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Funeral For Former U.S. Vice President Dick Cheney To Be Held Today; NVIDIA Reports Strong Earnings Amid Fear Of AI Bubble; Florida Congresswoman Charged With Stealing $5 Million In Disaster Funds. Aired 5:30-6a ET
Aired November 20, 2025 - 05:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
(COMMERCIAL)
[05:31:43]
BRIAN ABEL, CNN ANCHOR: The funeral for former U.S. Vice President Dick Cheney will be held in the coming hours at Washington's National Cathedral. The 84-year-old died earlier this month after battling pneumonia along with cardiac and vascular diseases. A lifelong conservative, Cheney was V.P. under President George W. Bush from 2001 to 2009.
In recent years Cheney became a critic of President Trump, even voting for Democrat Kamala Harris in the 2024 election. A source tells us neither Trump nor Vice President JD Vance were invited to Cheney's funeral.
A plane carrying Venezuelan migrants deported from the United States arrived at Caracas' international airport on Wednesday. The deportation flights from the U.S. to Venezuela have continued despite tensions over military strikes in the Caribbean. The flight from Phoenix, Arizona was one of nearly 50 deportation flights over the last eight months.
And President Trump says visas for skilled foreign workers are necessary, bucking criticism and backlash from some conservatives and his MAGA base. He explained his position at a U.S.-Saudi investment forum in Washington on Wednesday.
(BEGIN VIDEO CLIP)
DONALD TRUMP, (R) PRESIDENT OF THE UNITED STATES: We're going to welcome those people. Yeah, I love my conservative friends, I love MAGA, but this is MAGA. And those people are going to teach our people how to make computer chips. And in a short period of time our people are going to be doing great, and those people can go home.
(END VIDEO CLIP)
ABEL: The president said certain industries, like computer chip manufacturing, require foreign workers to open factories. He claimed it would be impossible for major new investments to move forward in the U.S. without foreign workers, and he suggested those who oppose the H1-B visas do not understand the complex business dynamics at play.
INVIDIA beats earnings expectations in its latest report. Why this could impact the entire AI industry. That's next.
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[05:38:28]
ABEL: Welcome back to EARLY START. Time for your business breakout.
A much better-than-expected earnings report from NVIDIA is driving a surge in the U.S. futures market. We have more on NVIDIA in a moment, but let's look at the futures. The Dow is up and the S&P 500, along with the Nasdaq -- start the day up more than a percentage point.
And checking some of today's other business headlines the long delay of the U.S. jobs report for September is due out in the coming hours. It was supposed to be released earlier last month but that was put on hold due to the government shutdown. Some experts believe the hiring will remain anemic as it has been for several months now. The jobs added for October will be included with November's report.
The International Monetary Fund is warning of the weakest economic growth since the 2009 global financial crisis. The group predicts the world's 20 largest economies will grow by just 2.9 percent in 2030. It points to protectionism and policy uncertainty as key factors.
G20 leaders are due to meet in South Africa this weekend, although U.S. President Donald Trump and China's Xi Jinping will not be there.
Retail chain Target's problems -- they are intensifying. The company reported a drop in sales in its last quarter and cut its full year profit guidance on Wednesday. Target's sales have stagnated over the last four years. Last month the company said it would cut 1,000 corporate employees. That's roughly eight percent of its global workforce.
[05:40:00]
And NVIDIA's new earnings report surpassed Wall Street's expectations. Sales growing to $57 billion in the October quarter. That's up 62 percent from the same time last year. Most of the world's artificial intelligence technology runs on NVIDIA chips and demand for AI chips remains strong despite questions about a potential AI bubble.
At a U.S.-Saudi investment forum in Washington, NVIDIA CEO Jensen Huang dismissed those concerns.
(BEGIN VIDEO CLIP)
JENSEN HUANG, CEO, NVIDIA: There's a whole movement of computing from general purpose computing to accelerated computing, and that -- if you just -- if you take that into consideration you'll come to the conclusion that, in fact, what is left over to fuel that revolutionary agentic AI is not only substantially less than you thought and all of it justified. (END VIDEO CLIP)
ABEL: And the company's earnings report appears to have calmed investor anxiety for now.
CNN's Clare Duffy reports.
(BEGIN VIDEOTAPE)
CLARE DUFFY, CNN TECH REPORTER: Yes. I think Wall Street is likely breathing a sigh of relief after this report with NVIDIA posting better-than-expected sales and profits. This was such a closely watched earnings report because NVIDIA is really the backbone of the AI boom. Its chips power much of this technology. But it's also become an emblem of the larger industry and how it's performing.
And we've seen these concerns ramp up in recent weeks about the potential that the AI market is a bubble waiting to burst. These questions about whether the rate of return from AI investments can keep pace with the massive spending on AI infrastructure or whether we might start to see tech companies scale back those investments.
