Podcast Summary: The Rundown

Episode: TSMC Signals More AI Spending, Tesla Makes Changes to FSD
Date: January 15, 2026
Host: Zaid Admani (Public.com)

Overview

In this quick, information-packed episode, host Zaid Admani delivers the latest market update, focusing on significant earnings reports from TSMC, key moves in investment banking, BlackRock’s growth, and a notable shift in Tesla’s Full Self Driving (FSD) pricing model. The episode emphasizes the broadening of stock market gains beyond mega-cap tech stocks (the "Magnificent Seven"), with reflections on what these trends mean for investors especially in the AI and fintech spaces.

Key Discussion Points & Insights

1. Market Recap: Tech Stocks Lead Sell-Off

• Summary of Market Moves (00:40)
  • S&P 500 dropped 0.5%, Nasdaq lost over 1%—its worst day so far in 2026.
  • Despite some 310 stocks gaining in the S&P 500, heavy losses in mega-cap tech drove the index down.
  • The phrase “return of the S&P 493” coined to reflect the market rotation away from the top seven tech stocks.
• Small Cap Outperformance (01:36)
  • Russell 2000 finished in the green and is up almost 6-7% YTD, “massively outperforming” the Nasdaq.

"It does feel weird being a tech investor underperforming the market because that hasn't happened in a long time."
– Zaid Admani, (02:31)

• Context
  • Big tech names are expected to report earnings in coming weeks, possibly sparking a rally.

2. TSMC Earnings: AI Spending Accelerates

• Record Results (03:04)
  • TSMC posted an eighth-straight quarter of YoY profit growth (+35%), with revenue up 20%.
  • 2026 revenue growth projected at nearly 30%, above Wall Street expectations—a strong signal for sustained AI investment.
• AI & High-Performance Segments Drive Growth (03:40)
  • High performance computing (AI chips, advanced 5G) constituted 55% of last quarter’s sales.
  • Smartphones: Still significant, at 32% of revenue.
• Rising Capex (04:07)
  • Planned capex for 2026 is $52–$56 billion, up from $40 billion in 2025—to meet surging demand.
• Risks: Memory Chip Shortages (04:25)
  • Demand for DRAM, NAND, and high-bandwidth memory for AI servers is causing bottlenecks, pushing up prices.
• Apple as a Client (05:10)
  • Apple accounted for about 20% of TSMC revenue in 2025; a slowdown at Apple could impact TSMC.

"These numbers from TSMC are definitely a bullish indicator for the overall AI trade. But I do want to point out one risk, which is the shortage in memory chips."
– Zaid Admani, (04:25)

• Bottom Line
  • TSMC’s performance reflects ongoing AI hype but highlights supply chain risks that could impact future growth.

3. Investment Banks: Goldman Sachs & Morgan Stanley’s Strong Quarters

• Goldman Sachs Results (05:44)
  • Q4 equity trading revenue: $4.3B (+25% YoY)
  • Investment banking fees: $2.6B (+25% YoY)
  • Overall Q4 profit up 12% ($4.6B)—despite a 3% revenue drop due to offloading the Apple Card business to JPMorgan.
  • Goldman’s exit from consumer credit cards seen as smart, given potential regulatory changes.

"Honestly, though, Goldman Sachs getting out of the consumer credit card business right before a potential 10% credit card rate cap might be great timing."
– Zaid Admani, (06:30)

• Morgan Stanley Results (06:46)

  • Investment banking up 47% YoY, with much activity linked to AI data center funding.
  • Wealth management brought in $120B in assets in Q4.

• Takeaway

  • Both banks benefitting from market volatility, M&A activity, and the AI infrastructure funding boom.

4. BlackRock: Record Assets Under Management

• Headline Numbers (07:20)
  • BlackRock reported a record $trillion in AUM.
  • ETF growth (via iShares) is a big driver, but alternative investments—like private equity and infrastructure—are rapidly increasing (now $423B, up 45% YoY).
• Fee Growth (07:55)
  • Base management fees up 9% YoY even during volatile markets, ensuring steady revenue.

5. Oil Sector Volatility Linked to Geopolitics

• Recent Events (08:17)
  • Oil stocks are down as President Trump eased his stance on Iran, reducing fears of military conflict and subsequent supply disruptions.
  • Earlier fears had pushed oil prices up 10% in a week; prices fell almost 4% following the announcement.

6. Tesla Shifts FSD to Subscription-Only Model

• Key Announcement (09:00)
  • As of Feb 14, Tesla’s FSD (Full Self Driving) will be available only via monthly subscription, dropping the previous $8,000 up-front option.
• Motivation (09:20)
  • Move aligns with a shift toward recurring, high-margin software revenues.
  • Only 12% of Tesla owners use FSD, whether paid up-front or via subscription.
• Host Perspective (09:51)
  • Zaid shares his own experience: “I have a Tesla and I tried FSD for a month...I didn't think it was worth paying 100 bucks a month.” Suggests lower pricing could spur more adoption.

"This is just another example of the subscription-ification of the economy...Tesla is just further leaning into being more of a software business than a car company."
– Zaid Admani, (09:22)

• Engagement Prompt
  • Asks Tesla owners to comment on their FSD subscriptions and price sensitivity.

Notable Quotes & Moments

• On Market Rotation:
  "Money is finally rotating into the rest of the market. The best example of that are small cap stocks." (01:14)

• On TSMC’s AI Position:
  "That’s a pretty big signal that the AI boom still has plenty of fuel left in the tank." (03:30)

• On Investment Banks:
  "The big picture here is that these big investment banks are crushing it right now." (07:05)

• On Tesla’s Subscription Shift:
  "Investors like predictable high-margin, recurring revenue and that’s what subscriptions are." (09:23)
  "If Tesla drops the price to like 40 bucks a month, I could see myself getting it, but until prices come down, I don't think many Tesla owners are going to be getting FSD." (10:09)

Timestamps for Key Segments

• Market Recap & S&P 493 Discussion: 00:40–02:40
• TSMC Earnings & AI Trade: 03:04–05:32
• Investment Bank Earnings (Goldman/Morgan Stanley): 05:44–07:10
• BlackRock Earnings & Asset Growth: 07:20–08:10
• Oil Stocks & Geopolitics: 08:17–08:54
• Tesla FSD Subscription-Only Announcement: 09:00–10:40

Takeaways

This episode highlights important signals in the ongoing AI boom (via TSMC and investment bank earnings), a potentially tectonic shift for Tesla’s business model, and increasing breadth in the stock market. Zaid Admani blends market stats, expert context, and personal investing experience, keeping listeners both well-informed and engaged.