Chipmaker Nvidia is set to release its latest financial results on Wednesday as investors anxiously await. CBS News MoneyWatch correspondent Kelly O'Grady has more details.

New York

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Nvidia is preparing to release its third quarter earnings, attracting significant attention as the company remains a leader in the artificial intelligence sector with the highest market capitalization on Wall Street. Investors are closely monitoring Nvidia's chip demand, the impact of U.S.-China trade restrictions, and the company's forward guidance, as concerns grow about a potential AI market bubble.

In related news, Target has reported its third consecutive quarter of declining same-store sales and has cut its full year guidance. The retailer attributes its struggles to reduced consumer spending, brand challenges, and a shift in consumer priorities toward essential items, with shoppers favoring competitors like Walmart for groceries.

Fears of AI bubble burst as Nvidia's third quarter earnings emerge

After the bell today, all eyes will be on chip maker giant NVIDIA as it reports its third quarter results. The company is the most valuable on Wall Street with the highest market cap by a wide margin. NVIDIA leads the AI space as multiple companies compete for market share. But recent market performance indicate that investors may be losing their enthusiasm for artificial intelligence. So let's bring in CBS News Money Watch correspondent Kelly O'Grady for much more on this. She joins us live from New York City. Kelly, good to see you today. What should we expect from NVIDIA today? And are we really facing an AI bubble here? We might be, but you never really know if you're in a bubble when it comes to the market until that bubble pops, until it bursts. And then everyone looks back and they said, oh, wow, we were in a bubble. You know, valuations were much higher for these companies than they should have been based on the fundamentals. NVIDIA, though, is going to be a really important bellwether for the AI industry. And we've talked about this before. They make the chips, the building blocks that all of these AI companies and startups use to develop whatever they are doing with artificial intelligence. So the few things that I'm looking for are, one, what has been the demand for those chips? Are we seeing these companies buy in droves? Because remember, NVIDIA has a lock on the market pretty much. They own the majority of the chip market. So they are the main player. The second thing is, is the China of it all. Remember, the China-U.S. trade war. NVIDIA has really sat at the center of one of the issues of being able to sell their very advanced chips to China. That's something that there has been bipartisan effort to prevent with this ongoing AI race. So will they be able to gain a very important revenue stream back in China? And then finally, the guidance, the earnings. You look at how a company has done this past quarter. But most investors are always looking at how the company is projecting the next few quarters to the year. How much growth do they see? Do they see this economic uncertainty drifting into the AI space? Likely not. Likely it is going to be gangbusters, gangbusters in terms of AI spending. But the thing, Mugo, that's really important is there are always really high expectations for NVIDIA. So even when the growth isn't as much as investors expect, you see the stock take a hit. So we're going to be looking for all of those things. And investors, you can very much assume there's going to be a big move in the stock one way or another after those results come out, after the bell. OK, we'll wait for it. And Kelly, I want to talk about Target because they released their third quarter earnings this morning. Can you walk us through how the company performed and why they cut their full year guidance? Yeah, so the company is not doing particularly well. We saw the third consecutive quarter where sales declined and they looked at this on a store basis. So what that meant is essentially one particular store. They have seen same store sales decline over the past three quarters, so the past nine months. Part of it is Target has struggled when it comes to its brand. There's been a lot of backlash because some of the choices that they have made. But also more generally, they are looking at a consumer that is tightening the belt. They saw consumers not come into their stores as much, also not frequent their website as much. And then when they did, they spent less every single time. Part of that is because Target, they have the nicer to have items instead of the need to have. Walmart is more where folks are going for the groceries, for the essentials. But definitely the CEO highlighted, you know, they are seeing a slowing consumer. It's something that they're trying to reel people in with deals. But they cut guidance for the full year because of that uncertainty and because of that slowing spending they're seeing from their base. All right, Kelly O'Grady, as always, thank you so much for your insight. We appreciate it.

U.S. President Donald Trump has authorized a plan for the CIA in Venezuela, according to a New York Times report. CBS News' Charlie D'Agata has more details.

Washington

Trump authorizes plans for CIA covert operation in Venezuela: report

An Israeli strike on the Ain al-Hilweh Palestinian refugee camp in southern Lebanon killed 13 people and wounded several others, the Lebanese Health Ministry said Wednesday. The Israeli military said it struck Hamas militants who it said were operating in a training compound there.

Beirut

Middle East Conflict

Israeli strike on Palestinian refugee camp in Lebanon kills 13

The Epstein files bill is expected to reach President Donald Trump's desk for his signature on Wednesday (November 19). CBS News' Taurean Small reports.

Trump set to sign bill to release Epstein files

Microsoft and Nvidia plan to invest a combined $15 billion into Anthropic. Bloomberg Intelligence's Mandeep Singh discusses why two of the biggest backers of OpenAI are putting money into its rival.

San Francisco

Microsoft, Nvidia to invest up to $15 billion in Anthropic

Hamas rejects the US-drafted UN resolution for a Gaza ceasefire and international stabilisation force.

UN Security Council vote: Hamas rejects Gaza 'peace resolution'

President Trump welcomed Saudi Crown Prince Mohammed Bin Salman to the White House on Tuesday. The two leaders announced a boost in Saudi Arabia's planned investment in the U.S., from $600 billion to nearly $1 trillion.

Trump, MBS announce boost in Saudi investment to U.S.

President Donald Trump hosted Crown Prince Mohammed bin Salman at the White House on Tuesday, with the Saudi de facto ruler seeking to further rehabilitate his global image after the 2018 killing of U.S.-based journalist Jamal Khashoggi and deepen ties with Washington.

