All Posts

by John F. Heerdink, Jr. February 13, 2026

AI Disruption Fears Drive Dow, S&P 500 and Nasdaq Lower This Week, But Russell 2000 Pops Higher – February 13, 2026 -( $FSLY $MRNA $RIVN Rise!)

U.S. stocks limped into the long weekend with a mixed close on Friday, February 13, 2026, wrapping up a volatile, AI‑driven risk‑off week that left all three major indices firmly in the red.

Index recap for the week

The S&P 500 slipped about 1.4% for the week as a late Friday stabilization failed to erase losses from a midweek tech rout tied to artificial intelligence disruption fears.
The Dow Jones Industrial Average declined roughly 1.2% over the same stretch, holding up better than growth benchmarks but still succumbing to broad de‑risking.
The Nasdaq Composite dropped about 2.1%, underperforming as investors rotated out of AI‑linked leaders and high‑multiple tech after one of the sharpest single‑day sell‑offs of 2026.

On Friday, the Dow added about 0.1%, the S&P 500 was roughly flat to modestly positive by .05%, and the Nasdaq slipped around 0.2%, highlighting a fragile attempt to find a floor after Thursday’s steep decline. The small caps pin the Russel 2000 popped 1.18% on Friday, but still fell .89% over the last 5-days.

Macro drivers and AI jitters

A cooler‑than‑expected January Consumer Price Index, with headline prices up 0.2% month‑on‑month and 2.4% year‑on‑year, revived expectations that the Federal Reserve could begin easing as early as June, with futures leaning toward a quarter‑point cut and at least two reductions by year‑end.
Despite the friendlier inflation data, markets were dominated by worries that AI could upend business models across software, real estate, logistics, and transportation, extending the initial derating of mega‑cap “Magnificent” tech names into a broader cross‑sector scare.
Volatility jumped as measured by the VIX, which pushed above 20 during the worst of the selloff, underscoring the degree of positioning unwind after months of enthusiasm around AI beneficiaries.

Investors now head into a shortened week—with markets closed Monday for Presidents’ Day—monitoring whether AI disruption fears remain a temporary shakeout or evolve into a more durable risk‑off regime.

Sector and single‑stock highlights

Tech, financials, and communication services led declines, with many large‑cap AI and software names posting outsized drops as traders questioned whether profit growth can keep pace with capital being poured into AI infrastructure.
Not all AI‑linked stories were negative: Applied Materials rallied after guiding to strong demand from AI‑driven capacity buildouts, while Pinterest sank as investors fretted about AI’s impact on its advertising and discovery economics.
Outside pure tech, Rivian (RIVN) surged more than 25% on upbeat earnings and an accelerated timeline for its R2 midsize EV, while Moderna (MRNA) gained around 10% on a revenue beat supported by its COVID vaccine franchise.
In digital assets, Bitcoin rebounded roughly 5% on Friday to approach the 69,000 level after briefly sliding toward 65,000 during Thursday’s equity selloff, aided by softer inflation and renewed optimism around pending crypto legislation in Congress.

Nvidia, a key AI bellwether, slipped more than 1% on Friday and has struggled to advance since setting an all‑time high last October, with investors cautious ahead of its February 25 earnings report.

VP Watchlist Updates

Eupraxia Pharmaceuticals (NASDAQ: EPRX)

EPRX has been trading in the high single digits, with recent historical data showing shares changing hands around the mid‑$8 area on February 13, 2026 amid solid volume, reflecting growing interest following earlier clinical and financing milestones.
The company remains a development‑stage story centered on EP‑104GI for eosinophilic esophagitis, supported by earlier positive cohort data, ongoing Phase 2b work, and an extended cash runway following a sizeable public offering that management has indicated should fund operations well into 2028.

Modular Medical (NASDAQ: MODD)

MODD 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.

GeoVax Labs, Inc. (NASDAQ: GOVX)

GOVX continues to behave like a high‑beta small‑cap vaccine and oncology platform name, sensitive to financing and pipeline headlines.
On February 13, 2026, GeoVax announced a 1 million dollar registered direct offering priced at‑the‑market under Nasdaq rules, providing incremental capital but also introducing near‑term dilution; management has separately highlighted 2026 as a pivotal year, with a move toward a Phase 3 program for its GEO‑MVA smallpox/orthopox candidate and additional clinical readouts across its portfolio.

flyExclusive, Inc. (NYSE American: FLYX)

FLYX has traded as a thinly followed private aviation and jet‑card operator, with shares reflecting both cyclical business‑jet demand and company‑specific execution around fleet utilization.
Recent trading suggests the stock remains volatile but relatively quiet on new fundamental catalysts, leaving sentiment tethered to broader views on discretionary travel spending and corporate flight activity in 2026.

DoubleVerify Holdings Inc. (NYSE: DV)

DV, a digital ad verification and measurement provider, has moved in sympathy with ad‑tech and broader software names during the AI‑driven risk‑off trade, with investors weighing AI’s potential to both enhance and disrupt ad measurement models.
With markets focused on how AI will reshape digital advertising workflows, upcoming earnings and any commentary around AI‑enhanced products, client spending, and margin trajectory remain central to the DV equity narrative.

The InterGroup Corporation (NASDAQ: INTG)

The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, has traded in the high‑$20s in recent sessions, with intraday ranges on February 12 spanning roughly the upper‑$28s to just under $29.50 and a latest quote near $29.49. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.

Serina Therapeutics (NYSE American: SER)

Serina Therapeutics, a polymer‑based drug delivery company, recently received FDA clearance for its IND on SER‑252 after a prior clinical hold, enabling initiation of site‑level work and the formal start of its next clinical phase.

Volato Group, Inc. (NYSE American: SOAR) and 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.

NVIDIA (NVDA)

NVDA slipped a bit more than 1% on Friday even as broader indices stabilized, extending a period of consolidation after peaking at an all‑time high last October.
With earnings slated for February 25, the stock sits at the center of the AI debate: investors are watching closely to see whether data‑center and GPU demand can continue to justify premium valuations amid growing scrutiny of AI spending payback.

McDonald’s (MCD)

MCD has generally traded as a defensive large‑cap through the week’s volatility rising .13% over the last 5-days closing at $327.58, with quick‑service fundamentals and pricing power helping it participate less in AI‑driven swings that hit higher‑beta growth names.
Investor focus remains on traffic trends, international same‑store sales, and any commentary around automation and labor efficiency, which now intersect directly with the broader AI narrative.

Nokia (NOK)

NOK, a legacy network and telecom equipment provider, has moved with global tech and hardware sentiment but remains more anchored to carrier capex cycles and 5G deployment than to front‑page AI headlines.
As AI workloads demand denser and more efficient networking infrastructure, the market continues to debate how much of that incremental spend will accrue to traditional vendors like Nokia versus newer, AI‑specific architectures.

Opendoor Technologies (OPEN)

OPEN trades as a high‑beta housing and iBuying play, making it sensitive to rate expectations and to any AI‑related reassessment of real‑estate business models.
With Treasury yields edging lower on softer inflation and AI concerns simultaneously weighing on parts of real estate, the stock sits at a crossroads where easing financing conditions could help, even as investors remain cautious on the durability of the iBuyer model.

Fastly (FSLY, $18.26, +113.07% over the last 5-days)

Fastly Inc. (FSLY) on Wednesday reported a loss of $15.5 million in its fourth quarter. The San Francisco-based company said it had a loss of 10 cents per share. Earnings, adjusted for one-time gains and costs, came to 12 cents per share. The results exceeded Wall Street expectations.

The Sources

Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq gains fizzle to cap week of sharp losses as AI fears grow”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-gains-fizzle-to-cap-week-of-sharp-losses-as-ai-fears-grow-210219798.html[finance.yahoo]
The Wall Street Journal – “Stock Market News, Feb. 12, 2026: Tech Shares Lead Broad Selloff as AI Concerns Mount”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-12-2026[wsj]
Nasdaq – “Stocks Plunge on Tech Weakness and AI Fears”
https://www.nasdaq.com/articles/stocks-plunge-tech-weakness-and-ai-fears[nasdaq]
BNN Bloomberg – “Wall Street steadies after its AI-induced sell-off”
https://ca.finance.yahoo.com/news/asia-shares-lower-sharp-wall-072047890.html[ca.finance.yahoo]
Investopedia – “Markets News, Feb. 13, 2026: Stocks Post Worst Week of 2026 as AI Fears Roil Wall Street”
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02132026-11906132[investopedia]
Las Vegas Sun – “How major US stock indexes fared Friday, 2/13/2026”
https://lasvegassun.com/news/2026/feb/13/how-major-us-stock-indexes-fared-friday-2132026/[lasvegassun]
Reuters – “From software to real estate, U.S. sectors under the grip of AI scare”
https://www.reuters.com/business/software-real-estate-us-sectors-under-grip-ai-scare-trade-2026-02-13/[reuters]
Fortune – “Stocks: Friday the 13th brings global selloff as AI fear grips markets”
https://fortune.com/2026/02/13/stocks-friday-the-13th-global-selloff-gold-ai-fear-markets/[fortune]
Nasdaq – “Stock Market News for Feb 13, 2026”
https://www.nasdaq.com/articles/stock-market-news-feb-13-2026[nasdaq]
Yahoo Finance – “Modular Medical starts production of validation lots for Pivot pump set”
https://finance.yahoo.com/news/modular-medical-starts-production-validation-135605935.html[finance.yahoo]
Investing.com – “Modular Medical begins production of patch pump validation lots”
https://ng.investing.com/news/company-news/modular-medical-begins-production-of-patch-pump-validation-lots-93CH-2323153[ng.investing]
GeoVax Labs – “GeoVax News” (company news page including Feb. 13, 2026 offering and 2026 outlook)
https://geovax.com/geovax-news[geovax]
Yahoo Finance – “GeoVax Labs Announces $1 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules”
https://finance.yahoo.com/news/geovax-labs-announces-1-million-130000947.html[finance.yahoo]
Yahoo Finance – “Eupraxia Pharmaceuticals Inc. (EPRX) Stock Historical Prices & Data”
https://finance.yahoo.com/quote/EPRX/history/[finance.yahoo]
Yahoo Finance – “Eupraxia Pharmaceuticals Inc. (EPRX)”
https://finance.yahoo.com/quote/EPRX/[finance.yahoo]
Stock Titan – “EPRX – Eupraxia Pharmac Latest Stock News & Market Updates”
https://www.stocktitan.net/news/EPRX/[stocktitan]
StockAnalysis – “Eupraxia Pharmaceuticals (EPRX) Stock Price History 2021–2026”
https://stockanalysis.com/stocks/eprx/history/[stockanalysis]
Public.com – “EPRX Stock Forecast: Analyst Ratings, Predictions & Price Target”
https://public.com/stocks/eprx/forecast-price-target[public]
CNBC – “S&P 500 closes little changed after soft inflation report, index notches losing week: Live updates”
https://www.cnbc.com/2026/02/12/stock-market-today-live-updates.html[cnbc]
MarketWatch – “S&P 500, Dow, Nasdaq log worst day in 3 weeks as AI fears thrash stock market”
https://www.marketwatch.com/livecoverage/stock-market-today-dow-sp500-nasdaq-higher-treasurys-steady-gold-silver-dip/card/s-p-50[marketwatch]
Los Angeles Times – “Stocks drop sharply as investors hunt for losers that will be hurt by AI”
https://www.latimes.com/business/story/2026-02-12/stocks-drop-sharply-as-investors-hunt-for-losers-that-will-be-hurt-by-ai[latimes]
Yahoo Finance Topic Page – “Latest Stock Market News”
https://finance.yahoo.com/topic/stock-market-news/[finance.yahoo]
Yahoo Finance Topic Page – “Artificial intelligence – Yahoo Finance”
https://finance.yahoo.com/topic/artificial-intelligence/[finance.yahoo]

by John F. Heerdink, Jr. February 13, 2026

Market Rally Playbook: Lower Inflation, 2.4% CPI, and Today’s Top 10 Gainers -( $CGNX $DDOG $FSLY $GCMP $IPGP $SPHR $SPOT $UNF )

Inflation’s cool start to 2026 is giving Wall Street something it hasn’t had in a while: room to breathe — and, judging by today’s biggest movers, a little swagger, too.

