The Rundown: Gold Hits Record High, Electronic Arts to Go Private at $55B Valuation

Date: September 29, 2025
Host: Zaid Admani ([00:00])

Episode Overview

This episode gives a brisk but insightful update on major stock market news and economic developments as the week begins. Host Zaid Admani previews the impact of a new jobs report and a possible government shutdown, breaks down factors behind the record surge in gold prices, and analyzes Electronic Arts’ move to go private in a historic deal. Major stock movers, key mergers, and one lighthearted tech fact round out the episode—all delivered in Zaid’s upbeat, conversational style.

Key Market & Economic Updates

Weekly Market Performance ([00:35])

• Market Recap:
  • S&P 500 declined 0.3% last week; Nasdaq down 0.7%.
  • “Despite the rally on Friday, it wasn’t enough to save the week.” – Zaid ([00:38])
• Economic Snapshot:
  • Inflation: 2.9% (PCE Inflation Report covered previously)
  • Labor Market: “Showing signs of slowing down,” but “consumer spending was up 0.4% on a price adjusted basis in August.” ([01:01])
  • Zaid notes spending is primarily “pushed up by the top 10% of income earners in the U.S.” ([01:19])
• Jobs Report Preview:
  • September jobs report due Friday—analysts expect about 39,000 new jobs.
  • “If the actual number comes in higher, we could see the markets get a nice bump… Or maybe not, because a healthy job market might mean the Fed won't cut interest rates at the next meeting.” ([01:45])

Government Shutdown Risk ([02:13])

• Situation:
  • Funding bill gridlock could cause the government to shut down Wednesday, the first time in 7 years.
  • “It seems like Republicans and Democrats are pretty far apart right now. But they are meeting at the White House today.” ([02:26])
• Possible Market Impact:
  • Uncertainty looms: the shutdown could delay economic reports and impact investor confidence.

Gold’s Record High & Metal Markets

Gold’s Rally ([02:48])

• Key Stats:
  • Gold up 45% in 2025; surpassed $3,800/oz, a record high.
  • “Investors seem to be piling into the safe haven metal as a hedge against everything from trade wars to geopolitical flare ups and now the looming risk of a US government shutdown.” ([03:08])
• Drivers of Demand:
  • Central banks “buying gold at a rapid clip.”
  • Western investors pouring money into gold-backed ETFs—four straight weeks of positive inflows, holdings near pandemic era highs.
• Hedge Funds:
  • Holding a record $73 billion in gold (Commodity Futures Trading Commission).
  • “All this demand…and the rally in gold prices has pushed US gold reserves to more than $1 trillion in value.” ([04:09])
• US vs. Other Countries:
  • US holds about 8.1 trillion tons of gold (likely a slip in the “trillion tons”; known to mean about 8,100 tons).
  • Next closest: Germany with 3.4 tons.
  • “Most of it is locked in places like Fort Knox, West Point, and a vault 80ft under the New York Fed.” ([04:20])
• Spillover Effect:
  • Silver hits 14-year high, platinum at 12-year high.
• Zaid’s Take:
  • “I, I've historically been a gold hater because it's just a dumb metal that isn't productive. I'm kind of with Warren Buffett on this one. Gold doesn't generate revenue or pay dividends, but obviously I'm regretting not investing…” ([05:03])
  • “I should have just listened to my mom and bought those gold bars from Costco last year.” ([05:14])

Major Deal: Electronic Arts to Go Private

EA Buyout Details ([05:19])

