SOTS 2nd Hour: Nvidia Key Takeaways, Cleveland Fed President, & A Rare Sit Down w/Liberty Media's Chairman 11/20/25

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Carl Quintanilla (1:07)

Good Thursday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, live at Post9 at the New York Stock Exchange. Sara Eisen joins us today from Liberty Media's Investor Day in Las Vegas. Coming up this hour, a must-see interview with Cleveland Fed President, Beth Hammack, as this divided Fed gets some new data inputs from this morning from the jobs number. That Nvidia bullish print calming down, some AI bubble fears. We'll talk to Dan Niles about whether the numbers are an all clear for tech, and maybe the market at large. And a lot more from David's wide-ranging interview with Liberty's Chairman John Malone, including some of his biggest regrets in his career and what comes next.

David Faber (1:43)

First of all, let's get some housing data that's just crossing. Diane Olek has that for us.

Diane Olek (1:48)

Carl, existing home sales in October rose 1.2% from September to a seasonally adjusted annualized rate of 4.1 million units. That's right along expectations. Sales were up 1.7% year over year. Now, this count is based on home closing, so contracts likely signed in August and September, when the average rate on the 30-year fixed mortgage came down for a bit, but as you can see is now higher. The bigger headline here is supply, which had been gaining all year. It fell to 1.52 million units down a little less than 1% from September, still nearly 11% higher than the year before. So it's now a 4.4-month supply, which is still considered lean, and that is why prices are still stronger, $415,200. That was the median price of a home sold in October, up 2.1% from a year ago, and the 28th consecutive month of annual gains. Homes are staying on the market longer, an average 34 days up from 29 last year. That's the longest in six years. First-time buyers making a small comeback at 32% of sales up from 27% a year ago, and sales growth continues to be on the strongest end, on the highest end of the market. Those of the $1 million plus homes up 16% year over year, sales of homes priced between 100,000 and 250,000, flat. Carl, back to you.

Carl Quintanilla (3:05)

All right, Diana. Thank you, Diana. We'll look this morning. Nvidia shares climbing after a better than expected quarter. The company making its way to that $5 trillion valuation. Our next guest says Nvidia may have just saved Christmas with its Goldilocks quarter. Let's bring in Niles Investment Management Founder and Portfolio Manager, Dan Niles. Good to talk to you, Dan. Appreciate the time.

Dan Niles (3:25)

My pleasure, Carl.

Carl Quintanilla (3:26)

We've gotten through AMD Investor Day. We've had Microsoft Ignite, now this Nvidia print, a lot of catalysts. Where does it leave us?

Dan Niles (3:34)

Well, I mean, you really needed a solid print out of Nvidia, and as I wrote up on Sunday, I thought we were going to get it for two reasons. The first one is if you look at all their big customers that already reported, Microsoft, Google, Amazon, etc. You had CapEx expectations for this year at up 60 percent before they reported Q3. When their customers reported Q3, those numbers jumped from up 60 to up 70 The second thing was at Nvidia's GTC conference on October 28th, the CEO said we have visibility to 500 billion in data center revenues to the end of 2026 And so when you did the math out, you go out, that sounds like a pretty strong quarter. And so you had kind of the Goldilocks print where you had about 2 billion of upside to the current quarter in terms of revenues. But interestingly, they guided about close to 3 billion above consensus for the upcoming quarter, which tells you that they're really seeing strong momentum. And you can see that in their revenues where two quarters ago, revenues were up 56% year over year. They just reported up 62 And then they guided to up 65% year over year for revenue. So that has to make you feel good.