If anyone was waiting for the AI ​​bubble to burst, NVIDIA’s results have a message: sit tight

NVIDIA just published your results of the fourth quarter of its last fiscal year and has left Wall Street speechless. Revenues of $68.1 billion, a net profit that almost doubles that of the same period of the previous year, and a forecast for the following quarter that has far exceeded analysts’ expectations. And all this in a turbulent context where more efficient models and other alternatives are beginning to appear. The crash of DeepSeek is far away, and the demand for chips does not slow down. We tell you the numbers in detail. In case your position was not clear. Only a handful of companies in history have exceeded $100 billion in annual profit. Alphabet, Microsoft and Apple are in that club. NVIDIA has just joined them, with $120 billion in profits in the last twelve months, according to the report. The difference is speed: just three years ago, its annual profit was 4.4 billion. We can say with certainty that no technology company has ever grown so quickly on that scale. AI, and more AI. The engine that has driven these profits is its data center business, which generated $62.3 billion in the quarter, 71% more than a year ago. Within that segment, if we focus on their Blackwell chips, they have gone from entering 32.6 billion to 51.3 billion, while the networks (NVLink, Spectrum-X and InfiniBand) grow from 3,000 to 11,000 million. Gross margin is 75%, and earnings per share nearly double to $1.76 in GAAP terms (which is the official rulebook that companies follow to demonstrate transparent accounting). What Jensen Huang says. “Without computing, there is no way to generate tokens. Without tokens, there is no way to grow revenue.”, counted directly the CEO of NVIDIA in the meeting with investors. Their thesis is that in the new AI economy, computing power directly equates to revenue for their customers. That is why the large cloud service providers (Google, Amazon, Microsoft, Meta) continue increasing your capex budgetswhich together will exceed 500,000 million dollars in 2026 to build AI data centers. And NVIDIA is the main beneficiary of that expense. What DeepSeek has not broken, but accelerated. At the beginning of 2025, the emergence of the Chinese DeepSeek model generated an unprecedented tremor in the markets, leaving a simple question in our minds: if AI becomes more efficient, why do we need so many chips? The answer from NVIDIA’s results is that efficiency does not reduce infrastructure demand, it multiplies it. Every improvement in inference efficiency lowers the cost per token, encouraging more companies to deploy more AI applications, which in turn requires more compute. It’s like Jevons’ paradox, but applied to AI: efficiency expands the market instead of contracting it. Agentic AI as the next catalyst. On the same call with investors and analysts, Huang stood out that “enterprise adoption of agents is skyrocketing.” AI agentsthese systems that make decisions and execute tasks autonomously, require many more inference cycles than chatbots. They are the next step in the AI ​​value chain, and NVIDIA is once again in a privileged position. Colette Kress, CFO of the company, confirmed In addition, the first samples of Vera Rubin, the next generation of chips that will arrive later this year, have already been sent. China and the competition. Not everything is green. NVIDIA acknowledged that its forecast for the next quarter ($78 billion) does not include computing revenue in China. The company has generated just about $60 million from H20 chips since the Trump administration reapproved some sales in August 2025, according to SEC filings, and has yet to earn revenue from the most recently approved H200. Regulatory uncertainty with Beijing remains a small China in Huang’s shoe. In parallel, competitors such as AMD, Broadcom or Google’s own custom chips (TPUs) are gaining ground. But the NVIDIA CEO remains focused on his vision. And according to pointed at the meeting: “Every company depends on software, and all software will depend on AI.” As long as this is fulfilled, everything indicates that NVIDIA will continue selling the blades and picks. Cover image | NVIDIA In Xataka | NVIDIA was founded by three engineers, but only Jensen Huang remains CEO: “I wish I had kept some shares”

OpenAI’s biggest fear is not that the bubble will burst. It’s just that I do it ahead of time

