The Rundown – November 6, 2025

Host: Zaid Admani
Podcast: The Rundown by Public.com
Episode Theme: Market recovery, Supreme Court tariff challenges, OpenAI’s surprising funding ask, and AI partnerships between Apple and Google. Plus, standout earnings reports and a revealing stat on U.S. homebuyers.

Episode Overview

In this episode, Zaid Admani delivers his daily market update with a focus on three main stories:

• The U.S. Supreme Court’s skepticism of Trump-era tariffs
• A controversial funding comment from OpenAI’s CFO
• Apple’s upcoming deal to integrate Google’s Gemini AI into Siri
  He also recaps major earnings news and ends with a revealing stat about the housing market.

Key Discussion Points & Insights

1. Market & Macro News Update

Timestamps: 00:35 – 02:24

• Stock market rebound:

  • S&P 500 up 0.4%, Nasdaq up 0.7%
  • Crypto bounces back; Bitcoin tops $104,000 after a dip below $100,000 earlier in the week.

• Tariff drama at the Supreme Court:

  • The Supreme Court is hearing arguments on the legality of Trump’s tariffs under the International Emergency Economics Powers Act.
  • Early signs point to justices being skeptical about the president’s authority here, raising the possibility that these tariffs could be struck down and the government would have to refund over $100 billion in collected tariffs.
  • “Just that's the theme of 2025, just more uncertainty. And I'm still not sure if the tariffs being struck down is bullish or bearish for the markets.” — Zaid Admani [01:51]
  • No immediate ruling expected, leaving a prolonged period of legal and market uncertainty.

2. Top Stories

OpenAI: Debt, Government Backstops, and IPO Doubts

Timestamps: 02:25 – 04:42

• OpenAI CFO Sarah Friar’s striking comments:
  • At WSJ Tech Live, Friar said an IPO is not planned, contradicting CEO Sam Altman’s earlier hints.
  • OpenAI faces infrastructure funding challenges: “OpenAI expected to spend more than $600 billion over the next few years on infrastructure, but the company's revenues are only around $13 billion a year.”
  • Friar floated the idea of the U.S. government backstopping (i.e., guaranteeing) financing for future data centers — a suggestion that didn’t go over well:
  • “Expecting the US government to fund OpenAI ambitions to create a technology that could potentially replace people's jobs. Yeah, I don't think people are going to be cool with that.” — Zaid Admani [03:43]
  • Widespread pushback led to a swift retraction, but concern lingers.
  • Zaid’s take: OpenAI’s masters in dominating headlines, and “I hope we at least get a good movie out of it.” [04:33]

Apple & Google: Gemini Powers the Next Siri

Timestamps: 04:43 – 06:10

• Deal details:
  • Apple is close to finalizing a $1 billion/year agreement to use Google’s Gemini AI in the revamped Siri, slated for release next year (per Bloomberg’s Mark Gurman).
  • The partnership is short-term; Apple aims to replace Gemini with its own AI model in the future.
  • “You guys know that I’m a big time Siri hater... I’m happy to see that Apple finally admit defeat on the lack of their AI skills and just go with Google’s Gemini model. I’m still going to try to have low expectations though for the new Siri.” — Zaid Admani [05:44]
  • Notably, Google pays Apple $20 billion/year to remain the default iPhone search engine, raising questions about the economic value of AI models.
  • Zaid ponders if this signals that AI models might be commoditized:
    “You’re starting to hear that AI models might just be a commodity, so it might not be a good business now.” [06:01]

3. Key Stock Movers & Earnings

Timestamps: 06:11 – 08:47

• Figma:

  • Stock rises 4% after beating Q3 estimates; annual revenue up 38%.
  • Success driven by its new AI-powered Figma Make design tool: “30% of their largest customers… are now using Figma make on a weekly basis.”

• Snap (Snapchat):

  • Jumps nearly 20% after revenue beat and $400M AI partnership with Perplexity (chatbot integration planned for inbox).
  • Zaid’s skepticism: “Not going to lie, I don't really get what the vision is here, but the market seems to like it.”

• DoorDash:

  • Plunges 10% after earnings miss and announcement of major new tech investments (rumored to be a point-of-sale system).
  • Closed a $3.9B deal to acquire Deliveroo (entry to UK market) and unveiled an autonomous delivery robot.
  • Investors are spooked by aggressive spending.

• Duolingo:

  • Drops almost 25% following a forecast for slower bookings growth; shifting focus toward learning experience over monetization.

4. Notable Quote & Memorable Moment

• On the housing market:
  “The average age of a first time home buyer in the US just hit a record high of 40 years old.” [08:48]
  • Up from 33 only four years ago.
  • Reflects soaring home prices (median $415,000, up 50% since 2019), and mortgage rates more than doubling.
  • Zaid: “Pretty much everyone in their 30s is getting priced out from buying. A housing market in the US is such a mess and there's so many downstream economic impacts from it as well.”

Timestamps for Important Segments

• Market Overview & Tariffs: 00:35–02:24
• OpenAI’s Comments & Financing: 02:25–04:42
• Apple–Google Gemini Deal: 04:43–06:10
• Stock Movers (Figma, Snap, DoorDash, Duolingo): 06:11–08:47
• Housing Market Stat: 08:48–09:30

Tone & Style

Zaid delivers the episode in his trademark conversational and candid style, mixing market insights with humor and skepticism, especially around the tech industry’s biggest players and boldest claims.

For more daily market news, subscribe and tune in to The Rundown on Public.com!