The Rundown – Apple Posts Best Sales Growth Since 2021, Amazon’s Cloud Business Lags

Date: August 1, 2025
Host: Zaid Admani
Podcast: The Rundown by Public.com

Brief Overview

In this episode, Zaid Admani recaps a high-volatility day on Wall Street, highlighting the impact of new U.S. tariffs, an underwhelming jobs report, Apple’s surprising earnings beat, and Amazon’s cloud business slowdown. The show also covers Reddit’s impressive quarter, Figma’s record-breaking IPO, and Moderna’s struggles, ending with Ray Dalio’s full exit from Bridgewater.

Key Discussion Points & Insights

1. Market Jitters: Tariffs and Inflation ([00:37])

• The S&P 500 fell for the third consecutive day (-0.4%); the Nasdaq was basically flat (-0.03%).
• Initial surges driven by strong Microsoft and Meta earnings weren't sustainable.
• Investors grew nervous due to rising inflation and fresh U.S. tariffs.
• PCE Inflation Report: Came in at 2.6%, the highest since February—seen as a byproduct of new tariffs.
• Tariffs:
  • President Trump signed an executive order imposing new tariffs (15-40%) on 80+ countries.
  • All others face a baseline 10% tariff.
  • Effective midnight, August 7.

“It could be a sign that tariffs are starting to push up prices.” — Zaid Admani (01:20)

2. Disappointing July Jobs Report ([02:05])

• Only 73,000 jobs added (well below expected 100,000).
• Job growth for May and June was revised down a combined 258,000.
• Combo of rising inflation and slowing jobs puts pressure on markets.
• Pre-market was “red across the board,” prepping for a “bumpy ride in August.”

“We got hit with a double whammy where inflation is showing signs of heating up and job growth is showing signs of slowing down.” — Zaid Admani (02:35)

3. Apple Earnings: Best Growth Since 2021 ([03:04])

Highlights

• Revenue: Up almost 10% to $94 billion in Q2—fastest in three years.
• Profit: $23 billion+ for the quarter.
• Growth Drivers: iPhones (+13%), especially strong in China (+4% after declines), and Mac computers (+15%).
  • Tariff fears led to a rush in buying iPhones; tariffs haven't increased product prices yet but cost Apple $800M in Q2 and expected $1.1B next quarter.
  • China comeback: MacBook Air is the #1 laptop, Mac Mini the #1 desktop.
• Services: Up 13% to $27 billion (App Store, iCloud).

“Apple did more than $23 billion in profit...solid quarter for Apple...their core business of selling products is still doing well and they're finding some success in China again.” — Zaid Admani (04:09)

Investor Sentiment

• Apple stock up nearly 2%—not as high as Microsoft/Meta post-earnings, but investors relieved.

“It’s funny how low the bar is set for Apple these days.” — Zaid Admani (05:14)

AI & M&A Hints

• Ongoing concerns over Apple’s AI strategy.
• Tim Cook said Apple will increase AI investments and is “open to M&A” (possible acquisition rumors of Perplexity).

“The fact that Tim Cook is saying that M&A is on the table, I think they can make a big splash this year.” — Zaid Admani (06:01)

4. Amazon Earnings: Cloud Lags the Competition ([06:14])

• Q2 Revenue: Up 3.13% to $167B; beats on top and bottom line, but stock fell nearly 7%.
• Reason: Weak Q3 profit forecast, concern over AWS (cloud) growth.
  • AWS grew 17% ($31B), but Microsoft Azure and Google Cloud outpaced that at 39% and 32%, respectively.
  • AWS is critical: more than 60% of Amazon’s operating income.
• Other Segments: Retail/Prime Day and advertising still strong, but can’t offset AWS concerns.

“So it could be a sign that Amazon’s falling behind in the AI cloud race...and investors are noticing.” — Zaid Admani (07:24)

5. Figma’s Historic IPO ([08:10])

• Design software company IPO’d at $33/share, closed over $100—250% first-day gain, up another 20% at time of episode.
• One of the biggest ever IPO pops.
• Raised questions about IPO pricing; institutional investors are the main winners.

“It sort of became a meme stock, honestly...By pricing it so low, Figma left billions of dollars on the table.” — Zaid Admani (08:39)

6. Stocks on the Move ([09:11])

• Reddit: Up 14%; crushed earnings with 78% Q2 revenue growth, 21% DAU growth to 110M.
  • Growth driven by AI licensing and Reddit Answers (6x user growth this quarter).
• Moderna: Down 4%; cut full-year revenue outlook by $300M due to delayed vaccine shipments and previous staff cuts.

“Not exactly the shot in the arm they were hoping for, huh?” — Zaid Admani (09:58)

7. Notable Exit: Ray Dalio Leaves Bridgewater ([10:12])

• Ray Dalio, founder of Bridgewater, has officially sold his last shares and left the board.
• Bridgewater known for its culture of “radical transparency.”
• After underperformance, Dalio began exiting in 2022. Now focusing more on content/finance influencing.

“I see a Ray Dalio post in my LinkedIn feed like almost every day.” — Zaid Admani (10:44)

Memorable Quotes

• “We got hit with a double whammy where inflation is showing signs of heating up and job growth is showing signs of slowing down.” (02:35)
• "It's funny how low the bar is set for Apple these days." (05:14)
• "By pricing it so low, Figma left billions of dollars on the table." (08:39)
• "Not exactly the shot in the arm they were hoping for, huh?" (09:58)
• "I see a Ray Dalio post in my LinkedIn feed like almost every day." (10:44)

Timestamps for Key Segments

• [00:37] – Market snapshot, inflation data, new tariffs
• [02:05] – July jobs report analysis
• [03:04] – Apple’s earnings breakdown and commentary
• [06:14] – Amazon’s cloud slowdown and investor reaction
• [08:10] – Figma IPO details
• [09:11] – Reddit and Moderna stock updates
• [10:12] – Ray Dalio’s exit from Bridgewater

Tone and Style

• Conversational, informed, with moments of dry humor and personal anecdote (e.g., “I definitely contributed to that. I bought an M4 MacBook Air and a Mini last quarter, so you’re welcome, Tim Cook.”)
• Focuses on actionable insights, investor sentiment, and dynamic market context.
• Balanced mix of facts, quick takes, and broader reflections.

This episode is a concise yet comprehensive look at a dramatic week in the markets, offering key context and investor implications behind each headline story.