Inflation Cools, Nerves EaseThe latest Consumer Price Index report showed prices rising 2.4% year over year in January, down from 2.7% in December and marking the slowest pace since mid‑2025. On a monthly basis, prices rose a modest 0.2%, undershooting economists’ expectations and reinforcing the sense that the inflation fever is finally breaking.Core inflation, which strips out food and energy, is running near 2.5% over the past year, the lowest since the early days of the post‑pandemic cycle, even as some monthly readings remain a touch firmer. For a Federal Reserve trying to guide inflation gently back toward its 2% target without knocking the economy off course, this is the sort of “neither-too-hot-nor-too-cold” print that keeps rate-cut debates lively but no longer urgent.Consumers Get A Bit Of ReliefHeadline numbers aside, the story beneath the surface is that the cost of living, while still higher than anyone would like, is rising more slowly and more predictably. Gasoline prices have been easing on a year‑over‑year basis, and select grocery categories are showing meaningful pullbacks, helping offset still‑elevated costs in shelter and some staples like coffee and beef.In practical terms, that means household budgets are getting a touch more breathing room each month, even if the memories of 2022–2023 sticker shock are still fresh. The political debate over tariffs and trade remains contentious, but markets today are clearly more focused on the direction of prices than the decibel level in Washington.Wall Street Reacts With Cautious OptimismEquity traders greeted the softer inflation print with a familiar mix of relief and restraint, parsing every decimal for clues about the Fed’s next move. Long‑term Treasury yields have edged lower toward levels last seen in early December, reflecting growing confidence that the central bank can at least contemplate gentler policy without rekindling price pressures.Indexes have wobbled intraday as algorithms and humans negotiated what “2.4% inflation” is worth in price‑to‑earnings terms, but leadership beneath the surface has been clear: investors are rewarding companies that can convert this more stable backdrop into visible growth. In other words, the market is no longer paying up merely for the idea of a soft landing; it wants proof of it on the income statement.Today’s Standout Stock WinnersA look at today’s top day‑gainer list shows a cross‑section of companies that seem particularly well‑positioned for an environment where inflation is cooling but activity remains resilient. From cloud infrastructure to industrial optics, the winners’ circle is a reminder that lower inflation doesn’t dim the demand for innovation; it often shines a brighter spotlight on it.Leading gainers on the day include:
Fastly (FSLY) – A content‑delivery and edge‑cloud platform, benefiting as investors revisit high‑beta tech now that the macro backdrop looks less threatening.Cognex (CGNX) – A machine‑vision specialist, riding enthusiasm around automation, industrial efficiency, and the ongoing reshoring and retooling of manufacturing.IPG Photonics (IPGP) – A fiber‑laser leader, often seen as a bellwether for capital spending in advanced manufacturing and precision cutting.Sphere Entertainment (SPHR) – The entertainment and venue operator behind cutting‑edge immersive experiences, gaining as markets bet on discretionary spending and event traffic.UniFirst (UNF) – A uniform and workplace‑services provider, whose steady cash flows make it an attractive way to play a still‑healthy labor market.GCM Grosvenor (GCMG) – An alternative‑asset manager, reflecting risk appetite returning to parts of the market that thrive on deal‑making and capital deployment.Datadog (DDOG) – A cloud‑monitoring and security platform, in favor as enterprises push ahead with digital‑transformation and AI‑driven observability projects.Spotify Technology (SPOT) – The streaming giant, buoyed by margin improvement efforts and the prospect of more predictable consumer spending on subscriptions.Additional mid‑cap tech and industrial names in software, components, and niche services round out the top‑ten list, each offering leveraged exposure to a steadier macro backdrop.Overall, the composition of the gainer board skews toward companies where operating leverage can shine if inflation stays contained and policy gradually loosens.
A Market Learning To Live With 2‑Point‑SomethingWith inflation now starting the year at 2.4%, the debate on Wall Street is quietly shifting from “Will the Fed win this fight?” to “What does victory actually look like on earnings calls and in multiples?” A world of 2‑point‑something inflation, modest wage growth, and still‑solid consumer demand is not quite the storybook ending policymakers imagined, but it is a chapter markets are increasingly willing to read.If today’s CPI print is any indication, 2026 may be the year when investors stop trading every data point like a crisis and start treating them like what they are again: regular entries in a macro diary, punctuated—on good days—by a green‑tinted list of double‑digit gainers.

The Sources

Yahoo Finance – “Inflation slowed in January as consumer prices rise 2.4% over prior year to start 2026”
https://finance.yahoo.com/news/inflation-slowed-in-january-as-consumer-prices-rise-24-over-prior-year-to-start-2026-133531279.html[finance.yahoo]
CNBC – “Consumer prices rose 2.4% annually in January, less than expected”
https://www.cnbc.com/2026/02/13/cpi-inflation-report-january-2026.html[cnbc]
USA Today – “US inflation eased to 2.4 percent in January, CPI shows”
https://www.usatoday.com/story/money/2026/02/13/us-january-inflation-report-cpi/88589798007/[usatoday]
CNN – “Annual inflation cooled to 2.4% in January, an eight-month low”
https://www.cnn.com/2026/02/13/economy/us-inflation-cpi-consumer-prices-january[cnn]
CBS News – “CPI report shows inflation cooled in January, with prices rising at a slower pace”
https://www.cbsnews.com/news/cpi-report-today-inflation-january-2026-tariffs/[cbsnews]
Wall Street Journal – “Dow Slips After CPI Report Shows Inflation Slowed to 2.4% in January”
https://www.wsj.com/livecoverage/cpi-inflation-data-stock-market-02-13-2026[wsj]
Reuters – “Lower gasoline prices restrain US consumer inflation in January”
https://www.reuters.com/business/us-consumer-prices-rise-less-than-expected-january-2026-02-13/[reuters]
New York Times – “U.S. Inflation Eased at Start of the Year”
https://www.nytimes.com/2026/02/13/business/inflation-cpi-report-january.html[nytimes]
MarketWatch – “CPI report today: Key measure of inflation slows to 5-year low”
https://www.marketwatch.com/livecoverage/january-2026-cpi-report-today[marketwatch]
Yahoo Finance – “Top Stock Gains: US stocks posting the highest gains today”
https://finance.yahoo.com/markets/stocks/gainers/[finance.yahoo]
Yahoo Finance – “Top Stock Gainers Today” (research hub screener)
https://finance.yahoo.com/research-hub/screener/day_gainers[finance.yahoo]
Yahoo Finance – Homepage (market data and context)
https://finance.yahoo.com[finance.yahoo]

by John F. Heerdink, Jr. February 12, 2026

AI Scare Trade Roils Markets: Tech Stocks Sink, Gold, Silver & Bitcoin Drop Ahead Of CPI February 12, 2026 -( $FSLY $MCD $VIX Rise!)

US equities sold off sharply on Thursday as the “AI scare trade” widened, sending the major averages lower while investors rotated defensively and raised cash ahead of key inflation data reading or CPI.

Today in the Markets – Thursday, Feb. 12, 2026

The Dow Jones Industrial Average dropped more than 600 points, breaking back below the psychologically important 50,000 level as AI‑related worries hit economically sensitive sectors including finance, real estate, and software.
The S&P 500 slid roughly 1.5%–1.6%, with breadth weakening as selling pressure broadened beyond mega‑cap tech into logistics, business services, and other areas seen as vulnerable to automation risk.
The Nasdaq Composite led the downside with a decline of about 2%, marking a third straight losing session as investors reassessed rich valuations across AI leaders and high‑multiple software names.
Volatility picked up meaningfully, with the Cboe VIX jumping around the high‑teens in percentage terms as hedging demand increased into Thursday’s close.

Anxiety over artificial intelligence shifted from exuberance over potential productivity gains to fear over business model disruption, job losses, and margin pressure for incumbents. The sell‑off hit parts of the prior AI winners list, including semiconductors and data‑infrastructure names, but also bled into sectors such as logistics and financials where new AI tools are increasingly being framed as direct threats to existing revenue streams.

AI “Scare Trade,” Gold, Silver and Crypto

The day’s narrative centered on a growing “AI disruption” or “AI scare trade,” with investors questioning who actually captures the gains from AI and who sees earnings compressed. High‑profile AI bellwethers, including chipmakers and software platforms, faced renewed valuation scrutiny as participants weighed the possibility of slower spending or pricing pressure once efficiency gains are fully priced into enterprise budgets.

Risk assets more broadly reflected a risk‑off posture:

Gold futures fell roughly 3%, extending a recent downdraft as capital moved toward Treasuries and cash rather than classic inflation hedges. Silver dropped 10.62%.
Bitcoin traded near the mid‑$60,000s, off about 2%–3% on the day, as crypto again traded as a high‑beta risk proxy rather than a defensive asset.

With investors already on edge from a stronger‑than‑expected jobs report that pushed out expectations for the Federal Reserve’s first rate cut, attention turned to upcoming readings on the Fed’s preferred inflation gauge. A softer inflation print could offer near‑term relief, but for now the market tone is one of elevated uncertainty around both the economic path and the ultimate winners and losers from AI adoption.

Sector and Style Trends

Technology and communication services were among the weakest sectors as investors took profits in prior AI leaders and high‑multiple growth names.
Financials, real estate services, and software names tied to back‑office and white‑collar workflows also came under pressure amid growing concern that generative AI could compress fees, reduce headcount, or alter competitive dynamics.
More defensive and “old‑economy” pockets—areas with tangible assets or less obvious AI sensitivity—saw relative outperformance as traders rotated away from high‑beta growth.

An example highlighted in coverage is Nvidia, which traded near the lower end of its recent range and well below its 52‑week high as investors questioned how sustainable peak AI demand might be if enterprise clients slow incremental infrastructure build‑outs. Similar skepticism surfaced across several other AI‑linked leaders in streaming, data analytics, and enterprise software.

VP Watchlist Updates

Eupraxia Pharmaceuticals (NASDAQ: EPRX)

Eupraxia remains a clinical‑stage GI‑focused biotech with its lead asset EP‑104GI in eosinophilic esophagitis, where Phase 1b/2a RESOLVE data showed durable tissue and symptom responses and a favorable safety profile out to 52 weeks after a single administration. The company has initiated and is expanding the randomized Phase 2b portion of RESOLVE, with plans to increase enrollment and focus on the higher 8 mg dosing cohort, and has signaled intentions to broaden EP‑104GI into additional GI indications and to deliver Phase 2b data in the back half of 2026. Recent analyst coverage set a price target in the mid to high teens per share and maintained a Buy‑oriented stance, reflecting confidence in the data package and a cash runway that extends into 2026–2028 following prior financings.

Modular Medical (NASDAQ: MODD)

Modular Medical advanced its Pivot tubeless insulin patch pump toward commercialization, announcing the start of production of validation lots for the disposable cartridge and infusion set, a key manufacturing milestone on the path to a targeted Q1 2026 launch pending 510(k) clearance. The Pivot platform is designed as a removable, tubeless 3 ml patch pump aimed at adults on multiple daily injections who have been reluctant to adopt traditional pumps due to cost and complexity, giving MODD potential leverage to expand the underpenetrated insulin‑device market if it can execute on manufacturing, regulatory, and reimbursement milestones. Despite a modest market cap and a weak Piotroski F‑score, the company currently carries more cash than debt, which may help bridge the commercialization phase if it can stay on schedule.

GeoVax Labs, Inc. (NASDAQ: GOVX)

GeoVax is a clinical‑stage vaccine and immuno‑oncology company whose lead program, GEO‑CM04S1, is in multiple Phase 2 studies targeting immunocompromised patients, chronic lymphocytic leukemia, and healthy adults needing a more durable COVID‑19 booster. The pipeline also includes Gedeptin, a gene‑directed oncolytic therapy for head and neck cancer that completed a Phase 1/2 trial and is slated for a Phase 2 study in combination with checkpoint inhibition, as well as GEO‑MVA, a Mpox/smallpox vaccine expected to move directly into Phase 3 on recent European regulatory feedback. To support development, GeoVax has used registered direct offerings and has outlined plans for unit and warrant sales, which help fund R&D but also increase share count and can pressure the stock in the near term.

flyExclusive, Inc. (NYSE American: FLYX)

flyExclusive continued to highlight a “disciplined growth” playbook in private aviation, expanding its super‑midsize Challenger 350 fleet to eight aircraft and positioning that segment as its most economically productive category across charter, jet card, and fractional programs. The company reported record preliminary Q4 and full‑year 2025 results, including expected positive adjusted EBITDA in Q4, pointing to improving utilization, operating leverage, and benefits from its vertically integrated maintenance and refurbishment platform. Management expects to add more Challengers, as well as additional XLS and CJ3 aircraft through 2026, which, if demand holds, should support further revenue growth and margin progression.

