The Rundown - Boeing Delays 777X Again, OpenAI Hits $500B Valuation

Episode Date: October 3, 2025

Stock market update for October 3, 2025. Follow us on Instagram ⁠⁠⁠⁠⁠⁠@therundowndaily⁠⁠⁠⁠⁠⁠This 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 Zadadmani, and today is Friday, October 3rd. In today's episode, we'll tell you about the latest delays at Boeing and how much it's expected to cost them. We'll also tell you about Uber's latest move into the AI space. Then stick around to the end of the show to find out what Open AI was just valued at. We got a great show for you today. Let's go.

Stocks notched another record high on Thursday, with the S&P 500 edging out a 0.1% gain, and the NASDAQ jumped 0.4% thanks to tech stocks riding the AI wave. Now, while that's happening, the government shutdown has now gone into day three, with no signs of it ending. While Wall Street has shrugged off the shutdown so far, Treasury Secretary Scott Besson warned that the U.S. GDP could take a hit if the shutdown drags on. Now, one immediate impact of the shutdown is the lack of economic data from the government. Like, for example, the Bureau of Labor Statistics was supposed to release the September jobs

report today. This report estimates how many jobs were added to the U.S. economy, and now we're not going to get that data because of the shutdown. And this is a key piece of data, especially right now because of the increased concerns regarding the slowing labor market. There's been a lot of anxiety about the cooling labor market. That's one reason why the Fed cut interest rates at their last meeting. So this was a pretty important piece of data.

and since we're not getting it, investors are now turning to alternative data like the ADP report. According to the ADP report this week, it estimated that the private sector lost 32,000 jobs in September. Economists were expecting 50,000 jobs to be added to the economy. So the ADP report showing a job lost last month is kind of a shocker. And to be fair, the ADP report doesn't cover government jobs, but it still adds to the narrative that the labor market is softening. So yeah, definitely some uncertainty right now when it comes to the labor market and the government shutdown. Now, we do have earnings season right around the corner, which should give us some clarity on the economy. I wonder if some of these companies are going to be commenting on the

status of the labor market on their earnings call over the next few weeks. So we're going to be staying on top of all that. So make sure you guys are subscribed to the podcast to stay in the loop. Let's run through some headlines, starting with Boeing. Boeing has delayed the debut of its new plane, the 777X, again. And this will likely cost them building. of dollars. The triple 7x jet is expected to be the largest two-engine jet on the market, and it was supposed to enter servers back in 2020, but now it's been delayed to 2027. And analysts say this delay could cost Boeing between $2.5 and $4 billion. This plane is strategically important for Boeing. It's supposed to go head-to-head with Airbus in the long haul market

and replaced the retired 747 Jumbo jet. But the development of this plane has been plagued by FCC certification delays and cost overruns. In fact, Boeing has already racked up over $11 billion in extra costs on the Triple 7X program. Now, the company's CEO described the latest delay as simply a mountain of work rather than a new technical flaw, but I mean, that's not exactly comforting when you're six years behind schedule. So add this to the growing list of challenges that Boeing has had to deal with over the last few

years. You know, they've had doors blow off midair. They've had multiple worker strike. They replaced their CEO. They lost $12 billion last year. And now they have another delay. Now, the company has said in the past, they expect to generate cash this year. But the delay in the triple 7x could put that in jeopardy.

We should get more clarity about Boeing's financial situation when they report earnings on October 29th. But hey, if you look at Boeing stock this year, it's up more than 25% so far. So investors seem to have some sort of fate that Boeing is going to turn things around. Let's shift gears and talk about Uber because they just acquired a Belgian startup called Segments AI, which specializes in data labeling. Segments AI is known for their LIDAR annotation tools. The company labels training data from cameras and sensors that enable autonomous driving technology

and vehicles ranging from cars to drones. And on the surface, this seems like a weird acquisition by Uber, but Uber has quietly been building out a data labeling business over the past year under their Uber AI Solutions unit. See, AI models are only as good as the data they're trained on, and labeling that data is a massive business. The leader in that space right now is scale AI, which is backed by meta, and Uber clearly wants a piece of that market. In fact, Uber has already been pitching its AI services as a way for enterprises to make sense of complex data sets.

