The Rundown - Nvidia Is Cheapest It’s Been Since 2019, Meta Tests New ‘Super’ Glasses

Episode Date: July 9, 2026

Market update for July 9, 2026.Check out the Public app for incredible investing tools and to support the show (LINK)Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today’s episode, Zaid covers:Fed minutes showing officials split on whether inflation could force rate hikesNvidia’s $1 trillion slide and why its valuation now looks surprisingly cheapPepsiCo earnings show weak North American demandCerebras and Micron rally on AI infrastructure demandAstraZeneca slides after a drug trial missMeta’s “super sensing” AI glasses are really creepy

Public.com presents the rundown. Your daily market update in 10 minutes. My name is Zad Admani, and today is Thursday, July 9th. In today's episode, we'll break down why Nvidia's stock has lost nearly a trillion dollars in value. We'll also recap Pepsi's earnings and what it says about the American consumer. Then stick around to the end of the show to hear about Meta's new prototype AI glasses that sound incredibly creepy. We got a great show for you today. Let's go.

Well, guys, markets had a messy day on Wednesday, but honestly, it could have been a lot worse considering the headlines. Overall, the S&P 500 fell 0.3%, with nearly 400 companies in the index finishing in the red. But there was a rally in the afternoon from chip stocks, which helped mitigate some of the damage, and it actually helped push the NASDAQ in the green up 0.2%. The big story yesterday was, of course, the escalation in Iran. President Trump said the ceasefire with Iran is over and the two sides are now trading strikes. So the fighting is back on and that sent oil prices higher yesterday. Brent crude jumped 5% to $78 a barrel.

Its biggest one-day jump in more than two months. So just as we thought the war with Iran was behind us and that oil prices were going to get some relief, the market is getting hit with uncertainty again. And remember, higher oil prices means more inflation pressure, which could force the Federal Reserve to hike interest rates this year. In fact, according to the Fed's June meeting minutes, which came out yesterday morning, the Fed is split down the middle on what to do with rates this year. Nine of the 18 Fed officials are now penciling in at least one rate hike this year.

Back in March, that number was zero. Higher oil prices obviously play a role here, but the Fed is also worried about the AI buildout as a possible source of persistent inflation. And all the money that these big tech companies are spending on building these AI data centers, pushing up the prices of electricity, copper, cooling equipment, construction labor, and of course, tech products. Now, we're going to get more inflation data next week when the June CPI report comes out, not to mention next week also kicks off Q2 earnings season. So the next few weeks are going to be huge and it could set the tone for the market for Q3. We're going to be staying on top of all of it.

So if you're new here, definitely get subscribed to the podcast and tune in every day to stay in the loop. Let's run through some headlines, starting with Nvidia. Invita has quietly lost about a trillion dollars in market cap in the last two months. The stock is down about 15% from its all-time high in mid-May, and it's currently trading at its cheapest valuation since early 2019. According to Bloomberg, Nvidia is now trading around 18 times forward earnings. Now, a quick refresher on what that means, a stock's forward PE tells you, how much you're paying for each dollar of next year's expected profits.

And by that measure, Nvidia is cheaper than the overall S&P 500, which is pretty wild to me. Invidia is supposed to be the most important company of the AI era, and it's currently trading at a discount of the average stock in the S&P. I mean, freaking Hershey's has a higher Ford PE than Nvidia right now. Now, the reason this could be happening is that investors kind of got bored with Nvidia and started putting money in memory and storage stocks like Micron and Sandus. which have been ripping recently. The SOX Semiconductor index is up 74% this year,

while Nvidia is up just 5%. There's also concerns that custom chips from Google, Amazon, and other hyperscalers could eat into Nvidia's market share over time. And there's also been reports that Nvidia's next-gen server rack are running a year behind schedule, but Nvidia has disputed those reports. But I got to say, though, Nvidia still dominates the AI space.

Bloomberg says that Nvidia had 97% of the server GPU market as at the end of 2025. You know, Nvidia still makes proprietary GPUs that every big AI lab still needs. In fact, SpaceX announced that their latest model, GROC 4.5, was trained on tens of thousands of Vydiya's newest GB300 chips.

Memory chips, on the other hand, are a commodity and could go bust at any time once the supply catches up to demand. So, you know, if memory stocks see some weakness in the second half of the year, then some of that money could flow back into Nvidia. And Wall Street is still bullish in the company with the average

price target of around $300, which implies a 50% upside from current levels. Option traders are also loading up on call options. So I'm going to keep my eye on Nvidia in the second half of the year. Let's shift gears and talk about PepsiCo. They just reported earnings this morning, and the takeaway seems to be that the American consumer might not be doing so hot right now. You know, PepsiCo sells everything from sodas to snacks, and on paper, their numbers were fine. revenues jumped 6.4% to $24.2 billion beating Wall Street estimates. Their earnings also came

