The Rundown - OpenAI Needs to Raise $207B by 2030, Klarna Launches New Stablecoin

Episode Date: November 26, 2025

Market update for November 26, 2025:Follow us on Instagram ⁠⁠⁠⁠⁠@therundowndaily⁠⁠⁠⁠⁠ for bonus content and instant reactions.Interview with Doug O'Laughlin

Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zadadmani, and today is Wednesday, November 26th. In today's episode, we'll tell you about the weird vibes coming out of Nvidia. We'll also tell you why Klarna is launching a stable coin. Then stick around to the end of the show to find out what Turkey is going to cost this year for Thanksgiving. We got a great show for you today. Let's go

Stocks were in the green Across the board on Tuesday With the S&P 500 adding 0.9% With over 400 stocks in positive territory The NASDAQ also added 0.7%. You know, the stock market has now gone up For three days in a row now And in that span, the S&P has added 3.5%

And is now within 2% of hitting all-time highs again. So it's been a pretty solid bounce back after the sell-off that we saw earlier this month. Now, the tech sector continues to take a backseat in this rally. Investors are rotating out of tech stocks and into other sectors like healthcare. In fact, over the last month or so, the tech sector has dropped nearly 4% while the healthcare sector has gone up 10%. So I'm really curious to see what happens with tech moving forward, especially the big AI

names like Nvidia, which has lost 14% from its peak. And speaking of Nvidia, there's a lot of weird vibes coming out of the company right now. On yesterday's show, we talked about how Nvidia sent a 7% percent. page memo to Wall Street firms refuting any sketchy accounting allegations. They even mentioned Enron in their memo, which is kind of a weird move. And then it got even more bizarre yesterday. NVIDIA issued a press release that they were delighted about the progress that Google has made with their TPU AI chips, but that their NVIDIA chips were still the best.

It was a really weird post and it instantly got memed on X. I feel like if NVIDIA actually wasn't worried about Google's TPUs, they wouldn't have posted anything. You know, up until recently, I wasn't that worried about Nvidia before. I'm starting to get a little worried now. Overall, though, it's great to see momentum returning to the stock market, and who knows, we might be looking at all-time highs again pretty soon. I guess the only thing the markets really needed was a rate-kurt reassurance from a couple of fed officials to find its confidence again. Well, except for crypto, because nothing seems to be getting them out of their funk. Now, to be fair, there's still some big picture concerns lurking like sticky inflation,

a cooling labor market and this whole unwinding of the AI trade. But you know what? We'll worry about that next week because remember the stock market is closed tomorrow for Thanksgiving, so no show from us. But the markets will be open on Friday with short an hours closing around 1 p.m. Eastern. And generally, the volumes are really light. There's not a lot going on on that Friday. But you never know. So we'll still have a show on Friday morning, plus a deep dive on Saturday and an interview on Sunday. So if you need your market fixed over the long weekend, we got you covered. Let's run through some headlines. Starting, with OpenAI. According to a new analysis from HSBC, OpenAI has a $207 billion funding hole it needs

to fill by 2030. That's how much cash the company will need even after all their projected revenues. See, Open AI has to pay a lot of money for computing power. They've announced multiple multi-billion dollar deals over the last few months and HSBC estimates that OpenAI's cumulative compute bill from now through 2030 will reach nearly $800 billion. That's just the cost of running the models every time someone uses chat GPT, not training new models. So even though HSBC estimates that OpenAI's revenues will grow like crazy, hitting $214 billion by 2030, the company will still be losing money. HSBC estimates that Open AI could have an operating loss of $76 billion in 2030.

That's crazy. So that means that Open AI either needs to grow their revenues, decrease computing costs, or raise more money. Now, if you look at OpenAI's revenues, OpenAI makes most of its money right now from subscriptions. According to the information, OpenAI has about 35 million paying chat GPD plus slash pro subscribers as of July of this year. That's roughly 5% of its weekly active users. Honestly, I'm kind of surprised that only 5% of people are paying for chat GPT. I thought it'd be a lot more than that. But by 2030, OpenAI is projecting 220 million paying users, which would generate roughly $52 billion a year just from subscription. So that would make chat GPD one of the biggest

subscription services on the planet. But again, it wouldn't be enough to pay for all the computing needs. The wildcard here is what chat GPT is going to do when it comes to ads. Everyone expects ads to be rolling out into chat GPT pretty soon. It seems to be the only way that OpenAI can pay for all their computing. If you want to hear a deeper discussion about the computing cost for Open AI and other AI companies, go check out the recent interview I did with semi-analysis president Doug O'Loughlin. It was an awesome 30-minute conversation. We'll put a link to that episode in the description. Let's shift gears and talk about Klarna, the Buy Now Pay Later company, is launching a stable coin.

