The Rundown – September 23, 2025

Host: Zaid Admani, Public.com
Episode Theme:
A snapshot of the day’s biggest stock market movers and headline news, with deep dives into Apple’s resurgence, Nvidia’s unprecedented $100B investment in OpenAI, Disney’s Jimmy Kimmel controversy, and notable moves in CoreWeave and Firefly Aerospace. Plus, a fun Tesla fact closes out the episode.

Market Performance & Sentiment

[00:20–02:00]

• Market Rally:
  • S&P 500 up 0.4%; Nasdaq rose 0.7%, with both indices closing at record highs.
  • September is outperforming its typical reputation as the weakest month: “There seems to be no signs of the September scaries this year.” (Zaid, 01:10)
  • Investors’ confidence attributed to optimism over future Fed rate cuts, the AI boom, and strong corporate earnings.
  • S&P 500 is nearly 5% higher this month.
• Apple’s Surge:
  • Apple stock jumped over 4% yesterday on robust early demand for the iPhone 17, notably in China.
  • “Apple stock has finally turned positive for the year.” (Zaid, 00:45)
• Earnings Season Ahead:
  • Q3 earnings season starts in about three weeks: “That’s one of many reasons why October is one of my favorite months of the year.” (Zaid, 01:44)

Nvidia’s $100 Billion Deal with OpenAI

[02:10–05:06]

• Deal Overview:
  • Nvidia will invest up to $100 billion into OpenAI, marking one of the largest AI infrastructure partnerships ever.
  • Funds target new data centers powered by Nvidia chips, aiming for 10 gigawatts of energy capacity—the electricity demand of New York City.
    • “OpenAI wants their data centers to deploy up to 10 gigawatts of energy capacity, which is basically the same electricity demand as New York City.” (Zaid, 02:50)
  • Funding delivered in $10B installments as each gigawatt comes online; first tranche tied to Nvidia’s upcoming Vera Rubin chip (launching 2H 2026).
• Industry Impact:
  • OpenAI projects $450B in costs for model training and operations by 2030. CEO Sam Altman doesn’t expect profits before 2029.
  • For Nvidia: Gains OpenAI equity and cements itself as a key supplier. Potential “circular accounting” concern:
    • “It’s like an infinite money glitch... Nvidia gives money... just for that company to turn around and spend that money to buy Nvidia’s chips.” (Zaid, 04:25)
  • Nvidia shares rallied 4% on the announcement.
  • Major players (Meta, Amazon, Google, Microsoft, OpenAI) expected to spend $325B on AI infrastructure by the end of this year.
• Skepticism Raised:
  • Zaid highlights skepticism around the “circular accounting” model and invites listener opinions.
    • "Let me know in the comments on what you guys think... it just sounds a little shady to me.” (Zaid, 04:56)

Disney & Jimmy Kimmel Show Turmoil

[05:07–07:30]

• Timeline & Fallout:
  • Disney is reinstating Jimmy Kimmel’s late night show to ABC, less than a week after suspension followed Kimmel’s comments on conservative activist Charlie Kirk’s assassination.
  • Suspension was an effort to “avoid further inflaming a tense situation” and possibly to preempt FCC action after Chairman Brendan Carr threatened ABC broadcast licenses.
    • “FCC Chairman Brendan Carr criticized Kimmel and suggested that the FCC could take action against the broadcasting licenses of ABC owned stations. I mean, that is a wild threat.” (Zaid, 05:55)
  • Led to debates on government censorship, free speech, and business consequences.
• Backlash & Industry Response:
  • Over 400 celebrities signed a letter criticizing Disney, while some Disney+ subscribers reported cancellations.
  • Disney contends ratings or Kimmel’s $15M salary weren’t factors (contrary to some critics).
  • Disney faces tough choices: balancing risk to reputation in Hollywood, subscriber loyalty, affiliate relationships, and governmental oversight.
    • “If Disney wants to do any future mergers, they have to get approval from the government, which could be a roadblock now.” (Zaid, 06:38)
  • Even ABC affiliates are divided: Sinclair and Nexstar have dropped the Kimmel show, citing regulatory and merger considerations.

Stocks on the Move

[07:31–08:53]

• CoreWeave (Up >2%):
  • Wells Fargo upgraded CoreWeave to 'Buy', targeting $170/share (from $136/share).
  • “Right now they’re benefiting from tight GPU supply as big tech companies scramble to scale up.” (Zaid, 07:49)
  • Notable $6.3B deal with Nvidia to sell excess data center capacity through 2032.
• Firefly Aerospace (Down 10%):
  • Reported quarterly loss widened to $80.3M (from $58.7M a year ago); revenue decreased to $15.5M.
  • Management touts successful milestones (e.g., NASA-backed Blue Ghost mission: “Blue Ghost sounds like an awesome name for a mission, by the way.” (Zaid, 08:15)), but the losses pushed shares below their recent IPO price.
  • “The stock is now sitting at $44 a share. So they’ve dipped below their IPO price.” (Zaid, 08:49)

Fun Fact: Tesla Roadster’s Value

[08:54–09:57]

• First Tesla Roadster (2008–2012):
  • Sold ~2,400 units at about $120,000 each; now a collector’s item reselling for hundreds of thousands.
  • Second-generation Roadster teased in 2017 still hasn’t launched—no definitive timeline.
  • Noteworthy perspective: “If you had just invested the $50,000 in Tesla stock back in 2017 instead of reserving the Roadster, that investment would be worth over a million dollars today.”
    • “At this point, I’m starting to wonder if we’re going to get GTA 6 before the Roadster 2.” (Zaid, 09:43)

Notable Quotes & Moments

• On Market Rally:
  “There seems to be no signs of the September scaries this year.” — Zaid (01:10)
• On Nvidia’s ‘Infinite Money Glitch’:
  “It’s like an infinite money glitch… it just sounds a little shady to me.” — Zaid (04:25, 04:56)
• On Disney’s Kimmel Decision:
  “I mean, that is a wild threat.” — Zaid (05:55)
• On Firefly’s Space Mission:
  “Blue Ghost sounds like an awesome name for a mission, by the way.” — Zaid (08:15)
• On Tesla’s Investment Math:
  “That’s enough to buy multiple roadsters if they ever get made. At this point, I’m starting to wonder if we’re going to get GTA 6 before the Roadster 2.” — Zaid (09:43)

Episode Takeaways

• Broad market optimism is fueled by AI sector excitement and strong earnings.
• Nvidia’s $100B deal with OpenAI is historic, but raises questions about financial engineering within the AI hardware/software ecosystem.
• Disney’s swift reversal on Kimmel spotlights the intersection of business, politics, government oversight, and entertainment industry dynamics.
• CoreWeave and Firefly Aerospace are key movers, reflecting themes of AI infrastructure growth and the volatility of new tech IPOs.
• Tesla’s early Roadster story underlines how much the EV market and Tesla’s value have changed—and the risks of high-dollar “reservations.”

For those tracking daily market action and major business headlines, this episode delivers concise, fact-rich insight with a healthy dose of skepticism and humor.