Bloomberg Surveillance TV: November 13th, 2026

NVIDIA

Across the shows: 139 speakers in other episodes, 127 bullish and 96 bearish calls, past 30 days

• Dan Ives · Yorkville Ives & Co.Uncertain

  Huang's exit is a gut-check for Nvidia and erodes its lead over China and US rivals.

  Ives argues Nvidia is two to three years ahead of China and of US competitors, and that Jensen Huang was the core of that lead and the customer relationship, since big companies call Huang when they need chips. With him gone, the playing field is more even and the next CEO faces a challenge. He calls it a gut-check moment but still believes Nvidia will keep leading in AI.

  “They're two to three years ahead of China. They're two to three years ahead of any competition in The US. Now with Jensen gone, that clearly evens the playing field and that will be now for Colette and whoever the next CEO is.”at 3:04

• Dan Ives · Yorkville Ives & Co.Bullish

  Keeps Outperform on Nvidia and sees valuation support, with price target cut to $225 without Huang.

  Ives maintains an Outperform rating while cutting his price target. He says a $225 per-share valuation applies without Jensen Huang, versus about $300 with him, so the drop reflects leadership risk rather than a broken thesis. He argues Nvidia will keep leading the AI revolution, and that negative sentiment is overdone because big companies still need Nvidia's chips and AI capex is still about $3-4 trillion.

  “And I know many calling fire in a crowd there right now in terms of negative on Nvidia. The valuation without Jensen, [$225] per share.”at 3:22

• Chris Coons · U.S. SenateUncertain

  Nvidia's political ties and chip export licensing may cross into corruption and need investigation.

  Coons cites $26 million in Nvidia contributions to the Trump administration, for the ballroom and the inaugural, and press accounts of closeness that may cross into corruption. He is pressing for document retention on Nvidia's advanced chip sales, asking whether Commerce licensed exports properly and whether Huang kept close ties with the administration. He has no concrete evidence yet, so the investigation is the point.

  “And between the $26,000,000 that we know about in contributions from NVIDIA to the Trump administration, you know, for the ballroom and the inaugural,”at 21:10

Microsoft

Across the shows: 46 speakers in other episodes, 53 bullish and 9 bearish calls, past 30 days

• Dan Ives · Yorkville Ives & Co.Bearish

  Global Outlook outage is a disaster moment for Microsoft that raises questions about its operations.

  Ives calls the Friday the 13th global Outlook outage a disaster for Microsoft. He says the outage is not a revenue or legal issue, but it damages the AI-era image of a company led by Satya Nadella. He argues the longer it goes on, the more questions Microsoft faces about how it happened.

  “It's a disaster moment for Microsoft because the reality is is that this call Friday the thirteenth, whatever, it's a global outage when it comes to Outlook. It's not from a revenue perspective or legally what happened.”at 6:25

US elections & politics

• Chris Coons · U.S. Senate

  Last week's midterms were the biggest Democratic shift since 1974, signalling voters want lower costs.

  Coons says the midterms were not an average result but the most seismic shift since Watergate, the biggest move in his party's direction since 1974. He reads it as a demand for lower costs, better quality of life, and action on the war with Iran and tariffs. He points to Democratic wins in red states including Georgia, Texas and North Carolina, and to Democratic senators coming to states like Mississippi, Kansas, Iowa and Texas.

  “The election last Tuesday wasn't just any average midterm. It was the most seismic shift since, frankly, Watergate. It was the biggest move in my party's direction since 1974.”at 21:32

• Chris Coons · U.S. Senate

  Schumer should keep the Senate leadership role despite Democrats needing a fresh direction.

  Coons compares the Democrats to a baseball team that just won the World Series and should not fire the manager. That is the best argument for keeping Schumer and the team that helped deliver the victory. He also says there is a clear message from younger voices, such as James Talarico, that the caucus must show willingness to move in a new direction.

  “We're like the baseball team that just won the world series, and we're gonna fire the manager. That's probably the best argument for retaining senator Schumer as our leader.”at 23:39

AI regulation & safety

• Dan Ives · Yorkville Ives & Co.

  Scrutiny and guardrails on AI are healthy and will not slow the AI revolution.

  Ives links rising DC scrutiny of data centers, Nvidia export controls and Microsoft's outage to big tech overpromising. Companies that talk about cutting 50% of jobs with AI created a PR problem. He does not think guardrails slow the AI revolution, and says some oversight is probably healthy, especially on the Nvidia side.

  “I don't think it slows down AI revolution, but I think to some extent, it's probably healthy that you have guardrails in there and especially on the NVIDIA side.”at 8:20

US Treasuries & yields

• Priya Misra · J.P. Morgan Asset Management

  Treasuries are a safe haven if the Fed is not behind the curve; they hedge growth worries.

  Misra says Treasuries act as a safe haven when the Fed is not behind the curve, and that they hedge when investors worry about growth. The question is whether the Fed needs to hike 100 to 200 basis points, which would drive yields higher. She ties the Treasury rally case to whether the central bank is credible on inflation.

