Podcast Summary: The Rundown
Episode: Anthropic Eyes 2026 IPO, Amazon Launches New AI Chip
Date: December 3, 2025
Host: Zaid Admani (A)
Duration: ~10 minutes
Overview
This episode of The Rundown brings together the day's most significant market developments, with a focus on the surging tech sector, Anthropic's upcoming IPO, Amazon's aggressive push into AI hardware, major moves in retail stocks, and a new initiative to create investment accounts for American kids. Host Zaid Admani delivers concise market analysis intertwined with context and candid takes, making it useful for investors and anyone interested in market trends.
Key Discussion Points & Insights
1. Market Overview and Crypto Rally
- [00:40] The S&P 500 (+0.2%) and Nasdaq (+0.6%) led a tech-driven rally; both indices are approaching record highs.
- Crypto reversed the prior day’s gloom, staging a strong comeback:
- Bitcoin surged 10%+ since Monday, breaking above $92,000 (a two-week high).
- Ethereum (ETH), XRP, and Solana all posted sharp gains.
- Admani credits aggressive dip-buying for the rebound:
“Shout out to everyone that bought the crypto dip on Monday.” (A, 01:32)
2. Fed Chairwatch: Kevin Hassett the Favorite
- [01:40] President Trump is expected to select a new Fed chair, hinting strongly at advisor Kevin Hassett.
- [01:58] Trump’s comment at a public event:
“I guess a potential Fed chair is here too. I don’t know we allowed to say that. Potential. He’s a respected person that I can tell you. Thank you, Kevin.” (B, quoting Trump)
- Admani’s reaction:
“That’s as slam dunk as it gets. I think this is Kevin Hassett’s job to lose at this point.” (A, 02:09)
- Implication: Hassett is expected to champion lower rates, potentially boosting markets but risking higher inflation.
3. Anthropic’s 2026 IPO Plans
- [02:44] Anthropic, the AI powerhouse behind Claude chatbot, has begun preparations for a 2026 IPO.
- Hired legal and banking advisors.
- Valuation soared to $300–350 billion following a $15B funding round from Microsoft & NVIDIA.
- Growth metrics: Revenue went from $1B (end of 2024) to ~$9B (end of 2025), with projections to double or triple by 2026.
- Massive investment: $50B planned for data centers in Texas and NY.
- Admani’s take:
“So I guess Anthropic wants to IPO while there’s still some juice left in the AI trade.” (A, 03:29)
- Comparison: OpenAI is also rumored to IPO, with a projected valuation over $1 trillion.
- Admani muses about volatility:
“Can you imagine the swing in stock prices based on all the headlines and interviews that Sam Altman does?” (A, 04:07)
- Admani muses about volatility:
4. Amazon Joins AI Chip Wars
- [04:21] Amazon unveiled its new AI chip, Trainium 3, at the re:Invent conference, aiming to compete with Nvidia’s GPUs and Google’s TPUs.
- The chip is touted as cheaper and more efficient for large-scale AI workloads.
- Anthropic is a major early customer—500,000 Trainium chips already deployed for Claude; up to 1M chips planned by year-end.
- Amazon also rolled out:
- Nova to Omni: An AI model handling text, speech, images, and video.
- Amazon Nova Forge: A service for customizing AI models with customer data.
- Admani’s assessment:
“If they can keep selling, scaling up these Trainium chips and land more customers like Anthropic, they might be the hot stock moving forward.” (A, 05:16)
- Notes that Amazon underperformed “Magnificent 7” peers earlier in the year but sees potential upside.
5. Retail Earnings: American Eagle Soars, Macy’s Stumbles
- [05:53] American Eagle
- Stock jumped over 10% on earnings beat and upgraded sales outlook.
- Strong results driven by its Aerie brand (+11% comps; +13% revenue), not flagship apparel.
- Marketing campaigns (Sydney Sweeney, Travis Kelce) drew attention, but main brand saw only +1% growth.
- Macy’s
- Despite earnings beat and highest growth in three years, stock fell 7%.
- Concerns: Soft outlook for the current quarter, rising tariffs, and store closings (64 this year).
- Admani’s take:
“I do think though this could be an overreaction… Macy’s could be a retail name to keep an eye on moving forward.” (A, 07:03)
6. Michael & Susan Dell’s $6B Gift: “Trump Accounts” for Kids
- [07:25] Michael and Susan Dell are donating over $6 billion to supplement new federal “Trump accounts”—$1,000 government starter investments for every child born between 2025-2028.
- Dell’s gift adds $250 for 25 million more children (up to age 10).
- Funds are invested in low-cost index funds until the child turns 18.
- Admani’s view:
“To me this is an awesome idea… gives millions of kids a stake in the stock market… could be life changing especially for lower-income communities.” (A, 08:03)
- He encourages other billionaires to follow suit.
Notable Quotes & Memorable Moments
-
On Anthropic’s rocket-ship valuation:
“That’s five times more than what Anthropic was valued at back in March.” (A, 03:14)
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On OpenAI’s future volatility:
“Can you imagine the swing in stock prices based on all the headlines and interviews that Sam Altman does?” (A, 04:07)
-
On Amazon’s AI ambitions:
“Amazon plans to dedicate up to a million chips by the end of the year just for Anthropic.” (A, 04:53)
-
On Dell’s generosity:
“Shout out to Michael and Susan Dell … I wonder if we can get him on the pod.” (A, 08:26)
Important Segment Timestamps
- [00:40] – Market recap & crypto rally
- [01:40] – Trump signals Hassett for Fed chair
- [02:44] – Anthropic preparing for 2026 IPO
- [04:21] – Amazon launches Trainium 3 & new AI tools
- [05:53] – Earnings reaction: American Eagle & Macy’s
- [07:25] – Michael & Susan Dell’s donation to “Trump account” program
Tone & Style Notes
- The episode maintains a fast-paced, informal, and slightly cheeky tone.
- Admani adds personal anecdotes (Michael Dell/UT Austin), conveys excitement (especially around tech stories), and is candid about his market views.
- Segment transitions flow smoothly, building a cohesive market narrative.
This summary covers all major topics from the December 3, 2025, episode, distilling the news, context, and memorable moments for listeners and non-listeners alike.