in that $2.20 to share basically right in line with expectations as well. But the stock is down more than 4% this morning because most of PepsiCo's growth is coming from international markets and not the U.S. In fact, in North America, beverage volumes dropped 4%. And food volumes were basically flat. And the CEO of the company is blaming the consumer and high gas prices. Remember, gas in the U.S. hit a four-year high of $4.50 a gallon back in late May because of the Iran War. So when Americans are paying more at the pump, one of the first things to get cut from the budget is the $5 bag of Doritos at the gas station. And here's the thing, PepsiCo actually cut prices on some of their snacks earlier this year in hopes of bringing

back more customers. But at the same time, the company's own costs went up in Q2 because of higher oil prices. So they're charging customers less while paying more for costs. And that's one of the reasons why the stock is taking a hit today. What I'm curious about, though, is that is this a foreshadow what other companies will say about the U.S. consumer coming up this earnings season? I guess we'll find out over the next few weeks. Let's talk about some stocks making moves today. Shares of cerebrous systems are jumping this morning after the AI chipmaker announced a major expansion in Europe. You know, we've covered Cerebrus in the past. We did a deep dive on them when they IPO back in May. This company makes dinner plate size AI chips that they claim run

inference workloads faster than even Nvidia's GPUs. And a big part of their business right now is selling data center capacity of their AI chips. The company is expanding to Europe saying they will bring their first European data centers online by the end of this year with a rapid buildout across France, Norway, and Finland. Cerebris says that demand for low latency AI compute inside Europe has been surging because businesses and governments want alternatives to capacity concentrated in the U.S. and Asia. And right now, Europe is dominated by Nvidia. Invidia claims to power over 90% of Europe's AI factory buildout, but now Cerebrus is making moves to challenge some of that market. Cerebrus stock is up around 6% this morning in reaction

to this news, but shares are still down sharply from its post-IPO highs. The stock closed up 68% at $311 a share in its first day of trading, but now shares are trading under $200. So maybe this expansion news to Europe will reignite the rally and get shares back to post-IPO highs. By the way, Cerebrus is just one of many chip stocks rallying today. Micron is another one getting a boost. Shares are up around 7% this morning after the memory company announced plans to invest $250 billion in the U.S. by 2035, driven in large part by the demand. coming from memory chips. The company's also getting a boost from Bank of America, which reiterated a

buy rating on the stock with a price target of $1,550. Micron stock had a record high $1,200 in late June, but has since fallen under $1,000. So Bank of America is saying this memory chip trade still has room to run. Now, on the flip side, shares of AstraZeneca are sliding this morning after the pharma company's heart disease drug failed to hit its key target in a late-stage clinical trial. The drug being tested is called Way Nua. I hope I got that pronunciation right. And it missed its main goal of reducing deaths and heart-related emergencies and patients with a rare life-threatening heart condition. And as a result, the market reaction has been brutal. The stock was down as much as 9% today, putting it on track for its worst day since March of 2020. You know, a part of the

reason the sell-off has been so severe is that management was very confident this trial would be a hit. So Wall Street kind of got blindsided here. And analysts are now saying the bigger damage might be the company's credibility. Astrosenica was targeting $80 billion in sales by 2030, but now that they missed on the trial, that's adding some uncertainty on the company's ability to hit that goal. Let's wrap the show with a fun fact. Meta is working on super sensing AI smart glasses that continuously record audio and snap photos every few seconds throughout the day.

Now look, long time listeners know, I'm a thing. fan of the current meta smart glasses. I use them all the time to take pictures and videos of my kids. But these new super smart glasses from meta sound like the creepiest thing I've ever heard. Meta continuously recording audio when taking pictures throughout the day. I mean, who wants that? I guess the case that meta is making is that by recording audio throughout the day and taking pictures, users could use the built-in AI in the glasses to ask things like,

what did I eat for lunch last week, or what was said in that meeting from yesterday, or what color dressed in my wife wear a couple days ago. But I don't know, man, I can't imagine anyone wanting to wear these glasses, especially from a company that has a history of shady data collection practices and privacy issues. Not to mention, if you are someone who is wearing these glasses and you walk into a room with other people, I imagine most people in that room would feel very uncomfortable. Plus, like an always-on recording device might be illegal in many states as well. So yeah, I think that meta should reconsider these super sensing smart glasses

because they're going to get a ton of backlash if they ever released them. Look, Zuck, I think smart glasses are cool, but let's not turn them into surveillance devices on our face, all right? Maybe that was his plan all along. I don't know. Let me know in the comments of what you guys think. Would you wear glasses that record your entire day? And how would you feel sitting across from someone wearing these type of glasses?

Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode. Thank you guys so much for listening, watching, and commenting. Shout out to Mike for all the work behind the scenes. And we'll see you guys back here tomorrow. If you want a $3,000 a month payday for life, what would you feel free to do? Maybe take a long weekend, every weekend,

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