DoubleVerify Holdings Inc. (NYSE: DV)

DoubleVerify, a digital media measurement and verification name, has seen its shares consolidate in the high‑single‑digit range in early February, with recent closes around the mid‑$9 area after a stretch of elevated volatility over the past year. Despite the stock’s pullback from a 52‑week high above $23, the name still carries a consensus Buy rating from Wall Street, with analysts’ median price targets implying meaningful upside from current levels as advertisers continue to prioritize brand safety and performance measurement in a fragmented, AI‑driven ad ecosystem. Recent screeners have flagged DV alongside other digital media platforms as a stock to watch, suggesting continued institutional focus even as broader tech sentiment remains choppy.

The InterGroup Corporation (NASDAQ: INTG)

The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, has traded in the high‑$20s in recent sessions, with intraday ranges on February 12 spanning roughly the upper‑$28s to just under $29.50 and a latest quote near $29.49. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.

Serina Therapeutics (NYSE American: SER)

Serina Therapeutics, a polymer‑based drug delivery company, recently received FDA clearance for its IND on SER‑252 after a prior clinical hold, enabling initiation of site‑level work and the formal start of its next clinical phase.

Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO)

Fastly (FSLY, $16.04, +72.29% today)

McDonald’s (MCD, $332.08, +2.74%)

McDonald’s (MCD) posted stronger‑than‑expected fourth‑quarter results on Wednesday, boosted by budget‑friendly menu offerings and marketing campaigns that drove increased traffic and marked a third consecutive quarter of US sales growth.

The Sources

[1] Stock market today: Dow, S&P 500, Nasdaq sink as tech stocks get pummeled https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-sink-as-tech-stocks-get-pummeled-163424340.html
[2] Stock Market Today: Tech Shares Lead Broad Selloff as AI … https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-12-2026
[3] Dow S&P 500 and Nasdaq crash today: What triggered US stock … https://economictimes.com/news/international/us/what-triggered-us-stock-market-crash-today-wall-street-plunges-as-1-2-trillion-ai-scare-trade-slams-logistics-and-software-stocks-dow-sp-500-and-nasdaq-each-fall-over-1/articleshow/128270356.cms
[4] Dow Sheds Over 600 Points Amid Growing AI Concerns – Finviz https://finviz.com/news/309817/dow-sheds-over-600-points-amid-growing-ai-concerns
[5] Nasdaq Index: AI Fears Hit Tech Stocks as US Indices Slide Today https://www.fxempire.com/forecasts/article/nasdaq-index-ai-fears-hit-tech-stocks-as-us-indices-slide-today-forecast-analysis-1579289
[6] Nasdaq 100 Sinks 2% as AI Jitters Roil Wall Street: Markets Wrap https://www.bloomberg.com/news/articles/2026-02-11/stock-market-today-dow-s-p-live-updates
[7] Dow, S&P 500, Nasdaq sink as tech stocks get pummeled, AI … https://uk.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-sink-as-tech-stocks-get-pummeled-ai-disruption-fears-grow-204024118.html
[8] Dow Jones Futures: AI Disruption Fears Grip Stock Market; Arista … https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-ai-disruption-fears-arista-applied-materials-earnings-late/
[9] flyExclusive Acquires Two Additional Challenger 350 Aircraft … https://ir.flyexclusive.com/news-events/press-releases/detail/165/flyexclusive-acquires-two-additional-challenger-350
[10] Press Releases https://ir.flyexclusive.com/news-events/press-releases
[11] Volato Group and M2i Global Reaffirm Targeted First Quarter 2026 … https://ir.flyvolato.com/news-events/press-releases/detail/131/volato-group-and-m2i-global-reaffirm-targeted-first-quarter-2026-merger-closing-and-advance-sec-review
[12] Volato Group stock soars after M2i Global acquisition announcement https://www.investing.com/news/stock-market-news/volato-group-stock-soars-after-m2i-global-acquisition-announcement-93CH-4157699
[13] M2i Global, along with Volato Group, Initiate First Shipment of … https://ir.flyvolato.com/news-events/press-releases/detail/134/m2i-global-along-with-volato-group-initiate-first-shipment-of-titanium-ore-from-western-australia-to-u-s-from-titanium-x
[14] Analysts Set Eupraxia Pharmaceuticals Inc. PT at $14.33 https://nationaltoday.com/us/wa/seattle/news/2026/02/12/analysts-set-eupraxia-pharmaceuticals-inc-pt-at-14-33
[15] EPRX – Eupraxia Pharmac Latest Stock News & Market Updates https://www.stocktitan.net/news/EPRX/
[16] Eupraxia Pharmaceuticals Inc. (EPRX) | News & Upcoming Events https://money.tmx.com/en/quote/EPRX/news
[17] Modular Medical (MODD) Advances Toward 2026 Launch with … https://www.gurufocus.com/news/8581685/modular-medical-modd-advances-toward-2026-launch-with-production-milestone
[18] Modular Medical starts production of validation lots for Pivot pump set https://finance.yahoo.com/news/modular-medical-starts-production-validation-135605935.html
[19] Company Media Room of Modular Medical, Inc. https://company-997241.suite.accessnewswire.com
[20] Modular Medical begins production of patch pump validation lots https://www.investing.com/news/company-news/modular-medical-begins-production-of-patch-pump-validation-lots-93CH-4484868
[21] GeoVax Labs outlines unit and warrant sale to fund R&D – Stock Titan https://www.stocktitan.net/sec-filings/GOVX/s-1-geo-vax-labs-inc-files-ipo-registration-statement-7394b6fefbc2.html
[22] GeoVax Labs Announces $2.5 Million Registered Direct Offering https://www.geovax.com/investors/press-releases/geovax-labs-announces-2-5-million-registered-direct-offering
[23] GeoVax Announces 1-for-25 Reverse Stock Split to Regain … https://finance.yahoo.com/news/geovax-announces-1-25-reverse-140000832.html
[24] DoubleVerify Holdings Stock Price History – Investing.com https://www.investing.com/equities/doubleverify-holdings-historical-data
[25] DoubleVerify Holdings Stock Price | DV Stock Quote, News, and … https://markets.businessinsider.com/stocks/dv-stock
[26] DoubleVerify Holdings (DV) Stock Forecast: Analyst Ratings … https://public.com/stocks/dv/forecast-price-target
[27] Top Digital Media Stocks To Keep An Eye On – February 12th https://www.marketbeat.com/instant-alerts/top-digital-media-stocks-to-keep-an-eye-on-february-12th-2026-02-12/
[28] DoubleVerify Holdings, Inc. (DV) Stock Price, News, Quote & History https://finance.yahoo.com/quote/DV/
[29] Intergroup: INTG Stock Price Quote & News – Robinhood https://robinhood.com/us/en/stocks/INTG/
[30] The Intergroup Stock Price Today | NASDAQ: INTG Live https://www.investing.com/equities/the-intergroup-co
[31] INTG – The InterGroup Corporation (NasdaqCM) – Share Price and … https://fintel.io/s/us/intg
[32] Real estate gain lifts The InterGroup Corporation (INTG) quarterly … https://www.stocktitan.net/sec-filings/INTG/10-q-intergroup-corp-quarterly-earnings-report-d578d71f0c70.html
[33] Serina Therapeutics gets FDA clearance for SER-252 IND https://www.stocktitan.net/news/SER/serina-therapeutics-announces-fda-clearance-of-ind-application-for-p8h7qea4xz12.html
[34] Serina Therapeutics receives NYSE listing deficiency notice https://www.investing.com/news/company-news/serina-therapeutics-receives-nyse-listing-deficiency-notice-93CH-4450747
[35] Serina Therapeutics Faces NYSE American Compliance Deficiency … https://www.theglobeandmail.com/investing/markets/stocks/SER/pressreleases/37090454/serina-therapeutics-faces-nyse-american-compliance-deficiency-notice/
[36] Here’s Why We’re Not At All Concerned With Eupraxia … https://finance.yahoo.com/news/heres-why-were-not-concerned-170612714.html
[37] Eupraxia Pharmaceuticals (TSX:EPRX) Trades With S&P/TSX Index https://kalkinemedia.com/ca/stocks/healthcare/eupraxia-pharmaceuticals-tsxeprx-trades-with-sptsx-index
[38] EPRX – EUPRAXIA PHARMACEUTICALS INC | News – OTC Markets https://www.otcmarkets.com/stock/EPRX/news/Eupraxia-Pharmaceuticals-Reports-Third-Quarter-2025-Financial-Results?e&id=3347379
[39] Eupraxia Pharmaceuticals Inc. (EPRX) Stock Price, News, … https://finance.yahoo.com/quote/EPRX/
40 Equity Trading Insights – Stock Traders Daily https://news.stocktradersdaily.com/canada/eprxwta-equity-trading-insights_20260211_de6d16
[41] Stock market today: Dow, S&P 500, Nasdaq sink as tech gets hit as … https://ca.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-sink-as-tech-stocks-get-pummeled-163424340.html
[42] JTAI Stock Sees Sharp Swing – What’s The Latest On … – Stocktwits https://stocktwits.com/news-articles/markets/equity/jtai-stock-volatile-after-merger-agreement-update/cZRTpHnR4rF
[43] DoubleVerify Holdings, Inc. (DV) Stock Historical Prices & Data https://finance.yahoo.com/quote/DV/history/
[44] Historical Data – DoubleVerify Holdings, Inc. – Stock Data https://ir.doubleverify.com/stock-data/historical-data/default.aspx
[45] DoubleVerify Holdings (DV) Stock Price History 2021-2026 https://stockanalysis.com/stocks/dv/history/

by John F. Heerdink, Jr. February 12, 2026

The Big Mac Meets the Skinny Pill: How McDonald’s and Eli Lilly Are Sharing the Same Consumer -( $LLY $MCD )

McDonald’s (MCD) has handled low-carb fads, kale revolutions, and the brief reign of cauliflower rice, but its newest rival comes with a prescription label and a co-pay. GLP-1 weight-loss medicines—from injectables like Eli Lilly’s (LLY) Mounjaro and Zepbound to the next wave of oral pills—are reshaping how consumers think about appetite, indulgence, and value, one portion-controlled bite at a time. For McDonald’s, that means the customer now has a second CFO sitting on their shoulder: their endocrinologist.

“Behavior Changes” – McDonald’s and Lilly Read the Same Tea Leaves

On a recent call, McDonald’s CEO Chris Kempczinski acknowledged that as GLP-1 use rises, consumers eat fewer calories and narrow what they order. Eli Lilly’s own leadership has been saying the quiet part out loud for years, with CEO David Ricks noting that people on GLP-1 drugs can cut daily intake by roughly 800 calories and that he expects as many as one-fifth of Americans could eventually use these medicines. In effect, McDonald’s and Lilly are watching the same behavioral curve from opposite sides of the income statement—one sees smaller baskets, the other sees soaring prescription volume.

Eli Lilly’s GLP-1 Engine: Mounjaro, Zepbound, and the Pill on Deck

For Lilly, the GLP-1 revolution is not a side business; it is the business. Mounjaro and Zepbound generated tens of billions of dollars in revenue through 2025, propelling Lilly to best-in-class growth and positioning tirzepatide as one of the world’s top-selling therapies. The next leg comes from an oral GLP-1 (orforglipron) and expanded obesity indications, which could push access well beyond the early-adopter cohort and normalize pharmaceutical appetite control the way statins normalized cholesterol management.

When One Side’s Revenue Growth Is the Other Side’s Check Size

The better Lilly’s GLP-1 franchise performs, the more pressure flows into restaurant P&Ls. Studies and early transaction data suggest GLP-1 users eat 20–30% less food, spend less on fast food, and increasingly favor high-quality proteins over sugary drinks, breads, and alcohol. While Eli Lilly guides to another year of double-digit revenue growth on the back of obesity drugs, analysts are simultaneously modeling slower traffic growth and smaller average tickets for chains most exposed to discretionary calories.

Protein, Portions, and the GLP-1 Playbook Under the Arches

McDonald’s isn’t waiting for a surprise from the drive-thru speaker; it is tailoring the menu to match this new pharmacologically portion-controlled customer. The company is leaning into protein-centric items—beef and especially chicken—and testing high-protein formats and portionable products that let GLP-1 users get their main dish without feeling nudged toward extra fries or a large soda. With emerging research showing that GLP-1 users prioritize main entrées over sides and snacks, the chain is effectively re-architecting its check from “Would you like fries with that?” to “Let’s perfect the entrée you actually came for.”

