The Rundown – AMD Earnings Fail to Impress, Novo Nordisk Cuts Outlook Amid Obesity Drug Pricing Pressure

Date: November 5, 2025
Host: Zaid Admani
Length: ~10 minutes

Episode Overview

In this brisk daily market update, Zaid Admani details a tough day in the markets, examines disappointing investor reactions to AMD’s strong earnings and Novo Nordisk’s lowered outlook, and highlights other major movers like Rivian and Pinterest. The episode closes with a surprising look at the economic impact of the New York City Marathon.

Market Recap

[00:25]

• Markets Sold Off:
  • S&P 500: -1.2%
  • NASDAQ: -2%
• Tech Dragged Down:
  • Six of seven "Magnificent Seven" stocks finished lower; Apple was the sole winner.
  • Special mention: Palantir fell 8% despite solid earnings.
• Crypto Slide:
  • Bitcoin traded below $100,000 for the first time since May.
• No Single Trigger:
  • Zaid attributes the selloff to “growing concerns around the AI hype and the valuations being a little too frothy.”
• Quote:
  • “Yesterday was brutal. Stocks, crypto, everything was down.” — Zaid Admani [01:12]
  • “Could be a sign that the tides might be turning when it comes to the AI story.” — Zaid Admani [04:31]

AMD Earnings: Good Numbers, Poor Reception

[01:57]

• Q3 Results:
  • Sales up 36% YoY to $9.25B (beat estimates).
  • Data center revenues (AI chips) up 22% to $4.3B.
• Why the Stock Dropped 3%:
  • Profit miss: $1.1B, lower than expected.
  • Margins in data center segment dropped to 25% (from 29% last year).
  • The stock had already doubled in 2025; market wanted a bigger earnings beat.
• Forward Guidance:
  • Q4 revenue expected at $9.6B (above estimates).
  • CEO Lisa Su confident, projecting “tens of billions of dollars a year by 2027” for AI business.
  • Big recent deals: OpenAI and Oracle.
  • PC and gaming segment up 73% to $4B.
• Investor Sentiment:
  • Increasing skepticism around AI-driven stock rallies.
  • Comparison to Palantir’s drop after strong earnings.

Novo Nordisk Cuts Outlook Amid Pricing & Competition

[04:40]

• Earnings Snapshot:

  • Grew sales of WeGovy (obesity drug) 18% to $3B but missed estimates.
  • Narrowed sales and profit outlook for fourth time this year.

• Pressure Points:

  • Competition in weight-loss drugs (notably Eli Lilly).
  • U.S. government pushing for lower prices:
    • White House reportedly nearing a drug price cap deal at $149/month (current WeGovy pricing: $1,350/month).
    • “A massive discount and a massive hit to their profit margins if it goes through.” — Zaid Admani [06:12]

• Corporate Maneuvering:

  • Hostile takeover battle with Pfizer for Medcera (a weight-loss startup with no drugs on the market yet).
  • Novo’s latest bid: $10B vs. Pfizer’s $8B.

• Stock Reaction:

  • Down 2% post-earnings, down >40% on the year.
  • Facing new CEO transition, falling drug prices, stiffening rivalry, and an “expensive” acquisition attempt.

Other Noteworthy Movers

Rivian (RIVN)

[08:07]

• Stock up over 4% after Q3 beat on both top and bottom lines.
• Surprise gross profit—second time this year.
• Twist:
  • Profit driven by software joint venture with Volkswagen (not actual auto sales).
  • Core automotive still losing money (-$130M in Q3).
  • Anticipating R2 vehicle launch next year.
• Quote:
  • “Software business is doing what their car business can't, which is actually making a profit.” — Zaid Admani [08:37]

Pinterest (PINS)

[08:51]

• Stock down nearly 20% on earnings miss and weak guidance.
• Adjusted earnings: $0.38/share (vs. $0.42 expected).
• Revenue: $1.05B (in line), monthly active users hit 600 million (beat forecasts).
• Investors skeptical about the “AI-powered shopping assistant” plan.
• Quote:
  • “Management says they have a plan…they’re leaning into the AI-powered shopping assistant strategy, whatever that means.” — Zaid Admani [09:16]

Memorable Quote

On AI and Valuation:

“I think the reaction from the market to AMD's earnings could be another sign that investors are starting to finally come out of their AI trance and are starting to look at the valuations quickly of these AI companies. We saw it with Palantir yesterday…Now we’re seeing it with AMD.”
— Zaid Admani [04:27]

Lighthearted Segment: NYC Marathon’s Economic Impact

[09:36]

• 59,000 runners—a marathon record.
• Each runner’s signup costs ~$300, totaling ~$17M.
• Total economic impact exceeds $700M (hotels, food, shopping).
• Marathon supports over 5,000 jobs and brings “tens of millions” in charity.
• Shoutouts:
  • Team members Kevin and Connor completed the marathon.
  • Zaid jokes about pain and expense:

    “Paying 300 bucks to not walk for a week—I don’t know if I want to sign up for that.” [10:14]

Episode Structure/Timestamps

• [00:25] Market Recap – Selloff, Tech & Crypto Down
• [01:57] AMD Earnings Analysis: Numbers Good, Margins & Outlook Worry
• [04:40] Novo Nordisk: Guidance Cut, Drug Price Caps, Acquisition Fight
• [08:07] Rivian: Earnings Beat Thanks to Software JV
• [08:51] Pinterest: Missed Earnings, Stock Tanks
• [09:36] NYC Marathon’s Surprising Economic Impact

Tone & Style

Zaid maintains a conversational, slightly irreverent, and highly accessible tone throughout the episode, balancing actionable financial news with amusing asides and relatable commentary.