The Rundown OpenAI Declares Code Red, Apple’s AI Chief Steps Down
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Dec 2, 2025 Market updates reveal significant S&P and NASDAQ drops, alongside concerns over Bitcoin’s steep decline and fears of a crypto winter. In a surprising twist, Apple's AI chief, John Giannandrea, steps down, leading to a new hire with a strong Google background. OpenAI faces challenges as Sam Altman initiates a code red in response to competitive pressures, while the company grapples with massive costs and strategic delays. Meanwhile, Credo impresses with record earnings, and holiday Buy Now, Pay Later usage shows a promising trend despite consumer strain.
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Bitcoin Faces Liquidity And Price Stress
- Bitcoin plunged 6% in one day and is now over 30% below its October peak at $126,000.
- Declining ETF inflows and drying trading volumes raise the risk of a crypto winter and liquidity stress.
MicroStrategy's Bitcoin Position Raises Tension
- Zaid describes Strategy (formerly MicroStrategy) hinting it may sell Bitcoin to meet dividend and interest obligations.
- He notes Strategy holds roughly 650,000 Bitcoin at an average price of $74,000, which risks being underwater.
Apple Replaces AI Lead After Struggles
- Zaid reports John Giannandrea is stepping down as Apple's head of AI and will stay as an advisor until spring.
- Apple will replace him with Amar Sobremanya, a former Google engineer who briefly worked at Microsoft this year.