The Rundown – December 23, 2025
Host: Zaid Admani, Public.com
Episode Theme:
A fast-paced market update covering soaring gold and silver prices, Novo Nordisk’s FDA approval for a weight-loss pill, Alphabet’s acquisition of a clean energy provider, notable stock movers, and an unexpected robotic car traffic jam in San Francisco.

Episode Overview

This episode dives into:

• The unusual rally in gold and silver during a booming stock market
• Novo Nordisk’s landmark FDA approval for a weight-loss pill and its impact on the GLP-1 drug market
• Alphabet’s bold acquisition in the clean energy and data center space, marking a new era for Big Tech
• Noteworthy stock movements (Huntington Ingalls, US drone makers, Johnson & Johnson)
• A “fun fact” highlighting the challenges faced by Waymo’s robo-taxis during a San Francisco blackout

Key Discussion Points & Insights

1. Market Momentum and Unusual Precious Metals Rally

Timestamps: 00:29 – 03:02

• The S&P 500 and Nasdaq are on a three-day win streak, up 0.6% and 0.5% respectively.

• The VIX (“fear index”) is at 12-month lows, indicating prevailing investor calm.

• Despite strong equity markets, both gold and silver have hit record highs—unusual since these are typically “safe haven” assets that lag during bull runs.

  Reasons for the divergence:

  • Anticipated interest rate cuts in 2026 make non-interest-bearing assets like metals more attractive.
  • Central banks worldwide are buying gold aggressively, steadily pushing prices up.
  • Investors continue hedging against possible future stock market volatility, seeking “safety” alongside returns.

  Quote:

  “This year, gold and silver have had strong runs despite the stock market going up….The gold rally could be a subtle signal that investors are still hedging their bets against the stock market.”
  — Zaid Admani [02:08]

2. Novo Nordisk's Game-Changing FDA Pill Approval

Timestamps: 03:10 – 05:04

• Novo Nordisk received FDA approval for the first-ever GLP-1 weight-loss pill (oral Wegovy), shifting from the traditional injection route.

• Benefit: Pills are cheaper to make and should retail at $149/month (before insurance), expanding accessibility vs injections.

• Pills expected to be available by early January.

• Novo’s share price has rebounded, up 9% on the news—much needed after losing significant market share (and nearly half its value) to Eli Lilly, whose drugs have delivered stronger results in trials.

• The exclusivity window is short: Eli Lilly may have a competing pill by early 2026.

  Quote:

  “This is a huge deal and it could significantly expand the number of people willing to use GLP-1s for weight loss.”
  — Zaid Admani [04:00]

3. Alphabet’s $4.75 Billion Clean Energy/Data Center Acquisition

Timestamps: 05:08 – 07:08

• Google’s parent, Alphabet, is acquiring Intersect, a major renewable energy and data center developer, for $4.75B in cash.

• This sets a precedent—first time a Big Tech company has outright bought a large energy/data infrastructure provider rather than signing contracts.

• Moves grant Google direct access to future power generation and data center projects poised to deliver 10.8 GW by 2028 (equivalent to powering over 8 million homes).

• Record $61B in data center deals in 2025. Hyperscalers (Google, Meta, Amazon, Microsoft) are racing to secure infrastructure for AI capacity.

• Trend to watch: increased debt financing in the sector, possibly cooling investor enthusiasm for AI stocks.

• Political angle: Senator Bernie Sanders is calling for a moratorium on new data centers, arguing the tech must benefit society broadly, not just billionaires.

  Quote:

  “Data centers are becoming more than just an investment story…they’re also turning into a political, regulatory, and energy story as well.”
  — Zaid Admani [07:00]

4. Stocks on the Move

Timestamps: 07:16 – 08:47

Huntington Ingalls:

• Shares surged after President Trump announced a series of next-gen battleships, building on a recent Navy shipbuilding contract.
• Company investing $1 billion into shipyards for the project; stock up over 9% in two days.

US Drone Makers:

• US FCC banned Chinese-made drones (DJI) from future sales; US companies like AeroVironment, Red Cat, Kratos gained sharply.

  Quote:

  “Because of this ban, none of their new (DJI) drones can be sold in the U.S...this is a big win for US drone makers.”
  — Zaid Admani [08:19]

Johnson & Johnson:

• Shares declined 1% after being ordered to pay $1.5B in a talcum baby powder lawsuit (mesothelioma from alleged asbestos exposure). J&J strongly denies claims, vows appeal.

5. Notable Moment: Waymo Robo-Taxi Gridlock

Timestamps: 08:50 – 09:53

• A San Francisco power outage knocked out traffic lights, triggering dozens of Waymo self-driving cars to freeze in intersections, causing major gridlock.

• No injuries, but city required tow trucks to clear up the mess as Waymo temporarily suspended operations.

• Highlights ongoing “edge cases” and the limits of AI navigation (especially if remote human assistance is also compromised by outages).

  Quote:

  “These Waymos are designed to handle situations like this where the traffic light isn’t working, but I guess they can still glitch….It might also mean that these Waymos are relying on remote human assistance…but when there’s no power and potentially no Internet, those remote assistance workers weren’t able to help.”
  — Zaid Admani [09:15]

Memorable Quotes & Highlights

• “[Gold and silver] have had strong runs despite the stock market going up… could be a subtle signal that investors are still hedging their bets.” [02:08]
• “This is a huge deal and it could significantly expand the number of people willing to use GLP-1s for weight loss.” [04:00]
• “Data centers are becoming more than just an investment story. They’re also turning into a political, regulatory, and energy story as well.” [07:00]
• “Because of this ban, none of their new (DJI) drones can be sold in the U.S… big win for US drone makers.” [08:19]
• “These Waymos are designed to handle situations like this… but I guess they can still glitch.” [09:15]

Important Timestamps

• Market recap & metals rally: 00:29 – 03:02
• Novo Nordisk FDA pill approval: 03:10 – 05:04
• Alphabet buys Intersect: 05:08 – 07:08
• Stock movers (Huntington Ingalls, drones, J&J): 07:16 – 08:47
• Waymo robo-taxi chaos: 08:50 – 09:53

Tone

• Informative, breezy, slightly conversational, and accessible for all levels of investors.

Summary

A brisk, investor-focused episode highlighting the nuanced interplay between bullish markets and safe-haven buying, transformative pharma and tech deals, and the cultural hiccups of emergent technologies. The host blends clear explanations with real-time financial data and memorable anecdotes, making this a must-listen for anyone tracking market movers or the “big picture” in business and tech.