Dan Ives, partner and senior managing director at Yorkville Ives & Co., joins BNN Bloomberg to discuss the AI spending race.
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1:03How do you see problems coming in terms of the actual ability to deploy chips?
2:12When you look at these results, do you see that happening?
2:52Eventually it is going to be about that monetization, and the market's going to keep giving enough rope for them to push that down the road, but ultimately there is going to be winners and losers, isn't there?
4:42What did you make of the earnings call yourself?
5:54Would you buy Tesla and Meta at these levels right now?
6:06I just keep going back to Nvidia, because it is the biggest domino in the pile, right?
Two of the biggest names in tech are putting their AI ambitions in the spotlight. Meta delivered strong revenue growth as it continues to spend heavily on artificial intelligence, while Tesla posted a mixed quarter and updated its investment plans as it pushes further into autonomy and robotics. For more, Dan Ives, partner and senior managing director at Yorkville Ives and Co., joins us now. Dan, great to have you on the show. So, earlier we had talked about this divergence in capital expenditures. Meta is dialing down, Tesla seems to be pulling back. What do you make of this?
I think overall, I mean, if you look at SpaceX and you look at Meta, I mean, capex is going to accelerate into next year. Probably about a trillion dollars of capex going into next year. And I think, from an AI revolution perspective, that's sort of the headline. I think, in terms of some of the nervousness, we're seeing demand accelerate across the board. And with Tesla, I think that's more specific to them: they've spent so much of that capex over the last year.
Dan, I'm curious, just it all goes back to deployment at this point, right? For Nvidia to continue to put up the growth numbers that they're putting up, there needs to continue to be deployment of these chips. And we all know about the power constraints, but now there's significant political opposition and geopolitical problems in terms of if you want to locate these data centers outside the US, where do you put them? How do you see problems coming in terms of the actual ability to deploy chips?
Yeah, look, I think it's a great point, and I think it also speaks to the volatility we're seeing right now going into the midterms. That's part of it, because if you have a blue wave and more opposition to data centers, I mean, that definitely would be a concern relative to the buildout. The issue now is demand and supply for chips is about 13 to 1, but it comes down to the working capital, the buildout, and what that's going to look like. And I think investors are trying to understand who the winners and losers are. I think the hyperscalers next week are going to just be more affirmation, validation that the growth's going to continue.
I think that's, I mean, to me, Meta is a stock that should be up five to seven percent and not down, because Muse, that's going to be the monetization engine for them as they go after three and a half billion users. And look, they were spending significantly over the last year or two. Now you're starting to see the monetization. I think this is what we're going to hear next week from the rest of tech earnings in this arms race: demand, and the fears, is now starting.
So arms race is an interesting point, because they kind of are in a position where, if you look at Tesla's results this morning, pulling back on capital spending seems to be getting penalized. Although with Meta doing an equity issue, seems to be getting penalized. So they're almost in this position where, if they spend more, it's going to get scrutinized until we see monetization. And if they spend less, they're going to get scrutinized unless we see monetization. So it argues to me, I can't really tell in this arms race... Right now it's about deployment, and it's about the spending plans and the trillion dollars of capex you talk about. Eventually it is going to be about that monetization, and the market's going to keep giving enough rope for them to push that down the road, but ultimately there is going to be winners and losers, isn't there?
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Ives, D. (2026, October 22). 'To me, Meta's a stock that should be up 5-7% not down': Ives [Interview transcript]. BNN Bloomberg. CEOInterviews.AI. https://ceointerviews.ai/interview/3113244/
MLA
Dan Ives. "'To me, Meta's a stock that should be up 5-7% not down': Ives." BNN Bloomberg, 22 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3113244/.
BibTeX
@misc{ives2026_3113244,
author = {Dan Ives},
title = {'To me, Meta's a stock that should be up 5-7\% not down': Ives},
howpublished = {Interview transcript, BNN Bloomberg. CEOInterviews.AI},
year = {2026},
month = {oct},
url = {https://ceointerviews.ai/interview/3113244/},
note = {Speaker-attributed transcript with timestamps}
}
