A Unified World View for 2026-2029
February 2026. The world has changed more in the past 18 months than in the previous decade. AI went from research curiosity to the largest capital expenditure cycle in history.
| Date | Change | New Level |
|---|---|---|
| Sep 2024 | -50bp | 4.75-5.00% |
| Nov 2024 | -25bp | 4.50-4.75% |
| Dec 2024 | -25bp | 4.25-4.50% |
| Sep 2025 | -25bp | 4.00-4.25% |
| Oct 2025 | -25bp | 3.75-4.00% |
| Dec 2025 | -25bp | 3.50-3.75% |
Key Development: Kevin Warsh has been nominated as the next Fed Chair. His "interest-rate agenda" may signal a different approach to monetary policy.
| Metric | Reading | Date | Trend |
|---|---|---|---|
| CPI (Headline) | 2.7% YoY | Dec 2025 | ⚠️ Sticky |
| CPI (Core) | 2.6% YoY | Dec 2025 | ⚠️ Sticky |
| PCE (Headline) | 2.8% YoY | Nov 2025 | ⬆️ Rising |
| Next CPI Release | Feb 13, 2026 | ||
| Next PCE Release | Feb 20, 2026 | ||
Key Insight: We're likely to remain in a 2.5-3.5% inflation regime. This "new normal" favors real assets, pricing power, and companies that can pass through costs.
The combination of elevated dollar AND elevated gold is unusual. It suggests global uncertainty and inflation hedging, not pure risk-on or risk-off. Markets are hedging multiple scenarios simultaneously.
| Indicator | Reading | Signal |
|---|---|---|
| Unemployment Rate | 4.4% | ⚠️ Rising (was 4.2%) |
| Nonfarm Payrolls (Dec) | +50,000 | ⚠️ Very Weak |
| 2025 Total Job Gains | 584,000 | ⚠️ Avg ~48k/month |
| Part-time (Econ Reasons) | 5.3M | ⚠️ +980K YoY |
| Long-term Unemployed | 1.9M | ⚠️ +397K YoY |
The Picture: The labor market is cooling—perhaps faster than the headline unemployment rate suggests. Job gains have decelerated dramatically (48k/month in 2025 vs. 200k+ in 2023). This is late-cycle behavior.
| Timeframe | Probability | Confidence |
|---|---|---|
| Next 12 months | 25-30% | Medium |
| Next 24 months | 35-40% | Medium |
| 2026-2029 period | 50-55% | Low |
| Metric | Current | 10Y Avg | 25Y Avg |
|---|---|---|---|
| P/E (TTM) | ~23x | 19.5x | 18.0x |
| P/E (Forward) | ~20x | 17.0x | 16.0x |
| CAPE | ~35x | 28x | 25x |
VIX at 17 = protection is cheap. That's the time to buy insurance, not when the house is already on fire. Fair value S&P: 5,500-6,000. Upside: 7,500 if AI delivers. Downside: 5,000 in recession.
The world needs to double electricity generation by 2040. This isn't climate politics—it's physics and math:
The energy transition is not about replacing fossil fuels—it's about adding massive new capacity while maintaining reliability.
The "peace dividend" era (1991-2020) is definitively over:
Why Mexico & LATAM Win:
AI is not like mobile or cloud. It's faster, broader, more capital-intensive, and more concentrated.
Two Phases of AI Value Creation:
The company that owns the inference API owns the customer relationship—forever. Training is a fixed cost; inference is recurring revenue that scales with adoption.
| Thesis | Core Idea |
|---|---|
| AI Infrastructure (Build-out) | Chips, memory, power — the current capex phase |
| AI On-Demand (Inference) | The end-game: inference as a service, platform value |
| Data Center Infrastructure | The physical layer of digital economy |
| On-Device AI (Edge) | AI everywhere, not just cloud |
| Value Innovators | AI-enhanced moats, not AI disruption |
| Quantum Computing | The 10-year option |
| Thesis | Core Idea |
|---|---|
| Nuclear/Uranium Renaissance | The comeback kid of energy |
| Copper & Critical Minerals | The new oil |
| Natural Gas & LNG | The transition fuel that won't quit |
| Clean Energy | Deflationary forces at work |
| Thesis | Core Idea |
|---|---|
| Defense & Geopolitical | End of the peace dividend |
| LATAM Fintech (Nearshoring) | Mexico's moment |
| India | The next China (but different) |
| Vietnam & Southeast Asia | Manufacturing diversification play |
| China Tech | The contrarian play |
| Thesis | Core Idea |
|---|---|
| GLP-1s & Metabolic Health | The biggest healthcare innovation since statins |
| Longevity/Anti-Aging | The next frontier in healthcare |
📦 ETF: SMH (VanEck Semiconductor), AIQ (Global X AI & Tech)
We are witnessing the most significant infrastructure buildout since the internet era. Hyperscalers are deploying unprecedented capital—over $650B projected for 2026 alone.
