AI Sector Analysis: November 20, 2025

Executive Summary: The Convergence of Infrastructure, Sovereignty, and Regulation

The centerpiece of yesterday was NVIDIA Corporation’s Fiscal Q3 2026 earnings release. Amidst feverish and often skeptical speculation regarding the sustainability of capital expenditures by hyperscalers, the company delivered a rebuke to the "AI bubble" thesis so comprehensive that it reset market expectations for the remainder of the decade. By reporting $57 billion in quarterly revenue and guiding for $65 billion in the subsequent quarter, NVIDIA demonstrated that the industry is not merely sustaining its build-out but accelerating it, transitioning from the Hopper architecture to the Blackwell era with zero …