Bloomberg Surveillance TV: November 6th, 2026

NVIDIA

Across the shows: 76 speakers in other episodes, 71 bullish and 28 bearish calls, past 30 days

• Jay Goldberg · Seaport Research PartnersUncertain

  Goldberg remains bearish but sees the NVIDIA selloff as overdone and is still undecided.

  Jay Goldberg holds the lone sell rating on NVIDIA. He says he is still bearish, but the broad selloff looks overdone. NVIDIA reached his $180 price target the previous day, which he did not expect. He has not yet decided whether to change his view and says he needs to look hard at the stock. He points out that there has been no real news on these companies.

  “As bearish as I am and the fact, you know, I think this is overdone. I mean, NVIDIA hit my price target yesterday, which I don't think anyone saw coming, so except me.”at 10:41

Advanced Micro Devices

Across the shows: 12 speakers in other episodes, 13 bullish and 0 bearish calls, past 30 days

• Jay Goldberg · Seaport Research PartnersBullish

  AMD is performing very well after a strong quarter, making it a name beaten up without reason.

  Jay Goldberg names AMD as one of the stocks that has been taken for a ride in the selloff. He cites its quarter as the reason, saying the company is firing on all cylinders and had a really good quarter. He presents it as a name whose recent price drop does not match its results. The argument is brief and relies only on the quarterly performance.

  “AMD is firing on all cylinders. They had a really good quarter.”at 11:16

Anthropic

Across the shows: 107 speakers in other episodes, 133 bullish and 89 bearish calls, past 30 days

• Jay Goldberg · Seaport Research PartnersBullish

  Anthropic merits its higher valuation; its Q3 slowdown reflects compute shortages, not weak demand.

  Jay Goldberg, who recently launched coverage, thinks Anthropic merits the higher valuation. The amended S-1 showed growth slowing in Q3, and he thinks the cause was a lack of compute rather than weak demand. He points to Cloudflare's strong results as evidence of underlying AI demand. He says IPO valuations are more art than science and that Anthropic should go public and let its growth speak. He notes it has about $900 billion in compute commitments and roughly $100 billion on its balance sheet, so it needs cash soon. Delaying the IPO again would be a bad look.

  “I I think if you really dig into the s one, it looks a lot like the reason their growth slowed is because they couldn't get enough compute.”at 12:35

Cloudflare

Across the shows: 4 speakers in other episodes, 4 bullish and 0 bearish calls, past 30 days

• Jay Goldberg · Seaport Research PartnersBullish

  Cloudflare's incredible numbers show strong enterprise AI demand, a good proxy for AI usage.

  Jay Goldberg says Cloudflare's results were incredible and were driven by AI demand from enterprises. He calls Cloudflare a decent proxy for what people are doing with AI. He uses it as evidence that underlying AI demand remains strong, even if some AI companies are slowing. That demand is his basis for thinking Anthropic can return to strong growth.

  “You look at Cloudflare's numbers yesterday were incredible. That's all driven by AI demand in the enterprise.”at 12:43

AI infrastructure & data centers

• Nadia Lovell · UBS Global Wealth Management

  Data-center projects are slipping into 2028–2029 rather than being cancelled, since permitted capacity already exists.

  Nadia Lovell argues that the concern is about timing, not demand. About 30 gigawatts of the plan is already permitted across five states that account for 40% of the buildout, so the revenue timeline now looks like 2028 to 2029 rather than 2027. Political uncertainty could cause project delays and some slippage into 2029, but she says this is different from cancellation given the strong demand. UBS also prefers hyperscalers because the value of permitted sites has risen.

  “30 gigawatts is already sort of already permitted, and so over the next eighteen, twenty four months. This is more about 2028 into 2029.”at 4:02

• Jeff Rosenberg · BlackRock

  The AI investment boom is lifting payrolls, construction, manufacturing and downstream growth.

  Jeffrey Rosenberg says AI has brought about an incredible investment expansion. He says that expansion is visible in the payroll reports, construction, manufacturing and downstream growth. He calls it a broadening of the AI benefit. This is the macro backdrop he argues the market is weighing against the risks from financing and political uncertainty.

  “The macroeconomic impact of AI is that it's brought about this incredible investment, expansion. And that investment expansion... We're seeing it in the payroll reports, the impact on construction, the impact on manufacturing, the impact on downstream growth,”at 23:46

• Jeff Rosenberg · BlackRock

  AI capex can no longer be funded from internal cash flow, so it now depends on capital markets.

  Jeffrey Rosenberg argues that the AI investment boom has moved from being funded internally to needing external financing. Accelerating capex expectations can no longer be met through internal cash flow, so this is now a capital markets issue. If equity raises shrink, companies must borrow, but credit markets are not unlimited and will price the funding at higher spreads. That raises the build-out cost and makes the intersection of future AI revenue and supply costs harder to find.