Why This Thesis Matters: This is the foundational investment thesis of the decade. Every subsequent wave of AI value creation depends on the physical layer being built right now. The visibility is exceptionally high—when NVIDIA reports $53B in free cash flow, that's not a model—it's cash in the bank.
| Company | 2026 Capex | YoY Change |
|---|---|---|
| Amazon | $200B | +75% |
| Alphabet | $175-185B | +110% |
| Microsoft | $80-90B | +60% |
| Meta | $65-75B | +50% |
| TOTAL | ~$525B+ | +65% |
| Ticker | Company | Mkt Cap | FCF net SBC | FCF Yield | Rev Gr YoY | Conv |
|---|---|---|---|---|---|---|
| NVDA | NVIDIA | $4.65T | $71.3B | 1.53% | +114% | 9/10 |
| GOOGL | Alphabet | $3.93T | $48.3B | 1.23% | +14% | 7/10 |
| MSFT | Microsoft | $3.07T | $65.2B | 2.13% | +15% | 8/10 |
| AMD | AMD | $353B | $5.1B | 1.44% | +24% | 7/10 |
| MU | Micron (HBM) | $436B | $370M | 0.08% | +62% | 8/10 |
| VST | Vistra (Power) | $48B | $1.8B | 3.75% | +8% | 8/10 |
| ANET | Arista Networks | $178B | $3.1B | 1.74% | +20% | 7/10 |
| VRT | Vertiv (Cooling) | $78B | $1.3B | 1.67% | +25% | 7/10 |
NVDA: Undisputed leader in AI accelerators with 80%+ market share. CUDA ecosystem creates multi-year switching cost moat.
MU (Micron): Pure-play on HBM (High Bandwidth Memory). HBM revenue grew 400%+ YoY. US-based, benefiting from CHIPS Act.
VST (Vistra): Owns largest fleet of natural gas peaker plants in Texas (ERCOT), where AI data centers are being built.
Bull Case: AI is the new electricity. Winner-take-most dynamics create durable moats.
Bear Case: DeepSeek efficiency shock showed 10x efficiency possible; custom chip commoditization eroding NVIDIA margins.
📦 No pure-play ETF exists yet
While the current AI capex cycle focuses on training models, the long-term value accrues to whoever controls the inference layer. Training is a one-time cost; inference is recurring revenue that scales with adoption.
Think of AI On-Demand as "AI as utility." The company that owns the inference API owns the customer relationship. OpenAI's API, Google's Vertex AI, Amazon's Bedrock, Microsoft's Azure OpenAI—these are the tollbooths of the AI economy. — Per Ben Thompson, Stratechery
This is a critical distinction that many investors conflate. These are two complementary approaches, not competitors:
| Aspect | AI On-Demand (Cloud) | AI On-Device (Edge) |
|---|---|---|
| Where it runs | Cloud servers (AWS, Azure, GCP) | User's device (iPhone, laptop, car) |
| Latency | Higher (network round-trip) | Lower (local processing) |
| Privacy | Data goes to cloud | Data stays on device |
| Cost model | Pay per query (API pricing) | One-time (hardware purchase) |
| Model size | Large models (175B+ parameters) | Smaller models (7B-30B parameters) |
| Best for | Complex tasks, enterprise, research | Personal assistants, privacy-sensitive, real-time |
| Leaders | GOOGL, MSFT, AMZN | AAPL, QCOM |
Why Both Matter — The Hybrid Future:
| Ticker | Company | Role | Conv |
|---|---|---|---|
| AAPL | Apple | Apple Intelligence + Neural Engine (on-device moat) | 8/10 |
| GOOGL | Alphabet | Vertex AI + Gemini (most advanced proprietary models) | 8/10 |
| MSFT | Microsoft | Azure OpenAI + Copilot (enterprise distribution) | 8/10 |
| AMZN | Amazon | Bedrock + Anthropic partnership | 7/10 |
| META | Meta | Llama ecosystem (open-source moat) | 6/10 |
Why Apple is Core: AAPL controls the entire stack—silicon (Neural Engine), OS (iOS/macOS), and distribution (2B+ active devices). Apple Intelligence runs on-device: zero latency, maximum privacy, no cloud dependency.