GLP-1 Users Aren’t Ditching Restaurants—They’re Editing the Order

So far, restaurant traffic has proved more resilient than some of the scarier slide decks implied. Circana and other trackers find that GLP-1 users are still going out but simplifying orders: more mains, fewer sides, and sharper interest in lighter or higher-protein choices, a pattern echoed by broader research showing shifts toward fresher foods and away from heavy, sugar-laden items. That aligns neatly with Lilly’s description of GLP-1 drugs as tools that help people “control our urges,” effectively turning impulse items into line items up for renegotiation.

Value Meals, Smaller Appetites, and Bigger Pharma

Even as GLP-1s tamp down portions, McDonald’s is still leaning hard on value, using bundled meals and sharp price points to stay relevant to households navigating both inflation and new eating norms. The irony is that while McDonald’s trims combo complexity to preserve its average check, Lilly is building a multi-decade franchise out of the very behavior change that makes that trimming necessary. For investors, that sets up an unusual pairing: a fast-food bellwether optimizing for smaller but more efficient orders, and a pharma leader monetizing the macro trend that makes “supersize me” sound like a period-piece reference.

The Long-Term Question: Diet Casualty or GLP-1-Compatible Comfort Food?

The rise of GLP-1 medications is on track to become one of the most significant consumer-health shifts of the decade, with Lilly at the center and companies like McDonald’s recalibrating in real time. The downside risk is straightforward: less volume, fewer add-ons, and an eventual step-down in per-visit spending if GLP-1 uptake reaches the one-in-five Americans that Lilly’s CEO has floated. The upside, at least for McDonald’s, is that by meeting this new customer where they are—smaller portions, more protein, transparent value—it may prove that there is still room in a GLP-1 world for a burger, so long as the science and the seasoning can peacefully coexist.

The Sources

McDonald’s prepares for wider GLP-1 adoption as weight-loss pills hit market – Yahoo Finance
https://finance.yahoo.com/news/we-know-that-consumers-behavior-changes-mcdonalds-prepares-for-wider-glp-1-adoption-as-weight-loss-pills-hit-market-130237799.html[2]
How the fast food industry is responding in the booming era of GLP-1s – Yahoo Finance Canada
https://ca.finance.yahoo.com/news/fast-food-v-glp-1s-060000302.html[18]
McDonald’s Tests High Protein Menu As GLP-1 Weight-Loss Drug Users Surge – Finviz
https://finviz.com/news/308676/mcdonalds-tests-high-protein-menu-as-glp-1-weight-loss-drug-users-surge[14]
McGut Health Meal? McDonald’s CEO makes surprising prediction for 2026 – Yahoo / AOL
https://www.yahoo.com/lifestyle/articles/mcgut-health-meal-mcdonald-ceo-152037367.html[19][20]
McDonald’s downgraded on GLP-1 drug worries: Wall Street’s top calls – Yahoo Finance
https://finance.yahoo.com/news/mcdonald-downgraded-glp-1-drug-134030401.html[21]
McDonald’s shares slip after downgrade spurred by weight-loss drugs – CBS News
https://www.cbsnews.com/news/mcdonalds-downgrade-weight-loss-drugs/[22]
GLP-1 Users Are Changing Restaurant Ordering Behaviors – Circana
https://www.circana.com/post/glp-1-users-aren-t-ditching-restaurants-but-their-ordering-habits-are-changing-new-circana-researc[9]
GLP-1 Users Order More Main Dishes, Less Sides – NACS
https://www.convenience.org/Media/Daily/2026/January/15/5-GLP1-Users-Order-More-Main-Dishes_HealthyOptions[16]
McDonald’s is all in on its Extra Value Meals, global CFO says – Yahoo Finance
https://finance.yahoo.com/video/mcdonalds-extra-value-meals-global-145858951.html[15]
MCD Q4 Deep Dive: Value Strategy, Menu Innovation, and … – Yahoo Finance UK
https://uk.finance.yahoo.com/news/mcd-q4-deep-dive-value-053131463.html[17]
Why GLP-1 Drugs Are Real Threat To McDonald’s Golden Arches – Seeking Alpha
https://seekingalpha.com/article/4749042-why-glp-1-drugs-real-threat-to-mcdonalds-golden-arches[12]
Eli Lilly’s 2025 Surge Sets the Stage for Another Big Year in 2026 – Yahoo Finance
https://finance.yahoo.com/news/eli-lillys-2025-surge-sets-154900858.html[1]
Outlook for Obesity in 2026: From Consolidation to Acceleration – IQVIA
https://www.iqvia.com/locations/emea/blogs/2026/01/outlook-for-obesity-in-2026[10]
Eli Lilly gaining in GLP-1 market over Novo Nordisk, earnings show – CNBC
https://www.cnbc.com/2026/02/04/eli-lilly-novo-nordisk-earnings-glp1-market.html[23]
JPM26: Eli Lilly’s obesity drugs target commercial and governmental markets – Pharmaceutical Technology
https://www.pharmaceutical-technology.com/analyst-comment/jpm26-eli-lilly-obesity-drugs/[3]
Eli Lilly CEO says people on GLP-1 weight loss drugs eat 800 calories less per day – CNBC
https://www.cnbc.com/2024/08/20/eli-lilly-ceo-says-people-on-glp-1-weight-loss-drugs-eat-800-calories-less-per-day.html[4]
More than 20% of Americans will eventually be on GLP-1s – MM+M / DealBook Summit coverage
https://www.mmm-online.com/home/channel/eli-lilly-ceo-more-glp-1s-nyt-dealbook-summit/[7]
What to watch for in weight loss drugs in 2026 – NBC News
https://www.nbcnews.com/health/health-news/weight-loss-drug-prices-2026-glp-1-pills-trumprx-what-expect-rcna249520[5]
How GLP-1 Medications Are Transforming the Food Industry – Mochi
https://joinmochi.com/blogs/how-glp-1s-are-changing-restaurant-menus-and-food-companies[6]
The Impact of GLP 1 Drugs on the Food Industry – FoodTech 11
https://foodandhealth.ucdavis.edu/the-impact-of-glp-1-drugs-on-the-food-industry-foodtech-11-doon-insights/[11]
Weight-loss pill approval set to accelerate food industry product overhauls – Reuters
https://www.reuters.com/business/healthcare-pharmaceuticals/weight-loss-pill-approval-set-accelerate-food-industry-product-overh-2025-12-24/[8]
Smaller portions, more protein: How GLP-1s are quietly changing chain restaurants – NBC News
https://www.nbcnews.com/news/us-news/smaller-portions-protein-glp-1s-are-quietly-changing-chain-restaurant-rcna254178[13]

by John F. Heerdink, Jr. February 12, 2026

Meta’s $10 Billion Indiana Data Bet: When AI Meets the Corn Belt -( $META )

Meta’s decision to plant a more-than-1-gigawatt data center in Lebanon, Indiana, reads like a statement that the future of AI won’t be confined to Silicon Valley ZIP codes. The planned campus, with over $10 billion in investment, is set to become one of Meta’s largest infrastructure projects to date and a cornerstone of its ambitious AI build-out.

The facility is designed to support both Meta’s core social platforms and its rapidly scaling AI workloads, effectively turning a patch of Hoosier farmland into prime digital real estate. For investors tracking the arms race in AI infrastructure, Indiana just landed squarely on the map.

Why Indiana, and Why Now?

Indiana’s pitch combined geography, policy, and a distinctly Midwestern brand of welcome: shovel-ready land, central U.S. logistics, and generous long-term tax incentives. State officials granted Meta a data center sales tax exemption that can extend up to 50 years, contingent on the company hitting capital investment milestones that start at $1 billion and scale into the billions.

In return, Meta is committing more than $10 billion over multiple phases to build out a 1,500‑acre campus with 13 buildings, including 10 data center facilities that will anchor the LEAP Innovation and Research District. The result is a public–private alliance where Indiana supplies the runway and Meta supplies the jets—and the jet fuel is measured in megawatts and machine learning models.

Jobs, Growth, and a New Local “Export”

Economic development officials are already framing the project as a generational upgrade to Lebanon’s economic base. At peak construction, the campus is expected to support more than 4,000 construction jobs, eventually settling into roughly 300 high-wage operational roles once the facility is fully online.

Beyond payrolls, Meta’s presence is poised to ripple through the local tax base, school funding, and small business ecosystem, with the company launching ongoing grant programs for schools, nonprofits, and workforce development. For a town better known for interstates and grain, exporting AI compute to the rest of the world may become its most modern industry.

Powering a Gigawatt Data Center—Responsibly

Running an AI-era data hub that can top 1 gigawatt of capacity is not for the faint of grid. Meta has pledged to match 100% of the facility’s electricity use with clean energy and is targeting LEED Gold certification once the campus is operational. The company is also committing to pay the full tab for the data center’s energy, water, and wastewater needs, easing concerns that local ratepayers could get stuck with an AI-sized utility bill.

To tackle water usage, the campus will rely on a closed-loop cooling system designed to use little to no water for most of the year, while Meta plans to replenish all of the water it does consume back into local watersheds. Combined with more than $120 million earmarked for water infrastructure upgrades, plus improvements to roads and transmission lines, the project doubles as a quiet infrastructure stimulus package.

Community Givebacks in the Age of Compute

Big tech has learned that massive data centers can generate as much local skepticism as local pride, especially around noise, energy demand, and land use. Meta is trying to preempt that backlash by writing community benefits directly into the project’s blueprint.[4][5][7][2]

The company has pledged $1 million per year to the REMC Fund to assist residents with energy bills, along with additional support for emergency water utility assistance through local partners. On top of that, Meta has committed to annual community impact payments of $1.5 million to Lebanon for each completed phase of the project—funds earmarked for quality-of-life and placemaking efforts that may help residents see opportunity, not just server racks, when they look at the LEAP District.

The AI Infrastructure Race, with a Midwestern Accent

Meta’s Indiana build is part of a far larger capital spending plan that could reach as high as $135 billion by 2026 as the company races to secure AI compute at scale. Its peers are hardly standing still: Google has laid out plans for around $180 billion in 2026 capital outlays, while Amazon is signaling roughly $200 billion, much of it also aimed at AI and cloud infrastructure.

The market response has been telling: the prospect of Meta turning heavy AI capex into future growth helped propel its shares more than 10% higher around the announcement before they eased back, even as rival stocks wobbled on the prospect of an escalating spending war. If data is the new oil, the Indiana campus suggests that the new refineries might just sit beside cornfields, and the wildcatters wear hoodies instead of hard hats.

Timeline: From Groundbreaking to Go-Live

Meta has already broken ground on the Lebanon campus, with construction ramping in phases over several years. The site is expected to go operational around 2027 or early 2028, adding to Meta’s existing Indiana footprint that includes a separate data center in Jeffersonville slated to open in 2026.

By the time the Lebanon campus hits its planned 1‑gigawatt scale, it is expected to stand as one of the company’s most important global hubs for AI computation—a physical reminder that today’s digital empires still depend on concrete, steel, and a great deal of electricity.

Sources
[1] Meta Breaks Ground on 1GW Indiana Campus with US$10bn Boost https://datacentremagazine.com/news/meta-breaks-ground-on-1gw-indiana-campus-with-us-10bn-boost
[2] Meta announces plans to build 1-gigawatt data center in Indiana as … https://finance.yahoo.com/news/meta-announces-plans-to-build-1-gigawatt-data-center-in-indiana-as-part-of-ai-build-out-180052467.html
[3] Meta officially announces $10 billion data center under construction … https://www.yahoo.com/news/articles/meta-officially-announces-10-billion-201100403.html
[4] Gov. Braun Breaks Ground on $10B Meta Data Center Campus at … https://events.in.gov/event/gov-braun-breaks-ground-on-10b-meta-data-center-campus-at-leap-district
[5] Meta starts construction on $10B, 1GW AI data hub in Indiana https://interestingengineering.com/ai-robotics/meta-1gw-data-center-lebanon-indiana
[6] Meta’s New Data Center in Lebanon, Indiana Marks a Milestone AI … https://about.fb.com/news/2026/02/metas-new-data-center-lebanon-indiana-marks-milestone-ai-investment/
[7] Meta’s $10B Indiana data center: Jobs, water, and energy plans https://www.indystar.com/story/money/2026/02/12/metas-10b-lebanon-indiana-data-center-jobs-water-and-energy-plans/88622319007/
[8] Investing in jobs, infrastructure and schools: Meta data centers help … https://datacenters.atmeta.com/jobs-infrastructure-usa/
[9] Meta breaks ground on US$ 10B data center in Indiana – W.Media https://w.media/meta-breaks-ground-on-us-10b-data-center-in-indiana/
[10] Meta’s Indiana AI data center: 3 key details to know – Yahoo Finance https://finance.yahoo.com/video/metas-indiana-ai-data-center-210142910.html
[11] Meta begins construction of $10 billion Indiana data center to boost … https://finance.yahoo.com/news/meta-begins-construction-10-billion-180445472.html
[12] $10+ billion Meta data center campus to be established in Lebanon https://www.yahoo.com/news/videos/10-billion-meta-data-center-224033223.html
[13] NEW: Meta says it is breaking ground on a $10 BILLION data center … https://www.facebook.com/MarcusLeshock/posts/new-meta-says-it-is-breaking-ground-on-a-10-billion-data-center-in-lebanon-india/1428405191972173/
[14] Details on long-expected Meta data center campus unveiled – Yahoo https://www.yahoo.com/news/articles/details-long-expected-meta-data-222255554.html
[15] Meta 1GW data center in Lebanon! : r/Indiana – Reddit https://www.reddit.com/r/Indiana/comments/1r25l91/meta_1gw_data_center_in_lebanon/

by John F. Heerdink, Jr. February 12, 2026

AST SpaceMobile Reaches for the Stars—and a Billion Dollars—With Convertible Notes -( $ASTS )

AST SpaceMobile (ASTS) is dialing up its next phase of growth with a $1.0 billion private offering of convertible senior notes due 2036, aiming to finance a truly out-of-this-world ambition: building the first space-based cellular broadband network directly accessible by standard smartphones. In classic market fashion, the company is pairing lofty technological goals with decidedly grounded capital structure engineering.

