The Rundown: Claude Gets More Powerful, Nintendo Cuts Switch 2 Production
Podcast: The Rundown (Public.com)
Host: Zaid Admani
Date: March 24, 2026
Length: ~10 minutes
Episode Overview
Today's episode delivers a fast-moving stock market update, spotlighting three major industry stories:
- The latest escalation in AI with Anthropic’s Claude getting new automation powers
- Nintendo’s challenges with their Switch 2 console and the impact on stock performance
- Tensions and risk in private credit markets, plus notable stock movers
- Apple's push into advertising, including plans for sponsored results in Apple Maps
Throughout, Zaid blends real-time data and sharp analysis with approachable, humorous commentary, offering listeners both the facts and informed, relatable takes.
Market Highlights
Stock Market Rally on Geopolitical Optimism
- S&P 500: +1.1%
- NASDAQ: +1.3%
- Catalyst: President Trump’s Truth Social post about "very good and productive conversations" with Iran and a five-day pause on strikes (00:44)
"The market finally got the taco rally that it was hoping to get." – Zaid (01:07)
- Oil: Brent crude falls 10% to $99/barrel, first dip below $100 in two weeks
- Caveat: Iran officially denies talks, but there are reports of “meetings in Pakistan” (01:35)
Gold Market Update
- Gold Prices: Down 20% since peaking at $5,600/oz in January
- Key Insight: Higher rates make gold less attractive; fears of inflation resurge tied to oil may force the Fed to hike rates further (02:07)
"Gold is also heavily influenced by interest rates. Higher interest rates make gold a less attractive investment." – Zaid (02:27)
- Zaid’s Take: Expects continued volatility until Iran conflict and the Strait of Hormuz are resolved
Key Discussion Points & Industry Developments
Anthropic’s Claude: From Chatbot to Computer Agent (03:04)
- Big News: Claude by Anthropic can now remotely control your computer: open apps, browse, analyze data, even fill out spreadsheets or taxes
"You can message Claude from your phone and it will take over your computer." – Zaid (03:10)
- Industry Trend: Shift from passive chatbot AI to active AI Agents that complete tasks for users
- This follows the viral success of OpenClaw, eventually bought by OpenAI
- Nvidia CEO Jensen Huang called it "a major step forward in how people interact with AI"
- Personal Insight:
"Outside of super techie people, I don't know many people using AI agents. Me personally, I'm just starting to experiment with it." – Zaid (03:56)
- Competitive Landscape: Anthropic is vying with OpenAI to lead the next phase, with Zaid revealing:
"I use Claude like 70% of the time these days." – Zaid (04:25)
Nintendo Switch 2: From Record Launch to Sales Struggles (04:35)
- News: Nintendo cuts production forecasts for Switch 2 by over 30% (from 6 million to 4 million units this quarter)
- Backstory:
- Switch 2 launched June 2025, saw “the most successful hardware debut in Nintendo’s history” (17 million units sold in the first year)
- Holiday sales disappointed, especially in the US
- Contributing Factors:
- High price ($450)
- Weak game lineup; Metroid Prime 4 called out for lackluster sales
- Investor Impact:
- Nintendo stock down 28% since Switch 2 launch; another 6% drop on news of cuts
- Pokemon Pacopia is a bright spot, selling 2 million copies in 4 days
- Takeaway:
"The hype might be gone, but…Pokemon is still just insane, insanely popular these days." – Zaid (05:54)
Market Movers: Financials, Private Credit, and Takeovers
Jeffries & Sumitomo Mitsui (06:08)
- Jeffries stock pops on reports that SMFG (Japan’s #2 lender) is exploring a takeover
- SMFG already owns 20%; wants to break into the top tier of global investment banks
- Jeffries is down 40% since Sept. due to exposure to failing auto parts firm First Brands & underwriting woes
"The timing here is pretty interesting because Jeffries stock has gotten crushed lately…so SMFG is ready to move in and take advantage." – Zaid (06:40)
Apollo Under Scrutiny (07:16)
- Apollo restricts withdrawals from its flagship $15B private credit fund after $1.6B (11% of assets) in redemption requests
- Only honored half due to 5%/quarter cap
- Other giants like Morgan Stanley and BlackRock have imposed similar limits
- Highlights risk of trading liquidity for higher return in private credit funds
"This is one of the risks that investors take when investing in these private credit funds. ... The trade off is less liquidity. And that liquidity problem has a spotlight on it right now." – Zaid (07:55)
- Result: Apollo stock down 4% today, nearly 25% YTD
Tech & Advertising: Apple Embraces Ads (08:21)
- Apple Maps will introduce sponsored results as soon as this summer
- Mimicking Google Maps search ads
- Part of push to grow services revenue as App Store fees face regulatory pressure (App Store currently $100B/year for Apple, over a quarter of total revenue)
"They're doing what every big tech company does, which is turn everything into a billboard." – Zaid (08:53)
- Context: Apple now earns an estimated $8.5B/yr from ads
- Personal Note:
"Apple Maps is actually pretty solid these days...but if I'm connected to a car with CarPlay, I use Apple Maps most of the time because it just looks better. That might be a controversial take." – Zaid (09:30)
Memorable Quotes & Moments
- On AI agents:
"We're still in the early innings of the AI agent stuff." – Zaid (03:50)
- On Nintendo’s reliance on Pokémon:
"Biggest takeaway for me is that Pokemon is still just insane, insanely popular these days." – Zaid (05:54)
- On the relentless drive for ad revenue:
"They're doing what every big tech company does, which is turn everything into a billboard." – Zaid (08:53)
Timeline of Important Segments
| Segment | Timestamp | |-----------------------------------|:-------------:| | Market recap, oil & gold | 00:44 – 03:04 | | Anthropic's Claude AI update | 03:04 – 04:35 | | Nintendo Switch 2 struggles | 04:35 – 06:08 | | Jeffries takeover rumor | 06:08 – 07:16 | | Apollo and private credit risks | 07:16 – 08:21 | | Apple Maps ads & ad industry | 08:21 – 09:41 |
Final Thoughts
Zaid brings high-energy, jargon-free insight to the biggest business and tech stories of the day. This episode’s recurring themes:
- The rapid evolution—and competition—in generative AI
- The unpredictability of consumer and investor sentiment in a volatile macro landscape
- Big Tech’s relentless pursuit of new revenue streams, even at the expense of user experience
Listeners walk away with actionable context on major market moves, emerging tech trends, and shifting company fortunes—all in under 10 minutes.