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Happy Monday! |
Tariffs just got overturned. |
In a 6–3 decision, the Supreme Court ruled that President Trump did not have the legal authority to impose certain tariffs under an emergency powers law. |
That decision now puts roughly $170B in collected duties in question. Thousands of companies and importers are expected to seek refunds, which could turn into a lengthy and complex claims process.
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The policy response was immediate. |
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Key Data Bites Over The Last Week: |
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In today's newsletter: |
π Apple Ditches The AI Race π Warren Buffett Dumps Amazon π° Wall Street's Top Earners π» Mag 7 Is Underperforming π’ Cathie Wood Lost Her Touch
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Let's jump right in. |
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Apple is playing a different game. |
While Amazon, Alphabet, Microsoft, and Meta are set to pour more than $650B into AI infrastructure this year, Apple is projected to spend just $14B. |
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Instead of building massive in-house compute, Apple is leaning on partnerships, including Google's Gemini, to help power its technology. |
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If the AI boom slows or timelines stretch, Apple may look less behind and actually come out ahead. |
This comes as Apple saw its correlation to the Nasdaq drop to lowest since 2006. |
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Warren Buffett is quietly closing the chapter on Amazon. |
In his final portfolio update before stepping down, Berkshire slashed its Amazon stake by 77%, reducing what was already a small position to just 0.19% of the portfolio. |
The original investment, built in 2019 around the $80–$90 range, was never a major bet and has now been largely unwound. Buffett also trimmed Apple by roughly 4% and added modestly to The New York Times, both relatively small adjustments.
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This 13F filing marked Buffett's last disclosed portfolio move as Greg Abel took the helm of Berkshire Hathaway at the start of 2026. |
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Mets owner Steve Cohen is raking in dough. |
While the Mets have struggled on the field, Cohen has been winning on Wall Street. |
According to Bloomberg, he earned $3.4B, ranking him among the highest paid hedge fund managers. That works out to more than $9M per day. About $2.7B came from gains on his personal investments, with another $690M from performance fees. His firm, Point72, manages roughly $46B in assets, placing it among the largest multistrategy hedge funds in the world.
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Zooming out, the rest of Wall Street is also doing well. |
The 20 managers on Bloomberg's ranking earned an average of $1.4B, the highest level in five years. It also marked a record for the number of managers bringing in $1B or more.
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The most crowded trade in the market might be starting to crack. |
The Magnificent 7 have been investor favorites for years, backed by dominant moats, massive cash reserves, and consistent growth. |
Yet this year, every single one is underperforming the S&P 500. Microsoft is trailing the most, down 16% YTD.
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The shift is not about fundamentals collapsing, but about spending. |
AI investment has accelerated faster than analysts expected, with capital expenditures across the majority of the group exceeding forecasts last quarter. That surge in spending has forced investors into a wait and see stance.
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For now, the AI trade remains relatively intact, but positioning has become far more fragile than it was just a year ago. |
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Cathie Wood's investors are still underwater. |
Her flagship ARK Innovation ETF recently recorded its worst 10-day losing streak on record. |
The fund is down nearly 50% over the past five years. Over that same period, the Nasdaq has delivered more than triple the return.
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The damage is visible in assets. |
After peaking at $28B in February 2021 following its pandemic surge, the fund has fallen roughly 80% to about $6B today. Data shows most capital arrived near the highs, leaving many investors to absorb the bulk of the drawdown.
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And investors continue to head to the exit. |
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⚡ Chip Expansion↗ – Meta is expanding its deal with NVIDIA to use millions of AI chips in its new data centers. | ♟️ Merger Chess↗ – Netflix gave Warner Bros. Discovery permission to restart deal talks with Paramount. | π Policy Pressure↗ – Trump trade adviser Peter Navarro said they may require data center builders like Meta to absorb more of their infrastructure costs. | ⚔️ AI Tension↗ – Anthropic and the U.S. Department of Defense are reportedly clashing over how the Pentagon can use Claude. | π Executive Turnover↗ – Companies are replacing CEOs at record rates, and the new leaders are skewing younger than before. | ⚠️ Software Reckoning↗ – A top-performing investment fund that beats nearly all peers says only a small number of software companies will survive the AI transition. |
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Notable Companies Reporting Earnings Week of February 22nd, 2026: |
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 | Major Trades Published 2/16 - 2/20. Trades may be those of family members. [Source: Capitol Trades] |
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Buys |
Kevin Hern (R) Gil Cisneros (D) Company: Wheaton Precious Metals ($WPM) Company: General Electric ($GE) Company: Franco-Nevada ($FNV)
Rick Allen (R)
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Sells |
Gil Cisneros (D) Rick Allen (R)
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 | Major Trades Published 2/16 - 2/20 |
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Buys |
KKR ($KKR) Insider: Scott Nuttall (Co-CEO) Insider: Joseph Bae (Co-CEO) Insider: Matt Cohler (Director)
Microsoft ($MSFT)
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Sells |
Alphabet ($GOOG) Arista Networks ($ANET)
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