And they're not just focusing on transportation companies. Uber is going after retail and CPG companies to help power autonomous inventory management, supply chain intelligence, and dynamic pricing optimization, something that Uber knows a lot about with search pricing. So while this business is still in the very early stages for, Uber, it does represent a potential AI-driven revenue stream down the line, which could help them diversify from their core ride sharing and food delivery business. So yeah, as an Uber shareholder, it's definitely something that I'm keeping an eye on. Let's talk about some stocks making moves today. Shares of Rumble are jumping this morning after the YouTube competitor announced a new

AI partnership with the AI startup perplexity. This deal between the two companies will integrate perplexity into Rumble's search tool allowing for better search results for videos on the platform. On top of the integration, Rumble is rolling out a bundle subscription for its premium service, so you'll be able to pay one price for Rumble premium and Perplexity Pro. Rumble stock is up more than 11% this morning on this news, because investors just love it when companies do anything related to AI. Now, on the flip side, shares of chip making equipment companies like applied materials are down this morning after new export restrictions announced by the Trump administration. The new rules by the Bureau of Industry and Security is putting restrictions on the equipment

that can be sold to Chinese chipmakers, which means that applied materials won't be able to export certain products to China-based customers without a license. You know, applied materials makes the machines that are used in the chipmaking process, and some of their customers are in China. The company says they expect to lose $100 million in revenue in Q4 because of these new restrictions, and by 2026, that revenue hit could be up to $600 million. As a result, shares of applied materials fell more than 2% on this news. But zooming out, though, the company has had a really good year.

Their shares are up more than 35% so far. Let's wrap the show with a fun fact. Open AI just hit a valuation of $500 billion, making them the most valuable private company in the world, overtaking SpaceX, which sits at $400 billion. Now, this $500 billion valuation wasn't from a fresh funding round, but instead from secondary shares. Current and former Open AI employees that owned equity in Open AI sold about $6.6 billion worth

of stock at a $500 billion valuation to investors, including Thrive Capital, SoftBank, Tiro, Price, and more. So this was a big deal for Open AI employees. They got a ton of cash, which gives them a reason to stick around at Open AI instead of jumping ship to a company like Meta or another AI company. I do want to point out, though, that Open AI has still not turned a profit yet. The company continues to lose billions of dollars every year. So being worth a half a trillion dollars without being profitable is pretty wild to me.

It just kind of shows you where we are when it comes to AI hype. Investors are willing to overlook profitability. Now, Open AI is trying new ways to make money, like their new viral SORA app, which allows people to make AI slot videos. Now, I haven't tried the app myself because I haven't gotten an invite yet, but I've seen a ton of these videos on my timeline. And personally, I'm not a fan, but I mean, Open AI needs the money at this point.

So we're probably going to get more of AI slot from them. Hundreds of billions of dollars are being spent on AI infrastructure, and it's all resulting in AI slot taken over our timeline. That being said, I still want to try it, though. I'm just waiting to get my invite. If you guys have tried the new SORA app, let me know in the comments on what you guys think. Well, all right, guys, that's the rundown for today.

That's the rundown for this week. enjoyed all the content this week. As a reminder, we do have a deep dive episode coming tomorrow and an interview on Sunday that I think you guys will really like. So keep an eye on your podcast feed for that. And while you're at it, consider giving us a five-star rating on Apple, Spotify, 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 and Connor for all the work behind the scenes. And we'll see you guys back here tomorrow for the deep dive. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo. The online casino with all the latest slot and live casino games.

What you win is yours to keep. With no wagering requirements, instant payouts, and no minimum withdraws. Hey, I just won. Feel the fun. Hey, oh, Joe. Honey, forget about the lasagna. Let's celebrate.

19 plus Ontario only. Please play responsibly. Concern about your gambling or that of someone close to you. Call 1866-531-2600 or visit connexonterio.com.