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Public.com presents the rundown, your daily market update in under 10 minutes. My name is Zaydad Mani and Today is Wednesday, October 29th. In today's episode we'll tell you about all the major announcements from Nvidia that is pushing their stock to all time highs. We'll also tell you when OpenAI plans to IPO, then stick around to the end of the show to find out how much it costs to buy a humanoid robot. We got a great show for you today. Lets go. Well, the stock market hit another record high on Tuesday with the S&P 500 adding 0.2% and the Nasdaq jumped 0.8%. It was kind of a weird day though because nearly 400 stocks in the S&P 500 were actually in the red yesterday. But since The S&P 500 is market cap weighted, larger companies like big tech stocks have a greater influence on the overall index. And yesterday is just more proof that the stock market is being carried by big tech companies like Nvidia, which jumped 5% yesterday after some major announcements at their GTC event, which we'll cover in a bit. Now zooming out a bit. The next 48 hours are about to be insane because this afternoon we have the Fed meeting. The Federal Reserve is expected to cut interest rates by 25 basis points and we're getting a press conference from Jerome Powell at 2:30pm Eastern so we'll see what he has to say. There hasn't been a lot of drama from the Fed. Everyone just expects them to cut rates at this meeting and also at the next meeting in December. So we'll see if Jerome Powell says anything about that. And then right after Jerome Powell's press conference when the markets close, we are getting earnings from Microsoft, Meta and Google. So we're going to have a lot to cover on tomorrow's show. I'm not sure how we're going to keep it under 10 minutes, but we're going to try. And then on Thursday afternoon, Apple and Amazon both report earnings after the market close, so we'll be recapping that on Friday show. So yeah, you definitely don't want to miss any shows this week. Consider hitting that notification bell as well so you're notified as soon as an episode is posted every morning. Let's run through some headlines starting with Nvidia. Nvidia just wrapped up its GTC conference in Washington D.C. and CEO Jensen Huang made some major announcements that sent the stock to record highs. I'm just going to start listing out some of the Notable stuff that was announced yesterday. Nvidia said that their next generation Blackwell and Rubin chips are on track to generate over $500 billion in cumulative sales through 2026. Nvidia's AI chips are now in full production at TSMC's plant in Arizona, marking a huge step in bringing semiconductor manufacturing back to US soil. On top of that, Nvidia announced a ton of partnerships, including with Uber, where Nvidia's chips will power a fleet of 100,000 self driving cars with Stellantis handling the deployment. Lucid Motors will use Nvidia's tech to develop its own autonomous driving platform. The pharma giant Eli Lilly is team Nvidia to build one of the most powerful pharmaceutical supercomputers ever running on 1000 Blackwell chips. And then Jensen said that Nvidia would be investing $1 billion into Nokia to help rebuild America's telecom infrastructure. Using Nvidia's hardware, maybe they can get Nokia to start making phones again too. There was a lot more announcements, but you know, I only got 10 minutes here. I think the bigger takeaway is that Jensen is trying to convince investors that AI is not a bubble and that there's legit demand and applications for the technology. And I think invest are buying. Back into the story. Nvidia stock popped 5% yesterday and it's up another 5% this morning, making Nvidia the first company ever to hit a market cap of over $5 trillion. Absolutely wild stuff. And it seems like the AI trade seems to be fully back on. Now, sticking with the AI theme here, let's talk about OpenAI. According to a report from the Wall Street Journal, OpenAI could be gearing up for an IPO and as early as 2027. On yesterday's show we talked about how OpenAI completed its transition from being a nonprofit company to a for profit public benefit corporation. Part of that transition, Microsoft gets 27% stake in OpenAI. This restructuring took months to complete with regulators in California scrutinizing the company's plans. There was other critics as well, including co founder Elon Musk, who didn't want OpenAI to become a for profit company. Now what I found interesting from the Wall Street Journal article was that OpenAI threatened to relocate out of state if this restructuring didn't go through, which I think that threat helped push this over the finish line. I don't think California wanted a tech company like OpenAI to relocate to Texas or somewhere else. CEO Sam Albin has promised to keep the company in California. Now with plans to IPO in the near future. Now, Sam Altman didn't commit to an exact timeline for the IPO, but if and when this IPO happens, I think it'll be the