The Rundown – January 8, 2026

Host: Zaid Admani
Theme: How major headlines—Trump’s latest threats to housing and defense companies, Nvidia’s Chinese market saga, and Anthropic’s massive new valuation—are impacting stocks and investor sentiment.

Episode Overview

The host, Zaid Admani, swiftly recaps a turbulent market day shaped by political actions, shake-ups among key S&P sectors, and a newsworthy move in the AI competition between Anthropic and OpenAI. Listeners are offered insights into how Trump’s posts and policies are rippling through housing and defense stocks, Nvidia’s cautious return to China, and why Anthropic could become a standout AI investment.

Market Recap and Major Movers

[00:19 – 01:09]

• Market Performance:
  • S&P 500 slipped 0.3%, breaking a three-day winning streak.
  • Over 75% of S&P stocks closed in the red.
  • Nasdaq managed a slight 0.2% gain.
• Google’s Milestone:
  • Google added 2%, overtaking Apple to become the world's second most valuable company at ~$3.9 trillion.
  • “The last time that Google overtook Apple was back in 2019.” (Zaid Admani, 00:42)
• Oil Markets:
  • Oil prices dropped after Trump indicated potential for up to 50 million barrels of Venezuelan oil to reach the US.
  • Trump administration seeking assertive, long-term control over Venezuelan oil production.

Trump’s Housing Market Threats

[01:10 – 03:12]

• Trump Proposes Ban:
  • “President Trump shocked Wall Street yesterday after he threatened to ban institutional investors from buying single family homes, arguing that corporate ownership has helped push housing out of reach for everyday Americans.” (Zaid Admani, 01:16)
  • He stated: “People live in homes and not corporations.”
• Impact:
  • Stocks of Blackstone, Invitation Homes, Apollo Global Management all fell on the news.
• Policy Details:
  • Still vague—unclear how the ban would work, which investors would be affected, if current portfolios are exempt, etc.
  • Institutional investors own only about 2–4% of single-family homes nationwide, though higher in some markets.
• Host’s Take:
  • Restricting institutional buying is “a step in the right direction, but we’re going to need additional policy to truly help housing affordability.” The real issue is lack of supply, for which “policies pushing for faster permitting… could have a bigger impact.” (Zaid Admani, 02:40)

Nvidia’s Complicated Path Back to China

[03:13 – 05:28]

• Regulatory Developments:
  • China may soon allow Nvidia’s H200 AI chips for select commercial uses, but continue to restrict military and critical government use.
  • Situation follows months of US-China tension over AI and chip supremacy.
  • Last year, Trump administration banned Nvidia’s H20 chip to China; recent reversal allows sales of the higher-end H200 but with 25% of China revenue paid directly to the US government.
• Market Impact:
  • Chinese tech firms have already placed orders for over 2 million H200 chips ($27,000 each) but are now instructed to pause until formal approval.
  • Nvidia’s strategy: Now requires full payment upfront from Chinese buyers—“no refunds, no cancellations, pretty much a final sale.” (Zaid Admani, 05:10)
• Lingering Question:
  • “If the Chinese government doesn’t end up approving the sale… does Nvidia just keep all the money? … I actually don’t know. I’m going to have to look into this.” (Zaid Admani, 05:18)

Defense Stocks: Volatility Amid Trump’s Policy Whiplash

[05:29 – 07:09]

• Initial Drop:
  • After Trump criticized defense contractors (“slow production, high executive pay, excessive returns”), he posted: no dividends or buybacks until production ramps.
• Quote:
  • “Trump said that he would not permit dividends or stock buybacks at defense companies until they ramp up production and invest more heavily in manufacturing capacity.” (Zaid Admani, 05:48)
  • S&P 500 defense names have recently paid out ~$25B in dividends, $14B in buybacks.
• Rebound:
  • Hours later, Trump posts support for “major increases in US military spending… defense budget should jump from roughly $1 trillion to $1.5 trillion in 2027.”
  • This flip fueled a rally in defense stocks next morning.
• Host’s Analysis:
  • “On one hand, higher defense spending is bullish… but tighter rules around buybacks and dividends could cap returns. So it’ll be interesting to see what the defense sector does this year.” (Zaid Admani, 06:50)

Pharma Takeover Drama: Revolution Medicines

[07:10 – 07:43]

• AbbVie Rumor:
  • Shares in Revolution Medicines plummet nearly 8% after AbbVie denies acquisition talks.
  • “Even though Abbvie denied the acquisition talks, the Journal reports that other potential suitors are still interested in the company. So this story might not be over…” (Zaid Admani, 07:33)

Anthropic Raises $10B—A New AI Juggernaut?

[07:44 – 09:07]

• Valuation Surge:
  • Wall Street Journal reports: “Anthropic is raising $10 billion at a $350 billion dollar valuation.”
  • In May 2023, valuation was only $4.1B—a nearly 100x jump in less than three years.
• Business Model Distinction:
  • “Anthropic… might actually have a better business model [than OpenAI]. See, unlike OpenAI, which is very consumer focused, Anthropic has gone after enterprise customers. In fact, around 80% of Anthropic’s revenues come from businesses and not consumers.” (Zaid Admani, 08:19)
  • Enterprise customers are more stable and less price-sensitive; thus, “some people think that Anthropic might hit profitability before OpenAI does.”
• Investment Outlook:
  • Rumors of an IPO this year.
  • Host’s pick: “Right now I’d be leaning towards Anthropic.” (Zaid Admani, 08:58)

Notable Quotes & Memorable Moments

• “People live in homes and not corporations.” (President Trump, paraphrased by host, 01:20)
• “Restricting institutional buying is ‘a step in the right direction, but we’re going to need additional policy to truly help housing affordability.’” (Zaid Admani, 02:40)
• “If the Chinese government doesn’t end up approving the sale of the H200 chips… does Nvidia just keep all the money…? I actually don’t know. I’m going to have to look into this.” (05:18)
• “Right now I’d be leaning towards Anthropic” for investment compared to OpenAI. (08:58)

Timestamps for Key Segments

• Market Recap/Google/Oil: 00:19–01:09
• Trump and Housing: 01:10–03:12
• Nvidia & China: 03:13–05:28
• Defense Stocks Volatility: 05:29–07:09
• Revolution Medicines Drop: 07:10–07:43
• Anthropic Vs. OpenAI: 07:44–09:07

Summary in a Sentence:
The episode breaks down how Trump’s bold threats are shaking housing and defense stocks, why Nvidia’s China strategy is a high-stakes gamble, and why Anthropic might be the AI investment to watch in 2026.