The Rundown - Tech Stocks Tank, Trump Cuts Tariffs and Burry Calls It Quits

Episode Date: November 14, 2025

Stock market update for November 14, 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, November 14th. In today's episode, I'll explain why the government reopening might be the cause of the market sell-off. We'll also explain why the Trump administration is planning to roll back some tariffs. Then stick around to the end of the show to find out why Michael Burry is shutting down his hedge fund. got a great show for you today. Let's go.

Well, guys, the markets are coming off their worst day in over a month with the S&P 500 dropping 1.7% on Thursday and the NASDAQ was down 2.3%. Even the Dow got smoked yesterday. It was down nearly 800 points, but nobody cares about the Dow. So, you know, it's funny. I think many investors were expecting that the end of the government shutdown would result in market rally, but we are getting the opposite of that right now. And the reason for it might be because of economic data. I think not getting any economic data from the government during the

shutdown for the last 40 plus days was a good thing for the market, because instead of reacting to jobs and inflation data, the market was focused on earnings, which have been pretty solid this quarter. But now that the government is reopened, we're about to get flooded with reports on jobs, inflation, and consumer spending. And I think investors might be worried it's going to reveal some cracks in the economy. On top of that, you have the AI trade just falling apart at this point. We're seeing daily beatdowns of tech names. Yesterday, names like Nvidia, AMD, Oracle and Broadcom were down around 4% each. And things are even worse for crypto. Bitcoin dropped 6% yesterday with prices trading in the $95,000 range right now. That's the lowest level in six months. And Eath was

down 10% and it's hovering around the $3,000 mark. So it's pretty clear that investors are bailing on riskier trades and assets and moving their money into more boring sectors like health care and energy, which have had a nice week. Nerds call this a market rotation where investors take money from one sector and move it to another. And look, we kind of saw this coming, right? People have been calling the AI trade a bubble for so long now. Now, it's hard to say if the AI bubble is fully bursting, but this is kind of how it goes. Daily sell-offs like this with no major news causing the sell-off. This isn't because of a Trump tariff tweet or anything. So we'll see how the markets close out the week, and this makes next week even more important. Because

we're probably going to get a handful of economic data from the government, and we're getting Nvidia's earnings. You know, I've said this multiple times, but that earnings report might be the most important of the last five years. So take this weekend to rest, because next week is time to lock in. As always, we're going to be staying on top of all the moving parts and pieces, 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 tariffs. The Trump administration is getting ready to roll back some tariffs to tackle high food prices. According to multiple reports, Trump officials are preparing broad tariff exemptions on everyday grocery items,

especially for items that the U.S. doesn't really produce, like coffee and bananas. Consumers are starting to feel the pain in the grocery aisle. Coffee prices were up 19% year over year in September, and bananas, I've gotten pretty expensive too. My kids eat a lot of bananas, so I'm definitely feeling that pain. And beef prices are soaring to record highs due to dramatically shrinking U.S. cattle herd. Treasury Secretary Scott Bessent this week said to expect substantial tariff exemptions in the coming days as part of a bigger affordability push. So I guess this is the administration pretty much admitting that their tariffs from earlier this year were leading to higher prices.

The affordability issue is a key one for voters. We saw this play out last week. Democrats picked up big wins across the country by hammering the cost of. the living concerns, just like the Republicans did in 2024. So yeah, some of these tariffs are likely to be rolled back, and we'll have to see how big of an impact that has on grocery prices. By the way, the Trump administration has also proposed a 50-year mortgage to address the housing affordability crisis.

We're actually going to be talking about the housing crisis on this weekend's deep dive episode, which drops tomorrow. And then on Sunday, we're dropping our interview with Josh Brown, who is awesome. We also talk about the affordability issues on that interview. So big weekend of content coming your way. Definitely keep an eye on your podcast feed for that. Now, speaking of affordability, let's talk about tickets. More specifically, the ticketing company Stubhub.

