The Rundown – Episode Summary

Title: OpenAI to Burn $115B Through 2029, Tesla U.S. Market Share Sinks to 8-Year Low
Host: Zaid Admani
Date: September 8, 2025
Podcast: The Rundown by Public.com

Overview

In this episode, host Zaid Admani provides a concise yet information-packed update on major market moves, highlighting pivotal upcoming economic events and spotlighting significant shifts in the tech and auto industries. The episode’s central focus is the staggering projected cash burn at OpenAI and Tesla’s continued decline in its share of the U.S. electric vehicle (EV) market. Other major news includes the S&P 500 update, market reactions to the latest jobs report, the soaring price of gold, and a potential shake-up coming to the mobile telecom sector via a SpaceX-EchoStar deal.

Market Week Preview (00:20 – 02:10)

• Stock Market Recap:

  • S&P 500 rose 0.3% last week; NASDAQ up more than 1%.
  • Friday’s jobs report showed weaker-than-expected job growth and a rising unemployment rate to 4.3%.
    • [Quote] “Jobs growth came in way below expectations and the unemployment rate ticked up to 4.3%.” — Zaid Admani [00:33]

• Fed Rate Cut Expectations:

  • Weakening labor market heightens expectations for a rate cut at the upcoming September 17th Fed meeting.
  • Markets assign “a hundred percent chance of an interest rate cut… [with] a 10% chance of a 50 basis point jumbo cut.” [00:54]

• Gold’s Record Rally:

  • Gold up 36% year-to-date, maintaining safe-haven status amid inflation worries.
  • Upcoming key inflation reports: PPI on Wednesday, CPI on Thursday.

• Stagflation Concerns:

  • Tension between weak labor market and the potential for high inflation could produce a “recipe for stagflation.” [01:40]

Key Corporate and Economic Headlines

OpenAI’s Massive Spending and Growth (02:22 – 05:10)

• Cash Burn Escalates:

  • OpenAI to burn through $115B by 2029—$80B higher than projections a few months ago.
    • [Quote] “According to a report from the information, OpenAI now says that they will burn through $115 billion by 2029. That is $80 billion more than what they projected just a few months ago.” — Zaid Admani [02:35]

• Drivers of Costs:

  • Soaring costs for training AI models and recruiting/retaining top talent.
  • Expected to spend $9B on training in 2025, rising to $19B next year.
  • $20B earmarked for stock compensation to retain engineers amidst industry “talent war” (with Zuckerberg and Meta as major competitors).

• Strategic Moves:

  • Partnership with Broadcom to develop custom AI chips and reduce dependence on Nvidia—an expensive, long-term project.

• Investor Appetite and Valuation:

  • OpenAI supported by extraordinary VC funding despite high cash burn.
  • Valued at $500B, almost a fifth the size of Google.

• Revenue Picture:

  • Revenues growing rapidly; forecast at $13B this year (a 3.5x increase over last year).
  • $10B from ChatGPT; efforts underway to better monetize free users, possibly via affiliate links or ads.
    • [Prediction] “I think it’s only a matter of time before we start seeing ads in ChatGPT.” [04:25]
  • Goal of reaching 2 billion users by 2030.

Tesla’s Sliding U.S. Market Share (05:12 – 06:35)

• Market Share Decline:

  • Tesla’s U.S. EV market share dropped to 38% in August—its lowest since 2017; down from 49% just two months ago.
    • [Quote] “Tesla’s market share for EVs in the US has fallen to 38% in August. That’s the lowest since 2017. And the speed of the decline has been so fast.” — Zaid Admani [05:20]

• Competitive Pressures:

  • Asian automakers (Hyundai, Honda, Kia, Toyota) seeing significant sales jumps, fueled by aggressive discounts and incentives.
  • Tesla’s product pipeline lags: last new model was the underwhelming Cybertruck (2023); refreshed Model Y failed to boost sales.

• Policy Shifts:

  • Expiring $7,500 federal EV tax credit especially impacts Tesla, as it only sells EVs.

• Strategic Pivot:

  • Elon Musk focusing on robo-taxis and robotics; self-driving technology not fully market-ready yet.

Market Movers: Notable Stocks (06:36 – 08:10)

Winners

• AppLovin (APP):

  • Stock surges over 9% after S&P 500 inclusion announcement.
    • [Quote] “Getting into the S&P is like the ultimate form of validation. It’s the most exclusive club in the world.” — Zaid Admani [06:55]
  • Up 4,400% over the last year; specializes in mobile ad exchanges.

• EchoStar:

  • Shares up 19% after $17B spectrum asset deal with SpaceX—includes cash, SpaceX stock, and $2B coverage of EchoStar’s debt interest through 2027.
  • SpaceX’s spectrum rights could pave the way for a direct-to-device mobile service, challenging traditional telecoms.

Losers

• AT&T & Verizon:
  • Both stocks fall more than 4% amid fears of SpaceX disrupting rural mobile service markets.
    • [Quote] “If SpaceX can deliver a reliable satellite service directly to phones, the traditional players could lose customers… especially true in rural areas.” [08:00]

Memorable Quote

• “Despite being a capital intensive startup, investors clearly think the upside is worth it. They’re betting that Sam Altman can turn the billions of users into billions of dollars in profits someday.”
  — Zaid Admani, commenting on OpenAI’s unique funding situation [04:35]

Fun Fact: Powerball Winnings (08:35 – 09:25)

• Two Powerball winners will split a $1.8B jackpot—ends up as about $893M each, but only with annuity payments over 30 years.
• Lump sum payout option slashes this to $410M before taxes; real take-home could be closer to $250M per winner after taxes.

Final Thoughts & Tone

The host maintains a brisk, approachable, and slightly irreverent tone while distilling big financial headlines into actionable takeaways for everyday investors. The show balances hard numbers with insider context and forward-looking speculation, especially on transformative companies like OpenAI and disruptors such as SpaceX.

Timestamps of Key Segments

| Timestamp | Segment/Topic | |:-----------|:-----------------------------------------| | 00:00 | Episode introduction, market preview | | 00:33 | Labor market concerns, Fed expectations | | 01:30 | Gold rally, inflation updates | | 02:22 | OpenAI cash burn & strategy | | 05:12 | Tesla’s market share decline | | 06:36 | AppLovin surges on S&P inclusion | | 07:15 | EchoStar–SpaceX spectrum deal | | 07:55 | AT&T & Verizon react to SpaceX move | | 08:35 | Powerball jackpot breakdown |

Bottom Line:
Today’s episode makes clear just how much big tech and market shifts can transform entire industries—and how Wall Street continues to fund those with the biggest, boldest visions, even when the price tag is eye-popping.