The notes will carry a 2.25% annual coupon and are being privately placed with qualified institutional buyers under Rule 144A, a familiar route for growth companies that want bond-like funding with an equity option sweetener. Settlement is expected around February 17, 2026, subject to customary closing conditions—because even when you’re beaming signals from space, lawyers on Earth still get the last word.

Premium Pricing Signals Investor Confidence

AST SpaceMobile is not exactly giving this upside away. The notes come with an initial conversion price of approximately 116.30 dollars per share, representing about a 20% premium to the roughly 96.92-dollar closing price of the Class A common stock on February 11, 2026. In Wall Street speak, that kind of premium suggests investors are willing to pay up for the equity option embedded in the notes, effectively underwriting the company’s future satellite-powered revenue streams.

The initial conversion rate translates to about 8.5982 shares of Class A common stock for each 1,000 dollars in principal amount of notes, subject to standard anti-dilution adjustments over time. For equity holders, that math means potential dilution years down the line—but in exchange for near-term balance sheet firepower to help turn AST SpaceMobile’s technology from demo to deployment. The notes will not be redeemable at the company’s option before April 15, 2036, underscoring the long-duration nature of this capital.

Optional Upsize and a War Chest of Liquidity

For institutions worried they might miss the call, AST SpaceMobile has granted initial purchasers an option to buy up to an additional 150 million dollars in aggregate principal amount of notes, exercisable through February 20, 2026. If fully taken up, the deal size could reach 1.15 billion dollars, giving the company a sizeable orbit of financial flexibility.

After underwriting discounts, commissions, and estimated offering expenses, AST SpaceMobile expects net proceeds of approximately 983.7 million dollars, or about 1.1314 billion dollars if the option is fully exercised. That’s real fuel for a capital-intensive business that must design, build, launch, and operate a constellation of satellites while also stitching together spectrum, regulatory approvals, and partnerships with terrestrial mobile operators.

Strategic Uses: From AI to U.S. Government Space

The company plans to deploy the proceeds for general corporate purposes, but the shopping list reads like a roadmap for a next-generation connectivity platform. Priority uses include accelerating the global deployment of its controlled spectrum bands, investing in opportunities linked to artificial intelligence, and increasing participation in U.S. government space initiatives.

AST SpaceMobile also expects to allocate capital toward reducing higher-cost debt and pursuing strategic investments that enhance its network capabilities and service offerings. In effect, the company is using low-coupon, long-dated convertible paper as a lever to simplify and strengthen its capital stack while pushing harder on growth. In an era when investors obsess over both “path to profitability” and “category leadership,” that is a narrative tailor‑made for roadshow slides.

Cleaning Up the Past: Repurchases and Equity Issuance

The new notes do not exist in a vacuum. Concurrent with this financing strategy, AST SpaceMobile has moved to address its existing convertible capital structure through a series of repurchases and registered direct offerings. The company has priced transactions to repurchase portions of its outstanding 4.25% and 2.375% convertible senior notes due 2032, funded in part by issuing new Class A shares and by the fresh capital raised.

In related registered direct offerings, AST SpaceMobile is selling a total of roughly 6.3 million shares of Class A common stock, including shares issued to holders of those existing convertible notes as part of the broader liability management exercise. The settlement of these share issuances and repurchases is expected around February 20, 2026, aligning neatly with the optional upsize window for the new notes. Debt holders get liquidity and updated terms; the company gets a cleaner, more streamlined maturity profile.

Building on Earlier Financing Momentum

This is not AST SpaceMobile’s first rendezvous with creative financing. In 2025, the company secured a 100 million dollar equipment financing facility led by Trinity Capital, designed to support manufacturing and network rollout for 2025 and 2026. That facility was explicitly billed as non‑dilutive, underscoring management’s willingness to mix structures—secured equipment financing, equity issuance, and now large-scale convertible debt—to match capital to specific needs.

The funding progress has unfolded against a backdrop of notable share price appreciation, with the stock having logged triple‑digit percentage gains over a recent multi‑month stretch, aided by index inclusion and growing investor interest in satellite‑based connectivity. Analysts, for their part, have penciled in robust revenue growth expectations and a path to profitability over the coming years, though the company’s valuation remains a subject of healthy debate. On Wall Street, even as satellites move toward low Earth orbit, discounted cash flow models remain stubbornly Earth‑bound.

The Bigger Picture: Space, Smartphones, and Shareholders

AST SpaceMobile’s pitch rests on a simple but ambitious proposition: give ordinary smartphones direct access to broadband connectivity from space, filling coverage gaps where conventional towers simply don’t reach. If the company executes, its network could serve both commercial customers—think rural subscribers and travelers—and government clients seeking resilient, global communications.

The new convertible notes offering, the associated repurchases, and complementary facilities form a capital blueprint designed to carry AST SpaceMobile from promise toward scaled deployment. For investors, the structure offers a blend of yield, optionality, and exposure to a potentially transformative communications platform. For the company, it’s a reminder that even in the space era, the most important launch sequence still begins with three words: access to capital.

Sources
[1] AST SpaceMobile Announces Pricing of Private Offering of $1.0 … https://finance.yahoo.com/news/ast-spacemobile-announces-pricing-private-113000072.html
[2] AST SpaceMobile prices $1 billion convertible notes offering due 2036 https://www.streetinsider.com/Corporate+News/AST+SpaceMobile+prices+$1+billion+convertible+notes+offering+due+2036/25986641.html
[3] AST SpaceMobile Announces Pricing of Private Offering of $1.0 … https://www.businesswire.com/news/home/20260212297381/en/AST-SpaceMobile-Announces-Pricing-of-Private-Offering-of-$1.0-Billion-of-Convertible-Senior-Notes-Due-2036
[4] AST SpaceMobile Prices Repurchases of Convertible Senior Notes … https://markets.ft.com/data/announce/detail?dockey=600-202602120630BIZWIRE_USPRX____20260212_BW112798-1
[5] AST SpaceMobile Prices Repurchases of Convertible Senior Notes … https://finance.yahoo.com/news/ast-spacemobile-prices-repurchases-convertible-113000497.html
[6] AST SpaceMobile, Inc. (ASTS) Secures Additional $100M Liquidity … https://finance.yahoo.com/news/ast-spacemobile-inc-asts-secures-210705130.html
[7] AST SpaceMobile Secures Additional $100.0 Million of Liquidity … https://finance.yahoo.com/news/ast-spacemobile-secures-additional-100-113000354.html
[8] AST SpaceMobile (NasdaqGS:ASTS) Secures US$100 Million … https://finance.yahoo.com/news/ast-spacemobile-nasdaqgs-asts-secures-173615092.html
[9] News Release https://feeds.issuerdirect.com/news-release.html?newsid=6393137642405256&symbol=ASTS
[10] AST SpaceMobile cuts $300M in convertible debt – Stock Titan https://www.stocktitan.net/news/ASTS/ast-space-mobile-prices-repurchases-of-convertible-senior-notes-to-3p4lbjje6e6q.html
[11] AST SpaceMobile Announces Proposed Repurchases of up to … https://feeds.issuerdirect.com/news-release.html?newsid=8020824743212471&symbol=ASTS
[12] AST SpaceMobile Announces Proposed Private Offering of $1.0 … https://www.reddit.com/r/ASTSpaceMobile/comments/1r2ayvk/ast_spacemobile_announces_proposed_private/
[13] AST SpaceMobile, Inc. – SEC.gov https://www.sec.gov/Archives/edgar/data/1780312/000149315226006223/form8-k.htm
[14] AST SpaceMobile plans $1B converts, $200M note buyback https://www.stocktitan.net/sec-filings/ASTS/424b5-ast-space-mobile-inc-prospectus-supplement-debt-securities-2cae917a6c52.html
[15] AST SpaceMobile Announces Proposed Repurchases of … – TMCnet https://www.tmcnet.com/usubmit/-ast-spacemobile-announces-proposed-repurchases-up-3000-million-/2026/02/11/10331404.htm

by John F. Heerdink, Jr. February 12, 2026

Stock Market Today: Strong Jobs Report Leaves Wall Street Flat – February 11, 2026

Wall Street finished Wednesday essentially unchanged, as a hotter‑than‑expected January jobs report lifted Treasury yields and tempered hopes for imminent Fed rate cuts, leaving the major indexes little moved by the close. in

Index performance

Dow Jones Industrial Average: Fell roughly 70 points (about 0.1%), snapping a three‑day record streak and closing near 50,100.
S&P 500: Ended flat on the day around 6,941, effectively unchanged in point terms.
Nasdaq Composite: Slipped about 0.2%, closing near 23,060 as weakness in large‑cap tech and software outweighed early gains.

Macro and Fed narrative

January jobs: The U.S. economy added about 130,000 jobs in January, the strongest gain in months and above many forecasts, while unemployment edged lower, signaling resilient labor demand.
Market reaction: Stronger hiring prompted traders to dial back the odds and magnitude of near‑term Fed rate cuts, with futures increasingly pointing to the first 25‑bp move around June rather than spring.
Yields: The 2‑year Treasury yield climbed to roughly 3.5% and the 10‑year pushed above 4.1%, reflecting expectations that policy will stay restrictive for longer.

Sector and stock movers

Tech and software: Mega‑cap tech was mixed, but software again came under pressure as investors reassessed growth names seen as vulnerable to AI disruption; names such as ServiceNow, Datadog, Salesforce, and Intuit slid 4–6%, and a major software ETF dropped about 3%.
Financials and small caps: Rate‑sensitive financials, including large banks, fell around 1–2%, while the Russell 2000 lagged, down about 0.7%, as higher yields weighed on funding‑sensitive and domestically focused names.
Energy and defensives: Energy outperformed, with integrated majors catching a bid as investors rotated toward cash‑generative, dividend‑oriented pockets of the market; some defensive corners of the market also saw relative support.
Notable single names: Robinhood slid nearly 9% after its latest earnings disappointed investors, while Generac jumped around 17% on strong quarterly results, topping the S&P 500 leaderboard. Selected AI‑linked and chip names saw intraday strength but gave back part of those gains into the close as rate concerns resurfaced.

Broader market tone

Volatility and breadth: Intraday action was choppy, with early gains reversing as yields climbed; declining issues modestly outpaced advancers on both the NYSE and Nasdaq, and new highs continued to outnumber new lows despite the flat headline finish.
Positioning: After a powerful run that pushed the Dow to repeated records, today’s session looked like a pause for risk assets as investors digested the idea of “higher for longer” and weighed still‑solid growth against a slower easing path from the Fed.