And whatever happens with NVIDIA has huge ripple effects across the economy given the fact that this company makes up about eight percent of the total value of the S&P 500. So, so many investors and 401k holders have the potential to be impacted by these results.
But I think the main takeaway here is that this AI boom is not slowing down anytime soon. The company posted both sales and profits up about 60 percent year-on-year. That's a massive number. And what's more, the company is guiding revenue for the current fourth quarter higher than Wall Street was expecting.
The company also really tried to underscore the fact that AI is driving returns for the companies that are adopting it. It took the sort of unusual move of ticking through a list of its customers in its earnings call this afternoon and talk about how they're benefiting from AI. Companies like Meta, Anthropic, OpenAI, Palantir, Eli Lilly. It's unusual to hear a tech company talk about other companies on its earnings call but NVIDIA wants investors to understand that there is benefit and money to be made from adopting this AI technology.
So overall, a positive result for NVIDIA and really, a positive sign for the wider AI market.
Clare Duffy, CNN, New York.
(END VIDEOTAPE)
ABEL: Federal immigration raids ramp up in parts of the country leaving many communities living in fear. A report from North Carolina is next.
And a Florida congresswoman charged after allegedly stealing millions of dollars in COVID funding and using part of the money to fund her election campaign. We have the details ahead. (COMMERCIAL)
[05:47:38]
ABEL: Welcome back. I'm Brian Abel. Here are some stories we are watching today.
Interim U.S. Attorney Lindsey Halligan has made a stunning admission in the case against James Comey. She says the full grand jury never saw the final set of charges against the former FBI director. Only the foreperson signed off. Prosecutors accuse Comey of lying to Congress. He has pleaded not guilty.
Ukraine's President Volodymyr Zelenskyy is expected to meet a Pentagon delegation in the coming hours. They'll hold talks in Kyiv after reports that the White House has been working on a new peace plan for Ukraine. A senior Ukrainian lawmaker dismissed the plan already as "ludicrous" in an interview with CNN.
President Donald Trump has signed a bill directing the Justice Department to release all the Jeffrey Epstein files. Congress passing the bill titled the "Epstein Files Transparency Act" this week. Trump had previously opposed releasing the files but changed course after facing pushback from members of his own Republican Party. The Department of Justice now has 30 days to release everything.
But CNN senior legal analyst Elie Honig says there could be some potential issues to making all the files public.
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ELIE HONIG, CNN SENIOR LEGAL ANALYST, FORMER FEDERAL PROSECUTOR, FORMER ASSISTANT U.S. ATTORNEY, SOUTHERN DISTRICT OF NEW YORK: They now have 30 days to make all of this public and to get it over to Congress, which actually puts the disclosure right on the eve of Christmas -- December 19 or so.
One really important thing I want people to understand though. There is a huge loophole in the law itself that President Trump just signed, and that says that DOJ does not have to make public any materials relating to ongoing criminal investigations. And what that means is it's going to be up to Pam Bondi, and Todd Blanche, and Kash Patel. If they want to say well, that relates to some ongoing investigation, it will be redacted or it will be left out, and we will not see that.
So I know there's this expectation of now we're going to see everything -- not necessarily so.
(END VIDEO CLIP)
ABEL: A Florida congresswoman has been indicted, accused of stealing $5 million in COVID-19 federal disaster funds and using part of the money to fund her election campaign. The Justice Department says Sheila Cherfilus-McCormick diverted FEMA overpayments made to her family's health care company for a vaccination contract.
Attorney General Pam Bondi says the Democrat committed a particularly selfish, cynical crime.
[05:50:00]
Lawyers representing Cherfilus-McCormick say she is a committed public servant and that they will fight to clear her good name.
The Trump administration's crackdown on immigration ramping up in North Carolina. The Department of Homeland Security says more than 250 people have been arrested in Charlotte since the weekend. The immigration raids have sparked days of protests in the state with Democratic leaders condemning agents' tactics.
As CNN's Gustavo Valdes reports, the raids have left many communities living in fear.
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GUSTAVO VALDES, CNN CORRESPONDENT (voiceover): The end of the day at some Charlotte area schools is a bit different this week. Fewer vehicles are in line because many parents and guardians are afraid to send their children to school.
EMILIA MORENO, GRANDSON MISSED SCHOOL (through translator): Yesterday morning I was walking to drop off my grandson in school, and I saw immigration arriving.
VALDES (voiceover): Part of Operation Charlotte's Web that has resulted in over 250 arrests this week.
VALDES: What have you been doing this week?
MORENO (through translator): Taking risks, running to cross the street, looking around, and fearing every car has agents.
