The Rundown – October 24, 2025

Episode Theme:
This episode of The Rundown, hosted by Zaid Admani, delivers a concise market update with a focus on Intel’s return to profitability post-government investment, Oracle’s ambitious $38B data center debt plan, major earnings highlights, and a fun glimpse at Nike’s forthcoming motorized sneakers. The tone is energetic, conversational, and investor-friendly.

Market Rally & Inflation Report

Timestamps: 00:36 – 02:30

• Stock Market Surge:
  • S&P 500 up 0.6%, Nasdaq nearly 1% on Thursday, driven by tech stocks (Nvidia, Oracle, Amazon, Tesla).
  • “Tech stocks drove this rally once again.” – Zaid Admani [00:44]
• Inflation Update:
  • September CPI increased 3% YoY, slightly below the 3.1% estimate.
  • “Inflation is creeping up, but it's not out of control, which I think likely means the Federal Reserve will cut interest rates at their meeting next week.” – Zaid Admani [01:38]
  • 99% chance of a Fed rate cut per CME Fed Watch tool.
• Looking Ahead:
  • Major tech earnings due next week: Microsoft, Meta, Google, Amazon, Apple.
  • Fed interest rate meeting and high-profile Xi-Trump meeting also upcoming.
  • “We are in for a huge week.” [02:22]

Intel: Back to Profitability & Strategic Rebound

Timestamps: 02:30 – 05:15

• First Profitable Quarter Since 2023:
  • Net income: $4.1B; Q3 revenue: $13.7B (estimates were $13.2B); return to profit “since the end of 2023.”
• US Government’s Stake:
  • US is now Intel’s largest shareholder (10%).
  • Nvidia and SoftBank also injected capital.
• Driving Factors:
  • Rebound in PC demand: “Demand for their chips is now outpacing supply, which is a good problem to have if you’re Intel.” [03:24]
  • Aggressive cost-cutting and layoffs post-2024 loss.
• CEO Leadership:
  • CEO Lip Bhutan credited with transformative moves and restoring investor confidence.
  • Stock up over 90% YTD, outperforming Nvidia and AMD.
• National Security Angle:
  • US wants Intel as an alternative to TSMC (all advanced AI chips currently made in Taiwan).
  • “Intel’s survival has become a matter of national security at this point.” [04:08]
• Challenges Ahead:
  • Intel’s foundry business still lags TSMC in advanced AI chip manufacturing; big investments may help close the gap.
• Market Reaction:
  • Shares up ~5% on earnings, hitting 52-week highs.

Oracle’s $38B AI Data Center Debt Deal

Timestamps: 05:15 – 07:10

• Record Debt Raise:
  • In talks with banks to raise $38B for new AI data centers (largest ever for this sector).
  • $23B for Texas facility, $15B for Wisconsin; both operated by Vantage Data Centers, for Oracle’s OpenAI partnership.
• Uncertainty Over Debt Ownership:
  • “It’s still not clear who will actually hold the debt on their books… we’ll have to see when more details come out.” [06:07]
• Industry Trend and Warning:
  • Until now, AI infrastructure expansions funded from tech giants’ cash flow (Meta, Microsoft, Google).
  • Oracle borrowing for AI marks a risky pivot if demand fails:

    “That raises the stakes because if the AI boom doesn’t pan out, if the demand never materializes for all these AI data centers, that’s going to hurt a lot more financially.” [06:30]

    “That’s usually how the bubble ends up bursting.” [06:51]

  • Zaid warns that growing reliance on debt for AI could create systemic risks if expectations fall short.

Earnings Movers: Ford & Deckers Outdoors

Timestamps: 07:10 – 08:32

• Ford:

  • Q3 earnings strong: Revenue +9% ($50.5B), profit more than doubled to $2.4B on truck/SUV sales.
  • Fire at supplier will trim full-year profit but impact offset by lower tariffs after Trump’s new rules.
  • Ford shares up 4%+ on earnings.
  • “Ford is coming off a solid quarter with strong sales and profits.” [08:11]

• Deckers Outdoors:

  • Despite Q3 earnings beat, stock down 10%+ on weaker 2026 sales outlook.
  • Tariffs on Vietnam-made Hoka and Ugg shoes expected to hurt demand.
  • “The stock has lost more than half its value in 2025.” [08:28]

Fun Fact: Nike’s Motorized Shoes

Timestamps: 08:32 – 09:32

• Project Amplify:
  • Nike developing battery-powered, motor-assisted sneakers with startup Defi.
  • Aim: ease walking/running for casual athletes and people with mobility impairments.
  • Early development; target store release 2028 or later.
  • Zaid speculates on smart shoe future:

    “I don't know if I want like smart sneakers on my shoes that I have to charge every night… maybe the walk boost feature will be free. But if you want a super Boost feature where you can dunk, you have to pay like a monthly subscription. I don't want to go down that road.” [09:19]

  • Invites feedback: “Let me know in the comments if you guys would be down to buy shoes like this.” [09:32]

Notable Quotes

• “Intel’s survival has become a matter of national security at this point…” – Zaid Admani [04:08]
• “That’s usually how the bubble ends up bursting.” – Zaid Admani [06:51]
• “Ford is coming off a solid quarter with strong sales and profits…” [08:11]
• “I don't know if I want like smart sneakers on my shoes that I have to charge every night.” [09:19]

Conclusion

Zaid wraps up with an upbeat call for listener engagement and a reminder to tune in next week for a packed schedule of tech earnings and economic events.

This summary covers all content-rich segments of the episode, excluding ads and outro.