Chapter 1: What is the main topic discussed in this episode?
Public.com presents The Rundown, your daily market update in under 10 minutes. My name is Zaid Admani, and today is Thursday, January 22nd. In today's episode, we'll tell you why the markets are moving past the Greenland drama and now focused on the Supreme Court. We'll also look into Apple's plans to build an AI wearable device and why I'm not a fan. Then stick around to the end of the
AI feature coming to Spotify. We got a great show for you today. Let's go. Markets had a big time relief rally yesterday in what people are calling the Greenland bounce. The S&P 500 and NASDAQ both jumped 1.2% yesterday after tensions around Greenland cooled off.
In a speech at the World Economic Forum in Davos, Switzerland yesterday, President Trump said that he would not use military force to take Greenland from Denmark. He followed that up with a Truth Social post saying that he would not move forward with the proposed tariffs on the eight European countries tied to the Greenland situation.
He also said that a framework of a future deal was in place regarding Greenland. Now, we don't know much details about that framework, but markets didn't really care. Investors were just happy that this Greenland situation didn't turn into a full-blown geopolitical mess. By the way, Trump's speech in Davos was pretty wild, but there was one thing that stood out to me.
It's that Donald Trump cares about the Dow Jones. In fact, he basically sees the Dow as the stock market. Take a listen.
And we have an unbelievable future in that stock. That stock market is going to be doubled. We're going to hit 50,000 and that stock market's going to double in a relatively short period of time.
Now, look, to be fair, Trump is almost 80 years old. So I'm not surprised he cares about the Dow. Most boomers consider the Dow to be the stock market. But someone needs to tell him that it's a flawed index with only 30 companies and that it's price weighted and not market cap weighted and a poor representation of the overall stock market.
Anyway, zooming out beyond just stocks, the other thing to keep an eye on is the Supreme Court. The court still hasn't ruled on the legality of Trump's tariffs that were issued under the Emergency Economic Powers Act. Many people thought that we'd have a decision by now, but it looks like that could be pushed into February.
On top of that, though, the Supreme Court is also hearing another case that investors are watching, This one involves Trump's attempt to fire Federal Reserve Governor Lisa Cook. Oral arguments began this week for this case, and early signs point to the Supreme Court judges citing against Trump and letting Lisa Cook keep her job as Fed governor.
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Chapter 2: Why are stocks rallying after the Greenland tensions?
We'll talk more about that Fed meeting next week, along with all the big time earnings coming up. So it's a great time to get subscribed to the podcast if you haven't already and tune in every day to stay in the loop. Let's run through some headlines, starting with. Apple is working on an AI-powered wearable pin the size of an AirTag that you can clip onto your shirt.
According to the information, this pin will have multiple cameras, a microphone and speaker, and wireless charging. I guess the idea here is that the pin would constantly be observing your surroundings and act as an always-on AI-powered assistant. Now, personally, I'm not a big fan of these AI wearable devices. And so far, these devices haven't been a hit.
There've been multiple startups that have tried launching something like this and they've all failed. The most famous one being Humane, which was made up of formal Apple engineers. But Apple thinks that they can do it better, which of course they can, but it's not guaranteed to be a hit. Just look at the Vision Pro.
I think for Apple, they're trying to fend off competition from OpenAI, which is expected to launch their own AI hardware later this year. As for Apple, they're expected to launch their device sometime in 2027. Now for this device to have any shot of being successful, Apple obviously needs to improve their AI tech, which they think they have thanks to their partnership with Google.
Apple is expected to release a major Siri upgrade in the spring, powered by Google's Gemini models. Apple is also expected to launch a Siri chatbot, similar to ChatGPT and Gemini, that'll be built into the iPhone, iPad, and Macs. And then later this decade, Apple is planning to launch AI smart glasses and who knows, maybe even a robot.
As a tech nerd myself, I've learned not to get too excited about this stuff anymore because everything that Apple has done with AI has been a pretty big disappointment. Apple's lack of AI development is a big reason why they're no longer the most valuable company in the world.
Nvidia and Google are both worth more than Apple these days, but maybe this will be the year that Apple turns things around. By the way, Apple is reporting earnings next week on January 29th after the market closed. We'll see if they say anything about their AI strategy on that earnings column. And we'll recap everything on the show for you guys.
So definitely make sure you guys are tuning in next week. Let's keep it moving and talk about Waymo. The Google-owned robo-taxi service just launched in Miami, making it the sixth city where Waymo offers fully autonomous rides to paying customers. Now, this rollout is starting small.
There's going to be less than 100 vehicles on the road at first, and Waymo will gradually invite riders off the wait list of nearly 10,000 people. The service will initially cover a 60 square mile area, including neighborhoods like Wynwood, Brickell, and Coral Gables. And Waymo says they plan to expand to Miami International Airport soon with testing already underway.
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