VP Watchlist

Eupraxia Pharmaceuticals (NASDAQ: EPRX) – Shares continue to consolidate after a strong multi‑month advance, with analysts still modeling meaningful upside as the company advances its EP‑104 program and heads toward key 2026 readouts.
Modular Medical (NASDAQ: MODD) –
Modular is a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps
On Feb. 4, Modular Medical, Inc. announced the start of production of validation lots for its Pivot™ tubeless patch pump’s disposable cartridge and infusion set. Achievement of this critical manufacturing milestone keeps the Company on schedule for commercial launch in Q1 2026, subject to receipt of FDA 510(k) clearance. The Pivot system – the industry’s first removable, tubeless 3ml patch pump – is designed for simplicity and affordability, addressing barriers that prevent many patients from adopting traditional pumps.
GeoVax Labs, Inc. (NASDAQ: GOVX) – is a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer. On Jan. 20, GeoVax announced an update with the following key milestones for 2026 for Geo-MVA:
Initiation of the pivotal Phase 3 immunobridging trial, expected in the second half of 2026. Continued engagement with European and global health authorities seeking to diversify Mpox and smallpox vaccine supply in light of ongoing global demand pressures
Advancement toward a U.S.-sourced vaccine supply model addressing both civilian public health needs and biodefense preparedness
flyExclusive, Inc. (NYSE American: FLYX) – FLYX is trading in the mid‑$2s as the company leans on at‑the‑market equity to support growth in its private‑jet platform, with shares up solidly year‑to‑date but sentiment still constrained by dilution risk and heavier short interest across the charter space.
DoubleVerify Holdings Inc. (NYSE: DV) – DV is hovering in the high‑single‑digit range after a reset in expectations, with recent filings showing a large public pension sharply trimming its stake even as Wall Street’s longer‑term view remains constructive, supported by a small‑cap ad‑verification franchise and a still‑bullish consensus target.
The InterGroup Corporation (NASDAQ: INTG) – INTG trades just under $30 with modest liquidity, reflecting its status as a thinly traded real‑estate and hotel holding company whose moves tend to be more idiosyncratic and balance‑sheet‑driven than tied to daily index flows.
Serina Therapeutics (NYSE American: SER) – SER remains a high‑beta story: the FDA’s recent acceptance of the SER‑252 IND for advanced Parkinson’s has been a major upside catalyst.
Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO) – SOAR has staged a sharp near‑term rebound but continues to screen as a very high‑risk, high‑volatility micro‑cap, while MTWO trades in the low‑pennies and remains in a pronounced downtrend as both companies push toward closing their all‑stock critical‑minerals business combination and shareholders prepare to vote on the proposed merger later this month.

Sources
[1] Stock Market News From Feb. 11, 2026: Dow, Nasdaq Fall – Barron’s https://www.barrons.com/livecoverage/stock-market-news-today-021126
[2] Stock Market Today, Feb. 11: S&P 500 Flatlines as Strong Jobs Data … https://finance.yahoo.com/news/stock-market-today-feb-11-231625948.html
[3] S&P 500, Dow muted after jobs data; Alphabet, Microsoft drag on … https://mecktimes.com/news/2026/02/11/s-alphabet-microsoft-drag-on-nasdaq/
[4] Stocks have turned volatile despite strong January jobs report … https://www.morningstar.com/news/marketwatch/20260211259/stocks-have-turned-volatile-despite-strong-january-jobs-report-heres-why-investors-arent-happy
[5] Wall Street ends muted after strong jobs data nibbles at Fed rate cut … https://www.reuters.com/business/us-stock-futures-pause-ahead-january-employment-data-2026-02-11/
[6] Dow Jones Industrial Average (.DJI) – Facebook https://www.facebook.com/texassportstalk.net/posts/heres-todays-stock-market-update-wednesday-february-11th-2026-brought-to-you-by-/1210117287962402/
[7] Dow falls from all-time high, Nasdaq and S&P 500 see back-to-back … https://www.marketwatch.com/livecoverage/stock-market-today-dow-new-record-sp500-nasdaq-up-jobs-report-cisco-earnings
[8] Dow, S&P 500 and Nasdaq Close Lower as Wall Street Ends … https://www.nbcpalmsprings.com/2026/02/11/dow-sp-500-and-nasdaq-close-lower-as-wall-street-ends-wednesday-in-the-red
[9] Markets News, Feb. 11, 2026: Major Indexes Close Lower After Stronger-Than-Expected January Jobs Report, Earnings Flurry https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02112026-11904254
[10] Jobs report lands with surprising 130,000 positions added to US economy last month https://uk.news.yahoo.com/jobs-report-shows-weak-growth-133108760.html
[11] Mixed Economic Signals Complicate Fed Rate‑Cut Path https://www.investing.com/analysis/mixed-economic-signals-complicate-fed-ratecut-path-200674763

by John F. Heerdink, Jr. February 11, 2026

Dow Notches Another Record as Tech Stocks Cool: U.S. Stock Market Recap for February 10, 2026

Wall Street lost a bit of altitude on Tuesday, February 10, 2026, as the Dow stretched its record streak while the S&P 500 and Nasdaq finally exhaled after a powerful tech-fueled rebound, leaving the tape looking more like “rotation digestion” than “trend reversal.”

Indices: Dow Holds the High Ground

The S&P 500 slipped about 0.3% to roughly 6,941, backing off an intraday push toward recent highs as investors took profits in growth and higher-multiple tech.
The Dow Jones Industrial Average edged up 0.1% to 50,188, chalking up its third straight record close and underscoring the market’s ongoing preference for blue-chip, value-tilted names.
The Nasdaq Composite fell 0.6% to 23,102, giving back a slice of Monday’s rebound and extending a February pullback that has left the index trailing the Dow year-to-date.
The Russell 2000 eased 0.3% to 2,679, a modest step back after an energetic run that has small caps still comfortably positive for the year.

Macro & Fed: Data on Deck, Yields Steady

Traders remained fixated on the incoming data slate, with key macro reports later in the week—including inflation and consumer data—expected to help refine the Fed path and volatility trajectory.
Recent sessions have seen Treasury yields grind in a relatively contained range after last week’s equity fireworks, with prior moves leaving the 10‑year benchmark near the low‑4% zone and curve watchers parsing whether the latest risk-on tilts can coexist with tighter financial conditions.
Consumer sentiment and credit trends have recently shown a split personality—healthier readings among stock-owning households and a meaningful expansion in consumer credit—underscoring that financial-market wealth effects remain a quiet but important macro driver.

Sectors & Themes: Tech Cools, Financials and Cyclicals Lean In

The day’s mixed index finish masked ongoing rotation: earlier strength in financials helped lift the Dow to fresh records even as weakness in growth and mega-cap names weighed on the broader tape.
Tech, which had just staged a sharp rebound fueled by AI and infrastructure optimism, took a breather; recent sessions have featured powerful bounces in semiconductors and software after a notable pullback, but the market is still debating how far to stretch valuations against massive capex plans.
Financial stocks helped anchor the Dow, with money-center and large regional banks benefiting from the prospect of steadier yields and a still-resilient credit backdrop, even as investors stayed alert to any sign that tighter policy might begin biting more loudly into loan demand and funding costs.
Cyclical pockets—industrials, select materials, and parts of energy—continued to attract interest as investors looked beyond the recent tech drama and considered whether a still-growing economy could sustain a broader leadership handoff from pure growth to more balanced participation.

Notable Stock & Style Moves

In prior sessions leading into Tuesday, high-beta tech and AI infrastructure names had ripped higher, with semiconductors and select hardware/software plays clawing back a chunk of last week’s losses as mega-cap spending plans in cloud and AI rekindled the “picks-and-shovels” trade.
At the same time, some of the very companies announcing eye-popping multi‑year capex budgets have seen more muted share-price reactions, as investors weigh long-run ecosystem benefits against nearer-term EPS dilution and the risk that the market is paying too much, too early, for the AI buildout.
Style-wise, value continues to look better behaved than growth in early February: the Dow’s outperformance versus the Nasdaq, and resilience in small and midcaps, highlight a market that is still willing to own risk—but on more selective terms than during last year’s AI euphoria.

Commodities, Crypto & Cross-Asset Color

Gold has recently enjoyed a strong bid as a combination of geopolitical jitters, bouts of equity volatility, and a softer dollar drove demand for perceived safe havens, with futures recently surging to fresh highs amid brisk speculative activity.
Crypto markets, which had seen sharp swings in prior days, have shown signs of stabilization, with large trading platforms and related equities rebounding as Bitcoin clawed back from recent lows and reestablished higher trading ranges versus the troughs seen earlier in the pullback.
Across risk assets more broadly, the tone on Tuesday suggested less a change in story than a change in emphasis: investors are still willing to pay for growth and AI narratives, but they are also rediscovering the charms of cash flow, dividends, and balance-sheet durability—especially when the 10‑year Treasury refuses to play along with the fantasy of free money.

Sources
[1] Stock Market Today: Dow Rises, on Course for Third Straight Record https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-10-2026
[2] How major US stock indexes fared Tuesday, 2/10/2026 https://finance.yahoo.com/news/major-us-stock-indexes-fared-211642830.html
[3] Stock Market News for Feb 10, 2026 – Yahoo Finance https://finance.yahoo.com/news/stock-market-news-feb-10-143800772.html
[4] The Dow Just Outperformed the Nasdaq in January. History Says … https://finance.yahoo.com/news/dow-just-outperformed-nasdaq-january-122800167.html
[5] Stock futures tick higher as traders await delayed January jobs report: Live updates https://www.cnbc.com/2026/02/10/stock-market-today-live-updates.html
[6] Stock Market News for Feb 10, 2026 – The Globe and Mail https://www.theglobeandmail.com/investing/markets/stocks/F-N/pressreleases/134138/stock-market-news-for-feb-10-2026/
[7] Major U.S. Stock Indexes Close Mixed After Record Highs Test – News and Statistics https://www.indexbox.io/blog/us-stock-indexes-close-mixed-after-testing-record-highs/
[8] Stock Rally Fades as Traders Brace for Data Deluge: Markets Wrap https://www.bloomberg.com/news/articles/2026-02-09/stock-market-today-dow-s-p-live-updates
[9] Stock Market Update Archive – Briefing.com https://www.briefing.com/stock-market-update/archive
[10] Stock Market Update – Maket facing broad weakness – Briefing.com https://www.briefing.com/stock-market-update/archive/2026/2/5/maket-facing-broad-weakness
[11] Stock Market Update – Tech leads rebound effort – Briefing.com https://www.briefing.com/stock-market-update/archive/2026/2/6/tech-leads-rebound-effort
[12] Stock Market Today, Feb: 10: Dow hits intraday record after retail … https://www.thestreet.com/latest-news/stock-market-today-feb-10-stocks-are-flat-after-retail-sales-are-unchanged-in-december
[13] Stock Market Update – Major averages mantain early gains https://www.briefing.com/stock-market-update/archive/2026/2/6/major-averages-mantain-early-gains
[14] Stock Market Update – Some but-the-dip motivation – Briefing.com https://www.briefing.com/stock-market-update/archive/2025/2/10/some-butthedip-motivation

by John F. Heerdink, Jr. February 10, 2026

U.S. Stocks Propel Forward On Monday – February 9, 2026 -( $AVGO $DV $FLYX $META $NOK $NVDA $OKLO $OPEN $ORCL $PLTR $RIO $TSLA $TSM Rise!)

US stocks extended last week’s relief rally on Monday, with megacap tech doing most of the heavy lifting while value names tried to remember what outperformance felt like. Investors spent the session toggling between AI euphoria, tariff anxiety and a yield curve that keeps steepening like a cautionary fable for deficit hawks.

S&P 500, Dow, Nasdaq and Russell

The S&P 500 added modest ground closing up .47% to close at 6,964.82, inching closer to last year’s record as investors rotated back into large-cap technology and AI beneficiaries after a bruising stretch of volatility. The Dow Jones Industrial Average, fresh off its first-ever close above 50,000 on Friday, lagged the growth trade but managed to hover near record territory and advance again closing at 50,135.87, +.04%, reminding value investors they are invited to the party even if they are not on the playlist. The Nasdaq Composite resumed its familiar role as market standard-bearer, rising as chip and software names recovered, leaving the index less than a few percentage points from its all‑time closing high at 23,238.67, +.90%. Small caps, represented by the Russell 2000 universe, closed up .70% at 2,689.05.

Macroeconomic Reports, Tariffs and the Fed

The macro calendar was comparatively light, with traders looking ahead to delayed January jobs data and the upcoming January CPI release at week’s end, both of which are expected to test the market’s conviction in a soft‑landing narrative. Tariff headlines remained loud: the White House’s new framework with Bangladesh and ongoing negotiations with India kept attention on the administration’s broader “reciprocal” tariff regime, including a planned reduction in some rates to the high‑teens from earlier 25% levels. At the same time, a recent executive order authorizing tariffs on countries doing business with Iran and another targeting nations supplying oil to Cuba underscored that the tariff lever remains very much within reach, even for geopolitical aims far removed from traditional trade disputes.

