The Rundown - Apple Introduces 'Liquid Glass' at WWDC, Disney Takes Full Control of Hulu

Episode Date: June 10, 2025

Stock market update for June 10, 2025. Follow ⁠@TheRundownDaily⁠ on Instagram.This video is for informational purposes only and reflects the views of the host and guest, not Public Holdings or its subsidiaries. Mentions of assets are not recommendations. Investing involves risk, including loss. Past performance does not guarantee future results. For full disclosures, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠Public.com/disclosures⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zad Admani, and today is Tuesday, June 10th. In today's episode, we'll recap Apple's WWDC and why investors were disappointed. We'll also tell you how much Disney just paid Comcast to take over Hulu. Then stick around to the end of the show to find out why every child born in the U.S. over the next four years might get $1,000. at birth from the U.S. government.

We got a great show for you today. Let's go. Kind of a boring start to the week for the stock market. The S&P 500 was up just 0.1% on Monday, and the NASDAQ added 0.3%. As we're getting into the summer months, trading volumes tend to be lower as people take a break from their trading apps

and hit the beach. But not us, though, okay? We're still refreshing the feed because both the S&P and NASDAQ are now within 2% of all time. highs. And it feels like we're maybe one or two big headlines away from it happening. And that big headline might be coming soon because the U.S. and China are holding trade talks in London this week. The two sides can hash out a deal. This could be a major boost for the markets. So we're

keeping an eye on any updates coming out of London. Meanwhile, the crypto markets aren't waiting around for any big headlines. Bitcoin jumped 3% in the past 24 hours. Ethereum has been up 7%. Salana was up 5%. So the crypto markets are pumping right now, and the price of Bitcoin is back near $110,000 again, and within 2% of the $112,000 all-time high set back in May. Now, we might get some volatility in the markets tomorrow because the May CPI report drops on Wednesday morning.

Now, the CPI report doesn't move the markets like it used to, but investors will want to see if the tariffs over the last couple months have had any noticeable impact on inflation. We'll get the official numbers tomorrow. morning and recap that for you on tomorrow's episode. So make sure you guys tune in for that. Things might be slowing down, but we're still locked in. Let's run through some headlines.

And we're starting with Apple again. Apple kicked off their WWDC conference yesterday with the keynote. And let's just say Apple has been spending more time making their software look pretty than announcing any major AI features. I might start randomly ranting in this segment, so just bear with me here. Apple's major announcement yesterday was a new design style for their operating systems that they're calling liquid glass. It makes everything look transparent. It kind of reminds me of Windows Vista.

Some of you guys might be too young to remember that. But one thing is for sure, this is definitely going to confuse my 70-year-old dad when he updates his iPhone. Now, some of the other stuff that Apple announced was better multitasking on the iPad, which I'm pretty excited about. I use my iPad quite a bit. And they're updating group chats with options to add custom backgrounds and polls. Innovation, baby. But like I said earlier, not many major AI features were announced. And we really shouldn't be surprised here because all the early reports warned us that Apple

wasn't going to talk a lot about AI. I think they learned their lesson from last year. They didn't want to overpromise AI features and then not deliver them. But what frustrated me about that keynote was that Apple spent more time talking about improvements to their gen moji feature, which I don't think anyone over the age of six uses, instead of talking about improvements to Siri. I mean, that's embarrassing, you know? And then don't get me started on the 20 minutes they spent talking about software updates to the Vision Pro,

which nobody cares about because nobody owns one because they cost more than a used car. I'm going to have to save this rant for the deep dive. Anyways, investors didn't love this presentation either. Apple stock took a noticeable drop during the keynote yesterday, finishing the day down more than 1%. Let's shift gears and talk about another iconic company, Disney. Disney has agreed to pay Comcasts 400. $139 million to take full control of Hulu and putting an end to a year and a half long dispute

