Brew Markets: Lucid CEO Joins on EVs, NikeSKIMS is Coming & NASDAQ: Our Day Onsite

Podcast: Brew Markets
Host: Ann Berry
Date: September 23, 2025

Episode Overview

In this episode, Ann Berry and the Brew Markets team dive into three of the day’s most compelling market stories:

1. Lucid’s EV strategy amidst changing tax credits and partnerships (with an in-depth interview with interim CEO Mark Winterhoff)
2. Nike’s turnaround bid and the much-anticipated Nike Skims collaboration with Kim Kardashian
3. The team’s visit to NASDAQ, exploring how the tech-centric exchange works, its business lines, and its future as a public company

Throughout, Ann brings her sharp investor insight, probing questions, and engaging tone as she unpacks business strategies and market headlines.

Key Topics and Insights

Nike: Innovation, Tariffs, and the Kim Kardashian Collaboration

[00:00–03:45]

• Muted Earnings Expectations:
  • Nike faces a possible 5% revenue drop and up to a 60% EPS decline compared to the previous year, driven by high tariffs and costly inventory strategies.
  • CEO Elliot Hill expected a $1 billion hit from tariffs during the last earnings call.
• Leadership Transition & Strategy:
  • Hill, a longstanding Nike executive, returned in October 2024 to replace John Donahoe amid market share losses in core categories and retail distribution cuts.
  • Hill is deploying a strategy to clear out old inventory and re-engage with large retailers—including Amazon for the first time since 2019.
• NikeSKIMS Launch:
  • Scheduled for Friday, Nike’s joint venture with Kim Kardashian’s Skims brand marks a pivot toward innovation in women’s activewear.
  • The launch includes 40 pieces across three collections, blending gym and lifestyle wear, and leverages endorsements from stars like Serena Williams and Chloe Kim.
  • Ann Berry notes the strategic timing—“It is not an accident that Nike's newness push comes this week. It will give Hill something else to talk about on Tuesday when he takes the earnings podium to jazz up his turnaround update.” (02:27)

Onsite at NASDAQ: The Tech Exchange Up Close

[04:38–11:25]

• Times Square HQ & Media Presence:
  • The NASDAQ HQ is a gleaming, media-friendly space in the heart of Manhattan, regularly hosting events and live shows.
  • Ann and John describe their behind-the-scenes experience, including a celebrity sighting: “Jimmy Fallon was there at NASDAQ today to ring the bell. So all in all, just an exciting morning.” (05:31, John)
• NASDAQ’s Business Model:
  • IPO’d itself on its own exchange in 2002, marking its dual role as a stock exchange and a public company (ticker: NDAQ).
  • Sees itself as “a global technology company,” not just a stock exchange.
  • Operates three main business segments:
    1. Capital Access Platform – IPO and listing fees; more deals (79 IPOs / $9B this year) vs. NYSE (15 IPOs / $8B).
    2. Financial Technology Division – Regulatory and market technologies, plus financial crime management.
    3. Market Services Division – Facilitating trades across a range of assets, with $3.8B in revenue last year.
  • NASDAQ’s market cap stands at $50B; shares have risen 121% over 5 years.
• Future & Competition:
  • Exploring tokenized securities and possibly launching 24/5 trading.
  • Ongoing rivalry with NYSE and ambitions for international expansion.
  • Ann’s skepticism on “24-hour trading” claims: “This is where I have a slightly cynical take on exchanges talking about having 24 hours a week capabilities. It's sort of effectively happening in a global economy anyway.” (11:04)

Lucid Motors: Navigating EV Headwinds – Interview with CEO Mark Winterhoff

[12:22–28:32]

Federal EV Tax Credits Expiring

[12:22–13:40]

• Mark Winterhoff (“C”) explains Lucid’s move to extend the $7,500 EV tax credit for orders not delivered before expiry, maintaining goodwill as the high price point buffers impact:
  • “We are... at the higher end right now. And $7,500 is a good amount of money, but it really depends on what the purchase price is.”
  • “For our Gravity SUV... we are honoring the $7,500 actually until the end of the year because we have so many orders.” (12:41–13:40)

Lucid’s Luxury Position and Competition

[13:40–14:55]

• Lucid competitors: Mercedes, BMW, Audi—“a little bit a notch higher than Tesla” in luxury feel.
• Expanding into “accessible luxury,” targeting a new, more affordable $50,000 segment:
  • “We don't want to be a niche player, we really want to have... higher volumes.” (14:37)

Response to Porsche’s EV Pause

[14:55–16:44]

• On luxury rivals pausing EV launches:
  • “We are pure electrified company and we think that electrification is the future.”
  • “If you're now stopping, appearing back, you will even be further behind in a couple years time...”
  • Lucid is now the best-selling EV in its segment in the U.S., trailing only the E-Class and 5 Series overall. (15:08–16:44)

Adopting Tesla Supercharger Network

[16:44–18:33]

• On Lucid vehicles using Tesla’s infrastructure:
  • “When we discussed this internally, the first moment was a little bit odd. But at the same time, we need to look after our customers... more options for finding a charger.” (17:22–18:21)
• Noted that previous Lucid leadership took the decision last year to maximize customer benefit.

