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February 25, 2026

Nvidia’s AI Money Machine: How One Chipmaker Turned Data Centers Into Cash Factories -( $AMZN $CAT $GOOG $LLY $MSFT $NVDA $ORCL )

Nvidia’s latest quarter reads less like an earnings release and more like a balance sheet for the AI industrial revolution, with revenue, profits, and guidance all accelerating as if on GPU overclock.

Record Quarter: When “Blowout” Sounds Too Modest

Nvidia reported fourth-quarter revenue of 68.1 billion dollars, up 20% sequentially and 73% year over year, a scale that now makes traditional chip cycles look almost quaint. GAAP gross margin reached 75.0%, with operating income of 44.3 billion dollars and net income of 43.0 billion dollars, nearly doubling from the prior year’s period. Diluted earnings per share clocked in at 1.76 dollars, up 35% from the prior quarter and 98% from a year ago, underscoring how much of each incremental AI dollar is flowing straight to the bottom line.

For the full fiscal year 2026, Nvidia generated 215.9 billion dollars in revenue, up 65% year over year, with net income of 120.1 billion dollars and GAAP EPS of 4.90 dollars, cementing its role as the de facto platform company for accelerated computing. Operating cash flow reached 102.7 billion dollars for the year, and free cash flow hit 96.6 billion dollars, giving the company ample fuel to invest in new architectures while still rewarding shareholders.

Data Center: The New “AI Factory” Standard

The core of Nvidia’s story remains the data center business, which has evolved from a growth engine into something closer to critical infrastructure for the AI economy. Data center revenue in the fourth quarter reached 62.3 billion dollars, up 22% sequentially and 75% year over year, driven by accelerating demand for AI and accelerated computing platforms. Full-year data center revenue climbed 68% to 193.7 billion dollars, a number that would have sounded speculative just a few product cycles ago.

Nvidia unveiled its Rubin platform, a new generation of chips designed to deliver up to a 10x reduction in inference token cost compared with the already-formidable Blackwell platform, with hyperscalers including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure among the first adopters. The company also highlighted Blackwell Ultra, which it says can deliver up to 50x better performance and 35x lower cost for “agentic AI” workloads versus the Hopper platform, a reminder that the performance bar in AI is being raised in large, discrete steps rather than incremental tweaks.

Beyond Chips: Ecosystem, Partnerships, And AI Reach

If early Nvidia was a GPU company, this version increasingly resembles an AI operating system spanning silicon, software, and services. The quarter showcased a dense web of partnerships: a multiyear, multigenerational strategic agreement with Meta for large-scale deployment of Blackwell and Rubin GPUs, CPUs, and networking; deeper collaboration with AWS on interconnects, cloud infrastructure, and open models; and an investment and technology partnership with Anthropic as it scales Claude on Azure using Nvidia systems.

The company is also extending its reach into specialized domains, announcing a co-innovation AI lab with Eli Lilly to reinvent drug discovery and a major expansion of its BioNeMo platform for AI-based biology. In physical and industrial AI, Nvidia is working with Boston Dynamics, Caterpillar, LG and others through its Isaac and Cosmos stacks, while teaming with Siemens and Dassault Systèmes to build industrial AI platforms and virtual twin ecosystems—turning AI from a concept into an operating layer for factories and infrastructure.

Gaming, Pro Visualization, And Autos: Side Businesses With Billion-Dollar Scale

While data center steals the headlines, Nvidia’s “other” segments would be headline businesses at most technology firms. Gaming revenue came in at 3.7 billion dollars in the quarter, up 47% year over year but down 13% sequentially as channel inventory normalized after a strong holiday season, with full-year gaming revenue up 41% to a record 16.0 billion dollars. The company pushed its AI edge into consumer graphics with DLSS 4.5, new G-SYNC Pulsar display technology, and faster RTX AI performance that can accelerate large language model inference on PCs and boost AI-generated visuals.

Professional visualization revenue surged to 1.3 billion dollars in the quarter, up 74% sequentially and 159% year over year, as demand for Blackwell-powered RTX workstations expanded, lifting full-year revenue in the segment by 70% to 3.2 billion dollars. Automotive and robotics revenue reached 604 million dollars in the fourth quarter, rising 2% sequentially and 6% year over year, with full-year revenue up 39% to 2.3 billion dollars, supported by partnerships with Mercedes-Benz and a growing DRIVE Hyperion ecosystem that now includes a range of Tier 1 suppliers and sensor partners.

Capital Returns, Guidance, And The AI Industrial Revolution

Even as Nvidia invests aggressively in new platforms like Rubin, Nemotron 3, Earth-2 weather models, and AI-native storage, it is returning substantial capital to shareholders. During fiscal 2026 the company returned 41.1 billion dollars via share repurchases and dividends, and it still had 58.5 billion dollars remaining under its repurchase authorization at year-end; the next quarterly dividend of 0.01 dollars per share is scheduled for April 1, 2026.

Looking ahead, Nvidia guided first-quarter fiscal 2027 revenue to 78.0 billion dollars, plus or minus 2%, with expected GAAP gross margin of 74.9% and non-GAAP gross margin of 75.0%, notably without assuming any data center compute revenue from China. CEO Jensen Huang framed the moment succinctly, noting that “computing demand is growing exponentially” and that the “agentic AI inflection point has arrived,” positioning Nvidia’s Grace Blackwell with NVLink as “the king of inference” today, with Vera Rubin set to extend that lead. Wall Street may debate whether this is an AI boom or a new computing regime, but Nvidia’s latest quarter makes one thing clear: for now, it is the house in this particular casino—and the chips are very much in its favor.

The Sources

  1. Nvidia Announces Financial Results for Fourth Quarter and Fiscal 2026 – Yahoo Finance
    https://finance.yahoo.com/news/nvidia-announces-financial-results-fourth-213100479.html[finance.yahoo]​
  2. NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026 – Nvidia Investor Relations
    http://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2026[nvidianews.nvidia]​
  3. Nvidia Stock Pops as Earnings Beat, Guidance Stifles Some AI Concerns – Yahoo Finance
    https://finance.yahoo.com/news/live/nvidia-earnings-live-nvidia-stock-pops-as-earnings-beat-guidance-stifles-some-ai-concerns-21[finance.yahoo]​
  4. Tech Stocks Today: Nvidia Stock Rises as Guidance Signals AI Boom Alive and Well – Yahoo Finance
    https://finance.yahoo.com/news/live/tech-stocks-today-nvidia-stock-rises-as-guidance-signals-ai-boom-alive-and-well-220259696.ht[finance.yahoo]​
  5. Nvidia Q4 FY 2025: AI Growth Continues Amid Margin Pressures – The Futurum Group
    https://futurumgroup.com/insights/nvidia-q4-fy-2025-ai-momentum-strengthens-despite-margin-pressures/[futurumgroup]​
  6. NVIDIA Corp (NVDA) Q4 2025 Earnings Call Highlights – Yahoo Finance transcript
    https://finance.yahoo.com/news/nvidia-corp-nvda-q4-2025-072422920.html[finance.yahoo]​
  7. Nvidia Earnings Live Updates: Stock Rises As Revenue, EPS Beat – Business Insider
    https://www.businessinsider.com/nvidia-q4-earnings-live-updates-ai-chips-rubin-jensen-huang-2026-2[businessinsider]​
  8. What AI Bubble? Nvidia Posts Record 68 Billion Dollar Quarterly Revenue – Fortune
    https://fortune.com/2026/02/25/nvidia-nvda-earnings-q4-results-jensen-huang/[fortune]​
  9. Nvidia Corporation (NVDA) Stock Price, News, Quote & History – Yahoo Finance
    https://finance.yahoo.com/quote/NVDA/[finance.yahoo]​
  10. Why Nvidia Stock Is Soaring in After-Hours Trading – Yahoo Finance
    https://finance.yahoo.com/news/why-nvidia-stock-soaring-hours-224657731.html[finance.yahoo]​
February 25, 2026

February 25, 2026 – AI Trade Reignited: Nvidia’s Guidance Tops Forecasts, Nasdaq Leads Market Gains -( $AMT $DV $FIGS $GOVX $NOK $NVDA $QQQ $PLTR $SER $WDC Rise!)

US stocks extended this week’s rebound on Wednesday, February 25, 2026, with a tech-led advance ahead of and then through Nvidia’s blockbuster earnings release after the bell.finance.yahoo+5

Index performance

The S&P 500 rose about 0.8% to roughly 6,946, marking a second straight gain after Monday’s pullback and underscoring renewed buying interest in large-cap growth. The Dow Jones Industrial Average added about 0.6% to 49,482, helped by strength in big-tech components and select industrials tied to the AI and cloud capex cycle. The Nasdaq Composite outperformed, climbing nearly 1.3% to around 23,152 as mega-cap tech and AI-related names regained momentum. The Russell 2000 gained about 0.4%, participating in the risk-on tone but continuing to trail the mega-cap complex.

Nvidia and the AI trade (post-earnings)

After the close, Nvidia (NVDA, $195.56, +1.41% and trading north of $200 in the after-hours) delivered another emphatic beat, reinforcing the AI leadership narrative and validating the market’s focus on the quarter. The company reported fourth-quarter revenue of about $68.1 billion, a new record and well above already‑lofty expectations centered in the mid‑$60 billion range. Adjusted earnings came in around $1.62 per share, topping consensus and reflecting strong operating leverage on surging data center demand.

Data center remained the core growth engine, generating roughly $62.3 billion in quarterly revenue, up about 75% year over year and more than 20% sequentially as hyperscalers and enterprises continued to race to add AI compute capacity. Other segments, including gaming/AI PC, professional visualization, and automotive, also posted solid year‑on‑year gains, but the story remained firmly centered on large-scale AI infrastructure build‑outs. Management’s commentary highlighted that customers are “racing to invest in AI compute,” framing Nvidia’s platforms as the backbone of an emerging “AI industrial revolution.”

Forward guidance was equally critical for market sentiment: Nvidia projected first‑quarter revenue in a range of roughly $76–80 billion, materially above Street forecasts that sat around $72 billion heading into the print. The company guided to a non‑GAAP gross margin near 75%, signaled that it has secured inventory and capacity to support demand for the next several quarters, and noted that the outlook does not assume meaningful data center compute revenue from China. In after‑hours trading, Nvidia shares popped as investors digested the combination of record results and stronger‑than‑expected guidance, a move with clear read‑throughs for the broader AI, semiconductor, and mega‑cap tech complex into tomorrow’s session.

