Market update for Thursday July 3, 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: What a WEAK June jobs report could mean for the Fed Why Apple is looking to buy memory chips from blacklisted Chinese companies Sam Altman&#x27;s pitch to hand the U.S. government a 5% stake in OpenAI Palantir rallying on its Nvidia partnership and a fresh analyst upgrade Bending Spoons cools after its big IPO debut Why this year’s Fourth of July barbecue is getting hit hard by inflation, especially beef prices

OpenAI Proposes 5% Government Stake, Apple Turns to Blacklisted Chinese Chips

The Rundown

[SPEAKER_A] public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani, and today is Thursday, July 2nd. In today's episode, we'll break down the weak June jobs report and what it could mean for the Fed. We'll also tell you why Apple wants to buy memory chips from blacklisted Chinese companies and why Sam Altman wants to hand the U.S. government a 5% stake in OpenAI. Then stick around to the end of the show to find out how much more your Fourth of July cookout is going to cost you this year. We got a great show for you today. Let's go. The stock market kicked off the third quarter with a weird mixed session of trading on Wednesday. The S&P 500 fell 0.2%, while the NASDAQ dropped by 0.7%. Now here's the thing, the majority of the stocks in the S&P actually went up yesterday, but the index still finished in the red because chip stocks dragged things down. The semiconductor ETF fell more than 6% on Wednesday, and the catalyst for this wipeout was the news that Meta is planning to build their cloud business to sell off excess AI computing capacity. And this news sent shockwaves through the market because of what it signals about AI. Meta, as you guys know, is one of the biggest buyers of AI infrastructure out there. They're spending hundreds of billions of dollars building AI data centers. So if Meta, of all companies, suddenly has more compute than it needs, maybe it means the supply of AI computing power is finally catching up to demand. And if that's true, the narrative about compute being supply constrained and endless demand that's been powering this chip stock rally recently starts to look shaky.

OpenAI Proposes 5% Government Stake, Apple Turns to Blacklisted Chinese Chips

Read the full transcript

The candid version is on a podcast,
not the earnings call.

OpenAI Proposes 5% Government Stake, Apple Turns to Blacklisted Chinese Chips

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.