ii Tech Focus: volatility, Nvidia, Strategy, Dell

Nvidia founder and CEO Jensen Huang pictured in South Korea in October. Photo: Jung Yeon-Je - Pool/Getty Images.

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Nvidia and a volatile week

NVIDIA Corp (NASDAQ:NVDA) released a blockbuster set of third-quarter results, sending shares soaring and lifting the broader market. It helped calm nervous investors and ease fears of an artificial intelligence (AI) bubble.

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The company reported record revenue of $57 billion (£44 billion), up 62% year-on-year. Data-centre revenue hit a record high of $51.2 billion, up 66% year-on-year. Earnings per diluted share hit $1.30, beating forecasts.

For the fourth quarter, revenue is expected to rise to $65 billion, plus or minus 2%. CEO Jensen Huang (pictured above) said: “Blackwell sales are off the charts, and cloud GPUs are sold out.” Addressing fears of an AI bubble, Huang said “from our vantage point we see something very different”.

Fears of an AI bubble hit markets hard at the start of the week, with UK shares sold at the fastest pace since the mini-Budget, bitcoin hitting a seven-month low and tech stocks sliding globally. However, Nvidia’s results helped snap a losing streak, triggering a rebound in global markets and revival of risk appetite.  

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Anthropic

Microsoft Corp (NASDAQ:MSFT) and Nvidia are investing up to $5 billion and $10 billion respectively in AI systems start-up Anthropic. At the same time, Anthropic has agreed to buy $30 billion of cloud services from Microsoft. Microsoft CEO Satya Nadella said: “We’re increasingly going to be customers of each other. We will use Anthropic models, they will use our infrastructure and we’ll go to market together.”

The Financial Times reported that these investments into Anthropic are part of a larger funding round that would value the company at more than $300 billion and is set to close either late this year or early next year.

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Source interactive investor, 17-19 November 2025.

Strategy Inc

Strategy Inc Class A (NASDAQ:MSTR) is the second-most bought tech stock on the ii platform this week behind only Nvidia. Strategy Inc is a bitcoin treasury company and provider of business intelligence services. BitMine Immersion Technologies Inc (AMEX:BMNR), a blockchain tech company and crypto miner, is in seventh place. It holds around 2.8% of the total supply of Ether. Both companies have struggled this month given volatility in the crypto complex. But many customers on the ii platform have been opportunistically buying the dip.

More than $1 trillion has been wiped off the crypto market recently and bitcoin is down about 28% from the highs. Having peaked at $126,000 in October, bitcoin dipped below $90,000 this week to its lowest since April.

Strategy Inc is down by more than 50% over the past six months and is 30% lower month-to-date. Meanwhile, Bitmine Immersion is up 290% over the past six months, but it is down nearly 40% so far this month, highlighting the volatile nature of these stocks. However, analysts remain optimistic with a consensus buy on both stocks.

Week Ahead

With mega-cap tech earnings season done and dusted, next week is shaping up to be a quieter one for AI and tech investors, particularly on Thursday when US markets are closed for the Thanksgiving holiday. 

Nonetheless, there are a few earnings to watch out for including Zoom Communications Inc (NASDAQ:ZM), Hewlett Packard Enterprise Co (NYSE:HPE), Zscaler Inc (NASDAQ:ZS), Dell, and Salesforce Inc (NYSE:CRM).

Dell

Dell Technologies Inc Ordinary Shares - Class C (NYSE:DELL) reports quarterly earnings after the market closes on 25 November. According to Refinitiv, three-month revenue is expected to hit $27.1 billion and earnings per share (EPS) is seen at around $2.47. 

Last month, Dell nearly doubled its growth forecasts for the next four years. It now expects annual growth in adjusted earnings of at least 15%, up from around 8% thanks to strong demand for its services that drive AI workloads. It also upgraded its annual revenue growth to between 7% and 9% for the next four years, up from 3% to 4%. CEO Michael Dell said “Customers are hungry for AI and the compute, storage and networking we provide.”

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When Dell reported second-quarter earnings in August, shares fell on weak guidance for third-quarter EPS despite a beat on the top and bottom lines. Dell guided for Q3 EPS of $2.45, below forecasts for $2.55.

Dell stock has been caught up in the recent sell-off in the AI sector. However, shares are still in positive territory year-to-date and over the last six months. Most analysts remain optimistic about Dell with a consensus buy recommendation on the stock. But shares fell sharply on Monday after Morgan Stanley issued a double downgrade from overweight to underweight.