Sam Altman has admitted in an internal memo published by The Information that Google is catching up technologically with Gemini 3. That’s a real problem for OpenAI, but OpenAI’s real concern isn’t that. It’s just that he needs the party to last long enough to give him time to build his own infrastructure. Why is it important. OpenAI plans to burn more than $100 billion in the coming years pursuing AGI. But it is completely dependent on Microsoft for servers, NVIDIA for chips, and external investors for financing. Google, on the other hand, already has its own TPUs and generates 70 billion in free cash flow per year thanks to Search, YouTube and Google Cloud. If the music stops early, one survives and the other doesn’t. The paradox of timing. OpenAI faces a very peculiar race against time: If investment in AI slows in 2026 or 2027, it will have spent tens of billions but will not have completed its own infrastructure. You will remain tied to expensive suppliers. You will not be able to compete on costs with Google. Staying halfway is the worst possible scenario. Instead, if the bubble lasts until 2030 or beyond, OpenAI will probably have reached the threshold of self-sufficiency. It will have its own chips, its own data centers, economies of scale. It will be able to survive even when the investment tap is turned off. It’s like building a bridge: it doesn’t matter how much you’ve spent a lot. If you only get halfway, it’s of no use. The absence of moat. OpenAI cannot protect itself with sustainable technological advantage. In AI there are no defensive moats (moats) real. Every time OpenAI or any other lab makes a breakthrough, the rest replicate it within months. The only sustainable advantage OpenAI has left is cost. If you control your infrastructure, you can offer prices that no one else can match. If you do not control it, you become a dispensable intermediary between the end customer and whoever does have the chips and servers. The context of the memo. The document published by The Information reveals that Altman anticipated turbulence after the launch of Gemini 3. Google’s new model stands out precisely in the areas that generate the most revenue for OpenAI: automation of web design and programming. Altman acknowledged to his team that “Google has been doing an excellent job lately” and warned that he expects “the environment to be tough for a while.” But he urged them to stay focused on “achieving superintelligence”, admitting this would mean being left “temporarily behind in the current regime”. The figures. OpenAI went from almost non-existent revenue in 2022 to projecting 13 billion this year. It is one of the fastest business growth in history. But it plans to earn 200 billion in 2030. To achieve this, it will need to multiply its current income by 13 in less than five years. Meanwhile, it plans to spend $90 billion on R&D alone through 2030. That represents 45% of its projected revenue. Large technology companies allocate between 15% and 30% of their gross profit to research, not their total income. If OpenAI falls short of its billing goal, that percentage will be even higher. Yes, but. Google has structural advantages that are difficult to overcome: Generates a huge cash flow thanks to consolidated and very profitable products. You can afford to burn money on AI for years without too much trouble. And it already has its own infrastructure after a decade developing TPUs. OpenAI, on the other hand, lives off external funding. His recent agreement with Oracle to design data center components in the United States is an attempt to build that self-sufficiency. Altman presented it as “a step to ensure that the core technologies of the AI ​​era are built here.” At stake. OpenAI’s technological advantage over rivals such as Google and Anthropic has narrowed. Investors have sunk more than $60 billion into OpenAI, recently valuing it at $500 billion, betting that it will continue to dominate the market for AI that creates content and reasons like humans. That bet falters. Anthropic, founded four years ago by former OpenAI employees, is skyrocketing its valuation and aiming to generate more revenue than its former home selling AI to developers and companies. Their models specialize in generating computer code. And ChatGPT is still far ahead of Gemini in usage and revenue, but the gap is narrowing. Between the lines. Altman concluded his memo by acknowledging the pressure: “It sucks that we have to do so many hard things at the same time: the best research lab, the best AI infrastructure company, and the best AI platform/product company. But it’s our destiny in life. And I wouldn’t trade positions with any other company.” The question is not whether OpenAI can technically compete with Google. It’s whether you can hold on financially long enough to stop depending on others. Featured image | Xataka In Xataka | There is a generation working for free as a documentarian of their own life: they are not influencers but they act as if they were.