On the monetary front, the yield curve continued its post‑inversion normalization, with the 10‑year Treasury yield easing around the low‑4% area while the 2‑year hovered near the mid‑3% range, leaving a positive spread that is now the widest in roughly four years. Futures pricing continued to imply a high probability that the Federal Reserve will keep rates unchanged at its March meeting, even as prior rate cuts have pulled down front‑end yields. This week’s Fed calendar features speeches from key policymakers and, on February 18, the release of minutes from the late‑January FOMC meeting, giving investors a fresh read on how comfortable officials are with the recent easing in inflation and the sharp run‑up in risk assets.

Megacap Tech and AI: NVDA, TSM, MU, AAPL, TSLA, AVGO, META, INTC, PLTR

Nvidia (NVDA, $190.04, +2.50%) shares continued to serve as the market’s emotional barometer, with investors weighing expectations for a major top‑line beat later this month against concerns over intensifying memory competition tied to Samsung’s upcoming HBM4 ramp. Taiwan Semiconductor (TSM, $355.41, +1.88%) traded in sympathy with the broader AI complex, as the foundry giant’s central role in Nvidia and other high‑performance chips kept it firmly embedded in every AI‑themed portfolio worth its buzzword count. Micron Technology, by contrast, spent the day on the back foot: after a blistering year that has seen the stock more than triple on AI memory optimism, shares slipped 2.84% as reports of Samsung’s HBM4 plans and worries about Micron’s slot in Nvidia’s next generation created a convenient excuse to lock in gains.

Apple traded 1.17% lower as it went ex‑dividend, with a 0.26‑dollar per share payout officially detaching from the share price and offering income investors a small consolation prize for tolerating premium‑multiple hardware. Tesla (TSLA, $417.32, +1.51%) shares stayed under the microscope of both technical traders and prediction‑market gamblers, with markets even listing contracts on whether Monday’s close would land above or below Friday’s, a fitting metaphor for a stock that has become a macro factor all by itself. Broadcom (AVGO, %343.94, +3.44%) extended its reputation as a quieter AI beneficiary, moving broadly in line with the tech tape as investors continued to reward its data‑center and networking exposure without granting it Nvidia‑style drama.

Meta Platforms (META, $677.22, +2.38%) saw continued interest from growth investors riding the company’s cost‑discipline and AI‑driven advertising narrative, with the stock helping to buoy the communication‑services slice of the Nasdaq. Intel, meanwhile, remained a more complicated long for patient capital, as traders balanced its foundry ambitions and x86 refresh cycle against the reality that the company is still in the early innings of its attempted turnaround. Palantir (PLTR, $142.91, +5.16%) shares, which have re‑rated into the triple digits over the past year on the back of AI‑driven government and commercial demand, traded at lofty sales and book multiples, a reminder that in this market, “profitable AI platform” remains a magic phrase—at least until the next macro scare hits.

Blue Chips, Cyclicals and Special Situations: LLY, NOK, MCD, RIO, ORCL, OKLO, Opendoor

Eli Lilly (LLY) has once again muscled its way to the top of the healthcare league tables, with its stock climbing as investors double down on the idea that obesity drugs are less a fad and more a new asset class. The company recently reaffirmed its status as the world’s most valuable healthcare name, having already crossed the once unthinkable threshold of a 1 trillion dollar market value, a milestone previously reserved for tech’s usual suspects. Nokia (NOK) rose 1.56% to close at $7.18 and is now up 10.97% YTD, with the once‑iconic handset name now judged more on 5G infrastructure contracts and margin discipline than on product launches—an adjustment that has yet to ignite sustained enthusiasm in the tape. McDonald’s hovered near recent levels, reflecting a market view that the Golden Arches are as much a low‑volatility bond proxy as a burger chain, benefiting from pricing power even as macro uncertainty nudges diners down the value menu.

In commodities‑linked equities, Rio Tinto’s (RIO, $96.85, +3.68%) prospects stayed tethered to the fortunes of iron ore and industrial metals, with the stock trading as a liquid macro proxy for China growth narratives and global infrastructure cycles rather than on company‑specific catalysts. Oracle (ORCL, $156.59, +9.64%) continued to garner attention as a more value‑conscious way to play the AI and cloud wave, with analysts highlighting a potential near‑doubling of the share price over the next year based on current earnings and valuation metrics. Among smaller and more speculative names, advanced‑nuclear hopeful Oklo (OKLO, $75.05, +5.56%) and housing‑cycle proxy Opendoor (OPEN, $4.94, +1.23%) remained sentiment‑driven trades, with performance hinging on investor appetite for long‑duration stories and, in Opendoor’s case, the path of mortgage rates and housing liquidity.

Deals, IPOs, Commodities and Crypto

The corporate‑action tape was relatively quiet, with no marquee U.S. megadeals, leveraged buyouts or transformational mergers dominating the headlines, leaving traders to focus instead on the still‑developing tariff regime and sector‑specific capital‑raising in private markets. On the new‑issue front, the U.S. IPO calendar on the NYSE and Nasdaq remained subdued, reflecting both post‑volatility caution and the simple reality that many growth companies can still tap private financing at valuations they prefer not to test in the public arena.

In commodities, gold added to recent gains and traded above the 5,000‑dollar mark per ounce, extending a powerful rebound that has taken the metal more than 70% higher than a year ago as investors hedge macro, geopolitical and, perhaps, central‑bank discipline risk. Silver, while more volatile and less loved, continued to lag gold’s recovery as speculative positioning has been repeatedly washed out in recent weeks. Oil prices were little changed, holding in the mid‑60‑dollar range as easing supply fears offset broader concerns about global demand and the drag from tighter financial conditions. Bitcoin, meanwhile, remained volatile and down on the day, trading lower after a sharp drawdown from its record highs even as punters continued to bet on whether it can outpace gold, silver and the S&P 500 over the balance of the month.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4240), is a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps

On Feb. 4, Modular Medical, Inc. announced the start of production of validation lots for its Pivot™ tubeless patch pump’s disposable cartridge and infusion set. Achievement of this critical manufacturing milestone keeps the Company on schedule for commercial launch in Q1 2026, subject to receipt of FDA 510(k) clearance. The Pivot system – the industry’s first removable, tubeless 3ml patch pump – is designed for simplicity and affordability, addressing barriers that prevent many patients from adopting traditional pumps.

On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.

On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $8.35, +.85% over the last 5-days), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $2.66) is a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

On Jan. 20, GeoVax announced an update with the following key milestones for 2026 for Geo-MVA:

Initiation of the pivotal Phase 3 immunobridging trial, expected in the second half of 2026
Continued engagement with European and global health authorities seeking to diversify Mpox and smallpox vaccine supply in light of ongoing global demand pressures
Advancement toward a U.S.-sourced vaccine supply model addressing both civilian public health needs and biodefense preparedness

Volato Group, Inc. (NYSE American: SOAR, $.4860) and M2i Global, Inc. (MTWO, $.05, +11.36%) is a company specializing in the development and execution of a complete global value supply chain for critical minerals.

On Feb. 4, M2i Global Inc and Volato Group announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the United States, marking an early step in their collaboration focused on developing critical mineral supply chains. The initial shipment consists of titanium ore samples sourced from both mineral sands and hard rock deposits. According to the companies, the material will be distributed to selected academic institutions and a defense industrial base company for analysis, including assessments of refining processes needed to produce titanium products for various applications.

On Tuesday, Jan. 20, M2i and Volato reaffirmed expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.

Serina Therapeutics (NYSE American: SER, $2.25), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

On Feb. 4, Serina’s CEO, Steven Ledger presented at Tribe Public’s Webinar Presentation and Q&A Event titled “Navigating the New FDA Era: 2026 Strategic Priorities and the Future of Life Sciences”. Please view the event video now to learn more at this link.

On Jan. 29, The U.S. Food and Drug Administration cleared Serina Therapeutics’ investigational new drug (IND) application for SER‑252, the company’s POZ‑enabled formulation of apomorphine being developed for patients with advanced Parkinson’s disease. This clearance allows Serina to move ahead with a registrational‑intent clinical program under the 505(b)(2) NDA pathway, leveraging existing data on apomorphine while aiming to improve its dosing profile and tolerability for patients who need more consistent symptom control. In practical terms, the FDA’s feedback and subsequent clearance provide Serina with a more capital‑efficient route to a potential new drug application, shortening the distance between preclinical promise and commercial reality. For Parkinson’s patients and their clinicians, the stakes are high: SER‑252 is designed to offer a more predictable therapeutic profile, potentially smoothing out some of the daily volatility, patient caregiver burden that has long defined advanced disease management.

On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

The InterGroup Corporation (NASDAQ: INTG, $28.73) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $9.36, +.21%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

flyExclusive, Inc. (NYSE American: FLYX, $3.10, +2.31%), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

by John F. Heerdink, Jr. February 9, 2026

Eupraxia Pharmaceuticals: Injecting New Life Into EoE — One Microsphere at a Time -( $EPRX $SNY $XBI )

Eupraxia Pharmaceuticals (NASDAQ: EPRX) may still wear the “clinical-stage” name tag, but its stock has been behaving like it already found a seat at the grown‑ups’ table on Wall Street. Over the past year, shares have climbed roughly 160%, far outpacing the SPDR S&P Biotech ETF (XBI), which delivered gains in the mid‑30% range through 2025. At a recent price of 8.35 dollars and a 433.7 million dollar market cap, Cantor Fitzgerald’s 19 dollar price target implies investors are only halfway through this particular endoscopy.

The optimism centers on EP‑104GI, an extended‑release formulation of fluticasone propionate designed specifically for eosinophilic esophagitis (EoE), a chronic inflammatory condition that has outgrown its “orphan” reputation as awareness and diagnosis accelerate. With no revenue yet and annual EPS still comfortably in the red, Eupraxia is essentially asking investors to underwrite a thesis: that better drug delivery into the esophageal wall can rewrite the treatment algorithm for a progressive, fibrostenotic disease.

Why EoE Needs More Than a Swallowed Prayer

EoE has evolved from a rare curiosity into a mainstream diagnosis in GI clinics, and its biology is not shy about reminding physicians that inflammation is only half the story. Many patients progress to fibrostenosis—rings, narrowings, and strictures—turning the esophagus into something closer to a stubborn bendy straw than a compliant food tube. Sanofi’s (SNY) Dupixent has earned its place as a foundational biologic with clear anti‑inflammatory benefits, but it does not directly remodel fibrostenotic disease in the way steroids can.

The problem, as Eupraxia frames it, is not steroid pharmacology but delivery. Swallowed topical steroids simply struggle to achieve sustained, high‑enough exposure in the deeper esophageal tissue where fibrosis lives, especially in patients whose anatomy is already distorted by strictures. EP‑104GI attempts to solve this by sidestepping the lumen entirely, placing the drug precisely into the esophageal wall via submucosal injections during endoscopy. It is a simple idea with an elegant twist: if you cannot trust the esophagus to cooperate with gravity and swallowing, you can always come at it from the side.

EP‑104GI: Turning Endoscopy Time Into Therapeutic Time

EP‑104GI uses Eupraxia’s DiffuSphere platform, a microsphere technology in which pure drug crystals are wrapped in a thin polymer shell to control release over months rather than weeks. Instead of a sharp peak followed by a trough—standard fare for many conventional formulations—DiffuSphere is designed to offer a flatter pharmacokinetic profile, maintaining therapeutic levels in local tissue while minimizing systemic exposure. Clinical data across programs suggest a single administration can deliver fluticasone for at least six months in indications such as EoE and osteoarthritis of the knee.

In the RESOLVE Phase 1b/2a trial in adults with active, histologically confirmed EoE, EP‑104GI has shown encouraging early signals. Interim data have included reductions in peak eosinophil counts, improvements in histologic scores (EoEHSS), and meaningful drops in symptom metrics such as the Straumann Dysphagia Index, with mean PEC reductions reported in the 55–67% range at 12 weeks in certain cohorts. Importantly, administration as injections into the esophageal wall has been feasible and generally well tolerated, with investigators noting a safety profile consistent with localized steroid exposure.

For 2026, Eupraxia has guided to a sequence of catalysts that could move the story from proof‑of‑concept toward registration‑quality evidence. Phase 1b/2a updates in the second quarter are expected to showcase six‑month clinical data at the highest doses, while additional histology readouts—including those matching the Phase 2b dose levels—are expected around the third quarter. Because placebo effects on histology in EoE are typically modest, management believes these mid‑stage data could meaningfully foreshadow what the randomized, placebo‑controlled Phase 2b trial—slated to read out in the second half of 2026—may ultimately show.