VALDES (voiceover): Others, like Moreno, are afraid to leave their house. He agrees to talk to us through the window and doesn't want to show his face.
MARIO, CHARLOTTE RESIDENT: (Speaking foreign language).
VALDES: He says he hasn't left home since Friday. He lives near his daughter's school, so they can walk to class.
MARIO: (Speaking foreign language).
VALDES: He says, "The girls get scared when they see so many classmates missing, so they try to reassure them that everything is going to be OK soon."
The fear runs so deep that even our presence is questioned by neighbors like Marilyn Gomez.
MARILYN GOMEZ, VOLUNTEER: We're keeping an eye out on activity on any vehicles that may look like they may be harmful for our community.
VALDES (voiceover): And helping families who need a ride to get their kids to school or assistance buying groceries.
Many in the city have taken to the streets with daily protests. That is where we found Jamie Roldan, who is a teacher.
JAMIE ROLDAN, SCHOOL TEACHER: Students showed up with fear asking questions about what is going to happen if I go home and my parents aren't there.
VALDES (voiceover): She says the only thing she can do is reassure them that people are fighting on their behalf.
ROLDAN: I tell them that I'm going to fight. If someone comes to my door I'm fighting. You're not coming in my classroom and taking any of my kids.
VALDES (voiceover): For now, all they can do is be patient and hope that Operation Charlotte's Web ends soon.
MARIO: (Speaking foreign language).
Mario (PH) says he is willing to wait a month behind closed doors. But even if his daughters can continue their education, he is afraid for his job and a way to support his family.
Gustavo Valdes, CNN, Charlotte.
(END VIDEOTAPE)
ABEL: The government shutdown is over, but air travel disruptions are lingering. What this could mean for the millions of people planning to fly for the Thanksgiving holiday next week.
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[05:57:18]
ABEL: You are looking here at the latest images of a visitor from another solar system. No, not an unidentified flying object. This is an interstellar comet, and only the third one ever to be observed. Now, NASA pivoted a variety of space probes and missions to capture this rare sight, but the images were only being released now because of the government shutdown.
The comet is racing through our solar system. It will be closest to Earth on December 19, and after that it will begin leaving the solar system. Once it does it will likely never come back.
As Americans head into one of the busiest travel seasons of the year, airports are looking to move past the delays and cancellations caused by the government shutdown. Meanwhile, aviation leaders are urging lawmakers to adopt measures that would avoid a repeat of the chaos.
Marybel Gonzalez reports.
(BEGIN VIDEOTAPE) SEN. JERRY MORAN (R-KS): There's roughly 31 million passengers are expected to fly next week for the holiday, but there may be lingering impacts on the system because of the shutdown.
MARYBEL GONZALEZ, CNN CORRESPONDENT (voiceover): The record long government shutdown is over but as the Kansas senator said during a Senate subcommittee hearing on Wednesday, the impacts to air travel are still being felt.
Air traffic controllers are legally required to work but were not paid during the shutdown. Many called out sick, triggering staffing shortages at airports all over the country. This, as the workforce is already understaffed.
NICK DANIELS, PRESIDENT, NATIONAL AIR TRAFFIC CONTROLLERS ASSOCIATION: We operate with 10,800 certified professional controllers where there should be 14,633. Any profession that had a 25 percent reduction in their essential workers would be screaming for help.
GONZALEZ (voiceover): Some blame the president for missed paychecks.
SEN. TAMMY DUCKWORTH (D-IL): If Trump cared about controllers being paid, he would have paid them.
GONZALEZ (voiceover): But earlier this week the Aviation Funding Solvency Act was introduced. The bipartisan bill aims to guarantee air traffic controllers are paid during future shutdowns.
DANIELS: Failing to pay the workforce that keeps our skies safe is not acceptable and not sustainable.
GONZELEZ (voiceover): As for air travel passengers who will face severe delays in the future, cash compensation is going away. The Trump administration dropped the Biden era requirement to pay customers hundreds of dollars for delays of three hours or more. U.S. airlines are still required to refund passengers for canceled flights.
I'm Marybel Gonzalez reporting.
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ABEL: Marybel, thank you.
Pope Leo has received a gift from his hometown of Chicago, a four-pack of a beer from a local brewery delivered -- you see it here -- by Illinois Gov. JB Pritzker. The American mild ale is named "Da Pope," paying tribute to the pontiff and a play on a "SATURDAY NIGHT LIVE" famous sketch about the city's football team the Bears.
No word yet from the Vatican on whether the pope will give the beer a try, but I am most certainly looking forward to that report. I wonder if that brewery will make it public for everybody to try.
Well, that does it for us. Thank you for joining us here on EARLY START. I am Brian Abel in Washington, D.C. "CNN THIS MORNING WITH AUDIE CORNISH" starts right now.
