Summary4 min read

WSJ Your Money Briefing

Episode: What’s News in Markets: Tariff Fear, Delta Soars, AMD + OpenAI
Date: October 11, 2025
Host: Francesca Fontana

Episode Overview

In this week’s "What’s News in Markets," host Francesca Fontana recaps the most significant stock moves and the news shaping markets. The episode covers dramatic market swings fueled by new tariff threats, Delta Air Lines’ strong earnings, AMD's groundbreaking partnership with OpenAI, and the expanding role of AI in food delivery. Listeners get a snapshot of market psychology, business victories, and the technological edge reshaping industries.

Key Discussion Points and Insights

1. Market Volatility: Tariff Fears Trigger a Selloff

[00:28 – 01:48]

Backdrop: Markets were setting records earlier in the week, buoyed by optimism around the AI sector.
Trigger Event:
- On Friday, President Trump’s post on Truth Social threatening to cancel a planned meeting with China’s leader and calling for a “mass increase in tariffs on products from China” sparked a sharp selloff.
  - “US stocks gave up their gains for the week…We saw chip stocks take a tumble. So did oil prices. But do you know what was up? Good old fear.” (Francesca Fontana, 00:45)
- Market Reaction:
  - Wall Street’s fear gauge (CBOE VIX) jumped into double digits for percentage gain on Friday.
  - All three major indexes closed the week down:
    - S&P 500: -2.4%
    - Dow: -2.7%
    - Nasdaq: -2.5%

2. Bright Spot: Airline Stocks Take Flight

[01:49 – 02:46]

Delta Air Lines:
- Surprised the market with an earnings and sales beat, showing renewed travel demand.
  - “Investors were celebrating Delta’s earnings and sales beat...The company said it expects that demand to continue to bounce back and it's aiming for a record holiday season.” (FF, 01:58)
- Significance: Marked a turnaround from earlier in the year, when demand slumped under geopolitical tensions and tariff worries.
- Stock Gains:
  - Delta: +4.3% (Thursday)
  - United: +3.3%

3. Big AI Deal: AMD’s Historic OpenAI Partnership

[02:47 – 03:56]

AMD (Advanced Micro Devices)
- Seeks to rival Nvidia in the AI chip space.
- Major News:
  - Announced a multibillion-dollar deal with OpenAI for AI data centers using AMD chips.
    - “The two are going to be working together on artificial intelligence data centers that run on AMD chips. OpenAI committed to purchasing 6 gigawatts of AMD's chips.” (FF, 03:14)
  - OpenAI receives warrants for up to 160 million AMD shares (~10% of AMD) at $0.01 per share, awarded in phases.
- Stock Movement:
  - AMD soared 24% on Monday, gained further through Wednesday.
  - Fell nearly 8% with the Friday selloff, but still ended up around 30% on the week.
- Memorable Aside:
  - “And no, sorry, Back to the Future fans, it's apparently pronounced gigawatts, not gig gigawatts.” (FF, 03:26)
  - Personal reflection: “Now, I’m an analog person…on the whole I was not built for it, right? I hate texting, I love typewriters, and I love getting mail, handwritten letters hand delivered to me by a person. And I never want to watch a film written by or starring some kind of generative AI.” (FF, 03:44)

4. The Future of Food Delivery: Robots Roll Out

[03:57 – 04:43]

Serve Robotics + DoorDash
- Serve Robotics announced a multi-year partnership with DoorDash for AI-powered food delivery robots.
  - “Guys, the future of food delivery is here. And guess what? It’s AI. Robots.” (FF, 03:57)
- Serve’s self-driving robots already active in LA, Miami, Dallas, Chicago, Atlanta (with Uber Eats).
- Stock Impact:
  - Serve Robotics stock jumped 29% on Thursday and ended the week up 14%.
- Host’s Tone:
  - Infuses irony and mild trepidation about robots and AI taking over daily life.

5. Where to Read More

[04:44 – 05:08]

Francesca plugs her column “The Score” in the WSJ Exchange section for more stock insights:
- “You can read about more stocks that moved on the week’s news in the Score, my column in the Wall Street Journal’s Exchange section.” (FF, 04:44)

Notable Quotes & Memorable Moments

On Tariff Fears:
- “Wall Street’s fear gauge, AKA the CBOE market volatility index, was flying higher with its percentage gain hitting double digits during Friday’s session.” (Francesca Fontana, 00:54)
On Delta’s Comeback:
- “This sunny outlook is a pretty big departure, pardon the pun, from earlier this year when geopolitical tensions and tariffs weighed down demand.” (FF, 02:12)
On AMD–OpenAI Deal:
- “OpenAI committed to purchasing 6 gigawatts of AMD’s chips. And no, sorry, Back to the Future fans, it’s apparently pronounced gigawatts, not gig gigawatts.” (FF, 03:14)
- “In return, OpenAI will get warrants for up to 160 million AMD shares, roughly 10% of the company at a cent a share awarded in phases under certain conditions.” (FF, 03:23)
On AI Food Delivery:
- “Serve Robotics, the maker of AI powered food delivery robots, announced a multi year partnership with DoorDash on Thursday.” (FF, 03:59)