Sector and stock dynamics

During the regular session, tech and communication services led the tape, while more defensive pockets of the market lagged. AI and chip names, including Nvidia, Western Digital (WDC, $290.95, +7.53%), Palantir ($134.19, +4.15%), and Applied Materials (AMT, $394.95, +4.50%), saw notable gains as investors rotated back into perceived AI winners ahead of the release. Large-cap software also participated, with Salesforce and peers extending a recovery from earlier-week pressure on higher-multiple growth names. By contrast, more rate‑sensitive or defensive sectors such as utilities and parts of consumer staples underperformed, consistent with a session defined by renewed appetite for growth and cyclicals.

Macro backdrop and market tone

The broader backdrop remained one of cautious optimism as traders balanced resilient earnings from tech leaders with lingering uncertainty around the path of Federal Reserve policy and the sustainability of AI-driven capital spending. Recent sessions have seen volatility cool as major indexes claw back losses, but positioning remains highly sensitive to Nvidia’s guidance and any shift in expectations for the next leg of the AI investment cycle. With the Nasdaq still a few percent below its late‑2025 record, today’s action reflects a market willing to lean back into risk while staying quick to reprice if AI or rate narratives change. Nvidia’s post‑close beat and raised outlook now set the tone for Thursday’s trade, with implications that extend well beyond a single stock into the broader AI, semiconductor, and growth‑equity complex.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Eupraxia Pharmaceuticals (EPRX, $8.05)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

Modular Medical (MODD)

  • Closed at $.4611. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
  • Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

FIGS, Inc. (FIGS, $10.96., +0.0%)

FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.

GeoVax Labs (GOVX, $1.66, +3.75%)

DoubleVerify (DV, $9.53, +4.15%)

  • DV traded in the context of that modest risk‑off tone closing at $9.59; no major company‑specific headline surfaced in the reviewed sources.
  • DoubleVerify continues to benefit from secular tailwinds in digital ad verification and brand safety as advertisers prioritize measurable, fraud‑free impressions across social, CTV, and open web channels. In an environment where macro uncertainty still pressures marketing budgets, DV’s performance‑oriented value proposition and recurring‑revenue profile keep it well positioned within the ad‑tech stack.

The InterGroup Corporation (INTG, $29.54)

  • InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.

Serina Therapeutics (SER, $1.77, +5.99%)

  • Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR, +2.71%) & M2i Global, Inc. (MTWO)

  • Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
  • On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA, $195.56, +1.41%)

  • Nvidia delivered strong fourth-quarter results, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.

McDonald’s (MCD, $333.01)

  • Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
  • In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.

Nokia (NOK, $7.57, +1.07%)

  • Nokia remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.
  • On Feb. 24, Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange
    • Industry-first intent-based 5G-Advanced slicing with agentic AI offers telecommunication providers with premium network slicing services that respond to real-world situations and enable autonomous intelligence.
    • This breakthrough innovation inferences and leverages open Internet data, including traffic, events, locations, maps and operator data for network slicing business.
    • du and Orange first to explore this innovative slicing solution that adapts automatically to support customer demand.

Opendoor (OPEN)

The Sources

  1. Yahoo Finance – “How major US stock indexes fared Wednesday, 2/25/2026”
    https://finance.yahoo.com/news/major-us-stock-indexes-fared-213649578.html
  2. Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq rally on tech jolt as Nvidia earnings loom”
    https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-rally-on-tech-jolt-as-nvidia-earnings-loom-210052281.html
  3. Yahoo Finance – “Stock Market News for Feb 25, 2026”
    https://finance.yahoo.com/news/stock-market-news-feb-25-124900216.html
  4. MarketWatch – “Stock Market News, Feb. 25, 2026: Dow, S&P 500 and Nasdaq …”
    https://www.marketwatch.com/livecoverage/stock-market-today-dow-sp500-nasdaq-hold-rally-ahead-of-nvidia-earnings-gold-silver-up
  5. Investopedia – “Markets News, Feb. 25, 2026: Tech Stocks Help Major Indexes …”
    https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02252026-11913959
  6. The Wall Street Journal – “Stock Market Today: Nasdaq Opens Higher; Nvidia Earnings in Focus”
    https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-25-2026
  7. Nasdaq – “Stock Market News for Feb 25, 2026”
    https://www.nasdaq.com/articles/stock-market-news-feb-25-2026
  8. NVIDIA Investor Relations – “NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026”
    http://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2026
  9. Nvidia Investor Relations – Financial Reports (results detail and tables)
    https://investor.nvidia.com/financial-info/financial-reports/default.aspx
  10. Yahoo Finance – “Nvidia stock pops as earnings beat, guidance stifles some AI concerns”
    https://finance.yahoo.com/news/live/nvidia-earnings-live-nvidia-stock-pops-as-earnings-beat-guidance-stifles-some-ai-concerns-21
  11. Yahoo Finance – “Tech stocks today: Nvidia stock rises as guidance signals AI boom alive and well”
    https://finance.yahoo.com/news/live/tech-stocks-today-nvidia-stock-rises-as-guidance-signals-ai-boom-alive-and-well-220259696.html
  12. Investopedia – “Nvidia Earnings Live: AI Chipmaker’s Results Blow Past Wall Street …”
    https://www.investopedia.com/nvidia-earnings-live-q4-fy2026-nvda-11914428
  13. Nasdaq – “After-Hours Earnings Report for February 25, 2026: NVDA, CRM, SNPS, SNOW…”
    https://www.nasdaq.com/articles/after-hours-earnings-report-february-25-2026-nvda-crm-snps-snow-tcom-vici-ftai-zm-pstg
  14. Constellation Research – “Nvidia Q4 shines, sees strong hyperscaler, enterprise demand”
    https://www.constellationr.com/insights/news/nvidia-q4-shines-sees-strong-hyperscaler-enterprise-demand
  15. Finviz – “Nvidia Q4 Highlights: Record Revenue, Data Center Demand”
    https://finviz.com/news/322526/nvidia-q4-highlights-record-revenue-data-center-demand-customers-are-racing-to-invest-in-ai-compute

February 24, 2026

Nevada Is Having a Copper Moment: Inside America’s New Critical Minerals Capital

Nevada is quietly becoming the loudest story in American mining, and this episode makes clear why that matters for markets, national security, and the energy transition—all at once. Think of it as the moment when a long-time value stock finally starts trading like a growth story.

Nevada: Ground Zero for America’s Critical Minerals

While Washington debates supply chains in hearing rooms, Nevada is busy supplying them from the ground up. The state hosts world-class deposits of gold, lithium, copper, tungsten, and antimony—many of them already tied into existing infrastructure rather than speculative PowerPoint geology. That geological abundance is one reason Nevada ranks near the top globally for mining investment attractiveness, second only to Finland in the Fraser Institute’s 2024 survey.

Equally important, Nevada has paired its mineral endowment with a regulatory climate that investors would describe as “firm but not fickle,” earning a top-tier Policy Perception Index score and retaining its place among the world’s most attractive jurisdictions year after year. In a sector where project timelines are measured in decades, that kind of policy consistency might be the rarest resource of all.

Why Critical Minerals Suddenly Feel Like a National Security Issue

The latest podcast from M2i Global titled “Nevada & The Renewed Necessity for Mining with Amanda Hilton” argues that critical minerals are no longer a niche concern for commodity traders but a central pillar of economic and military resilience. From EV batteries and grid-scale storage to advanced semiconductors and defense systems, the U.S. is discovering that its industrial ambitions run directly through a handful of materials often processed far from home. Concentrated refining—particularly for copper and battery metals—creates chokepoints that leave the U.S. exposed to foreign policy risk and supply disruptions.

Nevada steps into this picture as one of the few places where geology, infrastructure, and policy align to support a more domestic, more transparent supply chain. With the U.S. currently operating only a small number of primary copper smelters and exporting hundreds of thousands of tonnes of concentrate for foreign refining, studies focused on Nevada’s copper processing potential have become as strategic as they are technical.

A Regulatory Model Markets Actually Price In

The Fraser Institute’s survey reads like an investor’s scorecard, and Nevada consistently lands near the top on both mineral potential and policy quality. Companies report that Nevada combines clear permitting rules, comparatively predictable timelines, and a tax regime that does not treat capital investment as a moral failing. In the latest rankings, Nevada again scores among the very best jurisdictions worldwide for investment attractiveness, reflecting both high-quality geology and a policy framework that reduces above-ground risk.

Those policy strengths show up in behavior, not just in rankings: Nevada has led U.S. mineral exploration budgets, capturing a dominant share of exploration spending compared with other states. For an industry allergic to uncertainty, a place where regulations are tough but legible is a genuine competitive advantage.​

Copper, Lithium, and the New Industrial Backbone

Copper has quietly moved from “old economy metal” to “new economy bottleneck,” with U.S. demand expected to climb as data centers, electrified transport, and renewable generation scale up. A recent Nevada Copper Processing Study highlights that the state is unusually well positioned to close U.S. supply-chain gaps, thanks to existing copper resources, active concentrators, and supportive permitting conditions for new processing facilities. The study also underscores a stark vulnerability: with only two operating primary smelters in the country, the U.S. must send a large volume of copper concentrate overseas for refining, effectively exporting both value and leverage.

Nevada’s favorable environment has encouraged feasibility work on large-scale copper operations, with technical studies confirming that modern open-pit and underground projects in the state can be technically and economically viable at industrial scale. When you overlay that with emerging federal recognition of copper’s critical role—reflected in its inclusion on draft critical-mineral lists—the logic for building a more domestic, Nevada-centered value chain becomes hard for policymakers to ignore.

Leadership at the Intersection of Community, Capital, and Security

M2I Gobal’s Podcast Guest, Amanda Hilton, brings more than two decades of on-the-ground operational experience at Nevada’s Robinson Mine, capped by six years as General Manager—a role that requires equal fluency in geology, labor relations, and community expectations. As a fourth-generation Nevadan who has chaired the Nevada Mining Association’s board and now serves as its 13th president, she has become a prominent voice for consensus-driven, responsible mining in a state that still equates its future with what lies below the surface. Her inclusion in the “Pioneering the Field: Women in Mining” exhibit at the National Mining Hall of Fame and Museum underlines how her career embodies both technical competence and industry change.

Host Alberto Rosende, President and CEO of M2i Global (MTWO), frames these issues through a global resilience lens, emphasizing secure, transparent, and sustainable supply chains as prerequisites for long-term prosperity rather than regulatory buzzwords. With experience across public and private sectors, he treats critical minerals as a systems problem—linking extraction, processing, policy, and geopolitics—rather than as a simple race to permit the next mine. Together, their conversation makes a case that domestic mining is now a national, economic, and military necessity—and that Nevada is where that thesis is being tested in real time.

