Nvidia's latest earnings report appears to dispel some of the fears about a potential artificial intelligence bubble in the stock market. CBS MoneyWatch correspondent Kelly O'Grady reports.

Wall Street

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 reported a record $57 billion in third-quarter revenue, representing a 62% increase from the previous year and surpassing analysts' expectations. The company also raised its forecast for the fourth quarter to $65 billion, reinforcing its position as a leading supplier of chips to AI-focused companies.

While Nvidia's strong performance has eased some investor concerns about a potential AI bubble, analysts caution that profitability for other AI companies is not guaranteed. Additionally, Walmart reported higher revenue and profit, noting increased customer activity across all income levels, particularly among those seeking value on groceries.

Nvidia earnings report dismisses AI bubble fears

Well, tech shares rose in after hours trading following NVIDIA's quarterly earnings report. The chipmaker brought in record revenue of $57 billion for Q3. That's up 62% from last year, which is beating analysts' expectations. NVIDIA is also predicting a strong fourth quarter. The company's CEO says the earnings dampen the theory of a so-called AI bubble. CBS News Money Watch correspondent Kelly O'Grady is live at the New York Stock Exchange with the latest. Kelly, good morning. So much talk about the possibility of an AI bubble. Let's talk about these earnings. What do they tell us? So they tell us that NVIDIA is doing really well. So a tip to anyone that bought NVIDIA years ago, because your portfolio looks very, very good today. And, you know, you mentioned $57 billion in revenue. It's a record for the third quarter. They upped their forecast for the fourth quarter to $65 billion. That's the quarter that we're in right now. When you think about what NVIDIA represents, it is an AI bellwether. The reason why is that it makes the building blocks, the chips, that all of those other companies that are focused on AI, that are spending on AI like crazy, they buy mostly NVIDIA chips. There's some other chip companies as well, but NVIDIA has a lock on it. You mentioned this concept of an AI bubble that has caused a lot of trepidation in the market. And most investors that I spoke to said, well, you know, NVIDIA did well, but just because NVIDIA did well, that means that everyone's still spending. It doesn't mean those companies that are trying to win in AI are going to turn a profit. So yes, this is good news for NVIDIA, and it has calmed some investors' fears. But Michael, I don't think that this really says we're not in an AI bubble, because all those other companies might end up being overvalued if they can't deliver on profit. Well, I also want to ask about Walmart. They released their earnings report this morning. What do those numbers tell us? Consumers still spending. They beat on revenue, beat on profit, lifted their guidance for the second quarter in a row. They said that they're gaining customers across all incomes. Remember, Walmart has actually tapped into that higher income consumer, making over $100,000 a year, because they're looking for deals, they're looking for value, they're looking for lower prices on groceries, which Walmart, with its scale, is able to offer compared to some of its competitors. So what it says about the average consumer, Walmart's often considered a bellwether for that, is that they are looking for value, but they are still out there spending and they're spending at Walmart.

President Trump approved a 28-point plan to end the Russia-Ukraine war, a senior White House official confirms to CBS News. Ramy Inocencio has the latest.

Washington

Ukraine Invasion

Trump approved 28-point plan to end Russia-Ukraine war

There are reports that the U.S. and Russia have drafted a plan that would end the war in Ukraine, but it proposes that Kyiv give up territory and some weapons.

Kyiv

Ukraine expected to give up land, some arms under U.S. peace plan

All 267 people on board a South Korean passenger ferry that ran aground off the southwestern tip of the Korean peninsula on Wednesday (November 19) have been rescued, in an incident that revived memories of the major ferry disaster in 2014 in which 300 people died.

Mokpo-si

Ferry runs aground off South Korea, crew negligence suspected

On Wednesday, U.S. President Donald Trump signed the bill that forces the Justice Department to release the files from its investigation into the late sex offender Jeffrey Epstein. The bill was passed by the U.S. House and Senate on Tuesday.

Trump signs bill to release Epstein files

U.S. officials are now in Kyiv for the Trump administration's renewed push to end the Russia-Ukraine war. CBS News chief foreign affairs correspondent and "Face the Nation" moderator Margaret Brennan has the details.

U.S. officials in Ukraine to push for renewed peace talks

Harvard University is opening a new inquiry into faculty connections with convicted sex offender Jeffrey Epstein. Cam Srivastava, college administration reporter for The Harvard Crimson, joins CBS News with more.

Cambridge

Harvard announces new probe into faculty ties to Jeffrey Epstein

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.

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.

New York

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.

Nvidia earnings report dismisses AI bubble fears

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