Podcast Summary: The Rundown

Episode Title: ASML Signals More AI Spending, Amazon Cuts 16,000 Jobs
Host: Zaid Admani
Date: January 28, 2026

Episode Overview

This episode of The Rundown delivers a brisk, insightful look into major stock market news and company movements from January 28, 2026. Host Zaid Admani breaks down the impacts of a weakening US dollar, impressive earnings from ASML, significant layoffs at Amazon, and notable shifts at Starbucks and Corning—wrapping it up with a revealing anecdote about a lucrative Zoom investment in Anthropic.

Key Discussion Points & Insights

1. Market Rally and Tech Optimism

• The S&P 500 closed at record highs, up 0.4%; Nasdaq outperformed with a 0.9% jump—reflecting optimism for upcoming tech earnings.
• "I think it's a sign that investors are optimistic that big tech companies will deliver on earnings this week." (01:00)

2. US Dollar’s Decline and Implications

• The US dollar dropped 2.66% over the last four trading days, its largest four-day slide since April 2025.
• President Trump dismissed concerns regarding the dip.
• Benefits: A weaker dollar boosts US exports by making them cheaper for foreign buyers—good news for multinationals.
• Downsides: Imports and international travel get pricier for Americans.
• Underlying Cause: Lack of investor confidence in US stability.
• "I guess right now don't rush to book that European vacation just yet." (02:40)
• All eyes are on the Fed meeting and Jerome Powell’s press conference, with market participants awaiting commentary rather than expecting a rate cut.

3. ASML’s Record Quarter & AI-Driven Growth

• ASML posted a blowout quarter:
  • €13.2 billion in Q4 bookings, almost double analyst expectations.
  • More than half of orders for most advanced EUV machines—crucial for Nvidia, Apple, and other AI giants.
• CEO’s Outlook: Customers view AI demand as sustainable and are scaling up capacity accordingly.
• Raised 2026 revenue guidance to €34-39 billion and approved €12 billion in share buybacks.
• Stock up 5% on the day, already up 25% in 2026.
• Announced 1,700 job cuts (about 4%) mainly in the Netherlands—aimed at streamlining.
• China remains a major, but shrinking, market due to export restrictions—sales to China may drop from 36% to 20%.
• "ASML is a very important company when it comes to AI... In fact, they're the only company in the world that makes these EUV machines" (06:50)
• “ASML CEO said their customers now believe that AI demand is sustainable, so they're aggressively building out capacity.” (08:00)

Notable Quote

"ASML can't sell their most advanced machines to China due to US-led trade controls, so Chinese chip makers have been stockpiling older equipment while they still can..." (09:00)

4. China Eases AI Chip Imports

• China is now allowing tech giants (ByteDance, Alibaba, Tencent) to buy Nvidia H200 AI chips, previously restricted due to US policy.
• The move lifted Nvidia stock (+2%). Nvidia CEO Jensen Huang was reported to be in China, possibly influencing the decision.
• "Now these Nvidia chips are allowed to be legally imported into China and Nvidia stock is up around 2% this morning as a result." (10:30)

5. Amazon to Cut 16,000 Corporate Jobs

• Amazon announces 16,000 job cuts—second major layoff in recent months, totaling roughly 30,000 lost roles (~10% of white-collar workforce).
• Cuts focused on middle management; part of CEO Andy Jassy’s efforts to reverse pandemic-era over-hiring and accelerate decision-making.
• Role of AI: Anticipating further automation and job loss—AI tools replacing tasks from admin to coding.
• Most warehouse and logistics jobs unaffected—for now—but long-term plans involve large-scale warehouse automation (aim: 75% automated operations).
• Despite aggressive cost-cutting, Amazon is raising its 2026 CapEx forecast to a huge $125 billion for AI/infrastructure.
• Amazon stock has underperformed against other “Magnificent 7” tech firms over the last year.

Notable Quote

"Andy Jassy said a few months ago that artificial intelligence tools would lead to more job losses due to the automation of roles ranging from routine administrative tasks to coders." (13:40)

6. Starbucks Turnaround Gains Momentum

• Q4 revenue up 6% to ~$10 billion; same-store sales rose 4%—the best global performance since late 2023, with US traffic growth for the first time in two years.
• Heavy spending on wages, renovations, and higher coffee costs hit profits, but growth metrics have energized investors.
• CEO Brian Nichols remains confident in the current strategy.
• Starbucks stock up 7% in pre-market trading.
• "Starbucks says they're seeing more customers come through the door as well. Store Traffic grew in Q4 for the first time in two years." (16:35)

7. Corning’s Stock Slides After Strong AI Deal

• Corning, known for Gorilla Glass, scored a $6B deal with Meta to provide fiber-optic cables for AI data centers.
• Stock initially spiked (up 16%), but fell 4% after Q1 guidance failed to wow investors—sales guidance technically above estimates, but momentum stalled.

8. Zoom’s Secret AI Payoff

• Zoom invested $51M in AI startup Anthropic (creator of Claude) back in 2023.
• That stake is now valued at $2-4 billion—potentially rising if Anthropic IPOs soon.
• Host’s commentary: Praises the investment team, pokes fun at Zoom’s underwhelming product updates compared to Google Meet.
• "Honestly, that might be the best move that Zoom has done since the pandemic. Because let's be honest, their product has not improved over the last few years." (21:05)

Notable Quotes & Memorable Moments

• On the US Dollar:
  “On the positive side, a weaker dollar makes US Exports and services cheaper for foreign buyers. So that's good news for big multinational companies that sell a lot of stuff overseas.” (02:20)

• On ASML’s Unique Position:
  “They're the only company in the world that makes these EUV machines and they are seeing a surge in order right now thanks to AI.” (07:10)

• On Amazon’s Job Cuts & Automation:
  “Long term though, even those jobs aren't safe. Amazon has previously said it plans to replace hundreds of thousands of warehouse jobs with robots with a long term goal of automating as much as 75% of its operations.” (14:20)

• On Zoom’s Investment:
  “Shout out to Whoever was running Zoom's investment team in 2023. And honestly, that might be the best move that Zoom has done since the pandemic.” (21:05)

Timestamps for Key Segments

• Opening & Market Recap: 00:00 – 01:45
• US Dollar & Fed Speculation: 01:45 – 04:15
• ASML Earnings & AI Expansion: 06:45 – 10:15
• China Loosening on AI Chips: 10:15 – 11:05
• Amazon Layoffs & Automation: 11:05 – 15:10
• Starbucks Earnings: 15:10 – 17:00
• Corning/Meta Fiber Deal: 17:00 – 18:10
• Zoom’s Anthropic Windfall: 18:10 – 21:15

Conclusion

This concise yet comprehensive episode guides investors through pivotal market dynamics: the softer dollar and its trade impact, AI-driven semiconductor demand fueling ASML, structural shakeups at Amazon, a Starbucks turnaround, and a deep-dive into tech’s push for AI infrastructure—all rounded off with a compelling lesson on spotting value early, courtesy of Zoom’s Anthropic investment.

Listeners leave with an insightful, actionable snapshot of the day’s most influential business news, straight from the sharp, wry, and informative style of host Zaid Admani.