  “I think treasuries are a safe haven when you think that the Fed is not behind the curve. I think the talk of 50 basis points really opens up the can of worms.”at 9:47

US inflation

• Priya Misra · J.P. Morgan Asset Management

  Hot CPI is not a supply shock story; breadth is wide and goods and wages remain pressured.

  Misra says the CPI breadth was fairly wide, so inflation may not be coming down. Under the hood, goods are still high and supply shock elements remain. Rent inflation is cyclical and is not picking up, and wage inflation has decelerated over six months. Overall she reads the labor market as strong without signs of wage inflation.

  “The CPI breadth was actually fairly wide and so I think people are saying well maybe inflation is not coming down, this is not a supply shock story.”at 10:37

AI & jobs

• Priya Misra · J.P. Morgan Asset Management

  AI has not yet lifted productivity; the productivity pickup is still early innings.

  Misra says everyone uses AI but has not yet seen it raise output. Productivity rises over the last few years are not really due to AI. She sees the AI debate as moving from technology to economics, with capacity constraints in chips, the bond market and the cost of capital. She hopes AI does not mean job losses, but says it is still early innings for seeing productivity.

  “So, I think it's still early innings in terms of seeing that productivity pick up. We don't think that the rise in productivity over the last year or the last few years is really because of AI.”at 12:40

AI infrastructure & data centers

• Priya Misra · J.P. Morgan Asset Management

  Companies racing to issue debt for AI capex risks overbuilding and misallocated capital.

  Misra notes that the fast pace of AI spending is good for credit markets, since debt issuance supports the cycle. But she worries that companies falling over themselves to issue debt and spend on capex is a race to the bottom. She asks whether they are overdoing it and whether resources are being misallocated. If the spend extends the cycle, that is not bad.

  “Which from a credit market standpoint is actually not a bad thing because you know when companies were falling over themselves to issue a ton and do CapEx and there's this race to the bottom you kind of worry that are you overdoing it is there misallocation of resources.”at 13:28

US jobs & labor market

• Priya Misra · J.P. Morgan Asset Management

  Real rates rising will hit the labor market with a lag; the labor market is low-hire, low-fire.

  Misra argues that rates have risen a lot this year in real terms, and that the effect shows up in economic data with a lag. Financial conditions may not yet show it, but the labor market could. She describes the labor market as low-hire, low-fire, neither strengthening nor overheating, and questions why the Fed is talking about labor if initial claims are low.

  “Interest rates have risen a lot this year and it's been in real rate terms. So, we may not be seeing it in financial conditions but do we start to see it in the labor market.”at 14:30

US rates & the Fed

• Priya Misra · J.P. Morgan Asset Management

  Fed should hike in 25bp steps; a 50bp move would be a messaging problem and lift neutral rates.

  Misra says the majority of the Fed is at three or four hikes, not a jump to 50bp. Waller's 50bp talk is a minority view, but it causes a market reaction. A Fed chair with no forward guidance cannot credibly say 50 and then done, so markets would price more 50s and a higher neutral rate. Hawks like Hammack and Logan favour calibrating slowly with 25bp moves.

  “I think if they go 50 it's a huge messaging problem. How do they communicate 50 and done especially from a Fed chair that doesn't want any forward guidance.”at 15:10

Credit markets

• Priya Misra · J.P. Morgan Asset Management

  Credit is resilient; higher yields draw demand and the spread widening is only tail risk.

  Misra says higher rates have raised all-in yields to attractive levels, bringing in demand for investment grade and high yield, which is why spreads have tightened. Triple-C spreads are wider, but that is idiosyncratic. Credit would be most sensitive to an economic slowdown, but that is not the base case, so the market is just pricing tail risk.

  “And if the economy slows down, that's the highest beta. But you're right. I think there's just this tail risk starting to get priced in. It's not anyone's base case of the economy slowing down.”at 16:09

US–China AI & chip race

• Chris Coons · U.S. Senate

  China is a peer in three of four AI drivers; US edge is chips, so export controls must hold.

  Coons argues the AI race turns on energy, talent, chips and data. China is a peer in three of the four, so US advantage rests on chips, chip design and chip manufacturing. He expects tariffs and chips to be on the table at the Trump-Xi meeting, and he wants Trump to fight for America's advantage rather than cave to Xi. He also questions Commerce Secretary Lutnick's push to export more chips.

  “There are four key drivers, energy, talent, and chips, and data. The Chinese are our peer competitor in three out of four. It is in chips and chip design and chip manufacturing that The United States has sustained an advantage.”at 19:06

Manufacturing & industrial policy

• Chris Coons · U.S. Senate

  Government equity stakes in companies are socialist; their benefits and recipients need close scrutiny.

  Coons dislikes the government taking equity interests in major companies, which he calls almost the definition of socialism. He accepts the justification of de-risking critical minerals investments, but says those stakes deserve a close look at how they happened, who benefited, and whether they are managed in the interest of the American people.

  “Look, I dislike the idea of the US government literally taking equity interests in major companies. That's like almost the definition of socialism is to have the government own the means of production.”at 22:29