Investor Insights

November 19, 2025, marks Nvidia’s fiscal third-quarter earnings release for 2025 (Q325), and investors are holding their breath. The chipmaker, long the poster child for the artificial intelligence revolution, finds itself at a crossroads.

For every equity that trades, there is a buyer and seller. Often there are functional reasons for selling, such as paying down a loan, paying tax, distributing an inheritance, or meeting retirement spending needs.

Investors must understand that correctly predicting artificial intelligence (AI) technology will change the course of humanity, even if for the better, does not automatically translate to desirable investment returns.

This week, The Wall Street Journal (WSJ) lifted the lid on the internal financial projections of OpenAI and Anthropic – the companies at the centre of the artificial intelligence (AI) boom.

Nvidia is increasingly finding itself at the centre of a growing list of round-robin style transactions between artificial intelligence (AI) players that are collectively raising the eyebrows of a variety of reputable investors and industry stalwarts, from Microsoft co-founder Bill Gates to famed short seller Michael Burry. Figure 1.

Wall Street’s S&P 500 dropped more than one per cent last week, and the tech-heavy Nasdaq fell three per cent. It’s really nothing in the scheme of things. That’s because the Nasdaq 100 is up more than 130 per cent in three years, and the S&P 500 is more than eighty-five per cent higher since October 2022.

Artificial intelligence (AI) is supposed to have all the answers. It’s supposed to save us time and money. It’s supposed to be better than us. They’re the reasons the AI boom exists both on the ground and on the stock market.

Breville Group (ASX: BRG) delivered a concise trading update at its Annual General Meeting yesterday, focusing on the first half of financial year 2026 (1H26) to date. While the commentary was positive on several fronts, ongoing uncertainties remain in the U. S. market.

October 2025 will go down as an extraordinary month for investors. NVIDIA, which has appreciated by over 50 per cent in the first ten months of 2025 and seen its market capitalization exceed US$5 trillion. The aggregate market capitalization of the Magnificent Seven (including Alphabet, Amazon, Apple, Meta, Microsoft and Tesla) hit US$22 trillion, or 37.

In U. S. trading overnight, Nvidia achieved a market capitalisation of US$5 trillion, after which Microsoft, Meta Platforms and Google’s parent company Alphabet delivered their September quarter earnings. The results were impressive, as expected. Microsoft reported Q1 revenue of US$77. 67 billion, beating estimates of US$75. 33 billion, with earnings per share (EPS) of US$4. 13, surpassing the US$3.

Earlier this month, Nvidia – the company at the heart of the artificial intelligence (AI) boom – announced it had agreed to invest up to US$100 billion in OpenAI to help the Large Language Model (LLM)-maker fund its data centre build out. In turn, OpenAI agreed to fill those data centres with Nvidia Chips.

As headlines mount, I wonder whether the nascent disorder in U. S. subprime auto loans becomes a bigger fissure into which a stretched stock market could fall. With stock valuations hovering at historically stretched levels, even a hint of a macroeconomic or financial fracture could precipitate a correction.