Target Patient: From PPI Fatigue to Fibrostenotic Rescue

Eupraxia envisions EP‑104GI fitting into multiple segments of the EoE market, reflecting where current standards leave clinical gaps. Proton pump inhibitors are expected to remain first‑line therapy, but non‑responders are often left to navigate a sequence of swallowed steroids and biologics, with varying tolerability and adherence. EP‑104GI could be used post‑Dupixent for patients with residual disease, or even in Dupixent‑naive patients in whom fibrosis and strictures dominate the clinical picture.

In practice, the company expects a subset of PPI non‑responders to either bypass swallowed steroids entirely or use them briefly as a bridge before moving to endoscopically delivered EP‑104GI. That is particularly compelling for patients already undergoing annual surveillance endoscopies to track disease progression, where adding an injection procedure turns a diagnostic encounter into a therapeutic one without an additional trip to the hospital. As one gastroenterologist on Eupraxia’s advisory board has suggested, depth of delivery may prove just as important as dose; getting fluticasone into deeper tissue layers may aid esophageal remodeling beyond what topical approaches can achieve.

Follow the Economics: ASCs, CPT Codes, and the Joy of Buy‑and‑Bill

The clinical narrative is only half the script; the other half is economics, and here Eupraxia is careful to cast gastroenterologists and ambulatory surgical centers (ASCs) in supportive roles. Endoscopy in the U.S. is increasingly concentrated in physician‑owned ASCs, where maximizing procedure slots per day can matter as much as the pathology. EP‑104GI fits neatly into that ecosystem: it is administered during a procedure physicians already perform, using an infrastructure they already control.

Reimbursement mechanics may further sweeten the pitch. Eupraxia points to an existing CPT code for a single submucosal injection that averages about 250 dollars under Medicare; physicians could plausibly bill two to four injections per case, translating into an incremental 500 to 1,000 dollars per procedure on top of existing facility and professional fees. Because EP‑104GI is expected to be reimbursed under a buy‑and‑bill model, physicians may benefit not only from procedural add‑ons but also from margin on the drug itself, assuming payors cooperate.

Early payor research, according to management, suggests potential annual pricing in the 40,000 to 60,000 dollar range without onerous step‑edit requirements, with more than 60,000 dollars per year likely requiring prior failure on swallowed steroids. For a progressive, procedure‑intensive disease affecting a growing, often commercially insured population, that pricing profile could be competitive with biologic benchmarks while leaning on the unique value proposition of fibrosis‑modifying steroid delivery. In Wall Street shorthand, if the data deliver, the coding already exists and the spreadsheet knows how to handle buy‑and‑bill.

Valuation: Discounting Today’s Losses, Pricing Tomorrow’s Microspheres

Cantor values Eupraxia using a probability‑adjusted discounted cash flow model, projecting cash flows through 2035 with a 12% discount rate and a zero percent terminal growth assumption. That exercise yields an implied equity value of roughly 1.4 billion dollars—including cash—supporting the 12‑month price target of 19 dollars per share versus the current 8.35 dollars quote. The model bakes in estimated cash and share count as of the end of the third quarter of 2026, a time frame that should capture the impact of the Phase 2b readout and any near‑term financing.

On that front, Eupraxia has flagged a substantial block of deeply in‑the‑money warrants that are either expiring or being exercised in the near term, potentially bringing in 30 to 40 million dollars in additional capital. While warrant overhang can pressure a stock in the short run, Cantor frames that as a feature rather than a bug—a temporary liquidity event that, if it knocks the share price, might offer patient investors an entry point into what it labels one of its top picks for 2026. Meanwhile, external validation of the DiffuSphere technology from programs such as EP‑104IAR in knee osteoarthritis—where a Phase 2b trial met its primary endpoint with durable pain control and favorable metabolic safety—adds a second, orthopedically inclined leg to the valuation stool.

Risks: From Esophageal Ambition to Regulatory Reality

For all its elegance, the investment case still comes with standard biotech footnotes printed in bold. Eupraxia is pre‑commercial, which means clinical trial outcomes, not quarterly revenue beats, drive the story; failure to reproduce early RESOLVE signals at scale, or safety surprises as doses escalate and cohorts expand, could materially impair the thesis. Regulators will demand robust, reproducible data spanning clinical symptoms, histology, and safety in both Phase 2b and eventual registrational programs, and the bar in EoE is rising as more agents enter the field.

Commercial risk is equally real. EoE already boasts approved therapies across both steroids and biologics, and Dupixent in particular has the advantage of entrenched prescriber familiarity. Convincing clinicians to alter well‑worn treatment patterns in favor of an injection‑based implant will require not just data, but also user‑friendly procedure logistics and clear reimbursement; a misstep on any of those fronts could slow uptake. Finally, with no recurring revenue base today, Eupraxia will likely need additional partnerships or financings to carry EP‑104GI through late‑stage development and initial commercialization, exposing current shareholders to potential dilution if capital markets become less forgiving.

For now, though, Wall Street appears willing to reserve a front‑row seat in the endoscopy suite. If DiffuSphere delivers on its promise—delivering the right steroid to the right layer of tissue for the right duration—Eupraxia’s esophagus‑centric strategy may prove to be more than just a clever twist on an old drug. It might be the rare biotech story where microspheres, not macroeconomics, do most of the talking.

Sources

[1] file-1.pdf https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/24996935/1c2aad4b-cd9f-4f75-940a-3e38c6ca9f81/file-1.pdf
[2] Eupraxia’s DiffuSphere™ Technology Demonstrates Targeted Drug … https://www.prnewswire.com/news-releases/eupraxias-diffusphere-technology-demonstrates-targeted-drug-release-while-minimizing-systemic-exposure-for-a-period-of-more-than-six-months-302311140.html
[3] Pipeline Prospector 2025 highlights: FDA approves pill version of … https://www.pharmacompass.com/pipeline-prospector-blog/pipeline-prospector-2025-highlights-fda-approves-pill-version-of-novo-s-wegovy-biomarin-acquires-amicus-for-us-4-8-bn
[4] A Trial to Evaluate EP-104GI in Adults With Eosinophilic Esophagitis … https://clinicaltrials.gov/study/NCT05608681
[5] Eupraxia Pharma Reports RESOLVE Trial Data on EP-104GI for … https://synapse.patsnap.com/article/eupraxia-pharma-reports-resolve-trial-data-on-ep-104gi-for-eosinophilic-esophagitis
[6] [PDF] Initial Results from RESOLVE, a Phase 1b/2a Dose-Escalation … https://www.eupraxiapharmaceuticals.com/wp-content/uploads/2025/08/2024_09_10_ISDE-2024-EoE-poster_FINAL.pdf
[7] [PDF] Results from RESOLVE, An Ongoing Phase 1b/2a Study of EP … https://eupraxiapharma.com/wp-content/uploads/2025/09/UEG2025-RESOLVE-w36-090925-FINAL.pdf
[8] A Trial to Evaluate EP-104GI in Adults With Eosinophilic Esophagitis … https://ctv.veeva.com/study/a-trial-evaluating-ep-104iar-in-adults-with-eosinophilic-esophagitis
[9] Eupraxia Pharmaceuticals Virtual KOL Event on EP-104GI Clinical … https://lifescievents.com/event/eupraxia/
[10] Eupraxia Pharmaceuticals Initiates Phase 3 Development Program … https://firstwordpharma.com/story/5823820
[11] Eupraxia Begins Phase 2b EP-104GI Trial for Eosinophilic Esophagitis https://synapse.patsnap.com/article/eupraxia-begins-phase-2b-ep-104gi-trial-for-eosinophilic-esophagitis
[12] Eupraxia Pharmaceuticals Announces Positive Data in Ongoing … https://www.bctechnology.com/news/2025/11/3/Eupraxia-Pharmaceuticals-Announces-Positive-Data-in-Ongoing-RESOLVE-Trial-in-Eosinophilic-Esophagitis-and-and-Plans-for-Expansion.cfm
[13] Diffusphere Intraarticular Injectable Technology – LAPaL https://lapal.medicinespatentpool.org/technology/diffusphere-intraarticular-injectable-technology
[14] XBiotech Vs Eupraxia Pharmaceuticals: Which is a Better Buy? AI … https://danelfin.com/stocks/XBIT-xbiotech-vs-EPRX-eupraxia-pharmaceuticals-compare
[15] Forecast – XBIT Stock Price Prediction – Intellectia AI https://intellectia.ai/stock/XBIT/forecast
[16] Eupraxia Pharmaceuticals Announces Positive Data from Fifth … https://www.prnewswire.com/news-releases/eupraxia-pharmaceuticals-announces-positive-data-from-fifth-cohort-of-resolve-phase-1b2a-trial-of-ep-104gi-for-treatment-of-eosinophilic-esophagitis-302303421.html

Index recap for the week

Macro drivers and AI jitters

Sector and single‑stock highlights

VP Watchlist Updates

Eupraxia Pharmaceuticals (NASDAQ: EPRX)

Modular Medical (NASDAQ: MODD)

GeoVax Labs, Inc. (NASDAQ: GOVX)

flyExclusive, Inc. (NYSE American: FLYX)

DoubleVerify Holdings Inc. (NYSE: DV)

The InterGroup Corporation (NASDAQ: INTG)

Serina Therapeutics (NYSE American: SER)

Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO)

NVIDIA (NVDA)

McDonald’s (MCD)

Nokia (NOK)

Opendoor Technologies (OPEN)

Fastly (FSLY, $18.26, +113.07% over the last 5-days)

The Sources

The Sources

Today in the Markets – Thursday, Feb. 12, 2026

AI “Scare Trade,” Gold, Silver and Crypto

Sector and Style Trends

VP Watchlist Updates

Eupraxia Pharmaceuticals (NASDAQ: EPRX)

Modular Medical (NASDAQ: MODD)

GeoVax Labs, Inc. (NASDAQ: GOVX)

flyExclusive, Inc. (NYSE American: FLYX)

DoubleVerify Holdings Inc. (NYSE: DV)

The InterGroup Corporation (NASDAQ: INTG)

Serina Therapeutics (NYSE American: SER)

Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO)

Fastly (FSLY, $16.04, +72.29% today)

McDonald’s (MCD, $332.08, +2.74%)

The Sources

“Behavior Changes” – McDonald’s and Lilly Read the Same Tea Leaves

Eli Lilly’s GLP-1 Engine: Mounjaro, Zepbound, and the Pill on Deck

When One Side’s Revenue Growth Is the Other Side’s Check Size

Protein, Portions, and the GLP-1 Playbook Under the Arches

GLP-1 Users Aren’t Ditching Restaurants—They’re Editing the Order

Value Meals, Smaller Appetites, and Bigger Pharma

The Long-Term Question: Diet Casualty or GLP-1-Compatible Comfort Food?

The Sources

Why Indiana, and Why Now?

Jobs, Growth, and a New Local “Export”

Powering a Gigawatt Data Center—Responsibly

Community Givebacks in the Age of Compute

The AI Infrastructure Race, with a Midwestern Accent

Timeline: From Groundbreaking to Go-Live

Premium Pricing Signals Investor Confidence

Optional Upsize and a War Chest of Liquidity

Strategic Uses: From AI to U.S. Government Space

Cleaning Up the Past: Repurchases and Equity Issuance

Building on Earlier Financing Momentum

The Bigger Picture: Space, Smartphones, and Shareholders

Index performance

Macro and Fed narrative

Sector and stock movers

Broader market tone

VP Watchlist

Indices: Dow Holds the High Ground

Macro & Fed: Data on Deck, Yields Steady

Sectors & Themes: Tech Cools, Financials and Cyclicals Lean In

Notable Stock & Style Moves

Commodities, Crypto & Cross-Asset Color

S&P 500, Dow, Nasdaq and Russell

Macroeconomic Reports, Tariffs and the Fed

Megacap Tech and AI: NVDA, TSM, MU, AAPL, TSLA, AVGO, META, INTC, PLTR

Blue Chips, Cyclicals and Special Situations: LLY, NOK, MCD, RIO, ORCL, OKLO, Opendoor

Deals, IPOs, Commodities and Crypto

Vista Partners Watchlist Updates

Why EoE Needs More Than a Swallowed Prayer

EP‑104GI: Turning Endoscopy Time Into Therapeutic Time

Target Patient: From PPI Fatigue to Fibrostenotic Rescue

Follow the Economics: ASCs, CPT Codes, and the Joy of Buy‑and‑Bill

Valuation: Discounting Today’s Losses, Pricing Tomorrow’s Microspheres

Risks: From Esophageal Ambition to Regulatory Reality

Sources

Your Guide To Staying Informed In The Markets