Good Afternoon. AI needs more power than the grid can deliver, migration is flipping the U.S. demographic math, and commodities are whipsawing farmers while consumers just want cheaper chocolate. Add a Ford recall big enough to need its own state and an Nvidia selloff on “good news,” and you’ve got a very “2026” edition today.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Nvidia Beats… and Still Drops 5%

The News: Nvidia slid about 5% Thursday even after reporting a blockbuster quarter, dragging the Nasdaq down ~1.2%. The S&P 500 fell about 0.5%, while the Dow was roughly flat. The move was a reminder that for AI bellwethers, “great” results aren’t always enough when investors are worried about froth and future expectations. In contrast, Salesforce popped after a better-than-expected quarter and tried to calm fears about AI replacing its business. Markets are now looking to results from Dell, Intuit, and CoreWeave for more clues on AI demand and disruption.

Why It Matters: Nvidia is the AI scoreboard—and scoreboards don’t get graded on improvement, they get graded on perfection. When the stock sells off on good news, it usually means the market is asking tougher questions: how sustainable is growth, how fast do margins normalize, and how much AI spend is real ROI versus arms-race capex. The spillover matters: if Nvidia can’t rally on strong numbers, it’s harder for the rest of the AI complex to keep up, especially for anything priced on “2027 dreams.”

What to Watch: Watch Dell/CoreWeave for on-the-ground signals about GPU availability, pricing, and utilization—those are the real-time tells for whether AI demand is accelerating or just getting rearranged. And watch whether software can keep decoupling (like Salesforce did today).
Source: wsj.com

2. Ford Recalls 4.3M Trucks and SUVs Over a Trailer Brake/Light Software Bug

The News: Ford is recalling about 4.3 million U.S. vehicles because a software issue can cause trailer brake lights and turn signals to fail, and on some vehicles can also disable trailer brakes while towing, according to Reuters and NHTSA. The recall covers a huge swath of Ford’s best-sellers, including 2021–2026 F-150, 2022–2026 Super Duty F-250, Expedition, Maverick, Lincoln Navigator, plus some Ranger and E-Transit models. Ford says it will fix the issue via a software update (including over-the-air where supported).

Why It Matters: This is the modern auto industry’s quiet truth: cars are software now, and bugs don’t just crash apps—they can crash trailers. For consumers, this is especially relevant if you tow boats, campers, or work trailers: losing trailer lights/brakes is a real safety risk and a real ticket-magnet. For Ford, it’s another reminder that recall scale is part of the brand story now—investors care because fixes cost money, soak up engineering time, and can hit trust when owners are already juggling high prices and high rates.

What to Watch: Watch the timing of the OTA rollout and owner notifications, because the practical impact depends on how quickly Ford can push the fix to millions of vehicles.
Source: reuters.com

3. Data Center Construction Just Fell for the First Time Since 2020

The News: U.S. data center construction declined for the first time since 2020, not because demand cooled, but because permitting, zoning, and power hookup timelines are clogging the pipeline. Bloomberg (citing CBRE) said capacity under construction fell to about 5.99 GW at end-2025 from 6.35 GW a year earlier.

Why It Matters: This is the AI boom’s least glamorous problem: you can’t train models without megawatts. If new data centers can’t connect for 5–10 years (Google’s Marsden Hanna testified utilities are warning that long), the “AI race” becomes an “energy and permitting race.” That pushes hyperscalers toward desperate workarounds: smaller builds, different geographies, and “behind-the-meter” power deals where they bring their own electrons.

What to Watch: Watch how many 2026 projects slip—Sightline Climate says 30–50% of roughly 16 GW slated for 2026 could be delayed, which would keep capacity tight and prices high. Watch whether Congress and the White House actually deliver permitting reform that shortens transmission timelines (years matter here, not months). And watch local backlash—moratorium proposals are spreading, and community opposition can slow builds even when the grid is ready.
Source: bloomberg.com

4. Net Negative Migration: Americans Left the U.S. Faster Than People Moved In

The News: The U.S. saw net negative migration in 2025—more people left than entered—for the first time since 1935, per a Wall Street Journal investigation. Brookings estimates the net outflow at roughly 150,000 people, with total in-migration falling to about 2.6–2.7 million (down from nearly 6 million in 2023). The WSJ also found at least 180,000 Americans moved to 15 countries with partial/full 2025 data, with more likely as reporting fills in.

Why It Matters: This isn’t just a culture story—it’s a labor force and demand story. Fewer net newcomers means slower workforce growth, which can tighten hiring in some sectors while also shrinking the consumer base that drives everything from rent to retail sales. Brookings estimates reduced immigration flows could shave $60B–$110B from consumer spending across 2025–2026, which is the kind of “quiet drag” that doesn’t show up in one headline print but does show up in earnings calls.