Bull Case: Inference will generate 10x more revenue than training over the AI lifecycle. Platform owners capture recurring revenue with improving margins.
Bear Case: Open-source models (Llama, DeepSeek) commoditize inference. Chinese alternatives price-disrupt the market.
📦 ETF: URA (Global X Uranium), NLR (VanEck Uranium+Nuclear)
Nuclear is experiencing its most significant resurgence since the 1970s. The "aha moment" came when Microsoft agreed to pay Constellation to restart Three Mile Island.
Why This Thesis Matters: Nuclear is the only carbon-free 24/7 baseload power source. Big Tech needs guaranteed power for data centers that can't tolerate intermittency. Nuclear is the only technology that satisfies both ESG commitments AND reliability constraints.
| Ticker | Company | Mkt Cap | FCF net SBC | FCF Yield | Rev Gr YoY | Conv |
|---|---|---|---|---|---|---|
| CEG | Constellation Energy | $98B | $3.0B | 3.06% | +5% | 8/10 |
| CCJ | Cameco | $52B | $964M | 1.85% | +28% | 7/10 |
| VST | Vistra | $48B | $1.8B | 3.75% | +8% | 8/10 |
| SMR | NuScale Power | $4.8B | N/A | N/A | Pre-rev | 5/10 |
CEG (Constellation): Owns the largest nuclear fleet in the US—23 reactors across 14 plants. When Big Tech needs nuclear PPAs, Constellation is the first call.
CCJ (Cameco): Premier pure-play uranium miner. Controls 18% of global production with highest-quality deposits in Canada.
| Factor | Nuclear | Natural Gas |
|---|---|---|
| Emissions | Zero carbon | Still fossil fuel (~50% of coal) |
| Reliability | 24/7 baseload, 90%+ capacity factor | Intermittent dispatch, 40-50% factor |
| Price Stability | Fixed fuel cost for decades | Volatile commodity exposure |
| AI Compatibility | Consistent power for always-on compute | Price/supply volatility disrupts planning |
Big Tech Is Voting with Contracts: Microsoft (20-yr PPA with Constellation), Google (500MW with Kairos Power for SMRs), Amazon ($500M in X-energy). Not one major tech company has signed significant long-term deal with LNG for data center power.
📦 ETF: XBI, IBB
GLP-1s deliver 15-25% weight loss—approaching surgical results. Peak sales: $100-150B by 2030. 42% of Americans obese; 650M+ globally could benefit.
| Ticker | Company | Mkt Cap | FCF Yield | Rev Gr | Conv |
|---|---|---|---|---|---|
| NVO | Novo Nordisk | $166B | ~5.0% | +26% | 8/10 |
| LLY | Eli Lilly | $993B | 0.31% | +32% | 7/10 |
| HIMS | Hims & Hers | $4.3B | 4.19% | +69% | 6/10 |
⚠️ Risk Update (Feb 2026): HIMS launched low-cost Wegovy copycat. NVO down 21% on forecast cut. Compounding pharmacy competition intensifying.
The Trump administration announced "Most-Favored-Nation" pricing deals with Novo Nordisk and Eli Lilly, dramatically reducing costs for American patients:
| Drug | Old Price | New Price | Discount |
|---|---|---|---|
| Wegovy (NVO) | ~$1,350/month | $199/month | 85% |
| Ozempic (NVO) | ~$1,000/month | $350/month | 65% |
| Zepbound (LLY) | ~$1,000/month | $299/month | 70% |
| Medicare GLP-1s | Varies | $50/month | — |
Impact Assessment — Uncertain:
Investment Implication: This is NOT a "sell immediately" event. It's a "watch Q2/Q3" event. Position sizing should reflect uncertainty.
📦 ETF: COPX, PICK
Copper is the "metal of electrification." EVs use 4x more copper. Supply constrained for 10-15 years. Goldman Sachs calls copper "the new oil."
Top Pick: FCX Freeport-McMoRan ($87B, $1.37B FCF, 7/10 conviction)
Bull Case: Electrification is structural; supply inelastic; AI/data centers are new demand.