The ecosystem is what keeps me at Apple. OPPO has proposed to burst it

If the mountain does not go to Muhammad, Muhammad goes to the mountain. One of the reasons why I am an Apple user, it is because of its ecosystem. Although I have a second Android phone, there are two elements that continue to tie me to the apple: the Apple Watch (which seems irreplaceable to me) and AirDrop. The twist is that Android is turning that upside down, and OPPO with O+Connect has given me a slap of reality. If Apple is jealous about something, it is its ecosystem. Their devices work great with each other, but with Android/Windows they cut features or don’t work at all. In recent months, Chinese brands have set out to break that barrier, with Xiaomi and OPPO being the leaders when creating Android devices with “native” support of Apple devices. From OPPO they have already shown the AirPods working perfectly on an Android mobile and they have plans for the same thing to happen with the Apple Watch, and Xiaomi with HyperOS 3 allows you to use your iPad and Mac as floating windows. The theory is fine, but now I have seen first-hand that it works perfectly. And O+Connect is a missile to Apple’s AirDrop… which works even better than AirDrop. OPPO busting AirDrop OPPO has been arguing for a few years that we should be able to interconnect devices regardless of their brand and operating system. In 2022 they launched Connect to allow you to easily control and send files with Windows, but a few months ago announced the evolution: O+ Connect. This app was presented from the beginning as the tool for an OPPO device to communicate not only with a PC, but with a Mac and, also, with iOS devices. Translation: a way to transfer files between the two that emulates the operation of AirDrop. Due to technical issues, it is something that has been implemented in OPPO, OnePlus and Realme phones little by little with the latest system versionsand it basically works like this: On the iPhone/iPad, we download O+ Connect from the App Store. On the OPPO, OnePlus or Realme device, we choose the “Share” option and click on the “iPhone or PC” icon. Literally, the icon is an iPhone with its Dynamic Island and everything. The Android creates a Wi-Fi hotspot and, from the O+ Connect app, the iPhone detects that connection point. We send the files and they are transferred over that local connection. When the transfer is finished, which is very fast, the hotspot is automatically deactivated. Recently, I have had two cell phones from the group in my hands. First, the Realme GT8 Pro with which I went to China to take photosand a few days ago the OPPO Find X9 Pro for analysis. With both I have used this function a lot – a lot – to transfer photos to both the iPhone (from where I upload them to Instagram) and the iMac (because it also works on macOS), and the experience has been fantastic. I share a lot with AirDrop and it usually works well, but there are many times where either the transfer fails or it doesn’t set up in the first place, having to turn AirDrop off, turn it back on, and repeat the process. It’s a bit tedious, but my experience with both the OPPO and the Realme has been spectacular. Not a single mistake, good transfer speeds (even scrolling through very heavy photos and videos) and, in general, a very good experience. I think it’s not as fast as the native AirDrop feature, but set to burst the ecosystemI consider AirDrop and full support for AirPods to be very good touchstones. As I said at the beginning, that ecosystem is the only thing that keeps me in the apple brand, and the moment I can use my Apple Watch Series 10 on a mobile phone with the photographic capabilities of a Xiaomi 17 Profrom a Vivo X300 Pro or the OPPO Find X9 Pro itself, it is more than likely that I will return to Android as my main system. Images and photos | Xataka In Xataka | Macbook Pro M5, analysis: sometimes, the advances that are not seen are the great success of an excellent product

NVIDIA and OpenAI know that the AI ​​bubble can burst in their faces. His solution: let dad pay for the state

Too big to fail or, in English, “too big to fail.” It is a theory of economics and finance which argues that certain corporations, especially banks, are so large and so interconnected that their failure would have catastrophic consequences for the global economy and therefore must be rescued by governments. The speech gained traction in the 2008 financial crisis and is beginning to sound again from the mouths of NVIDIA and OpenAI, no less. Government support. At an event of WSJSarah Friar, CFO of OpenAI, stated that the company will not go public in the short term (she says until at least 2027) and that its priority is growth and investment in R&D, above profitability. The most striking part of his speech was when he said that they hope that the government will support the financing of future agreements related to data centers. That OpenAI is burning astronomical amounts of money to lead the AI ​​race is something we have been discussing for a long timebut it is the first time that they directly appeal to the state to guarantee it. Shortly after, Friar collected cable in a post on LinkedIn: “OpenAI does not seek government support for our infrastructure commitments. I used the word ‘support’ and that confused the message,” but the seed was already planted. Depreciation. OpenAI is closing deals to secure computing capacity. We have seen it with his alliance with NVIDIAwith amdwith Broadcom and more recently with amazon. The complexity of the situation is that the depreciation rates of AI chips remain uncertain. As it says Washington Post’s Gerrit de Vynck in XOpenAI is going to need the best chips to be at the forefront of the AI ​​market, but financing this demand is not the same if the life cycle of the chips is seven years, as if it is only two years. The money is flowing, the question is for how long. In this uncertain scenario, government support would act as a safety net so that banks and private equity firms would feel more comfortable and continue releasing billions for OpenAI. China will win. NVIDIA is also appealing for government involvement in subtle ways. In a Financial Times event in London, Its CEO Jenshen Huang has warned that “China is going to win the AI ​​race.” Their arguments are that China has more flexible regulation and government subsidies for the energy your data centers needthat It is not little. This energy advantage allows China to compete even if they cannot buy NVIDIA’s most powerful chips. Huang doesn’t say it directly, but it is a clear wake-up call: either you subsidize the energy our data centers need or China will win. The fear. The question has been hanging over the air for a long time: Are we witnessing a new bubble? The investor Michael Burry thinks soand he is not just any investor, he was the one who made gold when the real estate bubble burst in 2008 (the movie ‘The Big Short’ is based on his story). The thing is, Burry just bet short against NVIDIA, which recently It was valued at 5 billion dollars. Fear of the bubble continues to grow, according to a Coatue report and the number of fund managers who believe we are in a bubble increased to 54% in October, up from 37% in July this year. 48% of the S&P 500 index corresponds to AI-related stocks. Fountain: Bianco Research Numbers. The fear is not at all unfounded and all you have to do is take a look at the numbers. Account Tomás Pueyo in Uncharted Territories that the economy should be in recession, but the numbers show the opposite and AI is behind this growth. The S&P 500 index is through the roof and 48% of this growth corresponds to AI-related stocks. The share price is far above what it was in the dotcom bustall with ridiculous benefits. And that’s not all, the economic growth of the United States in 2025 is due almost entirely to the construction of data centers for AI. According to the Economist Jason Furmanwithout taking data centers into account, the GDP of the United States would have grown only 0.1% in 2025. The creator of the newsletter Today in Tabs He gave a very graphic example: “Our economy could be reduced to three AI data centers in trench coats.” Tightrope. Returning to OpenAI, its financial director assured the Financial Times that it could be profitable simply by stopping investing too aggressively since it has a “very healthy” margin structure. The thing is, they can’t do it. OpenAI needs to achieve AGI, its great promise and the only thing that could justify this insane investment. If it fails, will cause a shock wave that can impact NVIDIA, AMD, Oracle… and end up dragging down the global economy. The competition tightens, Anthropic is eating the business market’s toast and Google is not only winning every time more users with Geminireached record revenue in the last quarterwhile OpenAI lost $11.5 billion in the same period. It doesn’t look good. Images | Wikipedia In Xataka | NVIDIA will invest 100 billion in OpenAI so that OpenAI buys chips from NVIDIA. And it’s a disturbing sign

