What Nvidia’s Perfect Quarter, Google Gemini 3, and Interest Rates Reveal About the AI Trade (ft. Doug O'Laughlin)

In this episode of The Rundown, the host interviews Doug O'Loughlin, President of SemiAnalysis, about the semiconductor and AI space. They discuss the market's reaction to Nvidia's earnings, Google's Gemini 3 launch, the significance of Google's TPUs, and the potential for an even larger AI bubble. Doug shares his insights on the sustainability of the AI build-out, comparing it to historical technology transitions like the railroad and internet booms, and the role of the Federal Reserve's rate decisions in influencing market behavior and investment strategies of major players like Google, Meta, and Microsoft. The conversation also touches on the competitive dynamics between companies like OpenAI and Google, and the potential for a debt-fueled expansion of the AI sector.