The Rundown – Detailed Episode Summary

Episode Title: Nvidia Earnings Alleviate AI Bubble Concerns, Walmart Raises Outlook Amid Strong Value Shopping Demand
Host: Zaid Admani
Date: November 20, 2025
Duration: ~10 minutes
Podcast by: Public.com

Episode Overview

This episode offers a swift but incisive breakdown of the previous day’s financial news, focusing mainly on Nvidia’s blockbuster earnings report and its effects on the perceived stability of the AI boom, as well as Walmart’s strong performance and outlook amidst pressures on consumer spending. The host, Zaid Admani, also covers other major stock moves and closes with an intriguing business move by Jeff Bezos.

Key Discussion Points & Insights

1. Market Movements and Macro Context

• S&P 500 and NASDAQ Rebound:
  • The market bounced back after a four-day losing streak, with the S&P 500 up 0.4% and NASDAQ up 0.6%. (00:35)
• Jobs Data & Interest Rate Outlook:
  • The September jobs report showed 119,000 jobs added, well above the 50,000 expected – a "pretty significant beat." (00:49)
  • Unemployment rose to 4.4%, but overall "no major signs of a labor market slowdown."
  • October jobs data is unavailable due to a government shutdown; the next report will be December 16.
  • This lack of up-to-date data may influence the Federal Reserve’s December 10th meeting, with rate cut expectations dropping from 90% to 25%. (01:51)

2. Nvidia’s “Monster” Earnings & Broader AI Optimism

• Earnings Recap:
  • Nvidia "crushed expectations," beating on both revenue and profits, with strong margins and a bullish forecast. (02:33)
  • Q3 revenue: up 62% to $57 billion.
  • Data center (AI) revenue: up 66% to $51.2 billion.
  • Profits: up 65% to $31.9 billion.
  • All growth achieved "despite doing $0 in revenue from China because of US export restrictions." (03:20)
  • Margins remained at 73% and are expected to rise.
• Wild Forecasts:
  • Projected Q4 revenue of $65 billion.
  • CFO hinted at $500 billion in sales by 2026.
• AI Bubble Debate:
  • CEO Jensen Huang directly addressed AI bubble fears, saying the company sees "no signs of that," and that cloud GPUs are sold out. (04:20)
  • “I think this report might put to bed the concerns around the AI bubble, at least for now.” – Zaid Admani (04:37)
  • Nvidia stock jumped 5% after hours, lifting peers like CoreWeave, Oracle, Google, and AMD.
• Notable Analogy:
  • “This is like LeBron dropping 50 in an elimination game.” (05:13)

3. Walmart’s Strong Quarter Drives Retail Optimism

• Earnings Highlights:
  • Walmart beat on both revenue and profits; raised its outlook for the second time this year.
  • Comparable sales up 4.5% across all income groups – even high-income shoppers are buying from Walmart.
  • Food prices: up 25% in five years, driving more value-driven shopping.
• E-Commerce Growth:
  • E-commerce sales up 27%; same-day delivery now covers 95% of US households.
  • Fast delivery options’ revenue up 70% Y/Y.
  • Personal use: Zaid notes he uses Walmart Plus and praises grocery delivery. (06:48)
• Tariff Impact:
  • About one-third of Walmart goods are imported, leading to some price hikes (electronics, furniture). The company absorbs some tariff costs.
• Comparison to Competitors:
  • Walmart’s continued growth contrasts with Target, which “hasn’t seen sales growth in over four years.”
  • Walmart is “pretty optimistic heading into the holiday season” and stock is up “more than 5%” on earnings.
• Leadership Change:
  • CEO Doug McMillan will step down Jan 31, 2026. “There’s going to be a lot of pressure on the new guy to not mess up the momentum.” (07:33)

4. Major Movers: M&A and Struggles in Retail

• Exact Sciences Jumps on Abbott Acquisition:
  • Abbott is acquiring cancer-screening company Exact Sciences for $23 billion.
  • Exact shares surged 24% on initial rumors and up another 20% after confirmation. (07:48)
  • Abbott is shifting its diagnostic business, which boomed during COVID but has since faded.
  • “This might be the biggest year ever for healthcare M&A deals – seems to be a new one almost every day now.” (08:15)
• Bath and Body Works’ Rough Quarter:
  • Shares down more than 20% after missing on both EPS and revenue; net sales fell 1% in Q3.
  • Management blames “negative macro consumer sentiment” and pullbacks in discretionary purchases like lotions and candles.
  • Humorous aside: “Every time I walk past Bath and Body Works, the smell is just overpowering.” (08:42)

5. Jeff Bezos Returns with a Massive AI Ambition

• Project Prometheus:
  • Jeff Bezos is “coming out of retirement and launching an AI company.”
  • Over $6 billion in funding, mostly from Bezos.
  • First time he’s back as CEO post-Amazon.
  • Hosts jokes: “I guess Bezos got pretty bored hanging out on a $500 million yacht every day.”
  • Suggests the billionaire playbook now involves launching both a space company and an AI company.
  • Zaid muses: “If I was a bored billionaire, I think I’d just buy a sports team… Then you’d never be bored…probably be pretty bad, making like irrational trades at 2am.” (09:04)

Notable Quotes & Memorable Moments

• On Nvidia’s Quarter Saving the AI Trade:
  • “This is like LeBron dropping 50 in an elimination game.” (05:13)
• On Walmart’s Value Proposition:
  • “Even high income shoppers are buying from Walmart now.” (06:11)
• On Jeff Bezos’ New Venture:
  • “I guess Bezos got pretty bored hanging out on a $500 million yacht every day. I guess the playbook for these bored billionaires is launch a space company and now an AI company.” (08:58)
• Personal Touch:
  • “I have Walmart Plus. I use it quite often and yeah, it’s pretty great getting groceries delivered within a couple of hours of ordering it.” (06:48)

Timestamps for Key Segments

| Segment | Description | Timestamp | |---------|-----------------------------------------------------------|-----------| | Market Recap & Jobs Report | Macro backdrop, Fed implications | 00:35–01:50 | | Nvidia Earnings & AI Bubble | Financial stats, impact on market and AI hype | 02:33–05:23 | | Walmart Earnings, E-commerce | Growth drivers, competitive advantage, leadership | 06:11–07:33 | | Exact Sciences/Abbott, Bath&Body Works | Stock movers, M&A, retail struggles | 07:48–08:42 | | Jeff Bezos, Project Prometheus | Tech billionaire news, cultural commentary | 08:43–09:14 |

Summary

Zaid Admani’s rapid and lively rundown delivers a concise yet comprehensive overview of the day’s most impactful stock market news. Major takeaway: Nvidia’s stellar performance reassures the market and temporarily quashes fears of an AI bubble, while Walmart’s widespread appeal—amid tough consumer conditions—cements its status as a retail leader. The episode closes with a look at headline-grabbing M&A, a struggling retailer, and the return of Jeff Bezos to the helm of a new AI venture, reminding listeners that there’s never a dull day in the world of business and tech.