The Rundown Podcast Summary

Episode: AMD Soars on Rosy AI Outlook, On Running Jumps 20% After Raising Guidance
Host: Zaid Admani
Date: November 12, 2025
Produced by: Public.com

Main Theme

In this episode, host Zaid Admani delivers a dynamic market update, spotlighting AMD’s strong AI outlook, On Running’s impressive growth, and the latest moves in buzzy stocks like Oklo and Circle. Admani also comments on the shifting AI trade, sector rotation, and CEO sentiment about the broader economy.

Key Discussion Points & Insights

1. Market Overview & Sector Rotation

• The S&P 500 closed up 0.2%, the Nasdaq slipped 0.2%, while the Dow Jones led with a 1.2% jump.
• "Yesterday was one of those rare days where tech stocks dropped while the rest of the market rallied." (01:00)
• Tech was the only sector in the red, suggesting money is rotating from AI/tech into healthcare and energy.
• Admani views this as a healthy rebalancing, making the market less dependent on a few mega-cap names.
• Investors should keep an eye on the S&P 500 Equal Weight Index as a way of tracking this trend.

2. Government Shutdown Update

• The Senate passed a bill to end the government shutdown; a House vote and President Trump’s signature are expected soon.
• Admani notes: "So yeah, the end of the shutdown is adding to investor confidence as we enter the busy holiday season." (02:30).

3. Earnings Season: Major Weeks Ahead

• Upcoming earnings next week from Target, Walmart, and superstar AI chipmaker Nvidia could set the tone for markets.
• "With the vibe shifting on the AI trade that Nvidia earnings next week could make or break it." (03:20).

Company Highlights & Stock Movers

4. AMD’s AI Ambitions & Rosy Outlook

• At AMD’s Analyst Day, CEO Lisa Su projected 35% annual revenue growth in coming years, largely from data center AI (expected to grow 60% per year). (04:10)
• AMD is targeting profit margins of 55-58%, exceeding Wall Street expectations.
• "AMD’s hope is that their chip and their server rack technology will take market share from Nvidia. Now I don’t think that AMD will ever overtake Nvidia... but if they can be Pepsi to Nvidia’s Coke, I mean—that’s a solid spot to be in." (05:50)
• AMD’s MI400 AI chip, coming next year, can power full server racks (“Helios”)—allowing thousands of GPUs to operate as a supercomputer.
• Stock is up over 100% YTD, and another 7% today on the news.

5. On Running (ON) Delivers Massive Growth

• Swiss sneaker brand On reported 20% Q3 sales growth and raised annual guidance for a third consecutive quarter.
• Expecting 34% annual sales growth (previous forecast: 31%).
• No plans for holiday discounts—a stark contrast to Nike (expects sales to decline) and Hoka's parent company Deckers (cut guidance).
• Apparel sales jumped 90%; stock is up over 20% on the report.
• "I've always been a Nike guy, but I really want to get some ons at this point." (08:05)

6. Oklo: Nuclear Power Startup with Investor Buzz

• Oklo posted a Q3 loss of $0.20 per share (wider than expected), and has yet to generate revenue.
• Despite this, shares surged over 10% today and are up nearly 400% YTD.
• Oklo is developing small modular nuclear reactors for use in grids and AI data centers.
• Political spotlight: CEO attended a recent White House bill signing; Oklo participates in government pilot programs.
• "We’re actually interviewing the CFO of Oklo next month, so we’ll be able to get an inside look." (10:00)

7. Circle: Growth Outpaced by Rising Expenses

• Stablecoin issuer Circle beat Q3 revenue and profit estimates ($740M in revenue, up 66%), with USDC circulation doubling to $73.67B.
• 96% of total revenue now comes from interest on reserves backing its stablecoin.
• Despite growth, Circle raised operating expense forecast to $495–510M and saw costs surge 70% in Q3.
• Stock fell 8%, and is down 65% from June highs: "People just aren’t talking about stablecoins like they were back in the summer." (11:25)

Economic Sentiment & CEO Outlook

8. CEOs Optimistic but Cautionary Tone

• Bloomberg data: “Economic slowdown” mentions on earnings calls hit their lowest since 2007.
• "That makes me a bit nervous. But for now, things are looking pretty good." (12:15)
• S&P 500 earnings on track to grow nearly 15%, with 81% beating estimates.
• Risks remain (AI trade, labor market), but so far, profits and markets are resilient.
• Playful comment: "I'm just hoping that we're not setting up for a sequel to 2008. I wonder who Christian Bale would play in the sequel... I think he'd make a pretty good Sam Altman." (13:10)

Notable Quotes

• On sector rotation:
  "The markets became a little too top-heavy and dependent on a few mega cap names." (01:25)
• On AMD's market position:
  "If they can be Pepsi to Nvidia's Coke, I mean—that's a solid spot to be in." (05:50)
• On On Running’s momentum:
  "ON is crushing it in the shoe game. But it's not just shoes—they saw a 90% jump in apparel sales." (07:45)
• On Oklo's upside despite losses:
  "The company has yet to make a single dollar in revenue, but you know, that hasn’t scared off investors that are betting on the nuclear revival." (09:55)
• On Circle’s conundrum:
  "People just aren't talking about stablecoins like they were back in the summer." (11:25)
• On CEO confidence:
  "Mentions of the word economic slowdown... just hit their lowest level since 2007. Now keep in mind, 2007 was also the year before the Great Financial Crisis, so that makes me a bit nervous." (12:15)

Important Timestamps

• [00:00–01:20]: Market recap, sector rotation discussion
• [02:00–03:20]: Government shutdown update & upcoming earnings
• [04:00–07:00]: AMD Analyst Day highlights, AI chip competition
• [07:00–08:30]: On Running earnings, footwear/apparel trends
• [08:30–10:30]: Oklo's performance, nuclear tech insight
• [10:30–12:00]: Circle’s results, expenses, and stablecoin trends
• [12:00–14:00]: CEO economic sentiment & market outlook

Tone and Language

• Informal, sharp, lightly humorous, and highly accessible.
• Zaid Admani keeps the energy brisk and inviting, throwing in pop-culture quips and listener engagement prompts.

TL;DR

• AMD is gunning for AI chip growth, riding bullish forecasts and a new product launch, but investors should temper expectations for an Nvidia upset.
• On Running is the rare retail winner, outperforming rivals and skipping discounts.
• Oklo, despite losses and no revenue, is soaring on nuclear optimism and government ties.
• Circle’s surging revenue isn’t enough to offset investor fears over ballooning costs.
• CEO confidence in the economy is at a 17-year high, but the host reminds listeners to stay watchful for risks lurking beneath the surface.