The Rundown - Anthropic Eyes 2026 IPO, Amazon Launches New AI Chip

Episode Date: December 3, 2025

Market update for December 3, 2025Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today's episode:Trump’s hints at next Fed Chair Anthropic plans for 2026 IPOAmazon’s new Tranium 3 chip Earnings recap for American Eagle and MacysMichael Dell’s $6.25 Billion donation to American kids 

Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zaid Admani, and today is Wednesday, December 3rd. In today's episode, we'll tell you who President Trump is expected to pick to replace Jerome Powell as the next Fed chair. We'll also discuss enthropics plans to IPO and Amazon's latest moves to take on NVIDIA. Then stick around to the end of the show to find out why every kid in America is getting a, $250 investment account thanks to Michael Dell. We got a great show for you today.

Let's go. The markets bounced back on Tuesday with the S&P 500 edging out a 0.2% gain while the NASDAG jumped 0.6%. Yesterday was one of those classic days where tech stocks really led the rally. And don't look now, but the S&P is within 1% of all-time highs and the NASDAQ is just 2% away. So we might be looking at fresh records this week. But despite the comeback in the stock market, I gotta say the real main character this week continues to be crypto. On yesterday's episode, I talked about how a potential crypto winner might be coming and how inflows into crypto

ETFs were low and how the vibes were bad. Well, all that changed yesterday. Crypto investors bought the dip hard and Bitcoin, Ethereum and all alt coins rallied. Bitcoin is now up more than 10% from the Monday lows, the price is back above $92,000, the highest it's been in two weeks. Eath also saw a similar rally in alt coins like XRP and Solana did even better. So shout out to everyone that bought the crypto dip on Monday. Now, the other big storyline this week is who President Trump plans to pick to be the next Fed chair when Jerome Powell's term ends in May. Trump has said he's already made up his mind and he dropped a pretty strong hint yesterday that he's going to pick longtime advisor Kevin Hassett.

Listen to what Trump said yesterday when he was talking about Kevin Hassett. I guess a potential Fed chair is here too. I don't know. Are we allowed to say that? Potential is a respected person that I can tell you. Thank you, Kevin. I mean, that's as slam dunk as it gets. I think it's just Kevin Hassett's job to lose at this point.

And look, if Kevin Hassett is the pick as the next Fed share, he's likely going to push for more aggressive rate cuts. Historically, Kevin Hassett has been in favor of keeping the Fed funds rate low. Now, that could be a problem for, in. inflation, but in the short term, the markets will like the lower rates. So we're definitely keeping an eye on that as another variable to take into consideration as we wrap up 2025. As always, we're going to stay on top of all this stuff for you guys. So make sure you guys are subscribe to the podcast and tuning in every day to stay in the loop. Let's run through some headlines. Starting with Anthropic. Anthropic is gearing up for what could be one of the

biggest IPOs in history. The AI company behind us, the Claude Chatbot reportedly hired a law firm to begin working on the public offering, and they could go public as early as 2026, according to the financial times. Anthropics reportedly also talked to a few major investment banks as well, so they are laying the groundworks for an IPO. And the valuations for Anthropic are just insane. The company's most recent funding round was led by a $15 billion combined investment from Microsoft and Nvidia, which valued them between $300 and $350 billion.

And what's crazy about that is that's five times more than what Anthropic was valued at back in March. So I guess Anthropic wants to IPO while there's still some juice left in the AI trade. Now, to be fair, the company is experiencing substantial growth. Their revenues went from $1 billion annual run rate at the end of 2024 to around $9 billion by the end of this year. And they're also expecting revenues to maybe double or triple in 2026. So they're experiencing hockey stick growth right now, but they're also spending a lot too. They recently announced a $50 billion infrastructure buildout for AI data centers in Texas and New York.

So I wonder how Anthropic will perform in the public markets, especially as such elevated valuations, and if the AI trade kind of loses some sizzle. By the way, Open AI has also talked about IPOing soon, and their potential valuation is expected to be over a trillion dollars. But you know what? I can't wait for these companies to go public because can you imagine the swing and the stock prices based on all the headlines and interviews that Sam Altman does? Like if you miss yesterday's episode, we talked about how Open AI was declaring code red because of a threat from Google. Imagine what that headline would do to their stock price. So I'm looking forward to the day these companies go public. I'm probably not going to invest in them, but I can't wait to talk more about them.