View the Podcast Now

View at this link

February 24, 2026

How InterGroup’s Hilton Cash Flows and Opendoor’s AI Engine Are Shaping San Francisco’s Real Estate ‘Land Rush’ -( $INTG $OPEN )

InterGroup’s (INTG) latest results tell a tale of steady, brick‑and‑mortar progress—while San Francisco’s Opendoor Technologies (OPEN) adds a tech‑enabled twist to the real‑estate recovery narrative.

InterGroup Steps Back Into the Earnings Spotlight

The InterGroup Corporation (NASDAQ: INTG) reported a swing back to profitability for the quarter ended December 31, 2025, as hotel strength and disciplined real estate management lifted results. Total revenues reached approximately $17.3 million, reflecting solid growth versus the prior-year period and underscoring the company’s renewed operating traction in both hospitality and property segments. Operating income more than doubled to about $2.0 million from $0.9 million a year earlier, a notable shift for a company that had been posting losses as recently as fiscal 2024. Net income came in at roughly $1.0 million, compared with a net loss of $3.7 million in the prior-year quarter, while net income attributable to InterGroup was about $1.5 million, or $0.71 per diluted share.

Hotels Check In, Losses Check Out

The star of the quarter was InterGroup’s hotel operations, anchored by its flagship Hilton San Francisco Financial District, which continues to be the company’s primary hospitality engine. Note that San Francisco is enjoying an ongoing significant economic & structural evolution driven by an aggressive, AI-driven “land rush”. Specifically, InterGroup’s hotel segment income climbed to approximately $2.2 million from $0.9 million a year earlier, reflecting higher demand and the return of 14 guest rooms to inventory following renovations completed in late 2025.

In practical terms, that means more keys in circulation, better occupancy, and stronger revenue per available room—levers that matter in a still‑recovering San Francisco hospitality market. For a company that once carried going‑concern doubts at its majority‑owned Portsmouth Square subsidiary, the current narrative centers more on rate, occupancy, and EBITDA than on survival.

Real Estate: Quietly Doing Its Job

InterGroup’s real estate operations, spanning multifamily and commercial properties across states such as Texas, Missouri, Kentucky, and California, continued to deliver steady segment income. Real estate segment income stood at about $2.2 million for the quarter, essentially in line with the prior year, as management emphasized occupancy, expense control, and asset‑level discipline over flashy expansion.

The quarter also showcased InterGroup’s willingness to prune when appropriate: the company closed the sale of a non‑core, 12‑unit multifamily property in Los Angeles County for roughly $4.85 million. That transaction generated a GAAP gain of about $3.5 million, boosting liquidity and providing additional working capital to support core assets and potential future investments.

From Going-Concern Questions to Optionality

Zooming out, the latest quarter marks another step in an ongoing repair story that accelerated through fiscal 2025. For that fiscal year, InterGroup significantly narrowed its net loss to about $7.5 million from $12.6 million in 2024, while hotel and real estate segment incomes rose roughly 52% and 32%, respectively.

Liquidity has also improved: cash and equivalents climbed to approximately $15.2 million at June 30, 2025, up nearly 75% from the prior year, aided by refinancing at the hotel level and better operating cash flow. Importantly, management has previously noted that the going‑concern doubt at Portsmouth Square was alleviated following hotel refinancing, shifting the narrative from “can it stay listed?” to “how much value can it extract from its assets?”

Enter Opendoor: A Digital Counterpoint in San Francisco Real Estate

While InterGroup works its turnaround through renovated rooms and quietly cash‑flowing buildings, San Francisco‑based Opendoor Technologies (NASDAQ: OPEN) is trying to rewire how homes change hands—algorithm first, clipboard second. In its Q4 2025 update, Opendoor reported revenue of about $736 million, beating analyst expectations even as sales fell more than 30% year on year, and delivering an adjusted loss of roughly 0.07 dollars per share that was materially better than consensus.

Beneath the headline loss, management has been keen to stress that “Opendoor 2.0” is more about quality of economics than volume of transactions, pointing to a 46% sequential jump in home purchases, faster inventory turnover, and the strongest contribution margins yet for its October 2025 home cohort. The company also highlighted AI‑driven gains in pricing and underwriting efficiency, as well as an expanded mortgage offering that gives Opendoor more touchpoints with both sellers and buyers across much of the lower 48 states.

In market terms, the story has been good enough to jolt investor attention: shares have recently surged double digits, with at least one major bank hiking its price target sharply as traders reassessed the odds that Opendoor can reach breakeven on an adjusted net income basis by 2026. Of course, GAAP reality remains sobering—a roughly 1.1 billion dollar quarterly net loss tied in part to debt extinguishment and a full‑year loss around 1.3 billion dollars underline how experimental iBuying still is when housing cycles stop cooperating.

Old-School Assets, New-School Algorithms

Put side by side, InterGroup and Opendoor read like a study in real‑estate contrasts: one leans into a 558‑room Hilton, parking garages, and brick‑and‑mortar multifamily, while the other leans into APIs, AI models, and nationwide home‑flipping at scale. InterGroup’s approach is to tighten operations, selectively sell non‑core assets, and use rising hotel and rental income to repair the balance sheet; Opendoor is trying to algorithm its way to profitability by speeding up turns, deepening mortgage engagement, and squeezing more contribution margin from each house it touches.

For investors, both stories sit inside the same broader theme: the slow normalization of U.S. real estate after a once‑in‑a‑generation rate shock, with capital increasingly favoring business models that can either withstand volatility (InterGroup’s asset‑backed cash flows) or harness it (Opendoor’s volatility‑as‑a‑feature trading book of homes). One does its work through nightly room rates and long‑term leases; the other through bid‑ask spreads on thousands of homes, all in the hope that the math—and eventually the margins—add up.

A Small-Cap With a Big-City Core

InterGroup (INTG) today presents as a tightly focused real estate and hospitality platform, with three reportable segments: Hotel Operations, Real Estate Operations, and Investment Transactions. Its portfolio is built around income‑producing multifamily and commercial properties and the 558‑room Hilton San Francisco Financial District, which includes meeting space, a ballroom, a multi‑level parking garage, and other amenities in the heart of one of the country’s most closely watched urban cores.marketscreener+4

To be sure, the Investing Transactions segment remains a swing factor, posting losses in recent periods and reminding investors that markets can be less forgiving than hotel guests. But with operating income rising, liquidity strengthening, non‑core assets being trimmed—and a local prop‑tech neighbor in Opendoor proving that disruption still comes with a sizable burn rate—InterGroup is increasingly positioned less like a turnaround case and more like a niche, asset‑backed story with optionality.

The Sources

Here are the sources with direct links:

  1. InterGroup Corporation press release on improved operating results and LA multifamily sale (via Yahoo Finance).[finance.yahoo]​
    https://finance.yahoo.com/news/intergroup-corporation-reports-improved-operating-210500839.html
  2. InterGroup swings to earnings in Q2 on hotel growth and asset sale.finance.yahoo+1
    https://finance.yahoo.com/news/intergroup-swings-earnings-q2-hotel-174600076.html
    https://finviz.com/news/319218/intergroup-swings-to-earnings-in-q2-on-hotel-growth-asset-sale
  3. InterGroup Corporation fiscal year 2025 results press release.[finance.yahoo]​
    https://finance.yahoo.com/news/intergroup-corporation-reports-fiscal-2025-212000480.html
  4. InterGroup full‑year 2024 earnings summary.[finance.yahoo]​
    https://finance.yahoo.com/news/intergroup-full-2024-earnings-us-102901167.html
  5. InterGroup Q1 FY2026 results; real estate segment update.[finance.yahoo]​
    https://finance.yahoo.com/news/intergroup-reports-q1-fy2026-results-222500008.html
  6. InterGroup Corporation official website and company overview.[intgla]​
    https://www.intgla.com
  7. InterGroup SEC Form 8‑K on LA multifamily asset sale and profit.[stocktitan]​
    https://www.stocktitan.net/sec-filings/INTG/8-k-intergroup-corp-reports-material-event-308e44802563.html
  8. INTG stock price, news, and company snapshot.[stocktitan]​
    https://www.stocktitan.net/overview/INTG/
  9. The InterGroup Corporation detailed company profiles.investing+2
    https://ng.investing.com/equities/the-intergroup-co-company-profile
    https://www.marketscreener.com/quote/stock/THE-INTERGROUP-CORPORATIO-9701/company/
    https://stockanalysis.com/stocks/intg/company/
  10. InterGroup related filings and analysis on operating segments and outlook.stockinsights+2
    https://www.stockinsights.ai/us/INTG/10-Q/fy26-q2-5fcb
    https://www.intgla.com/gridmedia/files/Press/InterGroup-PRNov2025.pdf
    https://www.quiverquant.com/news/The+InterGroup+Corporation+Reports+Improved+Financial+Performance+for+Fiscal+Year+2025
  11. Opendoor (OPEN) earnings overview and report history.public+2
    https://public.com/stocks/open/earnings
    https://marketchameleon.com/Overview/OPEN/Earnings/Earnings-Dates/
    https://stockinvest.us/earnings-report/OPEN
  12. Opendoor Technologies Q4 earnings beat and stock surge coverage.stockstotrade+1
    https://stockstotrade.com/news/opendoor-technologies-inc-open-news-2026_02_24/
    https://www.tikr.com/blog/opendoor-technologies-nasdaq-open-stock-jumps-19-percent-following-better-than-expected-quarterly-resu
  13. Analysis of Opendoor’s most recent earnings update and key metrics.finance.yahoo+2
    https://finance.yahoo.com/news/most-important-opendoors-earnings-report-234500807.html
    https://finance.yahoo.com/news/opendoor-nasdaq-open-delivers-strong-221259050.html
    https://www.nasdaq.com/articles/opendoor-technologies-inc-open-reports-q4-loss-beats-revenue-estimates
  14. Commentary on “Opendoor 2.0,” AI‑driven model, and strategy.simplywall+2
    https://simplywall.st/stocks/us/real-estate-management-and-development/nasdaq-open/opendoor-technologies/news/opendoor-technolog
    https://simplywall.st/stocks/us/real-estate-management-and-development/nasdaq-open/opendoor-technologies/news/opendoor-turnaroun
    https://www.zacks.com/stock/news/2874530/is-opendoor-20-working-why-open-is-prioritizing-product-over-growth
  15. Broader perspective pieces on Opendoor’s stock performance and long‑term potential.nasdaq+2
    https://www.nasdaq.com/articles/unstoppable-stock-soared-264-2025-heres-what-could-happen-2026
    https://unemployedvaluedegen.substack.com/p/opendoors-path-to-a-trillion-dollar
    https://www.stocktitan.net/sec-filings/OPEN/10-k-opendoor-technologies-inc-files-annual-report-9cd3fbe35f21.html
February 24, 2026

February 24, 2026 – Stocks Rebound as Software Leads AI Relief Rally Ahead of Nvidia Earnings -( $AMD $CRM $DV $FIGS $IBRX $NVDA $OPEN $SER $SOAR $TSLA Rise!)

