The Rundown: Figma Flunks First Earnings Test, Apple Plans AI-Powered Search Engine

Host: Zaid Admani
Date: September 4, 2025
Duration: ~10 minutes

Episode Overview

In this episode, Zaid Admani delivers the latest stock market update with a focus on key stories moving the markets. He covers warning signs in the bond market, Apple's AI-powered revamp of Siri and potential search engine ambitions, Figma's first post-IPO earnings stumble, major moves by American Eagle and Salesforce, and surprising data from this summer’s sagging movie box office.

Key Discussion Points and Insights

1. Stock Market & Bond Market Warning Signs

Timestamps: 00:40–03:40

• Market Bounce:

  • S&P 500 up 0.5%
  • Nasdaq up 1%, driven by Google (up 9% to all-time highs) and Apple (up 4% after favorable court ruling).

• Bond Market Moves:

  • US 30-year Treasury yield jumps above 5% for first time since July, despite expectations of a Fed rate cut.
  • Global trend:
    • Japan's 30-year yield at record highs
    • UK at 1998 levels
    • France at post-2008 levels

• Investor Concerns:

  • "When Bond yields start jumping, it's a signal from investors saying that they are worried about too much government spending and inflation." (Zaid Admani, 02:08)
  • Higher yields make borrowing costlier, impacting not just governments but also mortgages, car loans, and credit cards.

• Economic Implications:

  • Sets stage for the upcoming jobs report, following a surprisingly weak previous report.

2. Apple’s AI-Powered Siri and Search Engine Aspirations

Timestamps: 03:48–06:53

• AI Search Engine Project:

  • Apple working on a ChatGPT/Perplexity competitor code-named “World Knowledge Answers,” built into Siri.
  • Siri aims to pull answers from across the internet: text, images, local info, summaries, akin to Google’s AI Overview.

• Tech Collaboration:

  • New Siri to leverage Google’s Gemini AI, with a deal brokered post-court ruling allowing Google to remain the default iPhone search engine.
  • "The new Siri will partly be running on Google's Gemini AI." (Zaid Admani, 05:10)
  • Apple is also considering Anthropic’s Claude model for additional Siri features.

• Roadmap & Skepticism:

  • Siri overhaul expected to launch in spring 2026.
  • Zaid tempers expectations:
    • “Now, I'm not trying to get my hopes up too much. I've been burned by this Siri revamp for so long now.” (Zaid Admani, 06:24)
  • Quick mention of forthcoming iPhone 17 launch and Bloomberg’s Mark Gurman, who Zaid credits for breaking this news and teases as an upcoming podcast guest.

3. Figma’s Disappointing First Earnings as a Public Company

Timestamps: 06:55–09:20

• Financial Results:

  • Q2 revenue up 41% YoY to $249M, slightly beating estimates.
  • Marginal profit of $846,000—"basically breaking even."

• Why the Stock Tanked:

  • High expectations post-IPO: Figma stock surged from $33/share to $100+, with valuation peaking at 20x Adobe’s on a forward earnings basis.
  • “You have to have blowout earnings in order to justify that kind of valuation. And for Figma, they just didn't do it.” (Zaid Admani, 08:06)

• AI Growth Not Monetized:

  • Investors frustrated as Figma’s recent AI features (like Figma Make and Figma Sites) aren’t yet generating revenue.
  • 25% of employee shares are now sellable, increasing market supply and pressuring the stock (down 10%+).

• Future Outlook:

  • Revenue projected to grow 33% next quarter and hit $1B annually, but “the IPO hype...has now faded.”

4. Stocks Moving on News: American Eagle & Salesforce

Timestamps: 09:22–10:45

• American Eagle:

  • Major stock spike (up 25%) credited to a successful Sydney Sweeney ad campaign and expansion into new celebrity collaborations.
  • "Sydney's signature jeans selling out...American Eagle stock is up more than 25% this morning." (Zaid Admani, 10:02)

• Salesforce:

  • Despite beating earnings and $10.2B in revenue (up 10% YoY), stock falls 5% on weak forward guidance.
  • Wall Street disappointed with lack of accelerated growth and little AI-driven revenue boost.

5. Box Office Bombshell: Summer Slump & Empty Theaters

Timestamps: 10:47–End (~12:40)

• Historic Low Attendance:

  • “The US box office had its worst summer since 1981 when adjusting for inflation and excluding the COVID years.” (Zaid Admani, 11:00)

• Entertainment Shifts:

  • Only two weeks above $300M in ticket sales versus nine in 2019.
  • 20–25% of movie audiences may have left theaters for good, likely due to the rise of digital entertainment and franchise fatigue.

• Hollywood’s Response:

  • No strategic change—14 franchise films scheduled for summer 2026.

• Surprising Statistic:

  • “Movie theaters have a 14% occupancy rate during the week. So that means that Monday through Thursday, movie theaters are pretty much empty.” (Zaid Admani quoting The Town podcast and AMC CEO Adam Aron, 12:18)

Notable Quotes & Memorable Moments

• “When Bond yields start jumping, it's a signal from investors saying that they are worried about too much government spending and inflation.” (Zaid Admani, 02:08)
• “Siri has been useless for years now, and this is Apple's latest attempt at trying to make Siri better.” (Zaid Admani, 05:00)
• “Now, I'm not trying to get my hopes up too much. I've been burned by this Siri revamp for so long now.” (Zaid Admani, 06:24)
• “You have to have blowout earnings in order to justify that kind of valuation. And for Figma, they just didn't do it.” (Zaid Admani, 08:06)
• “Movie theaters have a 14% occupancy rate during the week.” (Zaid Admani, quoting Adam Aron, 12:18)

Useful for Investors & Market Watchers

• Watch the bond market signals and their downstream impact on consumer credit.
• Apple’s Siri and search ambitions could mark a significant new front in the AI arms race; big tech collabs are worth monitoring.
• Figma’s story is a cautionary tale of post-IPO reality: high valuation demands high delivery, especially on AI traction.
• American Eagle demonstrates the power of innovative marketing, while Salesforce faces scrutiny over “AI hype” with little revenue payoff.
• Entertainment sector insight: consumer habits are shifting, challenging assumptions about movie theaters as IRL destinations—even as Hollywood doubles down on franchises.