The Rundown – OpenAI Needs to Raise $207B by 2030, Klarna Launches New Stablecoin

Podcast: The Rundown by Public.com
Host: Zaid Admani
Date: November 26, 2025

Episode Overview

This episode delivers a fast-paced update on the stock market’s latest moves, with a focus on tech sector turbulence (notably Nvidia), OpenAI’s massive funding needs, Klarna’s entry into stablecoins, and key corporate news from Urban Outfitters and HP. The episode wraps up with a Thanksgiving-themed fun fact about turkey prices. Host Zaid Admani keeps the tone casual, candid, and practical for investors wanting the top headlines in under 10 minutes.

Market Summary & Sector Rotation

[00:22 – 02:10]

• Market Rally:

  • The S&P 500 rose 0.9% (over 400 stocks in the green), with a three-day rally totaling a 3.5% gain.
  • The Nasdaq led with a 7% jump.
  • The S&P 500 is now within 2% of all-time highs.
  • “It’s been a pretty solid bounce back after the sell off that we saw earlier this month.” (Zaid, 00:32)

• Tech vs Healthcare:

  • Investors are rotating out of tech stocks and into healthcare.
  • Tech sector down nearly 4% over the past month; healthcare up 10%.
  • Notably, Nvidia is down 14% from its peak.
  • Zaid’s concern: “I wasn’t that worried about Nvidia before. I’m starting to get a little worried now.” (01:49)

• Weird Vibes at Nvidia:

  • Nvidia sent a 7-page memo to Wall Street refuting accounting allegations, referencing Enron.
  • Released an odd press release expressing delight at Google’s AI chip progress while asserting Nvidia’s supremacy.
  • “It was a really weird post and it instantly got memed on X. I feel like if Nvidia actually wasn’t worried about Google’s TPUs, they wouldn’t have posted anything.” (Zaid, 01:34)

• Market Sentiment:

  • Renewed optimism attributed to rate cut reassurances from Federal Reserve officials.
  • Crypto remains in a slump: “Nothing seems to be getting them out of their fun.” (Zaid, 02:10)
  • Lingering concerns: sticky inflation, cooling labor market, AI trade unwinding. “But you know what? We’ll worry about that next week...” (02:23)

Major Headlines

OpenAI’s Massive Funding Needs

[02:38 – 04:36]

• HSBC Analysis:

  • OpenAI projected to have a $207 billion funding gap by 2030, despite major revenue growth.
  • Massive compute costs: projected cumulative bill of $800 billion through 2030 (just for inference, not training).
  • Even with estimated $214 billion in revenues by 2030, OpenAI may still face $60–76 billion in annual operating losses.

• Subscription Model & Growth Projections:

  • Currently 35 million paying ChatGPT+Pro subscribers (about 5% of weekly active users).
  • Projection: 220 million paying users by 2030 (~$52 billion/year in subscriptions).
  • “Honestly, I’m kind of surprised that only 5% of people are paying for ChatGPT. I thought it’d be a lot more than that.” (Zaid, 03:44)

• Advertising as Wild Card:

  • Ads likely coming to ChatGPT as an essential revenue stream to cover soaring costs.
  • Deeper discussion available in a linked interview with SemiAnalysis president Doug O’Laughlin.

Klarna Launches a Stablecoin

[04:36 – 05:49]

• Partnership with Stripe:

  • Klarna introduces Klarna USD, a US dollar–backed stablecoin for international payments.
  • Stablecoins allow near-instant, low-cost global transfers, bypassing the slow, expensive SWIFT network.
  • “This is the best feature of stablecoin: sending money all over the world fast and with low fees.” (05:10)

• Klarna’s Digital Banking Ambitions:

  • Move supports Klarna’s evolution from a Buy Now, Pay Later firm into a broader digital bank, offering payments, deposits, transfers, and now crypto.
  • Klarna already offers banking services in parts of Europe.

• Investor Sentiment:

  • Klarna stock is down 25% since September IPO.
  • Getting into stablecoins may help reduce costs and expand services.

Stocks Making Moves

[05:49 – 07:15]

Urban Outfitters

• Positive Earnings:
  • Impressive sales growth across all major brands:
    • Urban Outfitters comps up 12%
    • Anthropologie up 7.6%
    • Free People up 4%
  • Strong Q3 attributed to increased traffic, transactions, and digital sales.
  • Significant growth in Nuuly (clothing rental)—revenues up 49%.
  • “Honestly, I didn’t know the company was still hot, but the stock is up 10% today and it’s getting pretty close to all-time highs.” (Zaid, 06:23)

HP

• Negative Outlook:
  • Weaker-than-expected 2026 earnings guidance.
  • Profits hurt by U.S. trade policy, tariffs, increased costs.
  • Plans to cut 10% of workforce (4,000–6,000 jobs) to save $1B by 2028.
  • Share price down over 4% on the news.

Thanksgiving Fun Fact: Turkey Prices

[07:15 – End]

• Turkey Cheaper in 2025:
  • Turkey prices down 3–16% vs last year, despite bird flu affecting 2 million turkeys.
  • U.S. annual consumption: nearly 200 million turkeys; bird flu impact is minor proportionately.
  • “Americans just aren’t eating as much turkey as they used to. Per capita turkey consumption is down nearly 20% from 10 years ago.” (Zaid, 08:24)
  • Host’s personal take: “I pretty much never eat turkey. It’s just too dry for me, you know. ... Give me the sweet potatoes, give me the dinner rolls, give me the Mac and cheese, some pie at the end of the night, and I’ll call it a day.” (08:39)

Notable Quotes & Memorable Moments

• On Nvidia’s Defensive Posture:

  • “If Nvidia actually wasn’t worried about Google’s TPUs, they wouldn’t have posted anything.” (Zaid, 01:41)

• On OpenAI’s Funding Challenge:

  • “OpenAI’s cumulative compute bill from now through 2030 will reach nearly $800 billion. That’s just the cost of running the models every time someone uses ChatGPT, not training new models.” (Zaid, 03:16)

• Klarna’s Stablecoin Ambition:

  • “Klarna wants to evolve beyond just a buy now pay later company and become a true digital bank.” (Zaid, 05:28)

Episode Structure / Timestamps

• 00:00 – Show open and market recap, sector movements
• 01:15 – Nvidia news and company sentiment
• 02:38 – Headlines: OpenAI’s funding gap explained
• 04:36 – Klarna’s stablecoin and digital bank evolution
• 05:49 – Stock movers: Urban Outfitters and HP
• 07:15 – Thanksgiving turkey fun fact and host’s take

Tone & Language

• Zaid brings an engaging, conversational style—blending clear explanations, industry lingo, and humor.
• He directly addresses listeners, shares his reactions (“Honestly, I didn’t know Urban Outfitters was still hot”), and invites feedback.

Summary Takeaway

This episode highlights the shifting tides in tech stocks, underscores the eye-popping costs facing leading AI companies, and showcases how fintechs like Klarna are innovating with crypto. Urban Outfitters’ surprise earnings and HP’s tough outlook round out the key stock stories, while the lighter take on turkey prices serves as a timely Thanksgiving closer.

Note: All timestamps are approximate. This summary skips advertisements and non-content segments as requested.