Trump hosts Saudi crown prince for pomp-filled, deal-making visit

The Senate, through the process of unanimous consent, agreed to send the bill to President Trump's desk for his signature without any amendments once it's received from the House.

Senate to send Epstein files bill to Trump's desk for signature

The House has approved a bill that would require the Justice Department to release files related to convicted sex offender Jeffrey Epstein. The bill, which received bipartisan support, now awaits consideration in the Senate.

House passes bill that would force release of Jeffrey Epstein files

Hopes for a strong G20 declaration on climate and debt relief are slim as South Africa readies to host the summit from Saturday (November 22). Global tensions and a boycott by the United States threaten to overshadow the gathering.

Johannesburg

South Africa readies for G20 despite U.S. boycott

At least one person is dead and three others were injured after an attack in the West Bank, Israeli forces said. Meanwhile, the United Nations Security Council backed the U.S. plan for Gaza. CBS News' Ramy Inocencio has the latest.

Jerusalem

Tensions escalate as U.N. Security Council backs Trump's plan for Gaza

U.S. President Donald Trump will host Saudi Crown Prince Mohammed bin Salman at the White House, his first visit since Washington Post journalist Jamal Khashoggi was killed in 2018. The crown prince has denied any involvement.

Saudi Crown Prince Mohammed bin Salman visiting White House

The sale of the fighter jets is one of several major deals between the two countries expected to be announced during the visit.

Trump says he will sell F-35 jets to Saudi Arabia

The U.K. government has proposed a major overhaul of its asylum rules, making it easier to deport people and quadruple the amount of time it takes to become a permanent resident.

London

U.K. introduces tougher laws for asylum seekers

In a blistering opinion, a federal judge in Virginia accused Justice Department prosecutor Lindsay Halligan of misconduct, saying there was a "disturbing pattern of profound investigative missteps."

Virginia

DOJ accused of 'profound investigative missteps' in Comey case

The United Nations Security Council has voted to adopt a U.S. resolution outlining President Trump's peace plan for post-war Gaza. CBS News senior foreign correspondent Holly Williams has the details.

U.N. Security Council adopts U.S. resolution on Gaza plan

The aircraft carrier USS Gerald Ford has arrived in the Caribbean, giving the United States the ability to strike inside Venezuela if President Trump gives the order. The U.S. has also sent thousands of troops to the region.

Trump 'won't rule out' sending troops to Venezuela amid rising tensions

President Trump now says Republicans should vote to release all of the files related to the federal investigation into convicted sex offender Jeffrey Epstein. CBS News' Olivia Rinaldi and Nikole Killion have the latest on what could happen next.

Trump's Epstein files reversal comes amid pressure from allies

Poland's Prime Minister Donald Tusk has called an explosion on a railway line “an unprecedented act of sabotage.” Donald Tusk did not say who he believed had carried out the attack, but a government minister said "foreign intelligence agencies" were responsible.

Warsaw

Railway line blast in Poland ‘unprecedented act of sabotage’

Ukrainian President Zelenskyy signed a landmark deal in Paris on Monday to buy 100 Rafale jets, drones, and air defense systems from France.

Paris

Ukraine signs deal with France for jets, air defense systems

The Federal Aviation Administration ended mandated cuts in domestic flights at 40 major U.S. airports, easing restrictions that had been imposed over air traffic control concerns during the federal shutdown.

FAA ends mandated cuts in domestic U.S. flights

Israeli Prime Minister Benjamin Netanyahu vowed to oppose any attempt to establish a Palestinian state, a day before the UN Security Council will vote on a U.S.-drafted resolution on Gaza that leaves the door open to Palestinian independence.

Tel Aviv-Yafo

Netanyahu insists there can be no Palestinian state ahead of UN vote

A Bangladesh court sentenced ousted Prime Minister Sheikh Hasina to death for crimes against humanity on Monday (November 17), concluding a months-long trial that found her guilty of ordering a deadly crackdown on a student-led uprising last year.

Dhaka

Bangladesh's ousted PM sentenced to death for protest crackdown

President Donald Trump now appears to support the release of all Jeffrey Epstein files as the House of Representatives readies for a vote on the matter. CBS News' Natalie Brand reports.

House vote on Epstein files expected Tuesday

In the latest round of the Trump administration's sweeping immigration raids, federal agents arrested 81 people in Charlotte, North Carolina, on Saturday alone. In videos posted online, some who were detained said they do have legal status.

Charlotte

ICE detains dozens in Charlotte

If the bill passes, the U.S. Justice Department would be required to release all files and communications related to Epstein, as well as details about the investigation into his death in federal prison.

Trump calls on House Republicans to vote to release Epstein files

Chile heads to a December runoff after Sunday's presidential vote left no clear winner. Leftist Jeannette Jara and far-right José Antonio Kast will now face off in a race dominated by concerns over crime and migration.

Santiago

Chile leftists advance to next month's presidential runoff

Construction work of a concrete wall continued on the Israeli side of southern border with Lebanon, despite the Lebanese presidency's threat to complain to the U.N. Security Council over the wall's extension into Lebanese territory.

Israel constructs wall along Lebanon border

Venezuelan President Nicolas Maduro slammed planned joint military exercises by the United States and its ally Trinidad and Tobago as "irresponsible," with Washington increasing its armed presence in the Caribbean.

Caracas

Maduro denounces US military exercises

Despite U.S. President Donald Trump's repeated attempts to kill the effort to release federal files related to Jeffrey Epstein, House Republican leaders are planning to hold a vote this week on legislation to force the issue.

Fears of AI bubble burst as Nvidia's third quarter earnings emerge

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