The Rundown – December 17, 2025

Episode Title: WBD Rejects Paramount Bid, Amazon in Talks to Invest $10B in OpenAI
Host: Zaid Admani
Podcast by: Public.com

Episode Overview

In this brisk financial news roundup, Zaid Admani breaks down the biggest stock market moves and headlines shaping the business landscape—focusing on why oil prices have hit a four-year low, Warner Bros. Discovery’s rejection of Paramount’s takeover bid, Amazon’s rumored $10 billion investment in OpenAI, and an update on Waymo’s soaring valuation. All topics are delivered with the host’s trademark concise, candid, and investor-minded style.

Key Discussion Points & Insights

Market Recap & Sector Movements

• S&P 500:

  • Opened down nearly 1%, closed only –0.2% after an afternoon rally.

• NASDAQ:

  • Up 0.3%, breaking a 3-day losing streak thanks to tech stock recovery.

• Magnificent Seven:

  • Six out of seven in the green; Tesla led, up 3% to all-time highs.
  • Quote [01:17]:

    “Tesla stock has been on an absolute heater in the past month jumping nearly 20% which is a bit shocking... given that Tesla has been struggling with sales. Clearly investors are more focused and excited about the progress the company is making when it comes to their robo taxis.” — Zaid Admani

• Energy Sector & Oil Prices:

  • Energy was the worst-performing sector due to oil dipping below $55/barrel, the lowest in four years.
  • Primary drivers: Oversupply and weak demand, especially from China.
  • Impact: Negative for Exxon/Chevron investors, positive for U.S. consumers at the pump.
  • Oil rebounded 2% in morning trading after President Trump announced a total blockade of oil tankers entering/leaving Venezuela, a major global supplier.
  • Quote [02:30]:

    “Venezuela is one of the largest producers of oil in the world, so we’ll have to see how that plays out.” — Zaid Admani

• Upcoming Data – CPI Report:

  • November CPI report coming out tomorrow; economists expect a 3.1% YoY increase.
  • Host promises a breakdown in the next episode.

Headline Deep Dive

1. Warner Bros. Discovery (WBD) Rejects Paramount Bid [03:40]

• Situation Recap:
  • Netflix agreed to buy WBD’s film/TV studios, including HBO and IP, for $27.75/share (~$72B).
  • Paramount countered with a $30/share hostile offer for the entire WBD, including cable channels.
• WBD Board’s Reasoning:
  • Paramount’s financials are in question – board doubts they have firm backing.
  • Larry Ellison (Oracle founder), via a “revocable trust,” is the main backer; not seen as a sure thing.
  • Notable outside backers, like Jared Kushner’s Affinity Partners (Trump’s son-in-law), have withdrawn.
  • WBD prefers Netflix’s offer citing Netflix’s stronger financial position ($400B market cap).
  • Paramount argues their deal faces less regulatory risk due to Ellison’s Trump connections; leaves door open for higher bid.
• Key Quote [06:02]:

  “On paper the Paramount bid does look better. But the Warner’s board says they aren’t sure that Paramount can actually pay for this deal.” — Zaid Admani

• Commentary [07:15]:

  “With the way that Oracle stock is tanking right now, dropping Larry Ellison’s net worth, I’d be kind of surprised that Larry would want to commit even more money to this.” — Zaid Admani

2. Amazon in Talks to Invest $10B in OpenAI [07:40]

• Details:
  • Amazon may invest at least $10B in OpenAI, valuing OpenAI over $500B.
  • OpenAI would purchase Amazon’s Trainium AI chips (an Nvidia competitor); circular deal benefits both parties.
  • OpenAI is on track to burn through over $100B in 4 years (servers, chips, talent).
  • Current revenue: $15–20B annual run rate—insufficient for planned spending.
  • OpenAI is reliant on continued large investments: Microsoft owns 27% after a $13B deal; Nvidia has considered up to $100B, starting in $10B tranches.
  • Amazon already backs Anthropic ($8B invested); other tech giants (Microsoft, Google, Nvidia) are also cross-investing.
• Insight [08:39]:

