The Rundown – September 19, 2025

Host: Zaid Admani
Podcast: The Rundown by Public.com
Episode Theme:
A fast-paced daily recap of market movements, economic headlines, and business news, with today’s focus on the small-cap rally, potential SEC changes to quarterly reporting, Elon Musk’s xAI roadmap, corporate earnings movers, and a fun story about NBA star Kevin Durant’s long-lost bitcoin.

Main Market Moves

• Small-Cap Rally After Fed Cut
  • Both the S&P 500 and Nasdaq hit new record highs on Thursday, with the S&P up 0.5% and Nasdaq nearly 1%.
  • The real standout was the Russell 2000 (small-cap index) surging 2.4%—its first record close since 2021.
  • “Small-cap companies tend to benefit the most from lower interest rates, and that’s one reason why the Russell 2000 has been the best performing index since the start of August.” (01:07)
  • Since August:
    • Russell 2000: +11%
    • Nasdaq/S&P: +5%
  • Continued rally expected as the Fed hints at more rate cuts this year.
  • [01:07–02:10]

Quick Headlines

• StubHub IPO Flop
  • Debuted at $23.50, currently down more than 15% after two days.
  • Investors wary over growth prospects: “Not every stock pops on its IPO, especially boring ticketing platforms that don’t have a great reputation with the general public.” (02:12)
  • [02:10–02:50]

SEC Considers Removing Quarterly Reporting

• The Proposal

  • President Trump is pushing to end quarterly earning reports; SEC Chair Paul Atkins announces move to allow semiannual (twice-a-year) reporting.
  • SEC would only need a majority vote to implement—not Congress; Republicans hold a 3–1 majority.
  • “This could very much happen. And if this is approved, it would be the biggest shakeup in corporate disclosure rules since the SEC first mandated quarterly reports back in 1970.” (03:31)
  • [02:50–04:10]

• Key Arguments

  • Supporters:
    • Reduced compliance headache.
    • Could encourage more companies to go public (number of listed companies is down 40% in recent years).
    • “Maybe we would have more publicly traded companies if they only had to report twice a year instead of four times a year.” (04:46)
  • Critics:
    • Could increase insider trading, uncertainty for shareholders, and CEO power.
    • “Earnings season is going to be an absolute rollercoaster if it only happens twice a year.” (04:12)
  • Host’s view: “Personally, I like having quarterly reports and I hope it doesn’t change.” (05:06)
  • Implementation would take over a year if passed.
  • [03:31–05:15]

Elon Musk and xAI: A Roadmap

• Musk Refocuses on xAI

  • “He’s ready to put politics behind him and lock in on his companies, especially xAI.” (05:18)
  • At a recent company-wide meeting, Musk emphasized a mission to “build maximally truth-seeking products.”
  • Grok, xAI’s chatbot, has hit 64 million monthly users (OpenAI: 700 million weekly).
  • Announced “Macro Hard”, an AI productivity suite—a pointed jab at Microsoft.
  • [05:15–06:12]

• Leadership Turmoil

  • xAI lost several key executives recently, including co-founder Igor Babushkin, CFO, and general counsel.
  • Despite this, Musk projects xAI’s $120B valuation will eventually benefit Tesla, SpaceX, and others.
  • Musk maintains he’s balancing time across ventures amid criticism and the looming investor vote on a proposed $1T Tesla pay package.
  • “Nothing like having a messy breakup with your ex to get you to lock in right now.” (06:00)
  • [06:12–07:23]

Company Earnings and Stock Moves

• FedEx

  • Stock up after topping revenue and profit forecasts.
  • Domestic shipments up 5%; international down 3%.
  • Loss of US de minimis exception (tariff-free import for packages $800 and under) now affects 75% of low-value packages from China/Hong Kong, costing FedEx $150M last quarter, possibly $1B this year.
  • “The good news for FedEx is that US consumers continue to buy a ton of stuff online and FedEx continues to deliver those packages to our doorsteps.” (07:46)
  • Cost-cutting boosts margins and stock price.
  • [07:23–08:22]

• Lennar (Homebuilder)

  • Fourth straight quarter of falling profits; shares down.
  • Housing market stalled by high mortgage rates, economic jitters.
  • Lennar’s incentives (e.g., mortgage buy-downs) eating into profits.
  • “But the good news here is that mortgage rates are starting to come down this week... and the Fed just cut interest rates for the first time in nine months.” (08:51)
  • Warren Buffett’s Berkshire Hathaway bought nearly $1B of Lennar earlier in the year—potential for a turnaround if rates drop further.
  • [08:22–09:27]

Fun Fact/Closing Story

• Kevin Durant’s Bitcoin Windfall
  • NBA superstar Kevin Durant bought bitcoin in 2016 but was locked out of his Coinbase account until now.
  • Originally purchased when BTC was ~$700. “Let’s just say he bought 100 bitcoin for a total of $70,000. That would be worth over $11 million today.” (10:09)
  • Coinbase’s CEO Brian Armstrong announced Durant has finally regained access.
  • Host’s personal note: KD playing for the host’s Houston Rockets this season, extending an invitation for a pod appearance.
  • “I could come to your house, I could meet you at Toyota Center. Whatever works for you.” (10:55)
  • [09:27–11:20]

Notable Quotes

• “Small-cap companies tend to benefit the most from lower interest rates, and that’s one reason why the Russell 2000 has been the best performing index since the start of August.” (01:07)
• “Not every stock pops on its IPO, especially boring ticketing platforms that don’t have a great reputation with the general public.” (02:12)
• “This could very much happen. And if this is approved, it would be the biggest shakeup in corporate disclosure rules since the SEC first mandated quarterly reports back in 1970.” (03:31)
• “Personally, I like having quarterly reports and I hope it doesn’t change.” (05:06)
• “At a company-wide meeting… the mission is to build maximally truth-seeking products.” (05:34)
• “Nothing like having a messy breakup with your ex to get you to lock in right now.” (06:00)
• “The good news for FedEx is that US consumers continue to buy a ton of stuff online and FedEx continues to deliver those packages to our doorsteps.” (07:46)
• “Let’s just say he bought 100 bitcoin for a total of $70,000. That would be worth over $11 million today.” (10:09)

Timestamps for Key Segments

• Market Recap & Small Cap Rally: 00:30–02:10
• StubHub IPO Follow-up: 02:10–02:50
• SEC Quarterly Report Proposal: 02:50–05:15
• Elon Musk/xAI Roadmap: 05:15–07:23
• FedEx Earnings: 07:23–08:22
• Lennar Struggles: 08:22–09:27
• Kevin Durant’s Bitcoin: 09:27–11:20

Stay tuned daily for more succinct, insightful market rundowns!