The Rundown – November 25, 2025

Host: Zaid Admani
Podcast: The Rundown by Public.com
Episode Theme:
A fast-paced overview of the day’s top stock market news, major AI industry developments, and key earnings movers. The episode’s core focus is on Google’s emerging threat to Nvidia in the AI chip market and a new federal executive order on AI, alongside notable stock headlines including Eli Lilly’s trillion-dollar achievement.

Episode Overview

This episode digs into why Google may soon rival Nvidia for AI chip dominance, how the U.S. government is launching an “AI Manhattan Project” under President Trump, and which companies are making the biggest stock market moves—including a historic moment for Eli Lilly. The host delivers sharp breakdowns of market momentum, tech sector optimism, and AI’s evolving business landscape in under 10 minutes.

Key Segments & Insights

1. Stock Market Rally & Rate Cut Optimism

[00:17 – 02:18]

• Broad Gains:

  • S&P 500 up 1.6%, Nasdaq up 2.7%—“the best day for the Nasdaq in six months.”
  • All ‘Magnificent Seven’ stocks in the green; Google and Tesla led, each up over 6%.

• AI Stock Bounce:

  • Notable AI-adjacent stocks (Micron, AMD, Broadcom) also surged.

• Catalyst:

  • Recent speeches by Fed officials (John Williams and Mary Daly) stoked optimism for a December rate cut.
  • Quote (Zaid Admani, 01:08):
    “Investors are betting the Fed will give us an early Christmas gift and cut rates at the December 10 meeting.”

• Market Sentiment Shift:

  • Probability of a rate cut jumped from 40% to 80% within a week.

• Crypto Unmoved:

  • Despite stock market gains, crypto remains sluggish—Bitcoin at $87,000, Ethereum under $3,000 (both at 6-month lows).

  • Quote (Zaid Admani, 02:00):
    “Crypto is still stuck in a slump. Even the rate cut hype wasn’t enough to spark a bounce.”

2. AI Chip War: Meta Looks to Google, Nvidia Feels Pressure

[02:33 – 05:10]

• Meta-Google Discussions:

  • Meta is negotiating with Google to rent/purchase billions in Google’s AI chips (TPUs) starting 2027, possibly as soon as next year.

  • Industry Impact:

    • Google could seize market share from Nvidia—Meta has been a significant Nvidia customer.
    • Google’s TPUs are positioned as a cheaper, attractive alternative (especially for big tech firms wary of over-reliance on Nvidia).

  • Quote (Zaid Admani, 03:11):
    "This is the first sign that Google could start taking market share from Nvidia, which currently dominates the AI chip market."

• Google’s Ambitions:

  • Internal estimates: TPUs could take 10% of Nvidia’s annual revenues—“tens of billions of dollars.”

• Nvidia’s Countermoves:

  • CEO Jensen Huang pushing hard to lock in long-term customer deals (notably with OpenAI and Anthropic) to keep them in the Nvidia ecosystem.

• Market Reaction:

  • Nvidia stock down 4%, AMD down 6% on the news.

  • Nvidia also faces scrutiny over alleged accounting practices (compared to Enron by critics).

  • Quote (Zaid Admani, 04:23):
    "Nvidia basically said they're not Enron because they're not hiding debt or inflating their revenues… Like Enron was using sketchy shell companies in the Cayman Islands."

  • Host's Take:

    • "This is turning into a full-on AI chip war… the real second option, or maybe even the first option soon, might end up being Google and their TPUs." (04:50)

• Nvidia’s Ongoing Strength:

  • Despite headwinds, Nvidia still delivers strong revenue and growth, but the AI hype seems to be shifting toward Google.

3. Federal “AI Manhattan Project”: Executive Order Signed

[05:11 – 06:31]

• The Genesis Mission:

  • President Trump signs an executive order for a federal AI platform (dubbed “the next Manhattan Project for AI”) led by the Department of Energy.

  • Purpose:

    • Consolidate vast government datasets (health, energy, engineering, material science) to accelerate scientific research via AI.

  • Implications:

    • Expected to fuel public-private AI partnerships.
    • Accelerate breakthroughs in key scientific domains—materials engineering, health science, clean energy.

  • Quote (Zaid Admani, 06:07):
    "This order is expected to spark more public-private partnerships with AI companies."

• Industry Reaction:

  • Leaders like Palantir’s Alex Karp have pushed for a government-led AI initiative, seeing this as a step to U.S. AI dominance.

4. Retail Movers: Abercrombie, Kohl’s, Burlington

[06:32 – 08:12]

• Abercrombie (up 17%):

  • Record Q3 sales (7% growth); Hollister brand sales up 16% from back-to-school demand.

  • Notable quarterly growth streak and substantial shareholder buybacks.

  • Quote (Zaid Admani, 06:51):
    "Crazy to think that Hollister is still doing its thing all these years later."

• Kohl's (up 20%):

  • Raised full-year earnings guidance.
  • Revenue still down, but margin improvements signal turnaround progress under new CEO Michael Bender.

• Burlington (down 5%):

  • Missed Q3 sales, blaming unseasonably warm fall weather.

  • Despite negative reaction, outlook for full-year earnings was raised.

  • Quote (Zaid Admani, 07:53):
    "Turns out it's hard to sell coats when it's 75 degrees in October."

5. Eli Lilly: First Trillion-Dollar Healthcare Stock

[08:13 – 09:01]

• Historic Milestone:

  • Eli Lilly becomes world’s first trillion-dollar healthcare company.

  • Only the second non-tech U.S. company (after Berkshire Hathaway) to hit $1T.

  • Drivers:

    • Success of GLP-1 weight-loss drugs (Zepbound, Mounjaro).
    • Rapid market share gains over competitor Novo Nordisk.

  • Quote (Zaid Admani, 08:28):
    "Eli Lilly wasn't even first in the space… But now Eli Lilly has taken the majority of the weight loss market share."

  • Host’s Takeaway:

    • Being first isn’t always everything—execution and innovation can win in the long run.

Notable Quotes & Moments

• On Google’s Threat to Nvidia:
  “This is turning into a full-on AI chip war… the real second option, or maybe even the first option soon, might end up being Google and their TPUs.” (04:50)

• On Crypto vs. Stocks:
  "It's always tough when crypto dips before Thanksgiving because then you have to have the awkward conversation with your family on why you invested in fake Internet money and why it's probably isn't a scam, right?" (01:58)

• On the AI ‘Genesis Mission’
  "The White House is framing this as the next Manhattan Project, but for AI." (05:23)

Timestamps for Key Segments

• Market Rally and Fed Rate Cut Optimism: 00:17 – 02:18
• AI Chip Drama & Google-Nvidia War: 02:33 – 05:10
• Federal AI Executive Order: 05:11 – 06:31
• Retail Earnings Move: 06:32 – 08:12
• Eli Lilly’s Milestone: 08:13 – 09:01

Tone and Style

• Fast, punchy, and conversational with investor-savvy context.
• Host uses humor (“awkward conversation with your family on why you invested in fake Internet money”) and sharp industry insight.
• Focus on actionable news, relatable analogies, and major implications for investors.

Recap

This episode offers a concise but information-dense summary of a surging market, rising excitement over lower rates, and tectonic shifts in the AI chip and healthcare industries. The rivalry between Google and Nvidia is drawn as a defining tech battle, while government investment in AI signifies broader implications. Concluding on Eli Lilly’s historic run, the episode ties together the day’s biggest company and economic stories for investors.