over the proper valuation of the streaming platform. Now, a quick backstory here, Disney agreed to buy Comcast's 33% stake in Hulu back in 23, and they paid them $8.6 billion at the time. But the final payment and valuation was subject to a third-party appraisal. Comcast wanted an extra $5 billion from Disney, while Disney thought their original $8.6 billion payment was fair. Well, it seems like the two sides have finally agreed on a number. So with Disney paying an extra $439 million, that would value Comcast's 33% stake of Hulu at about $9 billion. And you know, the history of Hulu is pretty interesting. It launched nearly 20 years ago as a

joint venture between Fox and NBC. And I think a lot of people thought that it would be a true competitor to Netflix. And while it never got to Netflix's level of popularity, it's still a huge streaming platform with about 55 million subscribers. And now it's fully owned and controlled by Disney. Disney seems to have big plans for Hulu. They're planning to integrate Hulu's content deeper with Disney Plus. And this also opens the door for bundled deals with Disney Plus, Hulu, and their upcoming ESPN streaming service. I think Disney's already starting to do that, too. I see a lot of Hulu content in my Disney Plus feed. This deal is officially expected to close on July 24th. And let's quickly talk about META.

CEO Mark Zuckerberg is assembling a super intelligence AI team. In fact, he's personally recruiting engineers to join a team focused on achieving artificial general intelligence, which would make their AI model Lama capable of performing tasks at the same level as humans. This follows the report from yesterday that META was in talks to make a $10 billion investment in scale AI. We talked more about that on detail in yesterday's episode,

so go check that out if you missed it. But that deal now makes more sense because that company's founder, Alexander Wang, is expected to join this new super intelligence team after that deal, according to Bloomberg. You know, Meta's AI model, Lama, has been struggling compared to rivals like OpenAI and Google's Gemini. So Zuck is personally getting involved to get things on the right track. It also sounds like he's playing out some sort of Tony Stark fantasy here, assembling the best AI engineers to work on a super intelligence.

Oh, boy. Let's talk about some stocks. making moves today. Taiwan's semiconductor shares are rising this morning after the world's largest chip manufacturer reported a near 40% increase in revenue year over year for the month of May. TSM's year-to-date revenue has jumped more than 42%

compared to the same period in 2024. As a result, shares of TSMC are up more than 2% this morning in reaction to this news. On the flip side, shares of J.M. Smuckers are slipping after the company swung to a loss in the latest quarter and reported a sales decline. The company owns a lot of brands, including Fulgars Coffee, Jif peanut butter, and their smuckers jam, said their sales fell to $2.1 billion, missing analyst expectations. On top of that, the company reported the loss of $729 million, which is a reversal from the $245 million

in profit they made in the same quarter from a year ago. The company's uncrustable frozen sandwiches have been a big success for them. I mean, how could it not? Those things are addicting. But that hasn't been enough to make up for the troubles stemming from their acquisition of hostess back in November of 2023. The weakness in that segment continues to weigh on the company's sales. I guess it turns out that Twinkies aren't as popular as they used to be. Honestly, I don't think I've even seen a Twinkie since like 2018.

I kind of want a Twinkie now. Let's wrap the show with the fun. fun fact. President Trump is floating the idea of giving every newborn in America a $1,000 investment account at birth. And of course, he's branding these accounts as Trump account. The idea is to give each baby $1,000 that tracks the total stock market from birth through the age of 18. And parents can also contribute an extra $5,000 a year. And corporations have promised to get involved as well. Michael Dell has already said that Dell would match the $1,000 for its employees who have a baby.

Now, the cost of this program is unclear, but I'm just doing some math here. If 3.6 million babies are born each year, the price tag for this program would be more than $3.6 billion a year, which honestly isn't that bad. And this would only apply to kids born between January 1st, 2025, and December 31st, 2028. So unfortunately, my son, baby Edmani,

missed the deadline by a couple of years. You know, I can't wait to hear about the stories of a kid being worth like $5 million at the age of 18 because the parents yolo the thousand bucks into invidia calls when the baby was born. We're going to get some interesting stuff come out of this. Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode.

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Thank you guys again for listening. Shout out to Mike and Connor for all the help behind the scenes, and we'll see you guys back here tomorrow. Thank you.