Kingsview CIO Scott Martin On News Nation – with Connell McShane – 11.19.25
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CONNELL MCSHANE: Nvidia blew past expectations with earnings reported after the bell — $57 billion in revenue, about $2 billion more than analysts predicted, up 62% year over year. The advanced chips this company makes power much of the AI revolution — and much of the growth we’ve seen on Wall Street.
The numbers today may calm some of the recent fears about an AI bubble. Earlier today, Nvidia CEO Jensen Huang, on stage with Elon Musk at the Saudi investment summit, predicted a very bright future for AI as a technology.
ELON MUSK: Basically, there’s one way to make everyone wealthy — and that is AI robotics.
JENSEN HUANG: How students learn will be different, how people do their work will be different — obviously, a lot of the things we do mundanely or very difficultly are going to be done very simply. We’re going to be more productive from that standpoint.
CONNELL MCSHANE: Here now is Scott Martin — Chief Investment Officer at Kingsview Wealth Management — and Corey Johnson, Chief Market Strategist at Epistrophy Capital Research.
Scott, you want to take the Nvidia numbers first? The big story going in was: What is Nvidia going to say about the future? People were worried about that bubble talk I mentioned. Now what?
SCOTT MARTIN: They’re not “bubblicious,” that’s for sure. I think they pushed back on that bubble talk pretty hard. You’re talking about beats on the top and bottom lines, and guidance that some of the skeptics — or “haters,” as the kids say — questioned going in.
The numbers look great on all fronts. And the way Jensen Huang presents things — almost in superhero fashion — carries weight. Even on the earnings call, he talked about the future of Nvidia and the demand out there: the chips powering data centers, the GPUs, and so forth.
Really, the only issue holding Nvidia back right now is data-center capacity. If we can build the data centers and fix the long-term power constraints, Nvidia has a long runway ahead. Today is another example — Nvidia is the leader of the pack, and the aftermarket action shows it.
CONNELL MCSHANE: Especially given how much business they do in China — that’s been talked about. Corey, your thoughts on what we’ve seen from Nvidia tonight?
COREY JOHNSON: These are some of the most incredible quarters any company has reported in the history of mankind. I’ve done the math; I’ve looked at the numbers over long periods of history. We’ve never seen anything like this.
This company did $32 billion in profit in the last 13 weeks. It’s incredible. They paid — or accrued — about $6 billion in taxes in that same period.
What we’re seeing is real. Many of us in the real world are just starting to figure out how to use AI in daily life or in our work. You can see the enormous amount of money being dedicated — not promised, but actually being spent.
When we get earnings, that’s the truth. It’s not predictions. It’s not potential spending. These are orders that have already happened and money that’s already been delivered. The investment in AI is extraordinary — nothing we’ve seen in our lifetimes.
CONNELL MCSHANE: So, Scott, do you keep investing — not only in Nvidia, but in companies that benefit from Nvidia doing what it’s doing? Or do you pull back now the way some people have in recent weeks?
SCOTT MARTIN: I think the people who pulled back made a mistake — unless they did it early and avoided a couple weeks of pain that I don’t think were warranted.
Today looked like a bottom. Tonight looks like the bottom if there was one. Look at the other stocks tied to Nvidia — Oracle, Microsoft — they’ve been smashed lately. Meta, too. They’re all up after-hours, just like Nvidia.
So you’re seeing the lift across the space. I wouldn’t rush back into the smaller guys, like a CoreWeave or even Palantir, necessarily. But I would go back into the big names — the Microsofts, the ones exposed to AI and their traditional businesses. I think the numbers tonight justified that.
CONNELL MCSHANE: What about the big-picture stuff, Corey? Earlier we played Elon saying AI will eliminate poverty and make money irrelevant. People rolled their eyes. Jensen Huang’s view seems more realistic — jobs will change. That’s what we talk about all the time. The future is bright but bumpy. What do you see?
COREY JOHNSON: Investment aside, the changes AI will create in our lives — the way AI makes things easier — will be enormous. I think our grandchildren will look back at this the way people looked at the arrival of washing machines, electric light, or modern communication.
CONNELL MCSHANE: How are they going to look back on it, Corey? That’s another problem they’ll have! When I started in radio, I had a bunch of cassette tapes. My kids see them and say, “What’s this?” I don’t know how they’re going to watch this video years from now.
You’re saying they’ll look back on us and say… what?
COREY JOHNSON: The ability to have all information, everywhere, in real time — that’s going to change everything. Change is difficult. Change is scary. Capitalism is scary. But technology is giving us tools to have better lives.
CONNELL MCSHANE: Scott, do you make the positive argument too, or are you more on the fear side?
SCOTT MARTIN: I’m frightened and excited at the same time. Corey’s right — this changes a lot of things.
It’s like the early days of the internet. Back in the ’90s, people were talking about this “World Wide Web” and no one knew what it was. Ten years later everyone was online doing everything.
The real question is: How fast does this move? People might freak out if it’s too fast. And we still have the power issue — we need to power all of this without turning off every light in America to do so.
CONNELL MCSHANE: That’s the issue — or one of them. Scott, thank you. Corey as well.