US stocks rebounded on Tuesday, February 24, 2026, with major indexes clawing back part of Monday’s AI-driven selloff as software and AI beneficiaries led a broad relief rally ahead of closely watched Nvidia earnings scheduled for tomorrow, Wednesday.

Index performance

  • The Dow Jones Industrial Average added roughly 0.8%, a gain of around 400 points, helped by a turnaround in tech and prior-day laggards such as IBM and Oracle.
  • The S&P 500 rose about 0.8%, with technology and consumer discretionary shares pacing the advance.
  • The Nasdaq Composite climbed close to 1% as large-cap chip and software names rebounded, outpacing the broader market after leading Monday’s declines.
  • The Russell 200 small caps closed up 1.22% at 2,652.49.

Drivers: AI relief and software rebound

  • A sharp “AI scare trade” on Monday—triggered by fears that rapid automation could push US unemployment above 10% by 2028—reversed as investors focused on AI as an incremental growth driver rather than an immediate existential threat.
  • Software stocks outperformed after Anthropic’s event highlighted new enterprise-focused AI tools and integrations, easing worries that AI would fully displace traditional software business models.
  • An AI-focused software ETF jumped more than 3%, and names tied to Anthropic partnerships, including Salesforce (CRM, $185.46, +4.10%), FactSet, and DocuSign, posted notable gains.

Notable corporate movers

  • AMD surged after Meta agreed to buy a massive tranche of its GPUs in a deal reported to exceed 100 billion dollars over time, rekindling enthusiasm around AI infrastructure spending and lifting sentiment across the chip complex, including Nvidia (NVDA, $292.85, +.68%).
  • Workday rebounded from 52‑week lows as investors looked to its upcoming earnings for clarity on how AI is shaping software demand and margins.
  • Tesla rose roughly 2.39% despite reporting a 17% drop in European sales and ongoing legal and regulatory overhangs, underscoring continued dip-buying interest in high‑beta growth names.
  • Spirit Airlines advanced after reaching a deal with creditors aimed at exiting bankruptcy by late spring or early summer, signaling progress on its restructuring path.
  • ImmunityBio, Inc. (Nasdaq: IBRX, $11.55, +17.50%), a commercial-stage biotechnology company pioneering next-generation immunotherapies, today announced that its Founder, Executive Chairman, and Global Chief Scientific and Medical Officer, Dr. Patrick Soon-Shiong, will participate as a featured speaker at “Cancer 2035: A Roadmap for the Future,” a landmark summit co-hosted by the Milken Institute and the Richard Nixon Foundation in Washington, D.C. on February 23–24, 2026.

Policy, tariffs, and macro backdrop

  • President Donald Trump’s new 10% global tariff regime formally took effect at midnight, keeping trade and supply-chain uncertainty front and center as investors await further detail in the upcoming State of the Union address.
  • Federal Reserve Governor Lisa Cook warned that traditional monetary policy tools may struggle to manage AI-driven labor-market disruptions without sparking inflation, highlighting a more complex policy landscape in coming years.
  • The US dollar firmed modestly against major peers, while bitcoin pared earlier losses to trade near the mid‑60,000s and gold futures slipped as risk appetite improved.
  • The 2‑year and 10‑year Treasury yields both inched higher today, keeping the curve modestly inverted but a bit less so than in recent sessions.

Economic data and positioning ahead

  • The Conference Board’s consumer confidence index ticked up by 2.2 points in February to about 91, as households reported a slightly better outlook even as views on current conditions softened.
  • Today’s advance marked only a partial recovery from Monday’s broad selloff, but the synchronized rise in the Dow, S&P 500, and Nasdaq suggested investors are selectively re‑embracing the AI and software trade heading into Nvidia’s results midweek.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Eupraxia Pharmaceuticals (EPRX, $8.09)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

Modular Medical (MODD)

  • Closed at $.4712. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
  • Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

FIGS, Inc. (FIGS, $10.96., +.46%)

FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.

GeoVax Labs (GOVX, $1.60)

DoubleVerify (DV, $9.15, +3.39%)

  • DV traded in the context of that modest risk‑off tone closing at $9.59; no major company‑specific headline surfaced in the reviewed sources.
  • DoubleVerify continues to benefit from secular tailwinds in digital ad verification and brand safety as advertisers prioritize measurable, fraud‑free impressions across social, CTV, and open web channels. In an environment where macro uncertainty still pressures marketing budgets, DV’s performance‑oriented value proposition and recurring‑revenue profile keep it well positioned within the ad‑tech stack.

The InterGroup Corporation (INTG, $30.36 +7.58%)

  • InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.

Serina Therapeutics (SER, $1.67, +6.37%)

  • Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR, +2.71%) & M2i Global, Inc. (MTWO)

  • Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
  • On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA, $192.85, +.68%)

  • Nvidia stays at the center of the AI trade as hyperscale and enterprise demand for accelerated computing remains robust, even as some of its high‑end H‑series chips remain subject to legacy Section 232 tariff structures. The Supreme Court decision removes one layer of tariff uncertainty, and while new trade measures could emerge, the company’s strong pricing power and product cycle momentum continue to underpin the bull case.
  • Nvidia is set to release its fiscal fourth-quarter (Q4) 2026 earnings on Wednesday, February 25, 2026, after the market closes. Analysts are projecting revenue of around $65.7 billion to $66.1 billion, which would represent approximately 67%-68% year-over-year growth.

McDonald’s (MCD, $333.05)

  • Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
  • In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.

Nokia (NOK, $7.57)

  • Nokia remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.
  • On Feb. 24, Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange
    • Industry-first intent-based 5G-Advanced slicing with agentic AI offers telecommunication providers with premium network slicing services that respond to real-world situations and enable autonomous intelligence.
    • This breakthrough innovation inferences and leverages open Internet data, including traffic, events, locations, maps and operator data for network slicing business.
    • du and Orange first to explore this innovative slicing solution that adapts automatically to support customer demand.

Opendoor (OPEN, $5.11, +6.90%)

The Sources

  1. Yahoo Finance – “Dow, S&P 500, Nasdaq jump as software leads AI relief rally ahead of Nvidia earnings”[ca.finance.yahoo]​
    https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-jump-as-software-leads-ai-relief-rally-ahead-of-nvidia-earnings-210010666.html
  2. Yahoo Finance – “Dow, S&P 500, Nasdaq climb as software stocks lead AI relief rally”[finance.yahoo]​
    https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-climb-as-software-stocks-lead-ai-relief-rally-143829839.html
  3. Reuters – “Wall St bounces back on renewed tech vigor, easing AI concerns”[reuters]​
    https://www.reuters.com/business/us-stock-futures-steady-after-mondays-battering-tariffs-ai-concerns-dominate-2026-02-24/
  4. Barron’s – “Stock Market Today: Dow, S&P 500, Nasdaq Rise”[barrons]​
    https://www.barrons.com/livecoverage/stock-market-news-today-022426
  5. Wall Street Journal – “Stock Market Today: Dow Rises; AMD Rallies After Meta Deal”[wsj]​
    https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-24-2026
  6. CNBC – “Stock market news for Feb. 24, 2026”[cnbc]​
    https://www.cnbc.com/2026/02/23/stock-market-today-live-updates.html
  7. Investopedia – “Stock Market Today: Major Indexes Rebound After Sell-Off”[investopedia]​
    https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02242026-11912762
  8. Reuters – “US software stocks climb as Anthropic announcement sparks relief rally”[reuters]​
    https://www.reuters.com/business/finance/us-software-stocks-climb-anthropic-announcement-sparks-relief-rally-2026-02-24/
  9. The Street – “Stock Market Today, Feb. 24: Anthropic strikes again with new AI tools”[thestreet]​
    https://www.thestreet.com/latest-news/stock-market-today-feb-24-anthropic-strikes-again-with-new-ai-legal-tools
  10. CNBC – “U.S. Treasury yields: Trump’s State of the Union speech”[cnbc]​
    https://www.cnbc.com/2026/02/24/us-treasury-yields-trumps-state-of-the-union-speech.html
  11. Trading Economics – “US 2 Year Treasury Bond Note Yield”[tradingeconomics]​
    https://tradingeconomics.com/united-states/2-year-note-yield
  12. YCharts – “2 Year Treasury Rate – Real-Time & Historical Yield Trends”[ycharts]​
    https://ycharts.com/indicators/2_year_treasury_rate
  13. Trading Economics – “US 10 Year Treasury Note Yield”[tradingeconomics]​
    https://tradingeconomics.com/united-states/government-bond-yield
  14. YCharts – “10 Year Treasury Rate – Real-Time & Historical Yield Trends”[ycharts]​
    https://ycharts.com/indicators/10_year_treasury_rate
  15. Morningstar – “10-Year Treasury Yield Rises to 4.032% — Data Talk”[morningstar]​
    https://www.morningstar.com/news/dow-jones/202602249289/10-year-treasury-yield-rises-to-4032-data-talk
  16. Federal Reserve FRED – “Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity (DGS2)”[fred.stlouisfed]​
    https://fred.stlouisfed.org/series/DGS2
  17. Federal Reserve FRED – “Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity (DGS10)”[fred.stlouisfed]​
    https://fred.stlouisfed.org/series/DGS10
  18. Federal Reserve FRED – “10-Year Treasury Constant Maturity Minus 2-Year Treasury (T10Y2Y)”[fred.stlouisfed]​
    https://fred.stlouisfed.org/series/T10Y2Y
  19. GlobeNewswire – “The InterGroup Corporation Reports Improved Operating Results”[globenewswire]​
    https://www.globenewswire.com/news-release/2026/02/17/3239746/0/en/The-InterGroup-Corporation-Reports-Improved-Operating-Results.html
  20. Yahoo Finance – “The InterGroup Corporation Reports Improved Operating Results; Completes Sale of a Non-Core Los Angeles Multifamily Property”[finance.yahoo]​
    https://finance.yahoo.com/news/intergroup-corporation-reports-improved-operating-210500839.html

February 24, 2026

Nokia, AWS, and the Agentic AI Bet: When Telcos Meet Cloud Royalty -( $AMZN $NOK )

In Barcelona’s annual parade of buzzwords, Nokia (NOK) and Amazon Web Services (AMZN) (AWS) have managed to turn “network slicing” and “agentic AI” into headliners rather than footnotes. The duo is unveiling what they describe as an industry‑first: an intent‑based, agentic AI‑powered 5G‑Advanced slicing solution running on AWS, with live pilots at du in the UAE and Orange in Europe. du and Orange are already trialing the technology on their production 5G networks, giving this announcement more the feel of a soft launch than a science‑fair demo.

