Nvidia Results Impress, But Shares Fall | The Close 8/26/2026

Watch on YouTube ↗  |  August 26, 2026 at 22:08  |  1:42:25  |  Bloomberg Markets
Speakers
Matt Stucky — Chief Portfolio Manager, Northwestern Mutual
Dana Telsey — CEO and Chief Research Officer, Telsey Advisory Group
Gary Marcus — Professor Emeritus of Psychology and Neural Science, NYU
John Bolton — Former US National Security Advisor / Ambassador
Jay Goldberg — CEO, Seaport Global
Jack Ablin — Founding Partner & Chief Investment Strategist, Cressent
Aswath Damodaran — Professor of Finance, NYU Stern
Steve Case — CEO, Revolution
Meera Pandit — Global Market Strategist, JPMorgan Asset Management
Olivia Carville — Reporter, Bloomberg
Romaine Bostick — Anchor, Bloomberg
Kevin Ooley — Incoming CEO, DataBank
Chris McGuire — Senior Fellow for China, Council on Foreign Relations
Mandeep Singh — Senior Analyst, Bloomberg Intelligence

Summary

The episode centers on Nvidia's earnings, with strong results and guidance but a negative share reaction. Guests debate Nvidia's valuation, circular financing, competition, and the broader AI buildout. The program also covers retail earnings from Abercrombie, Kohl's, and Bath & Body Works, AI-bubble warnings, high-touch investment themes, data center constraints, and China export controls.

  • Nvidia reports better-than-expected results and guidance but shares fall as investors debate competition, margins, and circular financing.
  • Retail analyst Dana Telsey highlights positive earnings and customer growth for Abercrombie, Kohl's, Bath & Body Works, and Urban Outfitters.
  • Gary Marcus criticizes Anthropic's $30 trillion TAM as fantasy and flags Oracle, CoreWeave, and OpenAI as vulnerable AI names.
  • Steve Case argues AI will increase demand for real-world experiences such as real estate and hospitality and supports vertical AI, including Tempus AI.
  • DataBank incoming CEO Kevin Ooley describes robust data center demand but power and land constraints.
  • Chris McGuire argues for tighter US chip export controls, saying China is far behind in advanced chip capability.
Ideas
Matt Stucky Chief Portfolio Manager, Northwestern Mutual 3:49
Nvidia's discount despite 100% growth
Nvidia is still supply-constrained with product leadership, trades at a discount to the semiconductor industry despite well-above-50% growth, and should keep beating expectations; he expects another beat-and-raise quarter with revenue around $94B and guidance to at least $107B, seeing the multiple compression as unwarranted.
NVDA HIGH
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 18:50
Abercrombie beat, raised, new customers
Abercrombie & Fitch delivered beat-and-raise results with growth in Hollister and Abercrombie, new partnerships with Target and the NFL, clean inventory, a solid balance sheet, and new customer capture; the stock was cheap before the move.
ANF HIGH
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 19:44
Kohl's early turnaround gaining traffic
Kohl's shows early turnaround progress with improvement across all major merchandise categories, less reliance on Sephora, the best traffic number since 2019, and more frequent credit card customers.
KSS MED
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 20:17
Bath & Body Works distribution expansion
Bath & Body Works had its first direct-channel sales increase since 2021, sequential improvement in body care, stronger retail selling prices, and new distribution on Amazon and Ulta, driving new customers.
BBWI MED
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 20:50
Urban Outfitters positive read from Abercrombie
Abercrombie's strong results should be a positive read-through for Urban Outfitters, which has fewer markdowns and a stellar Anthropologie business; she expects a positive response when Urban reports after the close.
URBN MED
Gary Marcus Professor Emeritus of Psychology and Neural Science, NYU 28:28
Oracle and CoreWeave most vulnerable AI excess
Oracle, CoreWeave, and OpenAI are the most vulnerable companies in the AI financing and debt complex; Oracle and CoreWeave could take big hits as canaries of excess, and their fates are tied together.
ORCL CoreWeave MED
Steve Case CEO, Revolution 48:44
AI boosts real estate and hospitality experiences
High tech increases demand for high-touch experiences; people are thirsting for real-world relationships and places, driving investment in real estate and hospitality, including owned hard assets and experiential resorts.
XLRE Hospitality MED
Steve Case CEO, Revolution 55:24
Vertical AI next opportunity; Tempus AI healthcare
The next big AI opportunity is vertical AI applying AI to reimagine large industries like healthcare and agriculture, shifting from a few platform companies to many vertical companies; Revolution is an investor in Tempus AI focused on healthcare.
TEM MED
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This Bloomberg Markets video, published August 26, 2026, features Matt Stucky, Dana Telsey, Gary Marcus, Steve Case discussing NVDA, ANF, KSS, BBWI, URBN, ORCL, CoreWeave, XLRE, Hospitality, TEM. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matt Stucky, Dana Telsey, Gary Marcus, Steve Case  · Tickers: NVDA, ANF, KSS, BBWI, URBN, ORCL, CoreWeave, XLRE, Hospitality, TEM