The Rundown
The Rundown

OpenAI Preps Legal Action Against Apple, Figma Stock Flies High After Earnings

May 15, 2026

AI Summary

5 min read

OpenAI vs. Apple, Ford's AI Pivot, and Figma's Earnings Surprise

Thursday was another record-setting day on Wall Street, with all three major indices rising about 0.8%. The S&P 500 crossed 7,500 for the first time ever, and the Dow climbed back above 50,000 for the first time in three months. Tech led the way, with Cisco jumping 13% after blowout earnings and Cerebrus—the AI chip company that went public yesterday—popping 68% on day one to reach a market cap near $100 billion.

But beneath the surface, the bond market is starting to send a different signal. Oil prices are climbing after President Trump's meeting with President Xi in Beijing produced no concrete resolution on the Iran War or reopening the Strait of Hormuz. Bond yields from the US to Japan to the UK are spiking, and traders are now pricing in a near 50% chance that the Fed hikes interest rates before the end of the year. As the host put it: "I feel like this inflation story is flying under the radar. The stock market is mostly ignoring it, but the bond market is starting to pay attention."

OpenAI Prepares Legal Action Against Apple

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What you'll learn

  • 1 (00:03) **Markets Hit New Records** - All three major indices rise ~0.8%, with the S&P 500 crossing 7,500 and the Dow returning above 50,000 for the first time in three months.
  • 2 (01:31) **Trump-Xi Summit Wraps Up** - The US-China meeting ends with a positive tone, agreeing to a three-year strategic stability framework.
  • 3 (02:23) **Bond Market Wakes Up to Inflation Risk** - Prolonged elevated oil prices are freaking out bond traders, who now price in a near 50% chance the Fed hikes rates before year-end.
  • 4 (03:08) **OpenAI Prepares Legal Action Against Apple** - Bloomberg reports OpenAI is threatening a breach-of-contract lawsuit over the failed ChatGPT-iPhone integration.
  • 5 (04:25) **OpenAI's Elon Musk Trial Wraps Up** - Closing arguments concluded in Oakland; the jury will begin deliberating on Monday over Musk's $134 billion damages claim.
  • 6 (04:52) **Ford Becomes an AI Stock** - Ford stock surges nearly 20% this week after launching Ford Energy, a battery storage subsidiary targeting AI data centers.
  • 7 (06:45) **Figma Crushes Earnings, Stock Soars** - Design software company posts 46% revenue growth to $333 million, paid customers up 54% to 690,000.

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Show Notes

Market update for Friday May 15, 2026

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In today’s episode, Zaid covers:

  • Why oil prices are rising after the Trump-Xi summit 

  • OpenAI preparing possible legal action against Apple over their failed ChatGPT partnership

  • How Ford became an AI stock after launching Ford Energy

  • Figma crushing earnings and proving software stocks aren't dead yet

  • Applied Materials posting record results but the stock falling anyway

  • Plus, Zaid answers a listener question about his journey from civil engineering to hosting The Rundown

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