The Rundown – Episode Summary

Date: October 23, 2025
Host: Zaid Admani
Episode Theme:
A concise daily dive into the biggest moves in the stock market, including investor reactions to Tesla’s earnings miss and CEO Elon Musk’s eyebrow-raising commentary, surging interest (and potential U.S. government investment) in quantum computing, and Amazon’s bold automation push.

1. Market Recap & Macro Backdrop

• Major Indices: S&P 500 fell 0.5%, Nasdaq dropped 0.9%.
• Key Movers:
  • Netflix declined over 10% following earnings (covered in detail in the previous episode).
  • Year’s hot sectors, like nuclear, space, and quantum stocks, dipped but were staging a comeback today.
  • Beyond Meat reemerged as a meme stock with notable volatility.
• General Market Tone: Despite recent volatility—including a paused gold rally, crypto dip, and an ongoing government shutdown—both S&P and Nasdaq remain resilient and within 1% of their all-time highs.
• Upcoming Catalyst: September CPI inflation report, delayed due to the government shutdown, is set for release tomorrow and is anticipated to impact markets (03:08).

2. Tesla Earnings Disappoint & The Musk Show (03:27–07:37)

Financial Highlights:

• Revenue: $28.1B (Q3), up 12% YoY, beating expectations.
• Unit Sales: Record number of cars sold, driven by U.S. buyers rushing to cash in on the expiring $7,500 EV tax credit.
• Profits: Down 37%; margins squeezed as Tesla slashed Model 3/Y prices to boost sales.
• Operating Expenses: Rose 50% to $3.4B. $400M lost to tariffs, despite most production in the U.S.

Earnings Call & Notable Musk Quotes:

• Robotaxis:
  • Musk focused on autonomy and robotaxis, rather than the core EV business.
  • “Robo Taxi would be operating in Austin, Texas without human drivers by the end of [the year].” (05:13)
  • Plans: Expand robotaxis (with human drivers) to 8–10 cities by end of 2025.
• Humanoid Robot ‘Optimus’:
  • Musk said Optimus “has potential to be the biggest product of all time,” but tempered expectations: “Getting it to market will be incredibly difficult.” (05:53)
• $1 Trillion Pay Package Rant:
  • Near the end, Musk ranted about his proposed $1T pay deal—still subject to shareholder vote.
  • “This pay package isn’t about money, but about voting control. I want enough control to have a strong influence, but not so much that I can’t be fired if I go insane.” (06:21)
  • Vote set for November 6th annual meeting.
• Investor Reaction:
  • Host verdict: “Overall, I'd say it was a relatively poor earnings report.” (07:28)
  • Tesla shares slid approx. 3% after the release.

3. Quantum Computing: Government Cash & Google Breakthroughs (07:38–09:29)

• Quantum Stocks Movement:
  • After a recent dip, stocks like Rigetti, D-Wave, and IonQ rallied over 10% on news of possible federal investment.
  • Trump Administration—considering direct equity stakes in U.S. quantum companies (at least $10M each), as part of a broader “Strategic American Industries” agenda.
    • Commerce Dept. is in talks with several quantum firms.
    • The administration already took a 10% stake in Intel, and invested in rare earth firms, this summer.
• Google’s Quantum Leap:
  • This week, Google announced its ‘Willow’ chip ran a quantum algorithm 13,000 times faster than conventional supercomputing code (09:12).
  • Host candidly admits: “Some of this stuff is a bit over my head... but this is surely going to add to the quantum hype.” (09:18)
  • Anticipates bringing in a quantum expert for a future discussion—invites audience feedback.

4. Stock Spotlight: Volvo & Moderna (09:30–10:57)

Volvo:

• Q3 Success:
  • Biggest single-day jump in share price, up 40%+ (10:00).
  • Blasted through profit expectations via cost-cutting:
    • Cut 3,000 jobs, reduced spending, margins up from 17% to 24%.
    • Sales actually fell 7%, proofs the strategy worked.
• Tariff Tactics:
  • Benefiting from new U.S.-EU deal; tariffs on EU cars dropped from 27.5% to 15%.
  • Moved some U.S. hybrid production to dodge future tariffs.
• Fun Fact: Volvo’s largest shareholder is China’s Geely.

Moderna:

• Setback:
  • Shares fell over 4% today after canceling its CMV vaccine project for pregnant women:
    • Vaccine only 6–23% effective in trials (target was 49%).
    • Disease (cytomegalovirus) is common and can cause serious complications in infants.

5. Amazon’s Robotic Ambitions & Automation’s Impact (10:58–12:18)

• Workforce Automation:
  • Leaked documents show Amazon aims to replace over 500,000 warehouse jobs with robots over the coming years.
  • 75% operations targeted for automation; already piloting fully robotic warehouses in Louisiana and Virginia.
  • Savings: Morgan Stanley projects up to $4B/year in labor costs saved.
• Industry Implications:
  • Host: “It’s inevitable... robotics and automation are coming to pretty much every industry.” (11:48)
  • Says he’s more bullish on robotics than AI.
  • Raises concern for displaced workers—Amazon claims they aren’t firing current staff, just slowing new hires.
  • Optimism: “I like to take the optimistic approach and hope that the warehouse jobs get replaced by, you know, technicians required to fix robots.” (12:01)
  • Playful caution: “It’s just a reminder to start being nicer to your Roomba and ChatGPT just in case they end up taking over the world.” (12:12)

Memorable Quotes (with Timestamps)

• On Tesla’s Pay Package:

  “This pay package isn’t about money, but about voting control. I want enough control to have a strong influence, but not so much that I can’t be fired if I go insane.”
  — Zaid Admani paraphrasing Elon Musk (06:21)

• On Quantum Computing Hype:

  “Some of this stuff is a bit over my head... but this is surely going to add to the quantum hype.”
  — Zaid Admani (09:18)

• On Automation:

  “It’s just a reminder to start being nicer to your Roomba and ChatGPT just in case they end up taking over the world.”
  — Zaid Admani (12:12)

Key Timestamps

• 00:00 – Market update and recent volatility
• 03:27 – Tesla earnings breakdown and Musk’s earnings call focus
• 07:38 – Quantum computing sector, Trump administration investment news
• 09:30 – Volvo’s big day and sector strategy
• 10:40 – Moderna vaccine disappointment
• 10:58 – Amazon’s automation plans and labor impact

Summary

This high-tempo episode of The Rundown covered:

• The stock market’s resilience amidst volatility and headline risk
• Tesla’s mixed results and Elon Musk’s futuristic (and controversial) priorities
• New U.S. government interest in quantum tech, plus major breakthroughs at Google
• Standout company moves: Volvo’s profit surge, Moderna’s vaccine flop
• Amazon’s aggressive robot rollout and the future of labor in big tech

The episode captured both the market’s pulse and its forward-looking anxieties, with the host’s candid, slightly irreverent tone reflecting on headline news and under-the-radar developments that matter for investors.

Ideal for: Investors, traders, and tech-watchers who want quick, insightful market context and a feel for tomorrow’s economic shifts.