  “This looks like another one of those circular financing AI deals where Amazon gives OpenAI a ton of money. And then OpenAI turns around and uses that money to buy Amazon’s chips and cloud services.” — Zaid Admani

• Host’s Take [10:17]:

  “Honestly, these big tech companies are going to end up winning either way.” — Zaid Admani

3. Stocks Making Big Moves [10:35]

• DBV Technologies:
  • Stock soaring (+40% premarket) after positive phase 3 results for its peanut allergy skin patch (non-invasive, especially promising for young children).
  • Application to FDA planned for early 2026.
  • Quote [11:15]:

    “My 2 year old son has a peanut allergy, so this patch would be a game changer for us.” — Zaid Admani

• Lennar:
  • Homebuilder down 4% premarket after missing earnings and offering weak outlook.
  • Buyers remain sidelined despite eased mortgage rates; high home prices persist.
  • Incentives and price cuts eat into margins (gross margin now ~16.7%, expecting 15-16% next quarter).
  • Negative forward signal for housing market.

4. Waymo’s $100B Valuation and Potential IPO [12:38]

• Waymo Valuation Surge:
  • Now valued at $100B (up from $45B in Oct 2024); raising >$15B from outsiders.
  • Worth more than Ford and GM combined.
• Key Drivers:
  • Waymo is operational in multiple U.S. cities with driverless rides, no safety driver.
  • Generating $350M annually, with growth expected as expansion continues into markets like Miami, Dallas, Philly, Houston, and more.
  • Target: 1 million weekly rides by late 2026.
• Host’s Take on IPO:
  • Quote [14:03]:

    “I think with all this momentum that Waymo has right now, they could potentially IPO in the next year or two. That’s just my speculation, by the way. No one is reporting this, but I think it could happen. It makes a ton of sense, you know.” — Zaid Admani

  • Alphabet may need to take Waymo public to fund expansion while managing investments in AI/data centers.

Memorable Quotes

• On Tesla’s Rally:

  “Clearly investors are more focused and excited about the progress the company is making when it comes to their robo taxis.” — Zaid Admani [01:23]

• On Paramount’s Bid:

  “Paramount is owned by David Ellison, the son of Larry Ellison, who’s the founder of Oracle. He’s the fifth richest man in the world. Larry is supposedly backstopping this deal, but Warner says the commitment... is coming from an opaque and revocable trust, which basically means they don’t think the money is locked in.” — Zaid Admani [04:50]

• On Big Tech and AI:

  “OpenAI needs as much money as possible. OpenAI has told investors it expects to burn more than $100 billion over the next four years.” — Zaid Admani [09:05]

• On Waymo’s Growth:

  “Waymo expects to hit 1 million rides per week by late 2026, which is pretty wild.” — Zaid Admani [13:31]

Timestamps for Notable Segments

| Timestamp | Segment | |-------------|---------------------------------------------| | 00:00–01:36 | Market Recap | | 02:10–03:05 | Oil Prices & Energy Sector | | 03:10–03:34 | Inflation/Upcoming CPI Data | | 03:40–07:35 | WBD Rejects Paramount Bid/Deal Analysis | | 07:40–10:32 | Amazon & OpenAI Investment Discussion | | 10:35–12:05 | Stock Movers: DBV Technologies, Lennar | | 12:38–15:03 | Waymo’s Valuation & IPO Speculation |

Tone & Style

• Informative and conversational
• Candid host reactions and personal anecdotes
• Clear explanations for market novices, but fast-paced

Summary Takeaway

Listeners get a well-rounded and timely insight into major moves in streaming, tech, AI, and housing—all tied back to their investment implications. Zaid makes complex stories approachable while flagging emerging trends and speculation, especially around Waymo’s IPO and the increasing entanglement of Big Tech in the AI arms race.