Stock Slide Deepens in Run-Up to Nvidia and Jobs

5 snips

Nov 17, 2025

Guest

Aaron Jagdfeld

Guest

Chris Whalen

R.C. “Chris” Whalen, a banking and credit market expert, discusses the risks of private credit and the hype surrounding AI valuations, cautioning against over-investment. Aaron Jagdfeld, CEO of Generac, shares insights on the company's earnings miss, driven by weak residential demand due to mild weather, while highlighting growth in commercial markets. The two also delve into the challenges facing the U.S. power grid and the importance of backup generators amid increasing outages.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

Correction Likely, Not A 2008 Repeat

Whalen expects a correction in frothy valuations but not a 2008-style crash due to ample liquidity.
Too much capital chasing opportunities will cause retreats across several asset classes.

ANECDOTE

Generac Sales Slowed By Mild Weather

Aaron Jagdfeld explains Generac's residential slowdown after a mild hurricane season and higher consumer prices.
He links softer demand to weather and post-COVID pricing pressures including tariffs.

INSIGHT

AI Capex Offsets Residential Weakness

Generac sees commercial and data-center demand (AI-driven capex) offsetting weaker residential sales.
The company expects industrial and data-center projects to be a counterweight into 2026.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Wall Street traders gearing up for Nvidia Corp.’s earnings and the jobs report shunned riskier assets as both events will be key in shaping the global financial outlook throughout the rest of 2025.
Just days ahead of tests of the two main pillars of the bull market — prospects for artificial intelligence and Federal Reserve rate cuts — equities fell alongside crypto. The S&P 500 lost over 1% — breaching a technical level seen by many as a gateway to a deeper pullback. The gauge is set to snap 138 sessions during which it held above its 50-day moving average — its second-longest stretch this century.

Nvidia’s report Wednesday will come out amid investor uneasiness about stratospheric AI valuations even though the chipmaker is widely expected to deliver another earnings beat. Options traders are pricing in a 6.5% swing in either direction for the stock, which would be the highest implied move in a year.

Then there’s the September jobs report, which will be released Thursday after a delay due to the US shutdown. Fed Vice Chair Philip Jefferson said he sees risks to the labor market as skewed to the downside, but warned policymakers need to proceed slowly.

Scrutiny of Walmart Inc. and Target Corp. results will also be heightened as investors seek clues on consumer appetite and the broader economy. More than 400 shares in the S&P 500 fell, with the gauge hovering near 6,650. Nvidia slipped as Peter Thiel’s hedge fund Thiel Macro LLC sold off its entire stake in the chipmaker last quarter. Alphabet Inc. climbed as Warren Buffett’s Berkshire Hathaway Inc. built a $4.9 billion stake in the third quarter.

Today's show features:

R.C. “Chris” Whalen, Chairman, of Whalen Global Advisors, on the US economic and monetary policy outlook
Aaron Jagdfeld, Chairman, President and CEO of Generac, on the company's most recent earnings and the health of the American power grid
Laura Chambers, Chief Executive Officer of Mozilla Corporation on the growing presence of AI in our day-to-day web browsing experience and Internet and data privacy challenges
Sevasti Balafas, Founder and CEO at GoalVest Advisory on investing strategies amid macro uncertainty

See omnystudio.com/listener for privacy information.