Autonomy and Robo-Taxis: The Uber Tie-Up

[18:48–22:04]

• Differentiates personal autonomy (advanced driver assistance) from B2B Robo-taxis.
• Lucid’s focus: Level 4 autonomy (“you can read your emails... while you're driving”) is in development.
• Unique Uber collaboration:
  • “It's the only partnership that [Uber does] where they actually invest in... a purpose-built vehicle just for them. Uber selected us because of our EV technology, because of our range.” (20:47–21:27)
  • 20,000 Gravity SUVs supplied over six years—“Our aspiration is that this will be much bigger than that.”

Saudi Sovereign Wealth Fund as Backer; International Strategy

[22:04–24:33]

• The PIF (Public Investment Fund) is a long-haul, supportive partner:
  • “They think very strategic long term... you have to be in it for the long haul.”
• U.S. is (and will remain) Lucid’s main market, despite the Saudi connection:
  • “US is our by far strongest market right now and it will be also in the future. ... we're not going to China.” (24:33)

Future of Robo-taxi Rollout

[24:33–25:36]

• California’s tech culture makes it the early adopter region for autonomy, but expansion to other cities is coming:
  • “It is the closeness to the tech that makes this probably the area where people adopt this the fastest... But it will not stay just here.” (24:58–25:36)

Life as Interim CEO

[25:36–27:19]

• Repositioning around autonomy and partnerships has boosted morale:
  • “We made a lot of improvements... and many people in our company see this actually as something that will drive the company forward... We're adding additional shifts. Right now everybody is laser focused on delivering. And that's a nice sense actually to feel.” (26:17–27:19)

Leadership, Engineering Background

[27:19–28:32]

• Mark credits his engineering background for problem-solving skills but stresses the balance with customer focus:
  • “The main thing... is really problem solving, structuring problems and attacking them and solve them and move on to the next one.… At the same time you also always need to think about the customer.” (27:37)

Market Headlines & Notable Moments

Daily Market Summary

[28:46–29:26]

• Major indices down after Fed Chair Powell signals valuations are “fairly highly valued” and rate cuts are uncertain.
  • Notable: Boeing up after huge potential China deal is teased.

Nvidia’s $100 Billion Bet on OpenAI

[29:26–31:08]

• Ann provides critical analysis of the “circular thinking” around Nvidia investing $100 billion in OpenAI, who is also a huge Nvidia customer:
  • “Even though Nvidia share price popped something about it just didn’t sit perfectly with me... I’m worried about the money going around in circles because OpenAI is a massive customer of Nvidia’s...”
  • “Nvidia’s $100 [billion] bet on OpenAI raises more questions than it answers.” (29:43–30:51)

Notable Quotes

• Ann Berry on Turnarounds at Nike:
  • “Turnarounds are just a slog, especially when it's being done by a big mature business like Nike and especially when you're public with the market watching your move every single quarter.” (03:34)
• John on NASDAQ Location:
  • “I checked the train to see how I could get down to the finance district. And then I discovered that no NASDAQ is in Times Square.” (05:27)
• Mark Winterhoff on Lucid’s Customer Focus:
  • “We need to look after our customers. ... It’s really only because we’re looking after our customers.” (17:29–18:21)
• Mark on Uber Partnership:
  • “Uber selected us because of our EV technology, because of our range. And when you think about it, in that kind of business, everything that counts is uptime.” (21:13)
• Mark on International Focus:
  • “US is our by far strongest market right now and it will be also in the future... we're not going to China.” (24:33)
• Ann on 24/7 Trading:
  • “I feel like it's already 24 hours, you know, because Asia trades and Europe trades.... with the time zones.” (11:04)
• Ann’s closing take on Nvidia/AI investing:
  • “I think there's going to be a lot more scrutiny around where the money is actually coming from for these AI investments and where it’s really going to go to.” (30:51)

Timestamps of Key Segments

• Nike’s Situation & Skims Launch: [00:00–03:45]
• Onsite at NASDAQ / Exchange Business Model: [04:38–11:25]
• Lucid CEO Interview Begins: [12:22]
• Tax Credit Strategy: [12:41–13:40]
• Competing in Luxury Segment: [13:40–14:55]
• Porsche & Future of Electrification: [14:55–16:44]
• Tesla Supercharger Access: [16:44–18:33]
• Autonomy and Uber Partnership: [18:48–22:04]
• Saudi Investment & International Expansion: [22:04–24:33]
• Robo-taxi Market Rollout: [24:33–25:36]
• Interim CEO Reflections: [25:36–27:19]
• Engineering Background & Leadership: [27:19–28:32]
• Market Headlines (Powell, Boeing, Nvidia): [28:46–31:08]

Final Thoughts

Ann Berry and the Brew Markets team provide a lively, insightful scan of today’s essential stock market stories. From Nike’s innovation bets and turnaround efforts, to a deep dive into NASDAQ’s transformation and the cutting edge challenges faced by Lucid, there’s plenty for investors and business-minded listeners to digest—plus a candid look at market headlines with critical, experienced analysis.

Next episode: More coverage on Nike’s earnings and continued market trend tracking.