Timestamps for Important Segments

Market Volatility & Tariff News: 00:28 – 01:48
Delta Air Lines & Airline Stocks: 01:49 – 02:46
AMD-OpenAI Partnership: 02:47 – 03:56
Serve Robotics & DoorDash: 03:57 – 04:43
Further Reading & Wrap-up: 04:44 – 05:08

Tone

The episode maintains a sharp, witty, and conversational tone, with Francesca’s personal reflections providing light-hearted relief amid market turmoil. The reporting is clear and engaging, mixing financial facts with relatable commentary.

Summary by: WSJ Your Money Briefing Podcast Summarizer

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Transcript4 lines

[00:00]
A
Progress doesn't wait for permission. It's forged in steel data and relentless belief. Kodiak is demonstrating AI Powered transportation isn't a someday promise. It's here, it works. And it's changing how the world moves. Learn more @KODIAK AI proudly listed on Nasdaq.
[00:15]
B
Hey, listeners, your money briefing is on a break, but we'll be back with more personal finance information for you in the future. Until then, here's the news moving markets this week.
[00:28]
C
Hey, listeners, it's Saturday, October 11th. I'm French Jessica Fontana for the Wall Street Journal, and this is what's NEWS in markets, our look at the biggest stock moves of the week and the news that drove them. Let's get to it. The stock market was chugging along this week with indexes hitting records and shrugging off some doubts about the AI boom. Then on Friday, things took a turn, a pretty steep one. US Stocks gave up their gains for the week on Friday after President Trump posted on Truth Social that he may cancel a planned meeting with China's leader and threatened a, quote, mass increase in tariffs on products from China. We saw chip stocks take a tumble. So did oil prices. But do you know what was up? Good old fear. Wall Street's fear gauge, AKA the CBOE market volatility index, was flying higher with its percentage gain hitting double digits during Friday's session. All in all, the three major indexes ended the week lower. The S&P 500 fell 2.4%, the Dow fell 2.7%, and the Nasdaq fell 2.5%. We just went over what went wrong, so to speak, in the stock market. What went right? Well, one sector that got some good news was airline stocks. We're talking about Delta Air Lines, which did you know is the biggest US Carrier by market cap. If you didn't now, you do. And this week, investors were celebrating Delta's earnings and sales beat. In its latest quarterly report showing a recent recovery in travel demand. The company said it expects that demand to continue to bounce back and it's aiming for a record holiday season. Now remember, this sunny outlook is a pretty big departure, pardon the pun, from earlier this year when geopolitical tensions and tariffs weighed down demand. Delta shares gained 4.3% on Thursday with some other airlines following suit. For instance, United shares gained 3.3%. Next, let's check in on the AI boom, shall we? Who's the winner this week? Drumroll, please. It's amd, AKA Advanced Micro Devices, AKA a chip maker, looking to take on the reigning champion and industry giant Nvidia. And AMD certainly notched a win on Monday when it announced a multi billion dollar computing deal with OpenAI, which makes ChatGPT. The two are going to be working together on artificial intelligence data centers that run on AMD chips. OpenAI committed to purchasing 6 gigawatts of AMD's chips. And no, sorry, back to the future fans, it's apparently pronounced gigawatts, not gig gigawatts. And in return, OpenAI will get warrants for up to 160 million AMD shares, roughly 10% of the company at a cent a share awarded in phases under certain conditions. AMD shares jumped 24% on Monday and kept gaining through Wednesday. And of course, amid Friday's downturn, the stock fell nearly 8%. But all in all, AMD ended the week in the green with a gain of roughly 30%. Now, I'm an analog person. Sure, I love a lot of things about the digital information age, but on the whole I was not built for it, right? I hate texting, I love typewriters, and I love getting mail, handwritten letters hand delivered to me by a person. And I never want to watch a film written by or starring some kind of generative AI. So I need you guys to know that before I read this opening line that I wrote. And I'm going to try not to make it sound like a scary movie written just for me. Guys, the future of food delivery is here. And guess what? It's AI. Robots. Yes, Serve Robotics, the maker of AI powered food delivery robots, announced a multi year partnership with DoorDash on Thursday. Now, as a New Yorker, I did not know this, but Serve's self driving sidewalk robots have already been making deliveries in la, as well as Miami, Dallas, Chicago and Atlanta through an existing partnership with Uber Eats. But this new deal will help the company expand its footprint and it sent the stock up a whopping 29% on Thursday and it ended the week up 14%. And now you know what's news in markets this week. You can read about more stocks that moved on the week's news in the Score, my column in the Wall Street Journal's Exchange section. Today's show was produced by Zoe Kulkin with Deputy editor Chris Stinsley. I'm Francesca Fontana. Have a great weekend and I'll see you next Saturday.
[05:36]
D
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