The Rundown

Justin Wolfers, Professor of Public Policy and Economics at the University of Michigan, discusses crucial topics surrounding the Federal Reserve's decisions and tariffs. He explains the significance of growing dissent at the Fed and how it impacts market perceptions. The conversation highlights the differences between cost-driven and demand-driven inflation, emphasizing the unique effects on households. Wolfers also critiques current policies affecting affordability and suggests reforms for improving living standards.

Explore the massive IPO of Medline, a lesser-known medical-supply giant, which recently surpassed high-profile names like Circle and Klarna. Discover why its CEO likens it to the 'Costco of Healthcare,' diving into its membership model and product breadth. Learn about its impressive revenue growth and strong customer retention. The discussion also addresses potential investment risks, including heavy debt and margin concerns, while offering insight into Medline's unique distribution network and self-manufacturing capabilities.

Analysts express skepticism over inflation data as Nike posts strong earnings yet forecasts weaker sales due to margin pressures. TikTok inches closer to a U.S. joint venture with Oracle, navigating complex regulatory waters. Meanwhile, CoreWeave joins the federal government's AI Genesis mission, boosting its stock. In a surprising twist, NVIDIA, now a tech giant, replaced Enron in the S&P 500 back in 2001, highlighting its incredible stock journey. Tune in for these insights and more!

The discussion kicks off with a surprising market dip linked to AI concerns at Oracle. Next, a cooler-than-expected CPI hints at potential Federal Reserve rate cuts in 2026. Netflix is making waves with its ambitious foray into podcasts, launching exclusive deals while also vying for attention in the gaming space with a casual FIFA game. Meanwhile, Instacart faces scrutiny from the FTC over dynamic pricing practices, raising eyebrows in the industry. The episode wraps up with insights into Micron's strong memory demand and Elliott's bold stake in Lululemon.

Warner Bros. Discovery has turned down a $30 billion bid from Paramount, opting for a deal with Netflix instead. Meanwhile, Amazon is in talks to invest over $10 billion in OpenAI, hinting at a massive valuation for the AI company. DBV Technologies celebrates a successful trial for its peanut allergy treatment, while housing giant Lennar faces challenges with declining profits. Lastly, Waymo has reached a staggering valuation of $100 billion, signaling exciting potential in the tech market.

The labor market shows signs of cooling as unemployment hits a four-year high. Ford faces a staggering $19.5 billion write-down, prompting a shift back to hybrid vehicles. PayPal is gearing up to enter the banking world, hoping to offer new lending options. Meanwhile, Nasdaq is pushing for 23-hour trading to better cater to global investors. In tech news, Tesla advances its robo-taxi program, while Roku benefits from a significant upgrade amid changing advertising strategies.

The market is buzzing with small caps outperforming big tech as investors shift gears. Netflix defends its acquisition of Warner Bros amidst antitrust concerns, promising no studio closures. Exciting news for SpaceX as they interview banks for a potential $1.5 trillion IPO in 2026, driven by ambitions for space data centers. Meanwhile, Micron sees a stock rally following upgrades and tight memory supply. iRobot struggles with a Chapter 11 filing, and a $4.5 trillion merger-and-acquisition boom is reshaping the landscape.

Eric Berger, senior space editor at Ars Technica and author of Liftoff, discusses SpaceX's potential IPO and why Elon Musk is rethinking his stance on public markets. The rise of Starlink revenue and the AI arms race are pivotal factors pushing for this move. Berger explains how SpaceX is transitioning into space-based data centers, leveraging solar power and Starlink technology. He also highlights SpaceX's dominance in the industry, its competition, and predictions for future lunar and Martian endeavors.

Oracle is dramatically shifting its focus to become a leader in AI infrastructure while accumulating heavy debt. With significant ties to OpenAI and Nvidia, it faces both massive opportunities and daunting risks. A $523 billion backlog reflects potential growth, but fears arise from high leverage and customer concentration. The discussion highlights Oracle's battle with cloud competitors and whether it can maintain a neutral stance in the AI ecosystem. Will it be the backbone of AI or illustrate the pitfalls of hype and debt?

The market faces S&P record highs and NASDAQ struggles as sector rotation unfolds. Broadcom posts a strong quarter, but investors are anxious due to the lack of full-year AI guidance. Lululemon's CEO resignation triggers a stock rally as optimism rises. Cannabis stocks are gaining traction with possible reclassification, while Fermi crashes after losing a major deal. The latest developments in Google's Disco AI Browser spark curiosity and concern about its performance.