AI in general is nowhere close to falling off. You know, I listened to the whole earnings call and CEO Jensen Huang was cooking. He started the earnings call bringing up the concerns around an AI bubble saying that they don't see any signs of that. On top of that, he said that Nvidia's cloud GPUs are sold out. So I think this report might put to bed the concerns around the AI bubble at least for now. I mean, AI might still be a bubble, but according to Nvidia's earnings, we haven't even seen the peak yet. Obviously, investors were pretty high following this report. Nvidia stock jumped 5% in after-hour trading, and it pushed up other AI names like Corweeb,

Oracle, Google, and even AMD. I got to say, this might be the most clutch earnings report of all time because there was so much pressure on Nvidia to deliver, especially given the slide in the markets over the last couple of weeks. If they had a bad quarter, it was going to get bad out there, but they blew it out of the water. This is like LeBron dropping 50 in an elimination game. And I think it's very possible that the AI trade might be fully back on now. Let's shift gears and talk about Walmart because they also reported earnings and they also crushed it. The retail giant beat on both revenue and profits and they also raised their full year outlook for the second time this year. Comparable sales were up 4.5% with growth coming from everywhere

across all income groups. Even high income shoppers are buying for. from Walmart now. Walmart points to food prices going up 25% over the last five years. And since Walmart offers low prices, it's bringing in shoppers. On top of that, Walmart's e-commerce business continues to quietly pick up steam with e-commerce sales up 27% last quarter. Walmart says they now offer same-day delivery to 95% of U.S. households and revenue from fast delivery options is up 70% year over year. No, personal anecdote here, I have Walmart plus. I use it quite often. And yeah, it's pretty great. Getting groceries delivered within a couple of hours of ordering it. It's nice. Now, Walmart did admit that they've had to raise prices on some items due to tariffs.

About one-third of everything that Walmart sells in the U.S. is imported, so they've had to raise prices on categories like electronics and furniture. But the CFO did say they're also absorbing some of the tariff costs as well. Overall, though Walmart's earnings stand out compared to other retailers like Target, which we covered earlier this week. Target hasn't seen sales growth in over four years, while Walmart continues to see growth because they offer cheap groceries with options to get it delivered in the same day. The company says they're pretty optimistic as well heading into the holiday season. And so are investors because Walmart stock is up more than 5% this morning following the earnings report. Now, one thing to note about Walmart, their CEO, Doug McMillan, is stepping down on January 31st, 2026.

He's been the CEO since 2014. So Walmart will have new leadership at the top. And there's going to be a lot of pressure on the new guy to not mess up the momentum that Walmart has. right now. Let's talk about some stocks making moves today. Shares of exact sciences are ripping higher after the news broke that Abbott Labs is buying the cancer screening company in a $23 billion deal. Exact science is best known for Colleguard, which is the at-home test that screens for colorectal cancer. For Abbott, this acquisition makes sense they're trying to boost their diagnostics business, which exploded during the pandemic because everyone was buying COVID tests. But that has obviously faded,

Abbott is hoping that adding exact sciences at-home cancer test will be a nice boost. So because of these acquisition rumors, exact science of stock jumped 24% when rumors started circulating and shares are up another 20% this morning after Abbott confirmed the acquisition. I gotta say, this might be the biggest year ever for healthcare M&A deals because there seems to be a new one almost every day. Now, on the flip side, Bath and Body Works is not having a great day. Shares are down more than 20% after the company missed on both earnings per share and revenue. sales dropped 1% in Q3 and the company expects sales to decline again in the current quarter.

Management is blaming negative macro consumer sentiment. Basically, shoppers are pulling back and being more cautious with discretionary purchases like lotions and candles. And that's why their stock is taking a big hit this morning. I got to say, though, every time I've walked past a bath and bodyworks, I mean, the smell is just overpowering. Let's wrap the show with the fun fact. Jeff Bezos is coming out of retirement and launching and

AI company. His company is called Project Prometheus and it has over $6 billion in funding already, most of that coming from Jeff Bezos himself. And he's making himself co-CEO. In fact, this is the first time that Bezos is back running a company since stepping down as CEO of Amazon back in July of 2021. Jeff Bezos also has a space company called Blue Origins, but he's not the CEO of that company. I guess Bezos got pretty bored hanging out on a $500 million yacht every day. I guess the playbook for these bored billionaires is to launch a space company. and now an AI company. If I was a bored billionaire,

I think I'd just buy a sports team, maybe even a couple of sports teams, then you'd never be bored. Let me know in the comments of what you would do if you were a bored billionaire. In my mind, I think I'd be a pretty good sports owner,

but I'd probably be pretty bad. Making like irrational trades at 2 a.m. Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode. If you did, and you have like five extra seconds, consider giving us a five-star rating on Apple, Spotify,

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