Stubhub just reported its first earning support since going public, and it was pretty rough, all right? The company pulled its guidance for the current quarter, which is never a good sign because it means that management has no feel for how the business will perform. CEO Eric Baker told analysts that Stubhubbhub isn't giving a Q4 outlook at all. and instead they'll wait until the fourth quarter earnings call to provide 2026 guidance. Investors did not love hearing that Stubbub stock is down more than 20% this morning. If you look past the guidance poll, Stubhub's Q3's numbers were pretty solid.

Revenues were up 8% to $468 million, which beat estimates the gross merchandise sales, which is the total dollar amount of tickets sold, grew by 11% to $2.4 billion. And if you strip out Taylor Swift's Aeros Tour from last year's comps, growth was 24%. So demand for live events is still strong. But while revenues were good, earnings did miss the mark big time. Stubhop reported a loss of $4.27 per share, which is much worse than the $2.87 loss that analysts were expecting. The company blamed the miss on a massive one-time $1.4 billion stock-based compensation

charge tied to the IPO. So yeah, it's been a rocky start. for Stubhubhub since it went public back in mid-September at $23.50 a share. In fact, following their IPO, the stock dropped for five straight trading days. The stock is now down nearly 40% from its IPO price. You know, Stubhub is in a pretty competitive space. They generate most of their revenues from connecting buyers and sellers in the secondary ticket market, and they face competition from companies like Vivid Seats, Seek, and of course, Ticketmaster. To make matters worse, ticket resellers are also facing regulatory scrutiny. In fact, the FFETs.

FTC sued Live Nation, which is the parent company of Ticketmaster, back in September over alleged illegal resale practices. So there's a lot to be bearish on when it comes to Stubbub, but the Bulls will point out that Stubhub has an 80% gross margin, which is high for an online marketplace. So we'll see if the company can turn things around, but for now, investors aren't ready to buy in. Let's talk about some stocks making moves today. Shares of Sidara Therapeutics have doubled today because pharma giant Merck announced they're buying the company in a $9.2 billion deal.

Merck is paying $221 per share in cash for the company, which is a 109% premium from yesterday's clothes. Now, the reason that Merck is buying the company is because Sidara is working on a long-acting antiviral drug, which has the potential to be a single dose universal prevention against all. flu strains. So Mark sees that as a promising development and they're scooping up the company. You know, I've said this before, but the pharma industry and all its acquisitions that build out their pipelines, I mean, it's just, it's wild stuff to me. Now, on the flip side, shares of applied materials are down this morning after the semi-conductor equipment maker said they're cutting their outlook for next year. Now, the company did beat on revenue and profits for Q3,

but they warned that their business in China will continue to take a hit because of U.S. export restrictions. Applied materials said these export restrictions will reduce spending from Chinese customers and could knock $600 million off of next year's revenue. So because of that, the stock has taken a hit this morning. It's down more than 7% at the time of this recording. If you zoom out, though, shares are up more than 30% for the year. Let's wrap the show with the fun fact. Michael Burry, the guy that Christian Bale played in the big short, is shutting down his hedge fund, Sion Asset Management. According to a letter seen by Reuters, Bury told investors he's liquidating his fund and returning capital to investors by the

end of the year. So he is fully walking away. Now, I'll be honest with you guys, I'm not the biggest Michael Burry fan. I mean, he made one amazing call in 2008, betting against the housing market. But since then, shorting the market hasn't really worked out. Markets have been rallying for over a decade. In the letter, Bury said that his view of value in securities is not in sync with the markets. Now, the timing here is interesting. Michael Burry's latest warning was about AI stocks. He specifically called out how big tech companies are stretching out the depreciation of AI chips to make their earnings look better.

He even recently took a short position on Palantir and Invidia. And if you guys haven't noticed, AI stocks are finally starting to wobble right as Michael Burry is walking away. So Michael Burry might finally be right again, but it looks like he might not cash in like he did last time. Well, all right, guys, that's the rundown for today. That's the rundown for this week. It was a pretty brutal week in the markets,

and it sets up next week to be a critical one. I'm already starting to get a little nervous about it. Not going to lie. As always, if you guys enjoy our show and 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 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 this weekend for the deep dive.