The Rundown — Episode Summary

Podcast: The Rundown (by Public.com)
Host: Zaid Admani
Episode: Opendoor Soars 50% After Naming New CEO, Figure ($FIGR) Awaits First Trade
Date: September 11, 2025

Episode Overview

In this fast-paced daily market update, host Zaid Admani breaks down the latest CPI (inflation) report, previews hot IPOs including Figure ($FIGR), digs into Chipotle’s international expansion ambitions, and highlights dramatic moves by Opendoor ($OPEN). The episode closes with a look at Amazon’s Zoox entering the self-driving car race, creating new competition for Waymo and Tesla.

Key Discussion Points & Insights

1. Stock Market Recap & Major Movers

• S&P 500 & Nasdaq: Both set new highs, with the S&P 500 up 0.3% and Nasdaq slightly up 0.03%.
• Oracle’s 36% Jump: The biggest move since 1992, fueled by positive earnings (covered in depth on the previous day’s episode).
  • [01:01]
• Klarna IPO: Debuted at $40, ending the day at $45 (+15% pop, described as “reasonable”).
  • Zaid notes: "We didn't get the crazy 100% pop like we saw with Figma and Circle earlier this summer, which I think is a good thing. It means that the Klarna investment bankers priced the IPO properly." [01:26]

2. CPI (Inflation) Report & Fed Predictions

• CPI Data (“hotter than expected but not by much”):
  • August inflation: +2.9% YoY, +0.4% MoM
  • Core inflation: +3.1% YoY, +0.3% MoM
• Fed Rate Cut Expectations: Market is “pricing in a 100% chance of a rate cut”; 10% odds of a jumbo (50bps) cut.
  • "So this is just another data point showing that inflation has been sticky in the 2 1/2 to 3% range." [02:58]
  • "The market doesn't think that these inflation numbers will stop the Fed from cutting interest rates." [03:17]
• Upcoming Fed Meeting: Set for September 16th-17th.

3. Figure ($FIGR) IPO Preview

• Company Profile: Blockchain tech firm, focused on digitizing capital markets.
  • "Their goal is to build the future of capital markets using blockchain based technology." [03:51]
• Business & Growth:
  • Facilitated $16B in loans ($11B in last 18 months).
  • Dominates home equity line of credit (HELOC) sector by using blockchain—10 day funding versus 42 day industry average.
• Vision: To move trading, asset financing, even equities onto blockchain.
  • Zaid: "Their bigger pitch is they want to reinvent how capital markets operate and bring them onto the blockchain." [04:40]
• IPO Details: Priced at $25/share (above $20-22 range).
• Fun Fact: This is Figure’s second IPO attempt; first SPAC attempt in 2022 failed.

4. Chipotle’s International Expansion

• Expansion Targets: Launching in South Korea and Singapore (2026), with partner SPC Group.
• Strategic Need: International expansion seen as essential next growth engine.
• Revenues: Up just 3% YoY; same-store sales declining for two quarters; stock down ~35% YTD.
• CEO’s Strategy: Focus on new menu, operational improvements, and international expansion.
  • "He didn't unfortunately say anything about free guac."
  • [06:08]

5. Opendoor Stock Skyrockets on CEO News

• Stock Move: Soared more than 35% after naming Kaz Nihatian (former Shopify COO) as CEO.
• Leadership Shuffle: Co-founders Keith Raboy and Eric Wu join the Board; previous CEO Carrie Wheeler stepped down.
• Comeback Story: Stock was <$1 in June, near delisting; now up over 1,000% after hedge fund manager Eric Jackson promoted it as “the next Carvana with 100x upside.”
  • "He's been tweeting about the company nonstop and that caught the attention of retail investors." [07:24]
• CEO Vision: Nihatian posted: “My goal is to scale home ownership for Americans in a similar way that Shopify scaled entrepreneurship.” [07:45]
• Retail Frenzy: Opendoor is now a retail and meme stock darling.

6. Other Stock Moves: GameStop & Crypto

• GameStop: Trading lower after a recent post-earnings bump.
  • Beat Q2 earnings; collectibles and hardware sales up 63%; Switch 2 demand strong.
  • GameStop holds ~$530M in Bitcoin.
  • "GameStop stock initially popped 3% after the earnings beat, but now is down more than 2% this morning in pre market trading." [08:31]

7. Amazon’s Zoox Enters the Self-Driving Car Race

• Launch in Las Vegas: Rides start out free; unique vehicle design (no wheel, no pedals, seats face each other).
  • "A Zoox car looks totally different. It doesn't have any steering wheels or pedals, it just has two rows of seats facing each other and floor to ceiling windows. It looks very futuristic and it drives by itself." [09:03]
• Competition Check:
  • Waymo: 10M+ paid rides, available in 5 cities, expanding.
  • Tesla: Active competition.
• Expansion Plans: Zoox to start early rider program in San Francisco by year end.
• Industry Implications: Admani notes the competition is “just getting started,” with deep-pocketed Amazon making waves.

Notable Quotes & Memorable Moments

• On Klarna’s “reasonable” IPO pop:
  "We didn't get the crazy 100% pop like we saw with Figma and Circle earlier this summer, which I think is a good thing. It means that the Klarna investment bankers priced the IPO properly." — Zaid Admani [01:26]

• On the Fed’s reaction to sticky inflation:
  "The market doesn't think that these inflation numbers will stop the Fed from cutting interest rates. Right now the market is pricing in a 100% chance of a rate cut." — Zaid Admani [03:17]

• On Figure’s ambitions:
  "Their bigger pitch is they want to reinvent how capital markets operate and bring them onto the blockchain." — Zaid Admani [04:40]

• On Opendoor’s CEO switch and rally:
  "The rally in Opendoor stock over the last couple of months has been insane. The stock was trading under a dollar back in June and at the risk of being delisted from the Nasdaq. But then hedge fund manager Eric Jackson got involved. He started touting Opendoor as the next Carvana with 100x upside." — Zaid Admani [07:12]

• On Amazon’s unique Zoox vehicles:
  "A Zoox car looks totally different. It doesn't have any steering wheels or pedals, it just has two rows of seats facing each other and floor to ceiling windows. It looks very futuristic and it drives by itself." — Zaid Admani [09:03]

Timestamps for Important Segments

• 00:00 — Episode introduction & headlines overview
• 01:01 — Market recap: S&P 500, Nasdaq, Oracle’s record jump
• 01:26 — Klarna IPO day summary
• 02:58 — Latest CPI/inflation data
• 03:17 — Fed expectations and market reaction
• 03:51 — Figure IPO breakdown
• 04:40 — Figure’s blockchain vision
• 06:08 — Chipotle international growth plans
• 07:12 — Opendoor’s explosive stock rally & new CEO
• 07:45 — CEO Nihatian’s “scaling home ownership” quote
• 08:31 — GameStop’s mixed post-earnings performance
• 09:03 — Amazon Zoox self-driving rollout

Conclusion

This packed episode offered a crisp, insightful sweep of headline market moves, IPO excitement, and the intersection of technology with legacy industries, all in under 10 minutes. Zaid Admani maintained an engaging, informative tone while relaying actionable insights—essential listening for any investor wanting a pulse on today’s hot market stories.