The Rundown - Uber & Waymo Launch Robotaxis in Atlanta, Lyft Scores Upgrade from Wall Street

Episode Date: June 24, 2025

Stock market update for June 24, 2025. Stocks mentioned: Tesla (TSLA), Uber (UBER), Lyft (LYFT), Exxon (XOM), ConocoPhillips (COP), Occidental (OXY), Apple (AAPL), Nvidia (NVDA).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 Zaid Admani, and today is Tuesday, June 24th. In today's episode, we'll discuss the ceasefire between Israel and Iran and why the markets saw it coming. We'll also discuss Waymo's expansion into Atlanta and some of the issues coming out of Tesla's robotaxy launch in Austin. Then stick around to the end of the show to find out how Johnny Ive might have saved after. from bankruptcy in the 90s. We got a great show for you today. Let's go.

Stocks got off to a nice start this week with the S&P 500 and NASDAQ both jumping nearly 1% on Monday. And what was so interesting yesterday was that the rally really kicked into gear after Iran launched retaliatory attacks on a U.S. military base in Qatar. Now, the attacks were intercepted and there was no casualties reported.

But investors took that as a sign that this might be an end to the conflicts in the Middle East. Stocks rallied and oil prices fell more than 7% to under $70 a barrel, the lowest price since Israel first started bombing Iran back on June 13th. And it turns out Wall Street was right about tensions de-escalating because on late Monday, President Trump posted on truth social that Israel and Iran had agreed to a ceasefire. So I guess we could finally stop doom scrolling and worrying about World War III

and go back to worrying about interest rates. AI taking our jobs. Now, speaking of interest rates, we are hearing more from Jerome Powell this week. The Fed chair is testifying in front of the House today and the Senate tomorrow as part of the Fed's semi-annual monetary policy report. And to be honest, this is usually pretty boring. Jerome Powell just gives dry answers and tries not to look annoyed from questions from politicians. But it could be interesting this week because Jerome Powell is facing more pressures to cut

interest rates from President Trump and others. In fact, President Trump posted on truth social last night for Congress to really work this very dumb, hard-headed person over. He's referring to Jerome Powell, of course, so it's possible Jerome Powell faces some heat this week. We'll keep an eye on Jerome Powell's testimony this week and recap all the best stuff for you later in the week, so make sure you guys tune in for that. Let's run through some headlines. Starting with Waymo. This is starting to become the summer of the Robotaxi because one day after Tesla launched Robotaxies in Austin, Waymo is expanding the Robotaxi service and launching in Atlanta in a partnership with Uber. Waymo is starting with around a dozen or so cars in Atlanta, but plans to expand to

hundreds of cars over time. You'll be able to hail the Waymo through the Uber app and the price should be the same as a regular Uber. So Waymo continues to expand their footprint across the country, they already operate around 1,500 vehicles in San Francisco, L.A., Phoenix, and Austin, and they're doing over 250,000 rides a week. And they have plans to expand to Miami and Washington, D.C. soon. They're even planning to test their robotaxies in New York City and Boston. So Tesla's robo taxi has a lot of catching up to do. They only have around 10 to 20 cars in Austin right now. And Tesla's already running into some issues. There are videos floating around social media showing Tesla's Robotaxies doing everything from driving the wrong way down a street

to randomly slamming on the brakes in traffic. I was going to make a joke about my wife's driving, but I'm not going to do that. Now, because of all these videos, the National Highway Traffic Safety Administration is getting involved and they're planning to investigate these incidents. The agency said they're going to look into potential defects and take the necessary actions to protect road safety. So yeah, Tesla's Robotaxie is off to a bumpy start, literally. But that didn't stop investors from being very excited, Tesla stock jumped nearly 9% on Monday. Uber stock, it's also getting a nice bump today, jumping more than 4% this morning at the time of this recording. Let's shift gears and talk about Open AI. Now, open AI seems to constantly

be beefing with other tech companies or dealing with legal disputes. And their latest fight is with a Google-backed startup called I-O, spelled I-Y-O. They're working on an AI powered in-your-headphones, and they own the trademark to the name. And here's where things get messy. Remember, OpenAI recently bought Johnny Ives hardware startup for $6.5 billion, and that company is called I.O. Spelled I.O.

So you can see where the confusion lies and why this lawsuit was filed by the startup. I.O. claimed that Open AI violated the trademark, and court filing showed that Altman and Johnny Ives I.O. team even met with I.O.'s leadership and tested their products months earlier. So this is starting to get pretty messy. Now, as part of this court case, OpenAI had to remove that cringy launch video that Sam Altman did with Johnny I,

teasing the product that they're working on. The court documents also revealed that Open AI's first AI device won't be a wearable or a pair of smart headphones. In fact, Open AI doesn't even have a prototype yet, and they aren't expected to launch a product until at least 2026. I mean, with the way things are sounding here, I'm mentally expecting 2027, maybe even late 2027. So we'll see what happens with this lawsuit. I'm really curious to see what this device from Open AI is going to be. But I mean, Johnny Ive is a legend. So we'll see what he cooks up for Open AI.

We're actually going to talk more about Johnny Ive in the fun fact. So stay tuned for that. Let's talk about some stocks making moves today. Lyft shares are up this morning after TD Cohen upgraded the company to a buy rating with a price target of $21 per share. TD believes that Lyft will be able to expand more successfully international. with the acquisition of the European taxi company free now. On top of that, TD has emphasized Lyft's new product releases,

including its price-lock feature in the app. Lyft's new features aimed to improve the customer's overall ride experience, given the company new growth opportunities. As a result, Lyft shares are up nearly 6% this morning on this news. On the flip side, oil stocks are down across the board as a result of falling oil prices. Oil prices are down nearly 10% from their peak from last week, as tensions de-escalate in the Middle East,

as a result, shares of Exxon, Conical Phillips, Occidental, and other oil companies are down around 2% this morning. Let's wrap the show with the fun fact. If you're wondering how Johnny Ives' AI hardware company was able to fetch a $6.5 billion price tag from Sam Altman, well, just look at his track record at Apple. Johnny Ives' first major design contribution to Apple

was the IMAQ in 1998. And the IMAX was a massive. major turnaround point for Apple. It might have saved them from bankruptcy. The iMac had the blue translucent blue shell design that you guys might remember from elementary school. See before then, computers used to be this boring beige or gray boxes. Johnny Ive broke away from that and the iMac was a hit and it positioned Apple as an innovative consumer-friendly brand. And that paved the way for Johnny Ive to be the lead designer on Apple's most iconic products, including the iPod, the iPhone, the iPad, and many others.

So you can make the case that Johnny Ive, along with Steve Jobs in the 90s, saved Apple from bankruptcy. And it might be one of the reasons why Apple is a $3 trillion company today. Now, it's going to be a tough act to follow that. But if Open AI can even have a fraction of that success, they might become a major player in AI hardware. And that's why Johnny I've got $6.5 billion from Sam Altman. Well, all right, guys, that's the rundown for today.

Hope you guys enjoyed today's episode. By the way, we are answering more listener questions on Friday's episode. So if you guys have any questions for us, leave them as a comment on Spotify or on YouTube or DM us on Instagram. We'll try to answer as many questions as we can on Friday's episode. I think the first time that we did this a couple weeks ago, people really liked it. So we're running in the back. Thank you guys so much for listening. Shout out to Mike and Connor for all the help behind the scenes. And we'll see you guys back here tomorrow.