The Rundown

A breakdown of how a traditional retailer morphed into a digital powerhouse with trillion-dollar scale. Exploration of fast same-day deliveries using stores as distribution hubs and explosive e-commerce growth. Deep look at a booming advertising business and AI-driven automation boosting margins. Discussion of membership revenue, a Nasdaq move, and valuation risks amid a CEO transition.

Supreme Court rules Trump exceeded emergency tariff powers, shifting trade policy and markets. Nvidia sharply reduces its planned OpenAI investment, rewriting AI deal expectations. Private credit tremors emerge as Blue Owl freezes withdrawals, raising contagion concerns. Opendoor signals a path to profitability while Newmont trims production amid a gold surge.

Markets react to Fed minutes and a broad rally. Bitcoin slips toward 2026 lows as crypto enthusiasm cools. Walmart posts strong Q4 but issues cautious full-year guidance. Figma reports a 40% revenue jump driven by AI monetization. Etsy sells Depop to eBay for $1.2B while Carvana struggles with rising costs. Amazon overtakes Walmart in annual revenue.

Berkshire trims big tech stakes while precious metals pull back. Meta inks a multiyear deal to buy millions of NVIDIA chips and related data center gear. NVIDIA CPUs get deployed at scale as AI spending dynamics shift. Uber commits $100M to fast-charging hubs for robotaxis and partners with AV firms. Caesars benefits from a Vegas rebound, and CEO turnover hits record highs.

Apple adds video to its podcast platform, shaking up competition with YouTube and Spotify. Warner Bros. restarts takeover talks with Paramount after a sweeter bid. Activist Elliott snaps up a 10% stake in Norwegian Cruise Line. General Mills trims its outlook as consumer spending softens. Logan Paul sells a Pikachu Illustrator card for $16.5 million.

Max Levchin, founder and CEO of Affirm and veteran fintech entrepreneur, explains why revolving credit traps consumers. He contrasts transparent, fixed-term loans with credit cards, defends buy now, pay later against overspending claims, and discusses delinquency controls, recession resilience, and the design of the Affirm Card.

They trace how SaaS rose to dominance through subscriptions, stickiness, and high margins. They unpack the 2026 selloff and which stocks and ETFs were hit hardest. They explore AI-driven threats like automation, vibe coding, and lean AI-native startups. They debate whether AI will replace or augment software and highlight which types of companies may survive a sector repricing.

A market snapshot highlighting January CPI cooling to 2.4%. Coverage of a major AI startup raising $30B at a $380B valuation. Corporate updates include Airbnb’s revenue beat with profit pressures and Rivian’s bold 2026 production plan. Sports-betting and mobility surprises round out the show, from DraftKings’ weak outlook to Waymo paying workers to close robotaxi doors.

Markets wobble as AI fears hit financial and software stocks. McDonald’s posts a big U.S. same-store sales gain driven by value promos and expansion plans. Kraft Heinz halts its planned breakup and pledges $600M to jumpstart growth. Viking Therapeutics moves an oral obesity drug toward Phase 3. Cisco beats revenue forecasts but signals margin pressure and cautious AI demand.

Markets jitter over AI-driven moves that ripple beyond software into finance. A surprise jobs beat lifts payrolls while unemployment drops. Ford reveals a massive tariff hit and steep quarterly losses. Activist investors shake up media deals and corporate boards. A small EV maker spikes after an Amazon stake disclosure. Ride-hailing revenue misses trigger a large buyback announcement.