biggest IPO in history. In fact, there's a real chance that OpenAI is going to be valued at over $1 trillion when they IPO in 2027 or beyond. Just wild that a company could IPO at a trillion dollar valuation. Let's talk about some stocks making moves today. Shares of Seagate are rising this morning after the company beat earnings expectations thanks to the AI boom fueling demand for data storage. Seagate makes hard drives, and with AI generating a ton of data, including AI photos and videos, that's driving up the demand for storage capacity. All that AI slop has to be saved somewhere, right? As a result, shares of Seagate are up more than 6% this morning. This might come as a surprise, but Seagate has been the third best performing stock in the S&P 500 this year, up more than 175% so far. Now, on the flip side, shares of Fiserv are on track to have their worst day ever. After the payment giant reported a terrible quarter. The company cut its full year earnings outlook and announced a major leadership shakeup. Now, if you're not familiar with fiserv, they're one of the biggest players in payment tech. Their technology enables banks to issue credit and debit cards, also loan processing, digital banking services. And they also own Clover, which is one of those companies with the white iPads at coffee shops that kind of guilt you into tipping 20% on your order. The numbers in their earnings report this morning were absolutely terrible. Fiserv now expects earnings for the year to be between $8.50 and $8.60 per share, which is down from the previous forecast of over $10 a share. So that's a pretty big haircut. Their financial solutions business, which provides the underlying technology to banks, saw revenues declined by 3% and their margins tanked by about 5 percentage points. So, yeah, investors are bailing on this stock. It's down nearly 40% this morning, which is just crazy for a company valued at $68 billion. The company is making big changes at the top. They're bringing on two co presidents plus a new CFO and new board members as part of a broader strategy reboot. It's going to take a lot for investors to have confidence in this company again. Now, sticking with the losers here, let's talk about Caesars Entertainment. Their stock is falling after the casino operator reported A wider quarterly loss of $55 million thanks to weaker travel demand in Las Vegas. Caesars operates a ton of hotels in Vegas, and they said that it was a tough summer for them, especially at their lower tier properties like Planet Hollywood and the Flamingo. Now, high end travel did hold up better, and Caesars also said that convention and group bookings are starting to rebound and they expect that trend to continue into early next year. But investors are still folding on the stock with Caesar stock down nearly 10% this morning. You know, I think that Vegas might be cooked now that everyone has a little casino in their pocket. Like, what's the point of going to Vegas anymore? Let's wrap the show with the fun fact you can now pre order your own humanoid robot. There's a company called 1X Technologies, and they're launching an AI robot called Neo. It's a 5 foot 6 human looking robot that can do basic housework like fold your laundry and load up the dishwasher. Now, this Robot will cost $23,000 with deliveries starting in 2026, but you can pre order it today with just a $200 deposit. The company says they'll also offer the option to rent the robot for $500 a month in the near future. Now, I watched some of the clips of Neo. It looks kind of cool, all right, but I'm just not convinced that humanoid robots are ever going to be a mainstream thing anytime soon. You know, I know that a lot of people are bullish on it, even Elon Musk. Tesla is working on a human humanoid robot called Optimus, and I can get the appeal. But honestly, I think that robots make way more sense doing heavy duty stuff like working in warehouses or factories instead of, you know, awkwardly fumbling with my dishwasher. And look, maybe it's because I watched that Will Smith movie iRobot a lot growing up. I'm not sure I want a giant human sized robot with AI super intelligence in my home. You know, I got a robot vacuum. It works pretty well. I think it's kind of all I need at this point, but maybe I'm in the minority here. Let me know in the comments if you guys would ever buy a humanoid robot. And what, what's the max amount of money that you would pay for one? Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode. If you did and you have like five extra seconds, consider giving us a five star rating on Apple, Spotify, YouTube, wherever you listen to your podcast. And if you are listening on Spotify. Don't forget to vote in today's Spotify poll. Leave us a comment on Spotify. All that engagement really does help us out and it helps other people find the show. Thank you guys so much for listening, watching and commenting. Shout out to Mike and Connor for all the work behind the scenes and we'll see you guys back here tomorrow.