• Deal:
  • Electronic Arts (EA) going private in a $55B deal.
  • Led by Saudi Public Investment Fund, Silver Lake Partners, and Jared Kushner's Affinity Partners.
  • “The Saudi public investment fund already owned about 10% of EA and they're going to become the majority shareholders once this deal closes.” ([05:32])
• Saudi’s Gaming Strategy:
  • The PIF holds a 6.5% stake in Take Two Interactive as well.
  • “Apparently the crown prince of Saudi Arabia is a big time gamer and he's buying these gaming companies to turn things around. I don't know. We'll see.” ([05:46])
• Industry Context:
  • EA and industry struggling post-COVID gaming boom:
    • EA stock had “its worst one day drop in 17 years after weak guidance tied to their global football game” (formerly FIFA).
  • Trend of consolidation:
    • Microsoft bought Activision for $69B (2023), Take Two acquired Zynga (2022).
• Leadership:
  • CEO Andrew Wilson will remain.
  • “The new owners believe in our people, our leadership and the long term vision.” ([06:32])
  • Zaid jokes: “I wonder if they believe in microtransactions. Maybe the crown prince of Saudi Arabia will have them removed.” ([06:39])
• Timeline:
  • Deal expected to close early fiscal 2027. There’s a 45-day window for rival bids.

Stocks on the Move, Corporate M&A

Kellanova & W.K. Kellogg ([07:01])

• Ferrero’s Acquisition:
  • Ferrero (Italian candy co.) closed its deal to buy W.K. Kellogg for $3.1B ($23/share).
  • As a result, “W.K. kellogg's stock is going to be gone from the New York Stock Exchange.” ([07:21])
  • History: Kellogg split into two (2023): cereals (W.K.) and snacks (Kellanova).
• Kellanova’s Stock Up:
  • “Being acquired by the Mars company in a $35.9 billion deal.”
  • Smooth Ferrero deal signals good antitrust prospects for Mars’ acquisition.
  • “That’s why Kellanova shares are up more than 5% this morning.” ([07:45])

Novo Nordisk ([08:01])

• Stock Down:
  • Morgan Stanley downgraded Novo Nordisk (makers of Ozempic, Wegovy) from over $53 to target $47/share.
  • Slower prescription growth, rival Eli Lilly’s Manjaro gaining ground.
  • “As a result, shares of Novo Nordisk are down more than 3% this morning in pre market trading.” ([08:24])

Tech Anniversary & Fun Fact: Google’s Birthday ([08:32])

• Google turns 27:
  • Founded 1998, celebrates on September 27th.
• Original Name:
  • “The founders… originally wanted to name the search giant Backrub.” ([08:39])
  • Zaid jokes: “I got a feeling that backrub.com probably wouldn’t have aged very well or helped recruit top tech talent.” ([08:44])
• A Classic Silicon Valley Story:
  • Founded in a garage, $100,000 from Sun Microsystems’ co-founder.
  • Now worth nearly $3T, “Google is the second best performing Max 7 stock, only behind Nvidia.”
• Bold Prediction:
  • “This might be a hot take here, but I wouldn’t be surprised if Google eventually becomes the most valuable company in the world. And I think it could happen before the end of the decade.” ([09:20])

Notable Quotes & Moments

• “Despite the concerns around the cooling labor market, American consumers haven't cut back on spending. So that's definitely an interesting metric to watch.” ([01:13])
• “It would be the first government shutdown in seven years… We’ll see what happens in D.C. this week.” ([02:23])
• “Demand is being fueled by two big forces: central banks all over the world are buying gold at a rapid clip, and… gold-backed ETFs.” ([03:23])
• “I should have just listened to my mom and bought those gold bars from Costco last year.” ([05:14])
• “Apparently the crown prince of Saudi Arabia is a big time gamer and he's buying these gaming companies to turn things around.” ([05:46])
• “Google is just a way better name. By the way, Google is a classic Silicon valley story.” ([08:44])

Timestamps for Key Segments

| Segment | Time | |-------------------------------|----------| | Market Recap & Economy | 00:35 | | Government Shutdown Risk | 02:13 | | Gold Hits Record High | 02:48 | | Electronic Arts Goes Private | 05:19 | | Kellanova/W.K. Kellogg Merge | 07:01 | | Novo Nordisk Moved by Analyst | 08:01 | | Google Birthday/Fun Fact | 08:32 |

Summary:
A fast-moving episode packed with timely analysis of macroeconomic headwinds (jobs, inflation, government shutdown), commodities trends led by gold’s surge, major M&A in consumer and gaming industries, and a fun celebration of Google’s birthday—with Zaid’s energetic, irreverent commentary throughout.