When asked if AI is a bubble about to burst, big technology companies have just responded: hold my cap

The AI ​​race is about computing power and data centers the size of entire cities. And that doesn’t exactly come cheap. Big Tech is spending indecent amounts of money so as not to be left behind in AI and the fear that everything is a bubble flies over the environment. That doesn’t seem to stop them. Microsoft, Google and Meta have announced that they are increasing their planned spending on AI. what’s happening. Microsoft, Google and Meta have just presented their results for the last quarter and there are two pieces of news. The good thing is that all three have managed to increase their income. The not-so-good news is that they have sent a message to their worried investors: they are going to spend even more money than they planned on data centers and AI infrastructure. More wood. That AI is a bonfire of money we already knew it. Now we know it’s going to get even bigger. Meta had planned that Capex (capital expenditures) for 2025 would be $66 billion. Now they just said that The total will be between 70 and 72,000 million. And not only that, next year it will be even bigger. For its part, Alphabet (Google) had planned a Capex of 75,000 million, but they confirm that They will spend between 91 and 93 billion dollars. Finally, Microsoft has not given the annual data, but in this quarter They have spent 34.9 billion dollars5,000 million more than planned. In 2026 they expect spending to be even higher. Planned CAPEX REVISED CAPEX goal 66 billion 70-72 billion +24% GOOGLE 75 billion 91-93 billion +23% microsoft 30,000 million (quarterly) 34.9 billion (quarterly) +23% Also more income. Don’t panic, or at least not too much. All three have achieved record profits in this period. Meta earned 51.24 billion, Google 102.3 billion and Microsoft 70.1 billion, an increase of 26%, 16% and 13% more than the same period last year. All three assume that the numbers will continue to grow, and that is precisely what Those who warn of a bubble are not so clear. It’s not AI, it’s the cloud. In the case of Microsoft and Alphabet, the main vector of revenue growth is their cloud business, a trend that It started in the previous quarter and has continued to increase. Google Cloud generated 34% more revenue thanks to growth in “core products, AI infrastructure, and generative AI solutions.” In the case of Microsoft, its cloud services brought in 26.8 billion, 33% more than last year. And I published it. Meta is building data centers like there’s no tomorrow, but it doesn’t have a cloud business. Mete has something else: Facebook and Instagram. Its income comes largely from advertising and Zuckerberg assures that the good numbers come precisely because They are applying AI to improve their advertising systems. Not so fast, Zuck. Although Meta is the one that has increased its income the most compared to last year (26%), its shares have fallen 8% after announcing that it would continue to increase spending on AI. It seems that investors have quite a few doubts about their latest decisions, such as spend a million to create your superintelligence team or the plan to spend $600 billion in data centers. Image | Pixabay In Xataka | OpenAI is burning money like there is no tomorrow. The question is how long can he last like this?