What to Watch: Watch whether 2026 stays negative—Brookings and other analysts have warned the outflow could persist and watch U.S. labor-force and spending data for second-order effects—migration hits the economy slowly, then all at once.
Source: wsj.com

5. Tim Cook Teases a 3-Day Apple Launch Blitz Starting Monday

The News: Tim Cook says Apple’s kicking off “a big week” of product announcements starting Monday morning (March 2), with reveals expected to run through Wednesday (March 4)—when Apple is hosting an in-person “Apple Experience” hands-on event in New York, London, and Shanghai. Rumors (via Mark Gurman reporting aggregated by Apple-watchers) point to a budget iPhone 17e, refreshed iPads, and a potentially revived lower-cost MacBook as the headline items.

Why It Matters: Apple’s “press releases + hands-on” rollout is a tell: it’s trying to keep the news cycle going for days instead of one keynote spike. That matters for the stock because this is less about one hero product and more about Apple’s broader pitch—more devices at more price points, plus the silicon/modem roadmap that keeps people locked into the ecosystem. If the low-cost MacBook rumor is real, it’s also a rare attempt to open a new “entry Mac” lane without undercutting the iPad too hard.

What to Watch: Watch what Apple actually ships versus what leaks predicted and watch for any surprise AI/Apple Intelligence announcements that explain why you should upgrade now (not “someday”).
Source: macworld.com

1. Ivory Coast Is Cutting Cocoa Farmer Prices

The News: Ivory Coast plans a historic reset to clear a backlog of unsold cocoa: it will start the mid-crop season early on March 1 (instead of April) and cut the farmer price to 800–1,000 CFA francs/kg (about $1.45–$1.81), down from the main-crop rate of 2,800 CFA francs/kg, according to Reuters sources. The move follows a pricing standoff after the government set a record main-crop price in October 2025 ahead of elections, while global cocoa prices later fell sharply—making Ivorian beans too expensive for buyers and leaving stockpiles at ports and storage sites.

Why It Matters: Cocoa is a livelihoods story before it’s a chocolate story. A big farmgate cut can get beans moving again and get cash to farmers who’ve been stuck waiting, but it also slams incomes in the world’s biggest cocoa-producing country. For consumers and brands, it’s a reminder that commodity price drops don’t always translate cleanly into cheaper shelves—supply chain contracts and timing matter—but it does lower input pressure if the reset holds. For Ivory Coast, this is also a fiscal reality check: subsidizing exporters to defend an above-market guaranteed price isn’t sustainable if the world price keeps sliding.

What to Watch: Watch the government’s promised pricing announcement by the end of February and whether buyers return fast once the mid-crop pricing is set and watch Ghana: it just cut its own farmgate price, and if both top producers are resetting simultaneously, cocoa could stay volatile even if the logjam clears.
Source: usnews.com

2. IMF Sees U.S. Growth at 2.4%

The News: The IMF’s 2026 Article IV review projects U.S. growth of 2.4% in 2026, calling the economy “buoyant” while warning that trade-policy uncertainty could drag activity more than expected. The IMF also flagged the fiscal trajectory as a growing stability risk, projecting deficits around 7–8% of GDP under current policies and warning debt could climb toward ~140% of GDP by 2031.

Why It Matters: The IMF is basically saying: tariffs are a headline, but uncertainty is the tax—businesses delay investment, supply chains get re-routed inefficiently, and consumers ultimately pay through prices or weaker growth. The bigger punch is fiscal: persistent large deficits mean higher interest costs and less room to respond to the next shock. That’s not a crisis call today—it’s a “you’re spending tomorrow’s flexibility” warning.

What to Watch: Watch whether the administration’s post–Supreme Court tariff strategy becomes more rules-based (clear timelines, narrow scopes) or stays improvisational, because the IMF is explicitly calling out uncertainty as the problem.
Source: imf.org

3. Venezuela Sold ~6 Tons of Gold as U.S. Oil Crackdown Starved It of Dollars

The News: Venezuela’s central bank sold nearly six tons of gold in the second half of 2025, with most of the sales happening in December, Bloomberg reported, citing the bank’s financial statements and local estimates. Reuters-reported central bank figures show Venezuela’s gold reserves fell 11% in 2025 to 47 tons (from 53 tons in 2024), while the value of remaining gold was about $6.63B at end-December thanks to higher prices. The selling lined up with tighter U.S. pressure on Venezuela’s oil trade, including new sanctions aimed at tankers and firms allegedly supporting sanctioned exports.

Why It Matters: This is “sanctions economics” in plain English: if oil dollars get blocked, you sell whatever liquid-ish assets you still control. Gold is one of the last levers Venezuela has to fund imports and stabilize finances when hard-currency inflows drop. But it’s also a slow bleed—once you sell the reserves, they’re gone, and the country’s ability to backstop shocks gets weaker. High gold prices help in the short run (more cash per ounce), but the long-run tradeoff is thinner insurance.

What to Watch: Watch Venezuela’s reported gold reserve levels in upcoming central bank releases—another step-down would signal the cash crunch is ongoing.
Source: bloomberg.com

Q: Why did the teddy bear decline dessert?

A: Because he was stuffed.

A single-celled organism lacking a nucleus and membrane-bound organelles, such as bacteria.

“E. coli is a well-known prokaryote that lives in the human gut and only specific strains, such as E. coli O157:H7, produce toxins that cause severe illness.”

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