Under the hood, Nokia brings its 5G AirScale base stations, MantaRay SMO, Edge Slicing, and network slicing stack, while AWS supplies the cloud, AI platform, and connective tissue via Amazon Bedrock and familiar services such as Amazon EKS and CloudWatch. The pitch to carriers is disarmingly simple: get cloud‑like agility, carrier‑grade performance, and AI‑driven automation without signing up your engineering team for a multi‑year integration odyssey.

From Static Slices to “Intent‑Based” Networks

Network slicing has been telecom’s version of New Year’s resolutions—full of promise, short on execution. Operators could carve bespoke virtual networks for enterprises, gamers, or first responders, but static policies and manual configuration meant the slices rarely kept up with real-world volatility. Nokia and AWS are trying to change that by adding intent and autonomy to the equation.

The new solution uses agentic AI modules—operating in chatbot, on‑demand, scheduled, and fully autonomous modes—to watch live network KPIs such as bitrate and latency, infer what is happening in the outside world from open internet data, and then tune RAN policies on the fly. These AI agents ingest signals ranging from traffic incidents, events, timetables, and maps to weather and location data, and then align network behavior with high-level intents like “keep emergency services at full performance” or “prioritize XR gaming during a launch event.” For operators, the promise is fewer spreadsheets, fewer midnight calls, and more policy expressed in plain language rather than arcane router configurations.

du, Orange, and the Live‑Network Proving Ground

Nokia and AWS have wisely chosen to test this AI‑driven slicing not in a lab but in the wild—on live 5G networks at du and Orange. That gives the initiative a commercial edge: if the technology behaves well amid real subscribers, traffic spikes, and occasional football‑induced surges, it strengthens the case for broader rollout.

The early use cases read like a telco wish list. For enterprises, intent‑based slicing can maintain SLAs across campuses, ports, factories, and smart city zones by dynamically adjusting RAN behavior to keep latency and throughput within target bands. For public safety and first responders, on‑demand slices can be triggered by external data—like an accident or severe weather—to temporarily boost performance at specific base stations without degrading premium consumer services. For consumers, the same machinery can quietly prioritize 5G+ and fixed wireless access customers during gaming, streaming, and immersive XR peaks, ideally without anyone noticing—except in the form of fewer frozen frames.

Cloud RAN, SmartNICs, and the Economics of Scale

While the agentic AI slicing announcement grabs the headlines, it rests on several years of groundwork between Nokia and AWS around Cloud RAN and cloud‑native telco architectures. Earlier collaborations focused on running Nokia’s containerized RAN network functions on AWS infrastructure, harnessing Amazon EKS, AWS Telco Network Builder, Amazon EC2, and observability tools like Amazon CloudWatch, with the goal of simplifying deployment and lifecycle management for disaggregated RAN stacks.

A key ingredient is Nokia’s Cloud RAN SmartNIC, designed to process the full RAN Layer 1 workload in hardware, paired with AWS EC2 instances powered by Graviton3 processors for Layer 2. This in‑line acceleration approach reduces the number of CPU cores needed, lowers total cost of ownership, and still delivers carrier‑grade throughput, bandwidth, and massive MIMO support. For carriers, the story is less about exotic silicon and more about economics: pre‑validated stacks that cut months of integration effort and enable a software‑centric, CI/CD‑driven radio network.

Why This Matters for Investors and the Industry

For telecom operators, this collaboration aims to turn long‑theorized 5G revenue streams into billable reality, with premium, context‑aware slices sold to enterprises, public sector agencies, and data‑hungry consumers. Automated, AI‑driven network optimization promises not just new services but leaner operations, fewer manual interventions, and potentially better network reliability.

For Nokia, the move reinforces its positioning as a 5G‑Advanced and AI‑native network supplier willing to embrace public cloud rather than compete with it. For AWS, the partnership strengthens its telecom franchise, extending from OSS/BSS and IT workloads deeper into RAN and core, while showcasing Amazon Bedrock as an industrial‑grade platform for agentic AI. And for investors watching MWC for real‑world validation rather than slide‑ware, live trials with du and Orange, together with Nokia’s earlier SaaS‑based 5G core deployment at Citymesh on AWS, suggest that cloud‑native telco is edging closer to the mainstream.

The sophisticated punchline? In a world where every company claims to be “AI‑powered,” Nokia and AWS are quietly teaching 5G networks to read the room—and then reconfigure themselves before anyone has to file a trouble ticket.

The Sources

  1. Nokia press release – “Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange”
    https://www.nokia.com/newsroom/nokia-and-aws-showcase-industry-first-agentic-ai-powered-network-slicing-with-du-and-orange/[nokia]​
  2. TelecomTV – “Nokia and AWS trial agentic AI network slicing with Orange and du”
    https://www.telecomtv.com/content/5g/nokia-and-aws-trial-agentic-ai-network-slicing-with-orange-and-du-54918/[telecomtv]​
  3. Telecompaper – “Du and Orange first to pilot network slicing with agentic AI from Nokia and AWS”
    https://www.telecompaper.com/news/du-and-orange-first-to-pilot-network-slicing-with-agentic-ai-from-nokia-and-aws–1563226[telecompaper]​
  4. AWS Industries Blog – “AWS and Nokia Collaborate to Drive Operational Simplicity with Carrier-Grade Performance for Cloud RAN”
    https://aws.amazon.com/blogs/industries/aws-and-nokia-collaborate-to-drive-operational-simplicity-with-carrier-grade-performance-for-cloud-ran/[aws.amazon]​
  5. Nokia press release – “Citymesh goes live with world’s first commercial mobile service on 5G Core SaaS powered by Nokia and AWS”
    https://www.nokia.com/newsroom/citymesh-goes-live-with-worlds-first-commercial-mobile-service-on-5g-core-saas-powered-by-nokia-and-aws/[nokia]​
  6. MarketScreener – “Citymesh Goes Live with First Commercial Mobile Service on 5G Core SaaS Powered by Nokia and AWS”
    https://www.marketscreener.com/news/citymesh-goes-live-with-first-commercial-mobile-service-on-5g-core-saas-powered-by-nokia-and-aws–45990989/[marketscreener]​
February 24, 2026

Opendoor’s Q4 “Open House”: When Version 2.0 Actually Shows Up -( $OPEN $SPY )

In a market that has spent three years asking whether iBuying is a feature or a business, Opendoor’s (OPEN) latest “Open House” suggests Opendoor 2.0 may finally be moving in. The company’s Q4 2025 results delivered faster growth in home acquisitions, improving unit economics, and just enough financial discipline to turn skeptical investors into cautiously optimistic neighbors.

Opendoor 2.0: The Four-Step Fix

Management has been explicit: Opendoor 2.0 is built around a four-step plan—reach breakeven adjusted net income by the end of 2026, improve unit economics while speeding up transactions, shift to direct-to-consumer relationships, and broaden the product suite. CEO Kaz Nejatian argues that Q4 shows this plan is not just PowerPoint-deep, pointing to “more accurate pricing, faster inventory turns, and disciplined selection” as evidence of structural change rather than cyclical luck.

Under the hood, that strategy looks less like a moonshot and more like a classic margin repair job: narrow the “buy box,” lean on data and AI to price more precisely, and expand offerings so each seller relationship supports more than one revenue stream. If the first-generation iBuyer story was about blitzscaling, Opendoor 2.0 is about discovering that spreadsheets, not slogans, pay the interest bill.

The Numbers Knock: Velocity, Not Vanity

Q4’s headline message: less fireworks on revenue growth, more substance on how the machine actually runs. Opendoor generated about 736 million dollars in revenue in Q4 2025, topping consensus even as sales declined year over year, while narrowing its adjusted loss per share versus the prior year. More importantly for a balance-sheet-heavy business, the company lifted homes purchased by 46% quarter over quarter, signaling a deliberate re-acceleration of acquisition volume after a long period of throttling risk.

Inventory is moving faster too: the share of homes sitting more than 120 days on the market dropped from roughly 51% to 33% sequentially, a meaningful improvement for a model whose economics hinge on time-to-sale as much as price. The October 2025 acquisition cohort—the first full month under the Opendoor 2.0 model—is tracking as the strongest October in company history on contribution margins and is selling at more than twice the velocity of the October 2024 cohort, with over half of those homes already sold or under resale contract.

Cohorts, Cash, and the Art of Turning the Supertanker

For a company that once tried to impress Wall Street with sheer volume, Q4’s message is subtler: cohorts matter more than headlines. Management highlighted the October 2025 group of homes as the “proof point” for Opendoor 2.0, effectively inviting investors to judge the model on lifetime economics rather than any single quarter’s GAAP loss. That framing matters when the company is simultaneously reporting a significantly wider net loss, largely tied to a debt-related charge, even as operational metrics move in the right direction.

The balance sheet offers a small but notable comfort: Opendoor exited 2025 with roughly 962 million dollars in cash and cash equivalents, up from about 671 million a year earlier, and generated over 1 billion dollars of net cash from operations for the year as it worked through prior inventory. With inventory homes sharply lower than the prior year and turn-times improving, the company is trying to prove it can grow without reverting to its old habit of treating the balance sheet like a stress test.

Product Before Growth: An iBuyer Learns Restraint

One of the more striking shifts is philosophical: Opendoor is explicitly prioritizing product quality and margin over raw growth, a reversal from its pre-2022 expansion playbook. The firm is layering in more capital-light offerings—such as “Cash Plus” solutions, partnerships with agents, and platform-based tools—so that growth in transactions doesn’t automatically mean a ballooning, volatile house inventory.

Behind that strategy is a technology spine the company claims is getting smarter with scale: AI-driven pricing and valuation, risk engines that enforce tighter buy boxes by market and price band, and workflow automation designed to reduce costs while improving customer experience. If Opendoor 1.0 tried to reinvent real estate with speed, Opendoor 2.0 is betting that disciplined algorithms can finally make “instant offers” look like a durable business rather than an expensive experiment.

The Market’s Verdict: Cautious Applause

Investors have noticed the shift, even if they’re not ready to throw a housewarming party. Shares have rallied following the Q4 print as the Street focused on the revenue beat, the acceleration in acquisitions, and signs of better execution, while largely looking through the one-time loss associated with debt extinguishment. Yet commentary around the stock still circles the same unresolved question: can Opendoor translate improving cohorts and faster turns into sustained, company-wide profitability before the housing cycle or capital markets turn against it again?tikr+6

For now, the company has offered a clear way to keep it honest: public dashboards to track acquisition pace, inventory aging, and product launches give investors a running scorecard on whether management’s promises survive contact with the housing market. In other words, Opendoor is inviting the Street not just to kick the tires, but to check the odometer every quarter.

