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Jay Goldberg: latest market views

Seaport Research Partners

Summary

Jay Goldberg, CFA, is Senior Analyst for Semiconductors and Electronics at Seaport Research Partners, a former Deutsche Bank analyst who also held a strategy role in Qualcomm's data center group.

Chorus has 7 views from Jay Goldberg across 2 episodes on Bloomberg Surveillance and CNBC Closing Bell since November 4, 2026. Their latest calls: bullish on Advanced Micro Devices, Anthropic and Cloudflare; bearish on Qualcomm.

Where they stand

Their latest bullish or bearish call on each company.

What they talk about most

The latest views

Newest first. Every quote is checked against the episode's transcript.

  • Market sentiment, positioning & volatility

    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

    Bloomberg Surveillance: Bloomberg Surveillance TV: November 6th, 2026 ·

  • NVIDIAUncertain

    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

    Bloomberg Surveillance: Bloomberg Surveillance TV: November 6th, 2026 ·

  • Advanced Micro DevicesBullish

    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

    Bloomberg Surveillance: Bloomberg Surveillance TV: November 6th, 2026 ·

  • AnthropicBullish

    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

    Bloomberg Surveillance: Bloomberg Surveillance TV: November 6th, 2026 ·

  • CloudflareBullish

    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

    Bloomberg Surveillance: Bloomberg Surveillance TV: November 6th, 2026 ·

  • QualcommBearish

    Qualcomm's data center AI push is not yet credible; the market shouldn't believe its AI story.

    Qualcomm's data center revenue guidance of about $650 million for the December quarter, from its first AI product with Amazon, is roughly in line with consensus and barely offsets declines in the slowing smartphone business, so there was no upside to the new business. Goldberg thinks the Amazon win is a capacity deal and small wins that will not give the business staying power. He says this is Qualcomm's third attempt at the data center, after two that did not go well, so it has a lot to prove before investors credit it. He acknowledges that AI sales cycles take years and deserve time, but he lacks faith in the business's sustainability and says the street is not ready to believe the AI story.

    “I don't think the street is ready to believe their AI story yet.”at 38:00

    CNBC Closing Bell: Closing Bell Overtime: Stocks Surge After Democrats Retake Both Chambers of Congress 11/4/26 ·

  • QualcommBearish

    Qualcomm's core smartphone chip business faces share loss and a worse downturn next year.

    Smartphones are still the vast majority of Qualcomm's business, and Goldberg worries management is taking its eye off that core. Qualcomm's customers are diversifying away from it: all five of the top five handset makers design their own application processors that compete with Qualcomm, and three of the top five make their own modems, the core of Qualcomm's business. He expects the smartphone business to get much worse next year because of weak consumer demand, and sees a real risk of share loss on top of that. He thinks Qualcomm has good engineering talent but is distracted by other bets.

    “smartphone business is gonna get much worse next year just on consumer demand, plus there's this risk of Qualcomm share loss.”at 39:59

    CNBC Closing Bell: Closing Bell Overtime: Stocks Surge After Democrats Retake Both Chambers of Congress 11/4/26 ·

Shows

Ask your AI what Jay Goldberg thinks

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Setup guide

Chorus reports what speakers said. It isn't investment advice.