The Rundown – September 25, 2025

Podcast: The Rundown
Host: Zaid Admani
Episode Title: Intel Seeks Investment from Apple, Starbucks Cuts 900 Corporate Staff
Date: September 25, 2025
Length: ~10 minutes

Episode Overview

This episode of The Rundown delivers a concise update on notable stock market moves and company news. Host Zaid Admani analyzes why Intel is seeking an investment from Apple, the scale of Starbucks’ latest corporate restructuring, a major move by Jane Street in Opendoor, CarMax’s disappointing quarter, and Instagram’s rapid growth toward 3 billion active users. The episode is tailored for active investors looking for quickly digestible insights on daily macro-and-micro economic events.

Key Discussion Points and Insights

1. Stock Market and Crypto Update (00:40–02:10)

• Market Pullback:
  • The S&P 500 and Nasdaq both fell around 0.3% on Wednesday, marking "the first time that both indices had a back-to-back drop since September 2nd."
  • Despite the pullback, September is on pace to be “the best September for stocks since 2013.”
• Crypto Developments:
  • Ethereum (ETH) dropped below $4,000 after peaking at $4,900 a month ago, “so it seems like some of the hype from this past summer is starting to fizzle out a bit.” (01:05)
  • Bitcoin remains relatively stable, trading between $110K–$120K since July: “Honestly, these days it feels like Bitcoin is less volatile than stocks and gold.” (01:30)
• Upcoming Economic News:
  • The PCE inflation report—a key indicator for Federal Reserve decisions—comes out Friday. A hotter-than-expected number could "impact the Fed’s decision to continue cutting rates moving forward.” (02:05)
  • Zaid promises a deep dive into the report and market reaction on tomorrow's episode.

2. Intel Seeks Investment from Apple (02:15–05:35)

• Background & History:
  • Intel is in early talks with Apple “about a possible investment as they try to engineer a comeback,” per Bloomberg.
  • The complicated Intel-Apple relationship: Apple relied on Intel chips from 2005, but Intel passed on iPhone chips in 2007 and Apple eventually transitioned all Macs to their own Apple Silicon in 2020. “Yeah, I would say these two companies aren’t exactly friends.” (03:05)
• Geopolitical & Economic Factors:
  • US Government (Trump administration) recently took a 10% stake in Intel for national security reasons, to revive domestic chip-making.
  • Nvidia announced a $5 billion partnership with Intel for co-developing chips.
  • Apple investing in Intel could help Apple “get more tariff exemptions from the Trump administration down the line,” and reduce dependence on Taiwan’s TSMC.
• Potential Outcome:
  • “I don’t think we’re ever going to see Intel chips in iPhones or Macs anytime soon. The Apple silicon chip is just too good. And Apple’s never going back to Intel.” (05:10)
  • However, a deal could benefit Intel’s foundry (chip manufacturing) business, making Apple a marquee customer.
  • Intel stock is “up more than 60% since the beginning of August.” (05:30)
• Memorable Quote:

  “You know, they need the money, but more importantly, they need customers for their foundry business. And what better customer to have than Apple?” – Zaid Admani (05:00)

3. Starbucks Lays Off 900 Corporate Staff, Restructures North American Stores (05:35–07:10)

• Job Cuts & Store Closures:
  • Starbucks to cut 900 corporate jobs and close about 1% of North American stores.
  • The restructuring is expected to cost about $1 billion in severance and related expenses.
• CEO Strategy:
  • CEO Brian Nichols frames cuts as necessary to “free up cash to invest in the actual coffee shops,” aiming to make Starbucks “feel like destinations again. Kind of like how they were the hangout spot in the early 2000s.” (06:15)
  • Plans to remodel 1,000 stores and spend more on employee training.
• Financial Context:
  • Same-store sales have declined for six straight quarters.
  • Remodeling has shown “early signs” of customers spending more time and visiting remodeled locations more frequently.
• Engagement Request:

  “If you guys have been to a remodeled Starbucks in your area, let me know. Comments if you think this is actually going to help Starbucks turn their business around.” – Zaid Admani (07:05)

4. Headline Stock Moves: Opendoor & CarMax (07:10–08:30)

• Opendoor:
  • Shares spiked after Jane Street revealed a 6% stake. Jane Street is a highly respected quant firm with $30 billion AUM. Their moves carry weight on Wall Street.
  • Opendoor’s stock has surged by 1300% since July, heavily promoted as “the Google of the housing market” by hedge fund manager Eric Jackson (interviewed on The Rundown a month ago).
  • Jane Street’s motivation—long-term faith or meme-stock chase—is unclear, but their entry “is setting the stock up more than 4% this morning.” (08:05)
• CarMax:
  • Stock down 13% after missing earnings and revenue; comparable sales off 6%.
  • Attempts to cut $150 million from overhead "wasn't enough for Wall Street.” (08:20)
  • Zaid shares that he recently sold his own car to CarMax and got “a pretty decent offer, a lot more than I thought I was going to get.” (08:10)

5. Fun Fact: Instagram’s Explosive User Growth (08:30–09:30)

• Milestone Reached:
  • Instagram now has 3 billion monthly active users—up from 2 billion in 2022.
  • Facebook bought Instagram in 2012 for $1 billion when it had only 30 million users.
• Context & Valuation:
  • “That acquisition is going to go down as one of the greatest deals of all time. I think if Instagram was a separate site out of the Meta umbrella, it would be worth over $100 billion by itself.” (09:05)
• Meta's Dominance:
  • Instagram joins Facebook and WhatsApp as the third Meta app to surpass 3 billion users.
  • “Chances are, if you’re listening to this podcast, you probably have an Instagram account.” (09:20)

Notable Quotes & Memorable Moments

• On Intel–Apple–Politics (03:30):

  "The US Government really wants Intel to be successful. They see it as a national security matter...especially Intel's foundry business which manufactures chips."

• On Starbucks Remodels (07:00):

  "Early signs have shown that customers are visiting the remodeled locations more often and sticking around longer."

• On Instagram's Growth (09:05):

  "That acquisition is going to go down as one of the greatest deals of all time. I think if Instagram was a separate side out of the Meta umbrella, it would be worth over $100 billion by itself."

Timestamps for Important Segments

• 00:40 – Stock market pullback & crypto update
• 02:15 – Intel seeks Apple investment, geopolitical context
• 05:35 – Starbucks layoffs & turnaround plan
• 07:10 – Opendoor surges on Jane Street stake; CarMax earnings miss
• 08:30 – Instagram hits 3 billion user milestone

This episode is fast-paced and informative, with Zaid Admani blending data, context, and personal asides, all in under 10 minutes. The key market moves and company narratives discussed offer quick, actionable insights for investors and finance enthusiasts alike.