What’s News in Earnings: Should Markets Worry About an AI Bubble?

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  Hey listeners, I'm Asa Fitch for The Wall Street Journal, and this is What's News in Earnings,

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  our look at some of the biggest themes standing out this earnings season.

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  Today we're talking about chips.

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  Now semiconductors are the computational picks and shovels, if you will, of the AI boom,

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  and big tech companies and AI developers are buying as many of them as they can.

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  Now, NVIDIA is the leading AI chip company by far.

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  It reported quarterly results on Wednesday that pleased a lot of investors and helped settle markets.

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  NVIDIA stock fell again yesterday,

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  which perhaps speaks to the volatility we've seen in the AI trade leap.

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  Here to help me dig into this is Wall Street Journal Chips reporter Robby Whelan.

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  Hi, Robby, and thanks for being here.

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  So we've seen some pretty interesting earnings recently from chip suppliers like Nvidia,

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  which reported results on Wednesday.

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  We've seen strong results and forecasts recently also from advanced micro devices,

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  which makes AI chips.

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  Here's what AMD CEO Lisa Sue said on the company's earnings call earlier this month.

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  There's a real belief that AI compute really equates to intelligence.

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  So if you have the chance, if you have the balance sheet,

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  if you have the capability to put on more compute,

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  you're going to do it because it's going to give you incremental advantage versus your competition.

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