A House Built on Execution

Opendoor’s Q4 2025 “Open House” didn’t deliver a fairy-tale ending, but it did offer something public-market investors tend to prize more than a perfect narrative: measurable, testable progress. With a more disciplined model, faster-selling cohorts, and a playbook that favors product economics over land-grab growth, Opendoor 2.0 is starting to look less like a speculative flip and more like a long-term renovation project.

In residential real estate, location is everything; in public markets, it’s execution. Opendoor still has plenty of work ahead, but after this quarter, the company can at least say it’s no longer just listing its strategy—it’s finally starting to close on it.

The Sources

  1. Opendoor Q4 2025 “Open House” press release – “Opendoor 2.0 Does What It Said It Would Do” (GlobeNewswire reprint)
    https://www.moomoo.com/news/post/65788123/press-release-q4-2025-open-house-opendoor-2-0-does[moomoo]​
  2. Opendoor Q4 2025 “Open House” press release (alternative hosting, The Globe and Mail)
    https://www.theglobeandmail.com/investing/markets/stocks/OPEN/pressreleases/314217/q4-2025-open-house-opendoor-20-does-what-it-said-it-would-do[theglobeandmail]​
  3. Opendoor Technologies Inc. (OPEN) Q4 2025 earnings call highlights – Yahoo Finance
    https://finance.yahoo.com/news/opendoor-technologies-inc-open-q4-050037612.html[finance.yahoo]​
  4. Opendoor Technologies Inc. Q4 2025 earnings call transcript – Fintool
    https://fintool.com/app/research/companies/OPEN/documents/transcripts/q4-2025[fintool]​
  5. Opendoor Technologies Inc. (OPEN) Q4 2025 revenue and net loss details – SEC/8-K summary (StockTitan)
    https://www.stocktitan.net/sec-filings/OPEN/8-k-opendoor-technologies-inc-reports-material-event-a16b7155d9f2.html[stocktitan]​
  6. “Opendoor Stock Jumps 7% After Q4 Revenue Beat. Here’s What the $1.1 Billion Loss Really Means” – Tikr
    https://www.tikr.com/blog/opendoor-stock-jumps-7-after-q4-revenue-beat-heres-what-the-1-1-billion-loss-really-means[tikr]​
  7. “Opendoor Technologies Stock Rallies 19% Following Better Than Expected Quarterly Results” – Tikr
    https://www.tikr.com/blog/opendoor-technologies-nasdaq-open-stock-jumps-19-percent-following-better-than-expected-quarterly-resu (truncated slug, main article page)[tikr]​
  8. “Opendoor Surges After Q4 Revenue Beat” – Yahoo Finance
    https://finance.yahoo.com/news/opendoor-surges-q4-revenue-beat-150103811.html[finance.yahoo]​
  9. “Opendoor Stock Soars After Q4 Revenue Tops Street Estimates” – Yahoo Finance / GuruFocus
    https://finance.yahoo.com/news/opendoor-stock-soars-q4-revenue-150032363.html[finance.yahoo]​
  10. “Opendoor Pops After Earnings, But the Big Question Hasn’t Changed” – Finviz
    https://finviz.com/news/318073/opendoor-pops-after-earnings-but-the-big-question-hasnt-changed[finviz]​
  11. “Is Opendoor 2.0 Working? Why OPEN Is Prioritizing Product Over Growth” – Finviz
    https://finviz.com/news/320737/is-opendoor-20-working-why-open-is-prioritizing-product-over-growth[finviz]​
  12. “Opendoor Pops After Earnings, but the Big Question Hasn’t Changed” – Investing.com
    https://www.investing.com/analysis/opendoor-pops-after-earnings-but-the-big-question-hasnt-changed-200675570[investing]​
  13. “Opendoor Stock Jumps on Strong Q4 Results” – Investing.com
    https://www.investing.com/analysis/opendoor-stock-jumps-on-strong-q4-results-200675385[investing]​
  14. “Opendoor Technologies Q4 FY2025 Earnings Review – Progress Should Continue” – Seeking Alpha
    https://seekingalpha.com/article/4872824-opendoor-technologies-q4-fy2025-earnings-review-progress-should-continue[seekingalpha]​
  15. “Opendoor Technologies (OPEN) Is Up 12.5% After Opendoor 2.0 …” – Simply Wall St
    https://simplywall.st/stocks/us/real-estate-management-and-development/nasdaq-open/opendoor-technologies/news/opendoor-technolog (truncated slug, main article page)[simplywall]​
  16. “Opendoor Q4 Loss Narrower Than Expected, Revenues Down Y/Y” – Zacks/Yahoo Finance
    https://finance.yahoo.com/news/opendoor-q4-loss-narrower-expected-155000724.html[finance.yahoo]​
  17. “Opendoor Technologies Inc. (OPEN) Reports Q4 Loss, Beats Revenue Estimates” – Nasdaq
    https://www.nasdaq.com/articles/opendoor-technologies-inc-open-reports-q4-loss-beats-revenue-estimates[nasdaq]​
  18. “Our Path Forward” – Opendoor corporate blog (strategy and product roadmap context)
    https://www.opendoor.com/articles/our-path-forward[opendoor]​
  19. “What is Growth Strategy and Future Prospects of Opendoor Company?” – PortersFiveForce.com
    https://portersfiveforce.com/blogs/growth-strategy/opendoor[portersfiveforce]​
February 24, 2026

Meta Hands AMD a 6-Gigawatt Vote of Confidence – And Wall Street Lights Up! – ( $AMD $META $NVDA )

Meta Platforms (META) has inked a multi‑year pact to buy up to 6 gigawatts of AMD Instinct GPUs, a supersized order that instantly puts AMD at the center of one of the largest AI infrastructure build‑outs on the planet. The scale of the agreement helped send AMD shares up by roughly 10%–12% in early trading, as investors digested the implications of supplying the silicon backbone for Meta’s next generation of AI services.finance.

Under the arrangement, Meta will deploy AMD’s Instinct accelerators across multiple product generations, pairing them with EPYC CPUs and rack‑scale systems designed specifically for Meta’s data centers. It’s a long‑term roadmap alignment that elevates AMD from “interesting challenger” to “core strategic counterweight” in a market long dominated by Nvidia (NVDA).

Diversifying Away From a One‑Chip World

For Meta, the deal is as much about risk management as raw compute. CEO Mark Zuckerberg framed the agreement as a deliberate move to diversify Meta’s AI hardware suppliers, highlighting the danger of an industry overly dependent on a single vendor. The company has already committed to massive purchases of Nvidia’s Blackwell and Rubin GPUs, but is now making AMD a primary partner for future deployments.

This “portfolio of silicon” strategy under Meta’s broader Compute initiative is designed to keep the company’s AI ambitions insulated from supply bottlenecks, pricing power, and technology concentration. In practice, it means Meta intends to run some of the world’s largest AI workloads across a mix of AMD Instinct GPUs, Nvidia systems, EPYC CPUs, and custom infrastructure like its Helios rack‑scale architecture.

For AMD, a Turning Point Hidden in the Fine Print

On AMD’s side of the table, the strategic glow comes with tangible numbers attached. The company expects the Meta agreement to drive substantial multi‑year revenue growth and to be accretive to non‑GAAP earnings per share, reinforcing its long‑term financial model in data center AI. CFO Jean Hu described the framework as “performance‑based,” carefully designed to align execution and value creation between the two companies.

To cement that alignment, AMD has granted Meta a performance warrant for up to roughly 10% of its common stock, with tranches vesting as AMD ships Instinct GPU capacity from the first gigawatt all the way up to the full 6‑gigawatt target. Vesting also depends on AMD achieving certain stock‑price thresholds, effectively turning Meta into a shareholder that wins only if AMD delivers both silicon and shareholder returns.

Building an AI Powerhouse, One Gigawatt at a Time

The deployment won’t happen overnight, but the runway is long and well sign‑posted. Meta plans to invest more than 135 billion dollars in capital expenditures through 2026 to fund data center construction, chip purchases, and AI model training, with AMD deployments scaling alongside that spend. Initial shipments of GPUs tied to the agreement are slated to begin in the second half of 2026, leveraging Meta’s Helios rack design that was co‑developed with AMD through the Open Compute Project.

Lisa Su, AMD’s CEO, has called the arrangement one of the largest AI deployments in the industry, noting that the collaboration spans multiple Instinct GPU generations as well as future EPYC processors like the upcoming Venice line and the Zen 6‑based Verano chips. That roadmap gives Meta a clearer view of its future performance‑per‑watt and total cost of ownership profile—no small matter when you’re effectively building a planetary‑scale inference engine.finance.

The Market’s Verdict: Competition Is Back on the Menu

If Wall Street had any doubts that AMD could secure a flagship AI customer at scale, this deal largely put them to rest—at least for now. AMD’s pre‑market surge reflected not just enthusiasm for one contract, but a reassessment of its role in a market previously priced as a one‑horse race. For Meta, the agreement signals that personal “superintelligence” and generative AI aren’t just talking points on earnings calls, but capital‑backed priorities with multi‑year commitments behind them.

In an AI world increasingly measured in gigawatts instead of gigabytes, Meta just handed AMD a chance to prove it can power the next era of computing—while investors watch to see whether this partnership delivers something rarer than compute cycles: durable, compounding returns.finance.

