Podcast Summary: The Rundown (Public.com)

Episode: Google Dodges Chrome Sale in Antitrust Win, Anthropic Raises $13B at $183B Valuation
Host: Zaid Admani
Date: September 3, 2025

Episode Overview

In this whirlwind daily episode, host Zaid Admani recaps a pivotal court win for Google in its antitrust battle, discusses the implications for Apple, breaks down Anthropic’s massive $13B fundraising at a $170B+ valuation, and covers major moves in retail earnings (Macy’s and Dollar Tree). The episode wraps with entertainment industry news on Paramount-Skydance’s Call of Duty movie, highlighting why investors are watching. The tone is concise, informative, and analytical, helping investors understand fast-paced market changes.

Market Snapshot (00:22)

• Both S&P 500 and Nasdaq dropped ~0.7% on Tuesday.
• Over 75% of S&P stocks closed in the red.
• September historically performs poorly for the market.
• Investors face compounding uncertainty: possible tariff changes, persistent inflation over 2%, and a labor market under scrutiny.
• Upcoming August jobs report on Friday is critical, especially after the previous month's weak, revised numbers and leadership shake-up at the Bureau of Labor Statistics.

Quote:
“September has historically been the worst month of the year for the stock market. And so far it's living up to that reputation.”
— Zaid Admani (00:41)

Headline Segment: Antitrust Win for Google & Apple’s Windfall (02:08)

Background & Ruling

• A federal judge ruled Google doesn’t have to sell off Chrome as part of the Department of Justice’s antitrust case.
• Context: Google previously found guilty of monopolizing search via default engine deals with device makers like Apple.
• DOJ had requested Google be forced to divest Chrome and cease all default search deals.

Key Outcomes

• Judge ruled divesting Chrome (or Android) would go too far and could hurt consumers.
• Google can still pay device makers (Apple, Samsung, Firefox, etc.) for default search placement—users just need the option to switch.
• No more exclusive deals—but lucrative default payments to Apple et al can continue.
• Google must share some search data with rivals but not its core advertising data.

Quote:
“The judge said that forcing Google to sell Chrome or Android would have gone too far and probably hurt consumers.”
— Zaid Admani (03:05)

Quote:
“This was a huge win, not just for Google, but for Apple as well, because they were getting more than $20 billion a year from Google for being the default search engine on iPhones.”
— Zaid Admani (03:49)

• Judge cited the rise of AI (notably ChatGPT) as a reason not to break up Google, noting that AI is changing the competitive landscape.

Quote:
“I honestly think that ChatGPT saved Google here because… if Chad GPT didn’t exist and starting to take market share from Google, I bet the judge would have come down hard on Google and might have forced them to sell off Chrome or maybe even Android.”
— Zaid Admani (05:06)

Market Impact

• Google stock up >6%, Apple up >3% at the time of recording.

AI Fundraising: Anthropic’s $13B Raise (06:02)

• Anthropic, the 4-year-old creator of Claude, is raising $13B at a $170-183B valuation—essentially triple its March value.
• For perspective: Anthropic is now worth almost as much as Uber.
• Major investors: Iconiq Capital, Fidelity, Lightspeed, GIC (Singapore’s sovereign wealth fund).
• Amazon remains the top investor with $8B in and supplies Anthropic’s compute.
• Run-rate revenue has jumped from $1B to $5B in just months, but high infrastructure costs mean the company is still losing money.
• Earlier Apple acquisition rumors are likely off the table at this valuation.

Quote:
“Anthropic is now valued just a notch below Uber. Again, this company is 4 years old and not making any profits.”
— Zaid Admani (06:24)

Retail Movers: Macy’s & Dollar Tree (07:11)

Macy’s (07:13)

• Macy’s beat earnings and revenue forecasts; raised full-year guidance.
• Same-store sales up at the highest rate in a year.
• CEO Tony Spring’s turnaround strategy is working: closing 150 underperforming stores by 2026 and investing in high-potential locations.
• Macy’s shares up over 10% at recording.

Quote:
“Seems like the turnaround plan from CEO Tony Spring, which he announced back in February, is working.”
— Zaid Admani (07:30)

Dollar Tree (08:01)

• Dollar Tree beat sales and earnings (“same store sales rose 6.5% last quarter”), but next quarter’s profit outlook disappointed.
• After a post-earnings surge, shares reversed and dropped 7%, possibly due to high expectations after a 50% YTD stock price increase.

Quote:
“The problem was that their profit expectations for the current quarter came in soft, so investors didn’t love that… the bar was set pretty high and Dollar Tree just couldn’t quite clear it.”
— Zaid Admani (08:15)

Entertainment & Content Industry News: Call of Duty Goes Hollywood (08:38)

• Paramount-Skydance signs a deal with Activision (owned by Microsoft) for a live-action Call of Duty movie.
• Call of Duty is the US’s top-selling video game for 16 years, with over 500M copies sold.
• Entertainment industry relies on big franchises—this could be a box office hit for Paramount.
• Paramount, since its Skydance merger under David Ellison, has made bold content moves:
  • Paid $7.7B for UFC streaming rights.
  • Signed Stranger Things creators (the Duffer Brothers) to a multi-year deal.
  • Now chasing video game IP with Call of Duty.

Quote:
“Call of Duty has been the best selling video game in the US for 16 straight years… I wouldn’t be surprised if the Call of Duty movie ended up making a billion dollars.”
— Zaid Admani (08:54)

• Paramount-Skydance stock up more than 20% since the merger, showing investor enthusiasm for their aggressive strategy.

Memorable Quotes & Takeaways

• “If Bing got really good overnight, is anyone really going to switch? I highly doubt it.”
  — Zaid Admani (04:30)

• “ChatGPT taking market share from Google in the short term might have saved Google in the long term. Crazy how it worked out that way.”
  — Zaid Admani (05:17)

Key Timestamps

• 00:22 – Market pulse; September volatility and macro factors.
• 02:08 – Google antitrust win: context, judicial outcome, Apple’s windfall.
• 06:02 – Anthropic’s $13B raise and the AI investment trend.
• 07:13 – Macy’s earnings beat and turnaround strategy update.
• 08:01 – Dollar Tree’s mixed report and market reaction.
• 08:38 – Call of Duty movie deal, Paramount’s new direction, and entertainment IPOs.

This episode delivers a tight, actionable snapshot of tech, AI, retail, and entertainment industry moves—explaining what matters, why, and how it affects both companies and investors.