Bear Case: China slowdown (50%+ of demand); recession demand destruction.
📦 ETF: VPN, SRVR
AI racks generate 10-30kW vs 5kW traditional. Liquid cooling now mandatory. Power is the binding constraint—makes existing capacity more valuable.
| Ticker | Company | FCF Yield | Rev Gr | Conv |
|---|---|---|---|---|
| VRT | Vertiv | 1.67% | +25% | 7/10 |
| EQIX | Equinix | 4.40% | +7% | 7/10 |
| ANET | Arista | 1.74% | +20% | 7/10 |
| CRWV | CoreWeave | N/A | +737% | 6/10 |
CRWV in hypergrowth with massive capex. Backed by NVIDIA ($2B investment Jan 2026).
📦 ETF: ROBO, ARKQ
Three forces converging: Demographics (labor shortages), Reshoring (automation required), AI Capability (robots can now handle variability).
Top Picks: TSLA (Optimus), ISRG (Intuitive Surgical), ROK (Rockwell)
Note: Moved to Watchlist in portfolio—thesis strong but pure-play investments haven't proven economics yet.
AI-enhanced moats, not AI-threatened. Proven FCF generators trading at reasonable valuations.
| Ticker | Company | FCF Yield | Rev Gr | Why Selected |
|---|---|---|---|---|
| DUOL | Duolingo | 5.04% | +40% | 40% profit margin, AI-generated lessons at marginal cost |
| ZETA | Zeta Global | 3.83% | +28% | 235M+ consumer data moat, irreplicable |
| HIMS | Hims & Hers | 4.53% | +69% | Telehealth + pharmacy moat (💰 value opportunity) |
| OSCR | Oscar Health | 15.18% | +56% | Tech-native health insurer, $516M FCF |
Excluded: Chegg (AI-threatened), The Trade Desk (30x revenue), Teladoc (execution issues), Clover Health (questionable unit economics)
650M underbanked population. Nearshoring megatrend strengthens thesis. 8-hour trucking vs 30+ days from Asia; time zone compatibility; 65M+ US Hispanic bridge.
| Ticker | Company | Mkt Cap | Profit Margin | Rev Gr | Conv |
|---|---|---|---|---|---|
| NU | Nubank | $86B | 40% | +38% | 7/10 |
| MELI | MercadoLibre | $102B | 8% | +37% | 6/10 |
| STNE | StoneCo | $4.8B | ~1% | +22% | 5/10 |
NU: 100M+ customers across Brazil, Mexico, Colombia. $9+ ARPAC (average revenue per active customer).
📦 ETF: FCG
Transition fuel of the 2020s. US LNG capacity doubling through 2028. European energy security permanent shift.
| Ticker | Company | FCF Yield | Role | Conv |
|---|---|---|---|---|
| LNG | Cheniere | 4.35% | LNG export leader | 7/10 |
| EQT | EQT Corp | 6.86% | Largest US gas producer | 7/10 |
| CTRA | Coterra | 6.09% | E&P diversified | 7/10 |
| ET | Energy Transfer | 5.17% | Midstream (7.4% div) | 7/10 |
| WMB | Williams | 4.50% | Midstream | 7/10 |
📦 ETF: ITA, XAR
Peace dividend is over. US FY2026 budget: $886B. Lockheed backlog: $194B. NATO Europe spending up 18% in 2025.
Top Picks: LMT (Lockheed), RTX, NOC (Northrop)
⚠️ Why Tactical: Much of the re-rating already happened post-2022. Valuations elevated. Strong hold, not aggressive add.
📦 ETF: SOXX, SMH
Massive upgrade cycle: every phone, laptop, PC will need AI-capable chips within 3-5 years.
| Ticker | Company | FCF Yield | Rev Gr | Conv |
|---|---|---|---|---|
| AAPL | Apple | 2.76% | +4% | 7/10 |
| QCOM | Qualcomm | 6.71% | +17% | 7/10 |
| GOOGL | Alphabet | 1.23% | +14% | 6/10 |
Ranked by FCF Yield (FCF net of SBC / Market Cap). Measures cash generation efficiency per dollar invested.