The Sources

  1. Yahoo Finance – “Meta and AMD announce 6-gigawatt GPU deal as part of AI build out, AMD stock jumps”
    https://finance.yahoo.com/news/meta-and-amd-announce-6-gigawatt-gpu-deal-as-part-of-ai-build-out-amd-stock-jumps-120013697.html[finance.yahoo]​
  2. Yahoo Finance – “AMD shares jump 10% pre-market as Meta agrees to deploy up to 6 gigawatts of its AI chips”
    https://uk.finance.yahoo.com/news/amd-shares-jump-10-pre-133200210.html[uk.finance.yahoo]​
  3. Yahoo Finance – “Advanced Micro Devices Expands Meta AI Deal: 6GW Instinct GPU …”
    https://finance.yahoo.com/news/advanced-micro-devices-expands-meta-154456677.html[finance.yahoo]​
  4. Yahoo Finance – “AMD and Meta Announce Expanded Strategic Partnership to Deploy …”
    https://finance.yahoo.com/news/amd-meta-announce-expanded-strategic-120000229.html[finance.yahoo]​
  5. Yahoo Finance – “AMD shares jump 10% pre-market as Meta agrees to deploy up to 6 …”
    https://finance.yahoo.com/news/amd-shares-jump-10-pre-133200736.html[finance.yahoo]​
  6. Yahoo Finance – “AMD stock surges 14% on Meta AI partnership deal”
    https://finance.yahoo.com/news/amd-stock-surges-14-meta-123521885.html[finance.yahoo]​
  7. Meta – “Meta and AMD Partner for Longterm AI Infrastructure Agreement”
    https://about.fb.com/news/2026/02/meta-amd-partner-longterm-ai-infrastructure-agreement/[about.fb]​
  8. Business Insider – “Meta and AMD Agree to Blockbuster Chip Deal”
    https://www.businessinsider.com/meta-amd-chip-gpu-ai-infrastructure-deal-2026-2[businessinsider]​
  9. Coinpaper – “AMD Stock Forecast: Jumps 10% After Multi-Year Meta AI Pact”
    https://coinpaper.com/14875/amd-stock-forecast-jumps-10-after-multi-year-meta-ai-pact[coinpaper]​
  10. FoneArena – “Meta and AMD expand AI partnership with 6GW GPUs”
    https://www.fonearena.com/blog/476121/meta-amd-ai-partnership-6gw-gpus.html[fonearena]​
  11. Jon Peddie Research – “Meta plays hybrid AI”
    https://www.jonpeddie.com/news/meta-plays-hybrid-ai/[jonpeddie]​
  12. Yahoo Finance – “Meta just signed a blockbuster chip deal with AMD, hot off the tail of …”
    https://finance.yahoo.com/news/meta-just-signed-blockbuster-chip-122450397.html[finance.yahoo]​
February 24, 2026

Why Tandem Diabetes Care’s Convertible Notes and Modular Medical’s Pivot Pump Matter for Diabetes Investors -( $MDT $MODD $PODD $TNDM )

Tandem Diabetes Care’s (TNDM) latest trip to the capital markets reads less like a distress signal and more like a company quietly extending its runway in a race it fully intends to finish. At the same time, a familiar name in diabetes innovation, Paul DiPerna, is lining up another shot on goal with Modular Medical’s (MODD) Pivot patch pump, aiming squarely at the large pool of patients still stuck on injections. Together, their stories sketch a picture of a diabetes‑tech landscape where design, financing, and regulatory milestones are all converging around one theme: making advanced insulin delivery feel simple enough to be boring—in the best possible way.

Tandem Diabetes: Financing the Next Phase of Growth


Tandem Diabetes Care has announced a proposed private offering of convertible senior notes, adding a fresh layer to a capital structure that has become a familiar tool kit for high‑growth medtech names. These notes, similar to the $275 million issue due 2029 that the company priced at a 1.5% coupon, are typically marketed to qualified institutional buyers and structured to convert into equity at a premium, limiting immediate dilution while lowering cash interest costs versus traditional debt. For a company that straddles the line between technology and healthcare, it is a way to buy time, optionality, and—importantly—more runway in the race to redefine insulin delivery.

Yes indeed, on the balance sheet, Tandem historically has carried several hundred million dollars of debt alongside a meaningful cash position, producing leverage metrics that can look daunting out of context but are partially offset by the equity‑like character of convertibles. Management has used past proceeds not only to fund growth, but also to execute capped call transactions that reduce dilution, retire nearer‑term notes, and selectively repurchase stock, suggesting an active approach to capital structure rather than a passive tolerance for leverage. In Wall Street shorthand, Tandem is still very much in investment‑mode, but it is doing so with instruments that give it multiple paths to de‑risk the balance sheet as the business scales.

Building an Algorithmic Insulin Platform

Beneath the financing, the operational thesis remains straightforward: turn insulin delivery into a smart, largely automated platform that integrates seamlessly with the leading continuous glucose monitors (CGMs). Tandem’s t:slim X2 and compact Mobi pumps occupy a central position in this ecosystem, pairing with widely adopted CGM systems to adjust insulin delivery based on real‑time glucose data and predictive algorithms. Recent milestones include integrations with newer‑generation sensors from major CGM players, reinforcing the notion that Tandem’s true moat is as much about software and interoperability as it is about hardware.

The insulin pump market itself is growing, driven by rising diabetes prevalence, broader payer acceptance of advanced therapies, and increasing comfort with wearable technology. Yet penetration remains relatively low compared with the total addressable type 1 and insulin‑treated type 2 population, leaving considerable headroom. In this context, Tandem’s decision to reinforce its capital position now is a strategic move to ensure it can continue to invest through market cycles, refine its algorithms, expand global access, and remain a preferred partner in an ecosystem where CGM companies, payers, and providers all have a say.

A Crowded Field and the Cost of Staying in the Game

Tandem’s competitive set is formidable. Medtronic (MDT) and Insulet (PODD) are entrenched players with deep pockets, robust sales infrastructures, and sizable installed bases. Tandem’s share of the U.S. pump market sits behind Insulet’s but ahead of many smaller rivals, giving it scale but not complacency. To hold and grow that position, the company must continually refresh its devices, iterate its software, and maintain the kind of payer and provider relationships that don’t come cheap.

That is where the convertible notes tie back into strategy. The cost of staying in the game involves not just core engineering, but clinical studies, regulatory work, geographic expansion, and the less glamorous but essential aspects of commercial support and patient training. A low‑coupon, equity‑linked instrument gives Tandem the flexibility to fund that investment without taking on the full weight of traditional leverage or issuing large blocks of stock at current valuations. In other words, the company is effectively pre‑paying for its next phase of innovation with a financing tool designed to spread the cost over time.

Enter Paul DiPerna: The Founder Behind the Screens

Running in parallel to Tandem’s story is that of Paul DiPerna, a serial innovator whose career has repeatedly reshaped how clinicians and patients interact with medical devices. DiPerna founded and helped create the technology platform that evolved into Tandem Diabetes Care, which ultimately reached the public markets in a roughly $450 million IPO in 2013. His design‑driven approach emphasized user‑friendly interfaces and patient‑centric ergonomics, helping to reposition insulin pumps as devices that could look and feel more like consumer electronics than intimidating hospital hardware.

His track record extends beyond diabetes. DiPerna co‑invented blood‑borne infection control technology at Ivera Medical and provided strategic guidance as that company progressed to a successful sale to 3M in 2015. That exit underscored a consistent pattern: identify an underserved problem where workflow, usability, and safety intersect; design a solution with real‑world clinicians and patients in mind; and then shepherd it toward a strategic buyer or scaled public platform.

Modular Medical and the Pivot Patch Pump

Now, as founder of Modular Medical (NASDAQ: MODD), DiPerna is returning to diabetes with a focus on a different segment of the market: the large population of insulin‑treated patients who have not adopted traditional pumps, often due to cost, perceived complexity, or both. Modular Medical recently announced the start of production for validation lots of the disposable cartridge and infusion set for its Pivot tubeless patch pump. Hitting this manufacturing milestone keeps the program on schedule for a targeted commercial launch in the first quarter of 2026, pending FDA 510(k) clearance.

The Pivot system is positioned as the industry’s first removable, tubeless 3 ml patch pump, designed around simplicity and affordability. The concept is to deliver a device that offers many of the therapeutic benefits of pump therapy while reducing the cognitive load, training burden, and financial friction that can accompany more sophisticated systems. By focusing on a straightforward user experience and an accessible form factor, Modular aims to bring pump‑like control to patients who might otherwise remain on multiple daily injections indefinitely – a significant portion of the growing ~$8 billion global insulin pump market.

Tandem vs. Modular: Two Paths Through the Same Market

For investors, the interplay between Tandem and Modular Medical is intriguing precisely because they are not direct copy‑and‑paste competitors, despite sharing a common founding DNA. Tandem today is a scaled public company with an installed base, established reimbursement channels, and a product roadmap anchored in algorithmic automation and CGM integration. Its latest convertible notes offering is about fortifying that position—funding R&D, global expansion, and platform enhancements that keep it in the upper tier of advanced diabetes technology.

Modular Medical, by contrast, is an earlier‑stage public company with a founder‑driven platform aimed at broadening the base of pump users by lowering barriers to entry. Its near‑term value inflection points center on regulatory clearance, successful scale‑up of manufacturing, and initial commercial traction of the Pivot pump. If Tandem represents the “premium” platform play in integrated automated insulin delivery, Modular is positioning itself as the “on‑ramp” for patients and payers seeking a simpler, more budget‑conscious entry into pump therapy.

From a portfolio perspective, the two stories can be seen as complementary slices of the same theme. Tandem offers exposure to an established, innovation‑heavy platform trying to deepen share and push further into automation. Modular Medical offers a more speculative, founder‑led bet on expanding the overall pump market by resolving cost and complexity friction points that incumbents have only partially addressed. Underpinning both is the same core idea that has guided DiPerna’s career: delivery systems are not just conduits for drugs—they are platforms where design, usability, and economics can meaningfully change outcomes.

Patients, Payers, and the “Boring” Future of Diabetes Tech

Ultimately, the end‑user perspective remains the most important lens. For patients and clinicians, Tandem’s capital raise and Modular’s manufacturing milestone both speak to a broader trend: a pipeline of devices aimed at making tight glucose control more achievable with less daily decision fatigue. Tandem’s investments in automation and integration promise incremental improvements in time‑in‑range and quality of life for those already comfortable with technology. Modular’s Pivot system aims to pull in those who have long stood at the sidelines, skeptical that pump therapy could be simple—or affordable—enough to fit their lives.

If the strategies work, the result may be a future in which insulin delivery is so streamlined that the biggest hassle is remembering to charge a device or reorder a patch, rather than managing a dozen micro‑decisions every day. It is the kind of outcome public markets sometimes struggle to fully value in the short term, but that patients, clinicians, and payers are increasingly demanding. And if you follow the trail from Tandem’s touchscreens to Modular’s tubeless patches, you find one common thread: innovators like Paul DiPerna betting that, in diabetes care, the next big thing is whatever makes advanced therapy feel small, manageable, and—eventually—routine.

