--- title: "Wall Street Analyst Warns That Nvidia Is Facing Serious Trouble" description: "Out of the 80 analysts covering Nvidia stock for Bloomberg's enterprise terminals, only one of them is saying \"sell.\"" date: "2025-10-31" modified: "2025-10-31" authors: - name: "Joe Wilkins" job_title: "Correspondent" link: "https://futurism.com/authors/jwilkins" url: "https://futurism.com/future-society/analyst-bloomberg-ai-bubble" categories: - "Artificial Intelligence" - "Finance" - "Future Society" --- # Wall Street Analyst Warns That Nvidia Is Facing Serious Trouble ![Out of the 80 analysts covering Nvidia stock for Bloomberg's enterprise terminals, only one of them is saying "sell."]() *Getty / Futurism* Though the real economy might be [circling the toilet](), the stock market is doing gangbusters. US stocks grew to [record-busting highs]() this week, fueled almost entirely by investments into AI. Amidst the boom, chipmaker Nvidia became the first company ever valued at [$5 trillion]() in the history of financial markets — a mere 78 days after hitting $4 trillion. With nothing but good vibes on Wall Street, you'd be hard pressed to find any stock analysts willing to go bet against the giant Nvidia — until now, that is. Of the 80 analysts covering Nvidia for Bloomberg's enterprise terminals, 73 of them currently rate Nvidia as a "buy." Six of them say "hold," but only one, Seaport Global Securities senior analyst Jay Goldberg, say "sell." Many economists have been watching in horror as they warn that AI spending is propping up the US economy with misallocated capital. Wall Street, however, is only seeing green. As [*Bloomberg* notes]() in its reporting on the analyst, Goldberg is currently swimming against a stream of epic proportions. "This is not my first bubble," Goldberg told the publication, referring to the [dot-com investment bubble]() of the late 1990s. "That feels very strongly like the pattern we're seeing now," he continued. "We're going to build up all this AI stuff for what are largely psychological reasons. At some point the spending will stop, and the whole thing will tumble down and we’ll reset." As [part of his analysis](), Goldberg points out that most of the money propping up the stock market is just being passed back and forth between a few [massive tech corporations](), a dubious practice known as [round-tripping](). All it takes, he says, is one phone call from the Financial Accounting Standards Board or Securities and Exchange Commission to put an end to the dubious moves. "There's a lot more that can go wrong with Nvidia than can go right," Goldberg observes. There's also the simple fact that AI has yet to make any real revenue compared to its massive cost. "I agree AI has the potential to be immensely powerful," Goldberg said in an interview on *[Bloomberg Television]()*, "but I think there are gonna be growing pains. No technology this big has ever been adopted in a straight line." Asked if he was concerned about risks to his reputation given his contrarian take, Goldberg commented that he was "surprised how little pushback" he got from big name clients — the kind of institutional investors whose money is holding the whole AI bubble up. "I thought I was gonna have to fight them tooth and nail, but most of them quietly agree with me," he said. **More on AI:** *[There’s a Stunning Financial Problem With AI Data Centers]()* ## Author At Futurism, I focus on the intersection of technology and power — examining the economics, history, and politics behind today’s dystopian headlines. As a writer, I’m interested in topics ranging from AI’s impact on labor to startups nobody asked for. My prior work includes bylines in Jacobin, Verso, and Blue Labyrinths. My work for Futurism has been cited by publications including Forbes, The Guardian, MIT Technology Review, Time, The Nation, Mother Jones, The Verge, and Wired. I grew up in Michigan, attending Central Michigan University as well as Ball State University, where I earned a master of music. I now live in Brooklyn with my girlfriend and our cat Ziti. On weekends, you can find me hunched over a cold pint arguing geopolitics with the other transplants. ### Author social links [Bluesky]()