| Rank | Ticker | Company | Mkt Cap | FCF net SBC | FCF Yield | Thesis |
|---|---|---|---|---|---|---|
| 1 | OSCR | Oscar Health | $3.4B | $500M | 14.71% | Consumer Innovators |
| 2 | EQT | EQT Corp | $35B | $2.4B | 6.86% | Natural Gas |
| 3 | QCOM | Qualcomm | $149B | $10.0B | 6.71% | Edge AI |
| 4 | CTRA | Coterra | $23B | $1.4B | 6.09% | Natural Gas |
| 5 | DUOL | Duolingo | $5.4B | $260M | 4.81% | Consumer Innovators |
| 6 | LMT | Lockheed | $147B | $6.6B | 4.49% | Defense |
| 7 | LNG | Cheniere | $46B | $2.0B | 4.35% | Natural Gas |
| 8 | EQIX | Equinix | $84B | $3.6B | 4.29% | Data Centers |
| 9 | HIMS | Hims & Hers | $4.3B | $180M | 4.19% | Consumer Innovators |
| 10 | WDC | Western Digital | $98B | $3.7B | 3.78% | AI Memory |
| 11 | VST | Vistra | $48B | $1.8B | 3.75% | Nuclear/Power |
| 12 | ZETA | Zeta Global | $4.2B | $145M | 3.45% | Consumer Innovators |
| 13 | CEG | Constellation | $98B | $3.0B | 3.06% | Nuclear |
| 14 | AAPL | Apple | $4.0T | $110B | 2.75% | Edge AI |
| 15 | MSFT | Microsoft | $3.1T | $65B | 2.10% | AI Infrastructure |
| 16 | CCJ | Cameco | $52B | $964M | 1.85% | Uranium |
| 17 | ANET | Arista | $178B | $3.1B | 1.74% | Networking |
| 18 | VRT | Vertiv | $78B | $1.3B | 1.67% | Data Centers |
| 19 | NVDA | NVIDIA | $4.65T | $71.3B | 1.53% | AI Infrastructure |
| 20 | FCX | Freeport | $92B | $1.0B | 1.09% | Copper |
| # | Ticker | Thesis | FCF Yield | Why |
|---|---|---|---|---|
| 1 | NVDA | AI Infra | 1.53% | Dominant AI chips; 80%+ GPU share |
| 2 | GOOGL | AI + Cloud | 1.23% | Diversified AI: Gemini, TPUs, Cloud |
| 3 | CEG | Nuclear | 3.06% | Largest US nuclear fleet; MSFT 20yr PPA |
| 4 | MSFT | AI Infra | 2.13% | Azure AI, Copilot, enterprise moat |
| 5 | QCOM | Edge AI | 6.71% | Snapdragon NPUs; auto opportunity |
| 6 | ANET | Data Centers | 1.74% | 30% hyperscaler networking share |
| 7 | LMT | Defense | 4.49% | $194B backlog; bipartisan support |
| 8 | NU | LATAM | N/A | 100M+ customers; 40% profit margin |
| 9 | EQT | Natural Gas | 6.86% | Largest US gas producer |
| 10 | DUOL | Consumer | 4.81% | 40% profit margin; AI-enhanced moat |
Hold through drawdowns. These are the foundation.
| Thesis | Allocation | Primary Vehicles | Why Core |
|---|---|---|---|
| AI Infrastructure (Build-out) | 18-22% | NVDA, MU, ANET | Proven demand, $53B FCF, irreplaceable |
| AI On-Demand (Inference) | 8-10% | AAPL, GOOGL, MSFT | On-device + cloud platform winners |
| Nuclear/Uranium | 8-10% | CEG, CCJ, URA | 24/7 baseload, supply deficit structural |
Strong theses with specific risks requiring moderate sizing.
| Thesis | Allocation | Primary Vehicles | Why Core |
|---|---|---|---|
| GLP-1s | 5-7% | NVO, LLY | $100B+ market, proven efficacy (TrumpRx: watch volume) |
| Copper & Critical Minerals | 4-6% | FCX, COPX | Electrification structural, supply constrained |
| Data Centers | 5-7% | VRT, ANET, EQIX | Picks-and-shovels, agnostic to winners |
| Consumer Innovators | 3-5% | DUOL, HIMS, OSCR | AI-enhanced moats, proven FCF |
| LATAM Fintech | 3-5% | NU, MELI | Nearshoring + underbanked + proximity |
| Thesis | Allocation | Primary Vehicles | Entry Trigger |
|---|---|---|---|
| On-Device AI | 3-4% | AAPL, QCOM | iPhone upgrade cycle |
| Natural Gas/LNG | 4-6% | LNG, ET, WMB | European security premium |
| Defense | 4-6% | ITA, LMT | NATO rearmament cycle |
Not currently held. Monitoring for better entry points or thesis confirmation.