The Sources

  1. Tandem Diabetes Care prices $275M offering – Drug Delivery Business News
    https://www.drugdeliverybusiness.com/tandem-diabetes-care-prices-275m-offering/
  2. Tandem Diabetes Care announces $200M notes offering – Drug Delivery Business News
    https://www.drugdeliverybusiness.com/tandem-diabetes-care-200m-notes-offering/
  3. Tandem Diabetes Care $316.25 million convertible senior notes offering – Davis Polk
    https://www.davispolk.com/experience/tandem-diabetes-care-31625-million-convertible-senior-notes-offering
  4. Insulin Pumps Market Outlook Report 2025, with Leading Player Profiles – Yahoo Finance / GlobeNewswire
    https://finance.yahoo.com/news/insulin-pumps-market-outlook-report-142800973.html
  5. Insulin Pumps Market Outlook Report 2025, with Leading Player Profiles – GlobeNewswire full release
    https://www.globenewswire.com/news-release/2025/07/23/3120449/28124/en/Insulin-Pumps-Market-Outlook-Report-2025-with-Leading-Player-Profiles-for-Medtronic-Insulet-Tandem-Diabetes-Care-and-Others.html
  6. Insulin Pumps Market – Industry Trends and Competitive Landscape (includes Modular Medical, Tandem) – Meditech Insights
    https://meditechinsights.com/insulin-pumps-market/
  7. Insulin Pumps Market – Competitive Landscape excerpt naming Modular Medical and Tandem Diabetes Care – Meditech Insights
    https://meditechinsights.com/insulin-pumps-market/
  8. Tandem stock rises on Q4 beats, new pay-as-you-go model – Drug Delivery Business News
    https://www.drugdeliverybusiness.com/tandem-q4-2025-beats-stock-rises/
  9. Tandem Diabetes Care $316.25 million convertible senior notes offering (experience summary) – Davis Polk
    https://www.davispolk.com/lawyers/greg-marchesini/experience?page=1
  10. Insulin Pumps Market Outlook – Leading Players and Regional Dynamics – GlobeNewswire
    (Same base as item 5, but for completeness in your notes)
    https://www.globenewswire.com/news-release/2025/07/23/3120449/28124/en/Insulin-Pumps-Market-Outlook-Report-2025-with-Leading-Player-Profiles-for-Medtronic-Insulet-Tandem-Diabetes-Care-and-Others.html

February 24, 2026

Ivonescimab vs Keytruda: The High‑Stakes HARMONi‑3 Interim That Could Flip the Script for Summit Therapeutics -( $MRK $SMMT $IBB $XBI )

Summit Therapeutics’ (SMMT) latest tweak to its clinical playbook has turned what was already one of biotech’s higher‑stakes stories into something closer to appointment viewing for Wall Street.

A Phase 3 Trial Adds a Plot Twist

Summit now plans an interim progression‑free survival (PFS) analysis in its global Phase 3 HARMONi‑3 trial, which pits ivonescimab plus chemotherapy against pembrolizumab plus chemotherapy in first‑line squamous non‑small cell lung cancer. Previously, investors were told to wait for final PFS and interim overall survival (OS) data in the back half of 2026, with no interim look on the calendar.

The company’s stated rationale is to accelerate dialogue with the US Food and Drug Administration and potentially speed access to ivonescimab for patients. Skeptics may note that “accelerate dialogue” is biotech shorthand that can cover everything from genuine regulatory urgency to a desire to reframe the narrative, but in this case the statistics quietly do some of the talking.

Why an Interim Look Matters

Ivonescimab, a PD‑1 x VEGF bispecific antibody licensed from Akeso, has already delivered statistically significant PFS wins in Phase 3 trials such as HARMONi‑2 and HARMONi‑6, where it beat leading PD‑1 competitors in non‑small cell lung cancer. In HARMONi‑6, for example, ivonescimab plus chemotherapy reduced the risk of progression by roughly 40% versus tislelizumab plus chemotherapy in first‑line squamous NSCLC, establishing the molecule as a serious head‑to‑head contender.

By pulling PFS into its own interim analysis in HARMONi‑3 and decoupling it from OS, Summit is effectively creating a high‑probability “win” event: a clean read on a primary endpoint where ivonescimab’s track record is strongest and where prior Akeso data already suggest a favorable profile versus the PD‑1 class. If positive, HARMONi‑3 could become the first global trial to show a PFS advantage over pembrolizumab in a front‑line lung setting, a data point likely to resonate with both regulators and payers.

Short Sellers, Meet a Binary Catalyst

Despite the drumbeat of positive external data, a material contingent of investors has been positioned on the other side of the trade: as of recent Nasdaq data, roughly 36% of Summit’s float was sold short. The bear case has been straightforward and, until now, convenient: PFS may look good, but the real question is OS, and that will take time.

The new interim design does not resolve the OS debate; ivonescimab will still need to deliver both robust PFS and meaningful OS benefit to secure global standard‑of‑care status. What it does do is change the cadence of potential pain for those betting against the stock, inserting a high‑visibility data event earlier in the calendar where the probabilities are no longer comfortably symmetric. In a market that has grown accustomed to fading biotech rallies, HARMONi‑3’s interim look could function more like a scheduled margin‑call on pessimism.

Building a Franchise, Not Just a Single Trial

Beyond HARMONi‑3, Summit and Akeso are quietly assembling something larger than a one‑trial story. The Phase 3 HARMONi program in EGFR‑mutated NSCLC has already delivered a favorable overall survival trend, with ivonescimab plus chemotherapy showing a median OS of 16.8 months versus 14.0 months for placebo plus chemotherapy in Western patients, and additional follow‑up is underway. Akeso’s HARMONi‑2 trial has reported a 49% reduction in risk of progression versus pembrolizumab in PD‑L1–positive NSCLC, while HARMONi‑6 has set a new bar for head‑to‑head PFS versus a PD‑1 inhibitor plus chemotherapy in squamous disease.

Summit’s own pipeline layering continues with ILLUMINE, a Phase 3 head and neck cancer study run with EU cooperative group GORTEC, and with combination efforts alongside Revolution Medicines’ RAS inhibitors and GSK’s B7‑H3 antibody–drug conjugate. Together, these trials test whether ivonescimab’s dual‑targeting architecture and tumor‑directed binding can translate into a multi‑tumor, multi‑modality franchise rather than a single‑indication curiosity.

Fundamentals Catch Up to the Narrative

For a company that reported zero revenue in 2024 and 2025 and a net loss of $219 million in the fourth quarter of 2025 alone, Summit’s balance sheet looks more robust than its income statement would suggest. The company ended 2025 with approximately $713 million in cash and investments, a runway Cantor Fitzgerald expects to extend into 2027 even as R&D spending ramps to support multiple late‑stage trials.

Analysts at Cantor Fitzgerald carry an Overweight rating on Summit, underpinned by a discounted cash flow valuation that points to material upside if ivonescimab’s lung program matures as planned. Their modeling assumes ivonescimab‑driven revenue stepping up meaningfully from 2028 onward, with operating margins expanding as the company transitions from a development‑stage biotech to a commercial oncology platform anchored in lung cancer but with options in additional solid tumors. In other words, the Street’s debate is no longer about whether there is a business here—it is about how big, and how soon.

The Sources


[1] Small-Change-in-Strategy…-Big-Change-in-Storyline-2.pdf https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/24996935/844e298c-fc5f-484f-b3db-10c9a8cbf38b/Small-Change-in-Strategy…-Big-Change-in-Storyline-2.pdf
[2] Cantor Fitzgerald maintains Overweight on Summit Therapeutics https://www.investing.com/news/analyst-ratings/cantor-fitzgerald-maintains-overweight-on-summit-therapeutics-93CH-3999216
[3] U.S. Patients & Caregivers – HARMONi-3 Clinical Trial https://smmttx.com/patients-caregivers/harmoni-3-clinical-trial/default.aspx
[4] HARMONi-3 Clinical Trial – Summit Therapeutics Inc. https://www.smmttx.com/clinical-trials/harmoni-3-clinical-trial/
[5] Akeso Announces The Publication of Its Phase III Clinical Trial … https://www.prnewswire.com/news-releases/akeso-announces-the-publication-of-its-phase-iii-clinical-trial-results-for-ivonescimab-in-head-to-head-comparison-with-pembrolizumab-in-the-lancet-302395382.html
[6] Summit Therapeutics Announces U.S. FDA Acceptance of Biologics … https://smmttx.com/news/press-releases/news-details/2026/Summit-Therapeutics-Announces-U-S–FDA-Acceptance-of-Biologics-License-Application-BLA-Seeking-Approval-for-Ivonescimab-in-Combination-with-Chemotherapy-in-Treatment-of-Patients-with-EGFRm-NSCLC-Post-TKI-Therapy/default.aspx
[7] HARMONi-6, Featuring Ivonescimab Combined with Chemotherapy … https://www.biospace.com/press-releases/harmoni-6-featuring-ivonescimab-combined-with-chemotherapy-vs-tislelizumab-plus-chemotherapy-in-1l-treatment-of-patients-with-squamous-nsclc-in-china-to-be-showcased-in-presidential-symposium-at-esmo-2025
[8] Ivonescimab, a Dual-Targeting Bispecific Antibody, Improves … https://ascopost.com/issues/november-25-2025/ivonescimab-a-dual-targeting-bispecific-antibody-improves-progression-free-survival-in-squamous-nsclc/
[9] Summit Therapeutics’ Bispecific Antibody Shows Positive Survival … https://www.appliedclinicaltrialsonline.com/view/summit-therapeutics-bispecific-antibody-positive-survival-trend-non-small-cell-lung-cancer
[10] Cantor Fitzgerald maintains Overweight on Summit Therapeutics … https://www.investing.com/news/analyst-ratings/cantor-fitzgerald-maintains-overweight-on-summit-therapeutics-shares-93CH-3951787
[11] Cantor Fitzgerald Initiates Coverage of Summit Therapeutics (SMMT … https://www.nasdaq.com/articles/cantor-fitzgerald-initiates-coverage-summit-therapeutics-smmt-overweight-recommendation
[12] News Details – Summit Therapeutics https://smmttx.com/news/press-releases/news-details/2025/Longer-Term-Follow-Up-of-Western-Patients-Showed-Improving-Favorable-Trend-in-Overall-Survival-in-Global-Phase-III-HARMONi-Clinical-Trial-for-Ivonescimab-Plus-Chemotherapy-in-2L-EGFRm-NSCLC/default.aspx
[13] Summit Therapeutics Announces Expansion of Ivonescimab Global … https://smmttx.com/news/press-releases/news-details/2025/Summit-Therapeutics-Announces-Expansion-of-Ivonescimab-Global-Phase-III-Development-Program-with-HARMONi-GI3-Study-in-1L-Colorectal-Cancer/default.aspx
[14] NCT05899608 | Clinical Study of Ivonescimab for First-line … https://clinicaltrials.gov/study/NCT05899608
[15] Ivonescimab Overview – Summit Therapeutics https://smmttx.com/ivonescimab-smt112/ivonescimab-overview/default.aspx
[16] Ivonescimab Plus Chemotherapy Demonstrates a Statistically … https://www.smmttx.com/news/press-releases/news-details/2025/Ivonescimab-Plus-Chemotherapy-Demonstrates-a-Statistically-Significant-Benefit-in-Overall-Survival-with-a-Hazard-Ratio-of-0-74-in-2L-Treatment-of-Patients-with-EGFRm-NSCLC-in-HARMONi-A-Study-Conducted-by-Akeso-in-China/default.aspx

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