  “What's different in 2026 is that the financing requirements to finance the accelerating expectations of capital expenditures no longer can be met through internally generated cash flows. So now it's a capital markets issue,”at 24:18

Market sentiment, positioning & volatility

• Jay Goldberg · Seaport Research Partners

  The recent selloff is overdone: good and bad companies fell double digits on no real news.

  Jay Goldberg says the selloff over the past few weeks, especially the day before, is overdone. What caught his eye is how indiscriminate it has been: good and bad companies were down double digits on what he sees as no real tangible news. He notes that nothing much has changed for many of these companies. That is why he sees bargains among names that were beaten up.

  “Good companies, bad companies, everything was down double digits yesterday on what I think is no real tangible news.”at 10:24

• Jeff Rosenberg · BlackRock

  A political spark hit a market with elevated leverage, so the leveraged unwind amplified the selloff.

  Jeffrey Rosenberg says the spark was the change in political expectations around AI and data centers. It followed weaker big-tech earnings, idiosyncratic stock reactions, and rising credit concerns over AI financing, shown by wider CDS and hyperscaler debt spreads. Prime brokerage data shows hedge fund gross leverage at a very elevated level in both credit and equities. That vulnerability means an unwind of exposures can overshoot what the trigger alone would justify.

  “So if yesterday was was really about a spark, what was the spark? The spark was the change in the elections, the change in the expectations of the political environment around AI and data centers.”at 21:01

US stock market outlook

• Nadia Lovell · UBS Global Wealth Management

  Selling isn't over: UBS isn't calling a bottom, and broken technical levels could bring more forced selling.

  Nadia Lovell says the recent drop is a repricing tied to financing and execution concerns, which she calls warranted, and not an unhealthy move. UBS is not calling a bottom and sees a selective, not wholesale, buy-the-dip opportunity. She expects continued selling pressure because key technical levels have broken, which could trigger systematic selling. She says the market needs to see more concrete data-center news in the coming weeks, so the selloff is not finished yet.

  “we're not necessarily calling a bottom here. We do think that there are opportunities, but it's not a wholesale by the dip. It's just you sort of have to be selective in this.”at 2:34

AI chips & semiconductors

• Nadia Lovell · UBS Global Wealth Management

  Memory chips look riskier than compute; memory stocks could fall further before UBS buys them.

  Nadia Lovell says UBS is focused on compute rather than memory. Project delays could leave a memory inventory glut, which would pressure prices, margins and profits. Memory stocks have historically bottomed around 1x price-to-book, and they are at roughly 1.2x, so there could be more downside. UBS would step into memory only once it reaches that bottom. It prefers companies whose margins have not been inflated over the last couple of years.

  “historically, you sort of see memory, you know, stocks sort of bottom out at one times price to book. We're at one one point two times, so there could be some more downside for that.”at 6:30

Power demand & the grid

• Nadia Lovell · UBS Global Wealth Management

  Higher electricity costs from data centers won't be a major earnings hit, since hyperscalers will pay their share.

  Nadia Lovell says the data-center companies have strong balance sheets and profitability, so they can negotiate with communities. They are willing to pay their share of grid upgrades and are mindful of water use and consumer costs. Electricity prices will rise, but she argues the capex opportunity means this is not a major earnings hit. Deals are likely to keep coming as the power constraints are resolved.

  “Now, yes, the cost go up, but given the opportunity and the capex, we don't think that is gonna be a major hit to earnings.”at 7:25

US rates & the Fed

• Nadia Lovell · UBS Global Wealth Management

  UBS expects two Fed rate hikes, in December and March, because the Fed is focused on inflation.

  Nadia Lovell says one payrolls report will not change the narrative, because the Fed focuses on inflation more than the jobs data. She says the Fed is focused on bringing down inflation. More sustained relief in oil prices and a negotiated end to the Middle East conflict could help the inflation outlook. UBS is still sticking to its call for one rate hike in December and another in March.

  “But we're sticking to our view of one [rate hike] in December and another one in in March because we do think that the Fed is very focused on bringing down inflation.”at 8:07

US Treasuries & yields

• Jeff Rosenberg · BlackRock

  Fixed income is a useful diversifier because an AI wobble would lower growth, inflation and rates.

  Jeffrey Rosenberg says stock-bond correlation has turned negative again, so fixed income offsets risk. The AI trade is powering the growth engine. If AI wobbles, growth and inflation expectations could fall, and rates could follow. The Fed is focused on financial conditions, and Warsh has discussed tightening from rising rates, which adds to that pricing.

  “And why that is is because if AI is really powering the growth engine, if there's a wobble in AI, then maybe that growth and inflation comes down, then rates can come down.”at 19:57