Now, speaking of Anthropic, one of their biggest investors is Amazon. And Amazon just announced a major move to shake up the AI chip wars. Amazon showed off their latest AI chip called Traneum 3 to take on Nvidia's GPUs and Google's TPUs. at the Reinvent Conference in Vegas. The Traneum 3 chip is Amazon's custom chip to train and run AI models, and according to Amazon, it can power massive AI workloads more cheaply and efficiently than Nvidia's chips. So, shots fired.

Amazon has already installed these Traneum 3 chips in a handful of AWS data centers, and Amazon plans to scale it up very, very quickly next year. Apparently, Anthropic is already a massive customer of these chips. Amazon said they strung together 500,000 Traneum chips to help Anthropic train clock. and Amazon plans to dedicate up to a million chips by the end of the year just for Anthropic. Beyond that, Amazon also showed off a new AI model called Nova 2 Omni, which can process text, speech, images, and video. And Amazon also launched a new service called Amazon Nova Forge, which lets customers customize

models with their own data. So Amazon is making a lot of moves in AI to win enterprise customers. I think the market has been counting out Amazon when it comes to AI. It's one of the worst performing Mac 7 stocks this year. But if they can keep scaling up these tranium chips and land more customers like Anthropic, they might be the hot stock moving forward, kind of like Google has been over the last few weeks. So I'm keeping my eye on Amazon heading into 2026. Let's talk about some stocks making moves today.

Shares of American Eagle are flying high this morning after the retailer crushed earnings and raised both its Q4 and full year sales outlook. In the recent quarter, comparable sales jumped 4%, which beat estimates of 2.7%. And the company is now forecasting comparable sales growth of 8% to 9% in Q4, which is way ahead of Wall Street's 2% estimates. American Eagle points to the high-profile marketing campaigns this year, which featured Sydney Sweeney, of course, and also Travis Kelsey. I guess the Good Jeans campaign seems to have worked when it comes to grabbing attention. Kind of. Because what's interesting here is that the sales for the flagship American Eagle brand, which is what the ads were about,

only saw a 1% sales jump, which was below forecasts. What seems to be driving American Eagles' growth is their lingerie brand, Airy, which saw comparable sales jump 11%, and revenues overall rise 13%. Overall, though, investors are loving the results, and American Eagle stock is up more than 10% this morning. Now, on the flip side, Macy's not doing so hot. Shares of the retailer are down this morning, despite reporting an earnings beat and posting their strongest growth in more than three years.

The problem for Macy seems to be their forecast for the current quarter. The retail is expecting sales to slow down, warning about a cautious consumer heading into December and also tariffs having an impact on prices. Macy's is also forecasting an annual sales decline, mostly because they close 64 stores. So as a result, Macy's stock has taken a 7% hit this morning following the earnings. I do think, though, this could be an overreaction. I mean, the growth numbers for Macy's do look promising. The company is in the middle of a turnaround right now.

They're offering better merchandising, improved displays, cleaner stores, and more staff, and some of that is starting to work. So Macy's could be a retail name to keep an eye on moving forward. Let's wrap the show with a fun fact. Michael Dell and his wife, Susan, are donating over $6 billion to fund investment accounts for millions of American kids. This is part of the new federal program, the so-called Trump accounts, where every baby born between 2025 and 28 will get $1,000 from the federal government

to fund an investment account. And now, thanks to Michael Dell and his wife, another $250 will go to $25 million additional kids, including children up to the age of 10. The money in these investment accounts has to be invested in low-cost index funds until the kids turn 18. And to me, this is an awesome idea and it's a big deal because it gives millions of kids a stake in the stock market and allows them to participate in the upside of capitalism. This money at 18 years old could be life-changing, especially for kids in lower-income communities. The Dell's hope this jumpstarts a wave of other billionaires and companies adding more money to these investment accounts for kids.

So yeah, man, shout out to Michael and Susan Dell. You know, bonus fun fact about Michael Dell. He's from Houston, my hometown. And we also went to the same college. Shout out to the University of Texas at Austin. I wonder if we can get them on the pod. You know, we could talk markets. We could talk Dell.

Maybe we could talk some college football. If anyone out there knows Michael Dell, let him know. We'd love to have them on the pod. Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode. If you did, and you have like five extra seconds, consider giving us a five-star rating on Apple, Spotify, YouTube, wherever you listen to your podcast.

And if you are listening on Spotify, don't forget to vote in today's Spotify poll. Leave us a comment on Spotify. All that engagement really does help us out, and it helps other people find the show. Thank you, guys, so much for listening, watching and commenting shout out to Mike

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