The Rundown – November 21, 2025

Main Theme

Host Zaid Admani delivers a fast-paced update on the day’s major stock market moves, highlighting market volatility fueled by shifting expectations around Federal Reserve rate cuts, a landmark OpenAI-Foxconn AI server deal, and Amazon’s significant engineering layoffs. The episode also covers notable stock moves, the ongoing crypto downturn, and ends with a quirky collectible news item.

Key Discussion Points & Insights

1. Major Market Reversal: Not Just About AI (00:20–03:10)

• Context: Strong investor optimism in the morning (thanks to Nvidia’s big earnings beat) is erased by lunchtime, with a sharp sell-off by close.

• Stats:

  • S&P 500: down 1.6%
  • Nasdaq: down 2.2%
  • 4% intraday swing—one of the year's largest reversals

• AI Bubble Fears:

  • Nvidia flips from +5% to –3%, raising questions about AI trade durability.

• Main Driver – Interest Rate Cuts:

  • Market disappointment over reduced likelihood of a December Fed rate cut.
  • Odds for a December cut tumble from 99% a month ago to 40%, as inflation holds in the 3% range and labor market remains strong.

• Quote:

  • “The market is behaving like my two year old son when he doesn’t get his favorite snack. They’re having a meltdown because they might not get what they want, which is lower rates.” — Zaid (02:13)

• Crypto Collapse:

  • Bitcoin falls to $83,000 (lowest since April), down >30% from October peak.
  • Ethereum at $2,700, down >40% from peak.
  • “So yeah, crypto is in a full-on bear market right now. It’s getting pretty tough out there.” — Zaid (03:03)

• Fed Watch:

  • Fed President John Williams signals rate cuts still possible, moving odds instantly from 40% to 70%.
  • December 10th Fed meeting is likely to be pivotal for market volatility.

2. OpenAI Partners with Foxconn for AI Data Center Hardware (03:12–04:30)

• Deal Details:
  • Foxconn to help OpenAI co-design and manufacture US data center hardware: server racks, power, cooling, networking.
  • Price undisclosed; part of CEO Sam Altman’s $1.4 trillion AI infrastructure vision.
• For Foxconn:
  • Accelerates shift away from consumer electronics (i.e., iPhones) as Apple revenues fall from 50% to 35% of overall.
  • “This is just another example of every tech company pivoting a little bit to get a piece of that data center pie.” — Zaid (04:18)

3. Amazon’s Engineering Layoffs and AI Focus (04:31–05:25)

• Layoffs:
  • October: 14,000 jobs cut (phase 1 of 30,000 total planned).
  • 40% of cuts in key states were engineering roles.
  • Cited reasons: Pandemic over-hiring, efficiency via AI, and focus on core strengths.
• Cuts Beyond Engineers:
  • Trimming experimental efforts: telehealth, fitness wearables, physical retail.
• AI & Efficiency:
  • Company wants to be “leaner and move faster and double down on AI” to keep up with competition.
• Investor Angle:
  • Amazon stock has underperformed compared to other “Mag 7” members.
  • Zaid draws a parallel to Meta’s successful “year of efficiency” turnaround in 2022.

4. Stocks in Focus: Gap’s Big Quarter, Bitcoin’s Ripple Effect (05:26–07:05)

Gap’s Strong Earnings (05:26–06:05)

• Highlights:
  • Best comparable sales jump (+5%) since 2017 (outside pandemic).
  • Viral “Better in Denim” campaign (via pop group Cat Eye) cited.
• Brand Breakdown:
  • Old Navy (60% of revenue): +6% sales
  • Gap: +7%
  • Banana Republic: +4%
  • Athleta: –11%
• Stock Movement:
  • Up 8% at opening.
• Memorable Quote:
  • “Old Navy is their biggest brand… The only brand struggling right now under Gap is Athleta… Gap is crushing it.” — Zaid (06:01)

Bitcoin Meltdown Hits Crypto Stocks (06:06–07:05)

• MicroStrategy (“Strategy”) Downturn:
  • Stock down 60% from midsummer highs; owns ~3% of all bitcoin.
  • JP Morgan warns it could be removed from MSCI indices, possibly prompting $2.8B in forced selling.
• Other bitcoin-related stocks struggling:
  • Riot Platforms, Galaxy Digital, American Bitcoin.
• **“When bitcoin goes up, their stock goes up, and when bitcoin goes down, their stock goes down. And usually it goes down at a faster rate than the actual underlying bitcoin.” — Zaid (07:01)

5. Fun Fact: Superman Comic Breaks Record (07:06–08:12)

• Story:
  • 1939 Action Comics #1 found in a family attic, fetches $9.1M at auction (most expensive comic book ever sold).
  • “I wonder if there's something that I have today that my kids will end up selling for millions of dollars in the future. Do you guys think that the box for the iPhone 3G will have any value in 2080?” — Zaid (08:06)

Notable Quotes & Memorable Moments

• On Market Meltdown:
  • “Nvidia ended up being one of the biggest losers yesterday, going from up 5% to down 3%. So there’s still some concerns around the AI bubble. But this sell off is more than just that.” — Zaid (01:45)
• On Fed Uncertainty:
  • “The Fed’s kind of in a tough spot right now because inflation is still in the 3% range while the labor market is still holding steady. So the Fed doesn’t have to be in a rush to cut interest rates right now.” — Zaid (01:58)
• On Crypto's Pain:
  • “Bitcoin is now at $83,000, the lowest price since April and it’s down more than 30% from its peak back in October. And ETH is even worse. It’s at $2,700 right now, down more than 40% from its peak.” — Zaid (02:48)
• On Foxconn's Pivot:
  • "Historically, assembling Apple products accounted for 50% of Foxconn's revenue, but now that's down to around 35% as they get more involved in the AI data center space." — Zaid (04:11)
• On Amazon's Investor Pressure:
  • "Amazon stock has been the worst performing out of all the Mag 7 this year. So we'll see if all these cuts pay off." — Zaid (05:13)
• On Collectibles:
  • “That kind of begs the question, I wonder if there’s something that I have today that my kids will end up selling for millions of dollars in the future.” — Zaid (08:06)

Timestamps for Important Segments

| Segment | Timestamps | |--------------------------------------|---------------| | Market Selloff, Rate Cut Odds | 00:20–03:10 | | Crypto Market Downturn | 02:20–03:10 | | Fed President Williams Announcement | 03:00–03:12 | | OpenAI-Foxconn Server Deal | 03:12–04:30 | | Amazon Layoffs & AI Focus | 04:31–05:25 | | Gap’s Earnings Pop | 05:26–06:05 | | Bitcoin-Related Stock Blowout | 06:06–07:05 | | Superman Comic Auction Record | 07:06–08:12 |

Tone and Style

• Conversational, energetic, with personal anecdotes and humorous analogies (“Like my two year old son… meltdown…”)
• Educational with an emphasis on actionable insights for investors.

Summary:
The episode thoroughly explains why the stock market is shaky—shifting Fed policy expectations trump even big AI earnings. OpenAI’s partnership with Foxconn, Amazon’s evolving priorities amid layoffs, and retail/crypto winners and losers all reflect a broad theme of adaptation and volatility across sectors. Entertaining stories and stats make complex news digestible for all listeners.