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Nvidia Corporation’s (NASDAQ:NVDA) November 19 earnings report has emerged as the single biggest catalyst for global equities.
Despite signs of slowing from its previous 50% growth pace, Nvidia remains at the center of Big Tech’s multitrillion-dollar data center spending plans.
The U.S. chip designer became the first company to top the $4.5 trillion market cap in October 2025 as its graphics processing units, or GPUs, became pivotal for AI applications and video gaming.
Anita Gupta, CIO of Wealthbrix Capital Partners, told CNBC that she expects the near-term GDP weakness in the U.S. to be temporary. She expects fourth-quarter GDP growth to slow by about one percentage point but forecasts a rebound in the first quarter of 2026 as government spending resumes.
She backed her thesis, citing the government’s full resumption of flights and potential agreement on health expenditure that will boost health insurers. Although consumer confidence recently softened, she anticipates a recovery and maintains that any drag on GDP will be short-lived.
Gupta highlights that policymakers lack access to fresh inflation and labor data, creating uncertainty as the December Federal Reserve meeting approaches.
Fed Chair Jerome Powell recently compared the situation to “driving through fog,” and markets now assign only a 50% probability to a rate cut that was once seen as nearly certain.
With the last headline CPI reading at 3%—and core inflation not far off—she expects inflation to continue easing into 2026 despite tariffs.
Even if the Fed does not cut in December and market sentiment reacts negatively, she remains confident that the overall rate path is shifting lower.
She notes that eight Fed meetings are scheduled in 2026, including a January meeting that could deliver the first cut, which she views as supportive for risk assets.
Gupta also identifies the next major catalyst for global equities: Nvidia’s upcoming earnings report on November 19.
She says geopolitical tensions, including the ongoing Russia-Ukraine conflict and gradual improvement in Israel-Gaza, appear relatively contained for markets at the moment.
Instead, investor attention has shifted to Big Tech capital expenditures—nearly half a trillion dollars projected in 2026—and an estimated $7 trillion in data-center spending by 2030.
Nvidia remains at the center of this investment cycle as the world’s leading high-end GPU manufacturer. Although its explosive 50% revenue and earnings growth is slowing, data-center demand still drives substantial gains.
Gupta stresses that what Nvidia communicates on its earnings call will be critical, as the company is a major contributor to recent U.S. earnings growth.
Price Action: NVDA stock was trading lower by 1.08% to $188.12 premarket at last check Monday.
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Photo by Chung-Hao Lee via Shutterstock
Posted In: NVDA