It is so hot in Granada that there has been one of the most extreme phenomena of the weather: thermal burst

This Sunday on the Tropical Costa de Granada An unusual phenomenon has been recordedbut it has caused great ravages. While people were trying to pass in the water the heat wave in which we are now, in a few minutes everything changed to have a hurricane and scorching wind on top. It reached such a speed that made the umbrellas and chairs shot as projectiles. And it was not a simple summer storm, but a phenomenon known as thermal burst. What happened on the Granada coast. The sequence of the facts was dizzying. Shortly before 19:45, 112 emergency services The first calls began to receive Notice. The alerters, from different points of the Tropical Costa, talked about hurricane winds that even threw palm trees of the promenade. The climax of the phenomenon, According to the Aemet, It was recorded at 19:50 with a temperature that shot sharply until 40.1 ° C. Jointly, wind gusts reached a speed of 86.8 km/h officially, although in different social networks users suggest that these speeds They reached 100 km/h. A phenomenon that concentrated in different municipalities such as Motril, Salobreña, Torrenueva, Carchuna and Almuñécar. Click on the image to access the publication. Chaos on the beach and bailouts in the sea. Shared testimonies on social networks paint a collective horror picture. A citizen He reported: “I was there on the beach and the situation has been horrible, I have not had worse in my life.” The disseminated images In social networks they showed people running to their cars, which caused traffic jams on the exit roads of the coast. Although the greatest danger materialized in the water. The rapid evolution of this meteorological phenomenon caused people to practice aquatic sports, and the wind caught several people who saw how they crawled inside and preventing returning to the shore by their own means. This triggered an operation where Seven people had to be rescued in front of the beaches of Torrenueva Costa and Carchuna. A rescue that was carried out by maritime rescue, but also by private vessels that prevented this situation from becoming a great tragedy. A rapid official response. Given the violence of such an unpredictable phenomenon, the beaches of the affected municipalities They had to be evacuated. At 20:20, the mayor of Motril, Luisa García Chamorro, launched an urgent notice Through its social networks which reflected the seriousness of the situation, asking not to go outside and have a lot of caution. A term comfort does not arise from nothing. They require an atmospheric configuration Very specifica “recipe” that this Sunday was perfect in Granada. The main ingredient was The extreme heat accumulated during the prolonged heat wave. This heat not only affected the surface, but created a deep layer of very hot air, and crucially very dry at the average levels of the atmosphere, several kilometers high from where the burst was given. Meanwhile, on the sea, the air in contact with the water was comparatively cooler and more humble. This stratification with a very hot and dry air in height on a cooler and more wet layer near the surface is the ideal culture broth. The scenario was completed with the formation of convective storms on the mountains of the interior of Granada, which acted as the trigger for the process. Of the rain that never falls to the scorching wind. The process of formation of a thermal burst is a fascinating paradox of thermodynamics, where a process that begins with an external cooling culminates in a burst of scorching heat. It can be broken down into four key steps According to the Aemet technical guides: The descendant current: everything begins within a storm cloud where a powerful current of descending air is generated that drags rainfall. Sudden evaporation: As this column of air and rain plummets, it meets the extremely dry and hot air layer that had been formed before. The dry air ‘absorbs’ voraciously all precipitation, causing it to evaporate completely before reaching the ground, something that is known as ‘virga’. Evaporation is a process that consumes energy, abruptly cooling the air of the descending column. This air, now much colder and dense than the one that surrounds it, collapses towards the ground at a dizzying speed. Compression warming: Once all the water has evaporated, the cooling process ceases. The air column, and if “refrigerant”, continues its free fall. When descending, atmospheric pressure quickly increases by compressing the mass of air. This compression is client at an extraordinary pace, known as dry adiabatic gradient. The impact or burst. Finally, this extremely hot, dense and dry air bubble violates the ground, like an invisible hammer. Unable to continue descending, it expands horizontally in all directions at high speed, generating destructive and sudden wind gusts and intense temperature rise that characterizes the phenomenon. It is not the same as a tornado. Sometimes this phenomenon can be confused with a tornado, but There are differences. While in the tornado the wind revolves around a vertical axis, in the bursting the winds are descending and linear. Climate change will make them more frequent. Thermal bursts are a natural phenomenon, but climate change is causing them to be more frequent. The report of the IPCC scientific experts It is unequivocal: heat waves are now more frequent, more durable and more intense due to global warming. The Granada event was no exception. It was the culmination of a historical heat wave in Andalusia. As explained before, the temperature is the fundamental ingredient that creates and dry the necessary atmospheric layer for the thermal burst to activate. An ordinary storm, in a less extreme environment, could have generated a cold front that refreshes the environment. However, when interacting with an “prepared” atmosphere by anomalous heat, the result was the violent explosion of scorching air. More energy and more extreme. The connection goes beyond heat waves. One of the most direct consequences of the increase in global temperatures is that the atmosphere can retain more … Read more

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.