Nvidia's Blowout Q3 and Huang's AI Bubble Message, Walmart Beats, John Malone Exclusive 11/20/25

SPEAKER_1 (0:02)

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SPEAKER_2 (0:31)

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David Faber (1:01)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Jensen Huang (1:07)

There's been a lot of talk about an AI bubble. From our vantage point, we see something very different.

Carl Quintanilla (1:16)

The video is Jensen Huang on last night's call as the company posts those blockbuster results. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla, Jim Cramer, David Faber here at Post 9 of the New York Stock Exchange. Bulls definitely getting some relief between Nvidia's quarter, Walmart's raised guidance. This better than expected but delayed jobs number for September. 119K, double the estimate, although the unemployment rate does take higher to the highest since 2021 Roadmap begins with Nvidia's latest results in that bullish guidance. We'll talk about it. This signals a green light for the AI trade in the bull market.

David Faber (1:47)

Plus, Walmart does report an earnings beat. It also raises its full year outlook. What the retail giant is saying about the health of the consumer and tariffs as well. It's also Liberty Media's Investor Day. It's kind of around one company at this point, but it also means that exclusive annual interview with its chairman John Malone. We'll talk about, of course, the landscape of media overall on what is this deadline day at least for first round bids for Warner Bros. Discovery.

Carl Quintanilla (2:14)

Let's begin, though, with Nvidia sparking this global rally in stocks, the world's most valuable company posting a Q3 beat, raising revenue guidance for the current quarter to $65 billion, thanks to strong demand for its AI chips. Here's Jensen Huang talking about the future for AI on the call.

Jensen Huang (2:32)

A new wave is rising. Agentic AI systems, capable of reasoning, planning, and using tools. There are three massive platform shifts.

The transition to accelerated computing is foundational and necessary, essential in a post-Moore's Law era. The transition to generative AI is transformational and necessary, supercharging existing applications and business models. The transition to agentic and physical AI will be revolutionary, giving rise to new applications, companies, products, and services.

Carl Quintanilla (3:16)

Jim, we give companies a lot of grief for managing for the quarter. He's not talking about the quarter.

SPEAKER_6 (3:21)

No.

Jim Cramer (3:22)

Last night, I went to dinner and came back. For a couple hours, I thought, what am I going to say today? Because it's such a different narrative from what we hear. And I think that what we heard last night was, these companies aren't spending enough. Every time they spend, they make much more money. So, they're trying to get as many chips as they can, which is the opposite of what we're hearing.

The circular analysis, David, they're ready to sell anything they want to. They're up on almost everything. They're good investors. So, the idea that there's this lazy Susan, circular nature, I think is defeated. And the notion of where we are in the world is far different from what people think. We're far further and we're getting there. And, you know, and the reason I start with this to you, David, is because he's saying, look, the world is going to change so radically in the next three years and it's all going to be written, software written on Nvidia. I found it to be, I'm not saying it's revolutionary, that's too strong. But the doubters really have a lot of thinking to do, including people who say bubble AI, who weren't, I think, on the call and didn't speak to Colette Cress after and don't know about the revolution that's occurring.

SPEAKER_8 (4:36)

Right.

Jim Cramer (4:36)

Whether it be anthropic, whether it be Palantir, whether it be trying to figure out who the big four really are.

SPEAKER_8 (4:44)

We don't even know.

Jim Cramer (4:45)

Is it Mosk?

SPEAKER_9 (4:46)

Is it Oracle?

Jim Cramer (4:47)

Is how much is Microsoft spending? Meta, because every time they spend, their business goes up. So I think it's just a shocking change in narrative, shocking.