| Thesis | Target Alloc | Vehicles | Entry Trigger |
|---|---|---|---|
| Robotics & Automation | 4-6% | ROBO, ISRG, TSLA | Humanoid proof-of-concept; labor shortage acceleration |
| Cybersecurity | 2-3% | PANW, CIBR | Valuation compression (CRWD at 40x not 75x) |
| India | 2-3% | INDA, SMIN | Valuation correction (currently 25x+ forward P/E) |
| Thesis | Target Alloc | Vehicles | Entry Trigger |
|---|---|---|---|
| SE Asia (ex-Indonesia) | 2-3% | VNM, EWM | Vietnam fab progress; Malaysia data center growth |
| Space Economy | 1-2% | RKLB, ASTS | Starlink competition clarity |
| Longevity | 0-1% | N/A (mostly private) | First clinical trial success |
| Thesis | Notes | Entry Trigger |
|---|---|---|
| China Tech (KWEB, BABA) | Geopolitical risk; Taiwan scenario | Major discount + policy clarity |
| Bitcoin (IBIT) | Volatility requires timing | Below $50K; sentiment capitulation |
| SMRs (SMR, OKLO) | Pre-revenue | First commercial deployment |
Always maintain cash/T-bills for opportunities. Current target: 12-15%.
When VIX is low (<18)—like now—protection is cheap. That's when you buy insurance, not when the house is already on fire.
| VIX Level | Hedge Allocation | Composition |
|---|---|---|
| <15 | 3-5% | SPY puts, VIX calls |
| 15-20 | 2-3% | Balanced |
| >25 | 0-1% | Let expire; don't add |
| Constraint | Maximum |
|---|---|
| Single stock | 8% |
| Single thesis | 20% |
| Correlated themes (AI complex) | 35% |
| Single country (ex-US) | 10% |
| Speculative positions combined | 10% |
| Cash + hedges minimum | 5% |
| Thesis | Kill Scenario |
|---|---|
| AI Infrastructure | DeepSeek efficiency shock; capex ROI disappoints |
| Nuclear | Safety incident; SMR execution failures |
| Defense | Budget politics; program delays |
| GLP-1s | TrumpRx volume doesn't offset price cuts; competition |
| Copper | China demand collapse; recession |
| LATAM | Currency crisis; political instability |
| China | Taiwan military action |
| Bitcoin | 80% drawdown; regulatory crackdown |
| Trigger | Action |
|---|---|
| Position up >50% | Trim to original weight |
| Position down >30% | Reassess thesis; add if intact, exit if broken |
| Position >8% of portfolio | Mandatory trim |
| Position <1% of portfolio | Exit or size up (no orphans) |
| Thesis | Primary ETF | Ticker | Expense Ratio |
|---|---|---|---|
| AI Infrastructure | VanEck Semiconductor | SMH | 0.35% |
| Nuclear/Uranium | Global X Uranium | URA | 0.69% |
| Defense | iShares Aerospace & Defense | ITA | 0.40% |
| Robotics | ROBO Global Robotics | ROBO | 0.95% |
| Copper | Global X Copper Miners | COPX | 0.65% |
| Data Centers | Pacer Data & Infrastructure | SRVR | 0.60% |
| Natural Gas | First Trust Natural Gas | FCG | 0.60% |
| Edge AI | iShares Semiconductor | SOXX | 0.35% |
| India | iShares MSCI India | INDA | 0.64% |
| Vietnam | VanEck Vietnam | VNM | 0.66% |
| Cybersecurity | First Trust Nasdaq Cyber | CIBR | 0.60% |
| China Tech | KraneShares China Internet | KWEB | 0.69% |
| Bitcoin | iShares Bitcoin Trust | IBIT | 0.25% |
| Date | Event | Impact |
|---|---|---|
| Feb 11 | Vertiv Q4 Earnings | Data center demand |
| Feb 13 | CPI Release (Jan) | Inflation trajectory |
| Feb 20 | PCE Release (Dec) | Fed's preferred measure |
| Feb 25 | NVIDIA Q4 Earnings | AI demand barometer |
| Feb 26 | Cheniere Q4 Earnings | LNG outlook |
| March | Fed FOMC Meeting | Rate path update |