Name: Exclusive Interview With Nvidia CEO Jensen Huang (Full Special)
Uploaded: 2025-08-22T03:39:41.000Z
Duration: 26 min 58 s
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Welcome to a special edition of Bloomberg Technology.

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In just a few moments NVIDIA CEO Jensen Huang will join us for a live interview following the latest earnings report.

The company posting a revenue forecast that beat consensus that fell short of some of the most optimistic estimates stoking concern that the explosive growth is waning.

Let's get right to Bloomberg semiconductor correspondent Ian King who joins me on set.

The fiscal third quarter forecast and what we learned through it.

If you compare it to consensus it was there or thereabouts.

And for most of the companies in the world that will be great and everybody would be happy.

This is a company which you know beats pretty much every quarter by an order of magnitude.

And it didn't do that and it didn't indicate it would do that.

And that raised a lot of questions as we heard on the call.

I mean it was clearly intact but Blackwell was everything.

I want to play a soundbite of what Jensen Wang said about Blackwell.

There were no functional changes necessary.

And so we're sampling functional samples of Blackwell grace Blackwell in a variety of system configurations as we speak.

The main point here is that there was not a design issue with Blackwell itself as had been reported.

But based on what NVIDIA said this was about the production mechanism.

Bloomberg's Ian King you did a very good job in the top live blog of explaining a GPU mask.

Could you just try to give a short version of that to our audience.

Yeah the mask is basically the blueprint which basically is used to burn in the circuit onto the surface of the chip to give it its function.

And this they were saying we didn't get it wrong.

But when it came to manufacturing it didn't produce as many good chips as we wanted.

Didn't have to redesign it but made some tweaks.

And that is helping us to get a better yield.

It's worth noting at this stage the stock's down almost 7 percent in after hours have been down more at the moment basically because we didn't learn enough about Blackwell.

What they said was in the fiscal fourth quarter of fiscal year 25 there will be several billion dollars of sales through Blackwell.

They wanted a reassurance from NVIDIA's management and they wanted reassurance in the form of details.

They wanted you know chance to put his arm around everybody and say don't worry it'll be fine.

They asked consistently were asked questions of how many billions and when will those billions exactly come in and collect credits.

The CFO and Jensen Wang essentially avoided that question and refused to give that precise reassurance.

We're showing some of the after hours reaction not just in NVIDIA itself but some of its peers both on the chip making side the server equipment providers and I think AMD and Arm in particular are very noteworthy.

I want to go out to Chicago and Bloomberg's Ryan for the Seneca on our equities team.

And Ryan that's the broad summary for me about the names moving in after hours.

There's probably a bigger picture after hours movement in the markets as well.

Start with NVIDIA and work outward from that.

Well one thing I would say about NVIDIA is after hours decline is that it does come after a very strong year to date performance.

I think it closed up more than 150 percent this year.

So even though the forecast was maybe a little bit shy of some of the most optimistic expectations it did beat expectations and it is you know coming off such a huge gain.

So it's not necessarily surprising to see a little bit of a consolidation now.

And I think even the decline is a little bit less than the options market was anticipating.

So just some context there for looking at the decline.

But you're right that pretty much we are seeing widespread weakness following this report.

We are seeing much more pronounced weakness in other chip makers and chip design companies and so forth.

So yeah certainly it does seem like the initial read through here is negative.

But again it does come after a very strong start to the year.

We made a big deal about this earnings print for quite a long time.

I look at something like an Invesco QQQ the ETF that tracks the NASDAQ 100 and I think it's down around a percentage point right.

But in truth Ryan in the market's reaction was this the macro level event that we thought it was going to be.

I would say that it's kind of close enough in line with expectations even if it is a little bit shy of the most optimistic ones.

I don't think this is going to really cause people to really change how they're allocating change their opinions on A.I. is this kind of fundamental secular driver.

But maybe in the near term we do see a little bit of weakness.

I mean again some of these stocks have been moving up so much there have been sort of kind of growing calls about their valuation some concerns about that.

I don't know if this is the kind of absolute blowout that will just cause people to continue piling into the you know the way that they were doing earlier this year.

There is a lot in the news cycle inclusive of and outside of video.

I think one of the names that you know in after hours is super micro.

And then there's the news around that name in and of itself.

So we saw yesterday a short report came out today.

It's that it's delaying the filing of its 10 K.

You know both of those caused us a weakness in the stock.

I think today it was down more than double digits.

So you know a lot of reasons to be concerned there in general.

And it is one of NVIDIA's biggest customers.

So this is just another reason for people who might have been kind of souring on super micro to maybe be pulling the sell a little bit.

Bloomberg's Ryan for Seneca with the after hours action out of Chicago.

Let's get the reaction from the sell side with one of the stock's relative bears the Davidson's Gil Luria had a neutral rating and a street low 90 dollar price target on shares of NVIDIA.

And Gil I guess it does that change your bearish perspective on the stock and your main takeaway from the analyst's call.

Their ability to continue to grow delivering chips at this rate at this scale is fantastic and unprecedented.

I don't think there's much of a revenue issue here of a growth issue here.

I think that a little bit of a pushback is probably more around the margin situation.

You had a good conversation with Ian about Blackwell and some of the moving pieces.

Part of what's happening with Blackwell it's a new it's a new product.

It's got a few hitches along the way that put pressure on gross margins and then operating margins grew more than anticipated.

So less of the top line upside flowed to the bottom line.

And that's probably where investors are getting a little bit more cautious than they were before because in the last several quarters the huge upside to revenue flowed all the way to the bottom line creating huge upside there.

So believe in NVIDIA right now is to believe 2026 calendar is going to be about 200 billion of revenue and about four four and a half to five dollars of earnings.

That's only possible if they continue to get this type of growth on the top line and more leverage.

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Exclusive Interview With Nvidia CEO Jensen Huang (Full Special)

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