Klarna has partnered with Stripe to create Klarna USD, which is a US dollar-backed stable coin to help with international payments. See, right now, Klarna has to rely on the SWIFT network for international transfers, which is slow and expensive. But by using a stable coin, Klarna can basically move money globally in seconds. The company says that Klarna USD will dramatically reduce processing costs for both merchants and customers. And I think this is the best feature of stablecoin, sending money all over the world fast and with low fees.

And this also fits a bigger shift happening inside Klarna. The company wants to evolve beyond just a buy now, pay later company and become a true digital bank, offering payments, deposits, transfers, and now crypto. According to the Financial Times, Klarna already offers banking services in parts of Europe. And this stable coin push could be a key pillar in that strategy. Now, investors have kind of soured on the company. Klarna's stock hasn't done so well since it ice. IPO back in September. The stock is down about 25% since its debut. But maybe getting into stable

coins could help them reduce costs and expand their services. Definitely something to keep an eye on moving forward. Let's talk about some stocks making moves today. Urban Outfitters is absolutely ripping today after the clothing retailer posted surprisingly strong results across all of its major brands. Their flagship Urban Outfitters brands saw a 12% growth in comparable sales and was up 7.6% and free people was up 4%. You know, Urban Outfitters revenue growth in Q3 was a lot stronger than previous quarters this year, which the company attributes to increased traffic, transactions, and a boost to digital sales.

I'll be honest, I didn't know that Urban Outfitters were still hot these days. Also, Urban Outfitters says they saw a huge momentum in Newley, which is their clothing, rental subscription service. Revenues for that division jumped 49%. So, yeah, big win for Urban Outfitters. Honestly, I didn't know the company was still hot, but the stock is up 10% today, and it's getting pretty close to all-time highs. Now, on the flip side, HP stock is under pressure this morning after the company reported weaker than expected earnings guidance for 2026. You know, HP makes computers and printers and things like that, and they say that profits are being hurt by U.S. trade policy and regulation, basically tariffs, which are raising their costs.

The company also announced they were cutting about 10% of its workforce, which is around 4 to 6%. thousand jobs in an effort to save at least $1 billion by 2028. So yeah, investors aren't loving the news coming out of HP. Shares are down more than 4% this morning. Let's wrap the show with a fun fact. Thanksgiving turkey is going to be cheaper this year compared to last year. Prices of turkey are down between 3% to 16% this year, despite a bird flu taking out nearly 2 million turkeys this fall.

Now, 2 million sounds like a lot, but Americans eat nearly 200. million turkeys at a given year, so the two million is more of a rounding number. But here's a bonus, fun fact. Americans just aren't eating as much turkey as they used to. Per capita, turkey consumption is down nearly 20% from 10 years ago. I mean, outside of Thanksgiving, I pretty much never eat turkey. It's just too dry for me, you know? But let me know in the comments if you guys like turkey or not. I'm more of a sides guy when it comes to Thanksgiving anyways.

Give me the sweet potatoes, give me the dinner rolls, give me the mac and cheese, some pie at the end of the night, and I'll call it a day. 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 the vote in today's Spotify poll.

Leave us a comment on Spotify. All that engagement. It really does help us out, and it helps other people find the show. I hope everyone listening has a fantastic Thanksgiving. We are very thankful for, for each and everyone listening to this show over the past couple of years. It still blows my mind to see the growth and the feedback and the comments.

So thank you guys again for all the support. It really does mean a lot. And because of all the support, we're able to do more and more with the show. So thank you guys again 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 on Friday. Rosen lasagna, medium power, 15 minutes. Sounds like, Ojo, Tom.

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