NVIDIA delivered another blowout quarter (Q3 2025 – ended 26 October, 2025 – released 19 November, 2025), significantly beating Wall Street expectations, and for some, partially alleviating (perhaps only temporarily) concerns about an artificial intelligence (AI) bubble. Demand for AI infrastructure remains extremely strong, with the new Blackwell graphic processing unit (GPU) architecture powering Nvidia’s latest high-performance chips for AI and Data Centres ramping faster than anticipated. Continue…

by Roger Montgomery Posted in Companies, Technology & Telecommunications.

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I joined Phil Clark on Nightlife to explain why the market’s sharp fall may reflect growing doubts about the artificial intelligence (AI) boom. I argued that while AI is a powerful General Purpose Technology (GPT) that may change the world (like cars or the internet), it might not be as lucrative as investors hope. Today we’re seeing super-charged share prices, huge data-centre spending, complex vendor-financing deals and big losses at firms like OpenAI. Whether this proves a correction or a bust is unknowable, so my message to investors was simple: regularly rebalance and diversify beyond the AI winners.

Tune into the full episode from 4:49 here: ABC Nightlife Finance 

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by Roger Montgomery Posted in Market commentary, Market Valuation, Radio, Technology & Telecommunications.

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November 19, 2025, marks Nvidia’s fiscal third-quarter earnings release for 2025 (Q325), and investors are holding their breath. The chipmaker, long the poster child for the artificial intelligence revolution, finds itself at a crossroads. With shares having pulled back almost 13 per cent in recent weeks amid heightened scrutiny, Q325 report could either reaffirm the explosive growth narrative driving technology valuations or fuel fresh doubts about an overheated artificial intelligence (AI) sector. Continue…

by Roger Montgomery Posted in Companies, Market commentary.

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On Monday the S&P/ASX 200 tumbled two per cent, led by a sell-off in tech stocks. It’s now down about seven per cent over the past month. Concerns about the end of the interest rate cycle in Australia, a lack of information on Wall Street and the forever present geopolitical fears seem to be weighing on investors.

On Fear & Greed, with Sean Aylmer, I explained that stretched valuations and a cooling of artificial intelligence (AI) optimism are prompting a shift in sentiment – but this isn’t a time to panic. It’s a reminder to rebalance, trim what’s run hard, and look to genuinely diversified, uncorrelated opportunities.

Tune in to the episode here: Q+A: What’s next after yesterday’s market tumble? Continue…

by Roger Montgomery Posted in Economics, Market commentary, Podcast Channel.

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For every equity that trades, there is a buyer and seller. Often there are functional reasons for selling, such as paying down a loan, paying tax, distributing an inheritance, or meeting retirement spending needs. Putting those aside, another reason for selling is the harbouring of a negative outlook on the share market in general or the sector or individual stock. But there is also a buyer on the side, who may hold the polar opposite view and outlook.

And if we assume both investors have access to the same information, the difference in outlook can only be attributed to a difference in perception.

Take for example the spending by artificial intelligence (AI) hyperscalers on their infrastructure buildout, estimated to be US$3 trillion by 2029. Continue…

by Roger Montgomery Posted in Economics, Insightful Insights, Investing Education, Market commentary.

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In this blog post, I (finally) take the focus off the artificial intelligence (AI) boom/bubble. Instead, I want to look at whether there are other factors investors should be considering when it comes to time to rebalance portfolios, and as 2025 concludes and 2026 commences.

First – and granted this one’s a bit of fun – the Santa Claus rally. Is there any evidence that such a thing exists? Continue…

by Roger Montgomery Posted in Global markets, Market commentary, Market Valuation.

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In this week’s video insight, I look at the dynamics behind major technology booms – from steam trains and commercial flight to the internet and now artificial intelligence (AI). In Part 1 of this two-part series, I outline the typical signs of a bubble: including soaring share prices, circular deals between companies, rising sales on credit, and financial engineering that makes growth look stronger than it truly is. We’re seeing many of these patterns in today’s AI boom. In Part 2, I’ll explain how these booms have typically unwound. Continue…

by Roger Montgomery Posted in Technology & Telecommunications, Video Insights.

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Investors must understand that correctly predicting artificial intelligence (AI) technology will change the course of humanity, even if for the better, does not automatically translate to desirable investment returns.

General Purpose Technologies (GPT) of the past, such as the automobile, electricity, commercial flight, steam locomotion and TV, have all changed the course of human history and yet more than a thousand car manufacturers have disappeared from the U.S. and none exist today that are profitable and have not been bailed out by government or private equity. Continue…

by Roger Montgomery Posted in Global markets, Manufacturing, Market commentary, Technology & Telecommunications.

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