Economic themes expected to feature prominently in President Trump's State of the Union address tonight. The speech coming just days after the Supreme Court struck down the president's so-called reciprocal tariffs. Joining us right now is Jason Ferman, former chair of the Council of Economic Advisors and Harvard's Kennedy School professor.Good morning to you. I imagine we will hear a lot about tariffs this evening. Curious is what your reaction to the Supreme Court ruling was and what you think the real imp ...

As it always does following each quarter, Berkshire Hathaway recently disclosed the stocks it held in its massive equities portfolio at the end of the fourth quarter of 2025. This is a particularly special filing for followers of Berkshire because it will ultimately be the last quarter that Warren Buffett was CEO of the company he led for over six decades and built into one of the greatest wealth-generating machines in history. While Buffett will remain chairman of the board of directors, the 95-year-old ...

Would you be shocked to learn that Amazon (NASDAQ: AMZN) stock has underperformed the broad market indices over the past five years? That's right: Even though the mega-technology company keeps posting impressive growth figures, it is only up 23% cumulatively from five years ago. The S&P 500 (SNPINDEX: ^GSPC) has produced a total return of 88% over that same time frame. Amazon's stock has underperformed the index due to investor concerns about losing the race in artificial intelligence (AI), large capital ...

ServiceNow's CEO is one of the first software execs buying shares in their own companies in the wake of the SaaS sell-off.Given that technology stocks have been fueling the stock market's gains for the past several years, you might find it surprising that one of the most beaten-up groups of stocks lately is part of the tech sector. The artificial intelligence (AI) tide has not lifted all boats, and the software-as-a-service (SaaS) space has been battered over the past year due to rising concerns that AI sys ...

AI has thrown a wrench into various pockets of the stock market this year. An investment chief says it also has the potential to cause problems in the debt market. Over the last few weeks, AI updates from Anthropic and other firms have threatened business models in numerous industries, but perhaps none more than software. Publicly traded software firms have seen their share prices decline sharply, and private companies have delayed IPOs after seeing valuations fall.The rout has created concerns that some fi ...

Investment Rating - The report indicates a strong positive outlook for the fintech sector, with significant growth in venture capital (VC) activity and deal values, suggesting a favorable investment environment for 2026. Core Insights - Fintech VC deal value surged in Q4 2025 to $17.3 billion, a 114.3% year-over-year increase, bringing the full-year total to $42.8 billion, the highest since 2022 [9][11] - Median fintech deal sizes increased across all stages in 2025, reflecting a shift toward larger rounds and higher capital concentration, driven by AI premiums [9][12] - B2C fintech drove Q4 megadeals, while enterprise fintech is expected to dominate investor attention in 2026 [9][13] - Exit activity reached its highest level since 2021, with $67.6 billion in total value, indicating a robust IPO and deal pipeline for 2026 [9][21] Fintech Landscape - The fintech landscape includes various segments such as alternative lending, capital markets, commercial finance, payments, and wealthtech [7] Quarterly Analysis - VC funding for fintech companies was robust in Q4 2025, with a total deal value of $17.3 billion, up 86.7% quarter-over-quarter and 114.3% year-over-year [11] - The overall median deal size in 2025 was $6 million, up 25.4% from 2024, with significant increases across all stages [12] - Enterprise fintech captured 58.3% of total fintech VC deal value in 2025, while B2C fintech saw larger deals in Q4 2025 [13] Thematic Updates - Stablecoin adoption is expected to grow significantly in 2026, with a market cap increase of 45.9% year-over-year to $299 billion [34][35] - Tokenization of real-world assets is accelerating, with major financial institutions adopting blockchain technologies for efficiency [38][39] - Prediction markets are emerging as a significant financial asset class, with weekly volumes surpassing $5 billion [45][46] Fintech VC Deal Summary - In 2025, the top fintech segments by VC deal value were credit & banking ($8.5 billion), wealthtech ($8.3 billion), and payments ($6.5 billion) [19] - Notable Q4 deals included Revolut's $3 billion round and Polymarket's $2 billion Series D [20] VC Exits - In 2025, disclosed VC exit value rose 272.2% year-over-year to $67.6 billion, with a significant number of public listings contributing to this increase [21][28] - Key acquisitions in Q4 included Xero's $2.5 billion acquisition of Melio and Ripple's $1.3 billion acquisition of Hidden Road [24][63]

Core Viewpoint - The article discusses Apple's significant investment of $600 billion in the United States over the next four years, aimed at reshoring its chip supply chain amid rising tensions with China and the need for greater domestic manufacturing capabilities [2]. Group 1: Investment and Reshoring Efforts - Apple is committing to invest $600 billion in the U.S. over the next four years to reduce dependence on foreign chip manufacturing [2]. - The reshoring initiative is driven by the need to mitigate risks associated with relying on Taiwan for advanced chips, especially given geopolitical tensions [8][9]. - The Arizona facility of Taiwan Semiconductor Manufacturing Company (TSMC) is a crucial part of Apple's reshoring strategy, with a projected cost of $165 billion [13]. Group 2: Supply Chain and Manufacturing Processes - The supply chain begins with silicon wafers produced from pure sand sourced from North Carolina, which are essential for chip manufacturing [4]. - TSMC's Arizona site is still under development, with only one fabrication plant currently operational, while two more are under construction [13][14]. - The complexity of chip manufacturing means that the Arizona facility may not reach production levels comparable to Taiwan for a decade or more [14]. Group 3: Challenges and Future Outlook - Apple faces challenges in scaling up production in the U.S. due to the intricate nature of chip manufacturing, which requires advanced infrastructure and equipment [15]. - The company is currently producing 10,000 wafers per month at the Global Wafers facility, but achieving the necessary quality and purity for Apple’s standards is a lengthy process [6][7]. - Despite the investment and efforts, Apple's overall manufacturing footprint in the U.S. remains small compared to its global operations, with less than 1 million Mac Minis sold annually compared to around 240 million iPhones [27][28].

Core Viewpoint - The ongoing tech sell-off in the U.S. is significantly influenced by developments in AI, with IBM experiencing its steepest drop in history, reflecting broader market concerns about the tech sector's sustainability amidst AI advancements [1][5]. Group 1: Market Dynamics - The tech sector is under pressure, with a notable sell-off driven by fears that AI advancements are cannibalizing traditional tech stocks [2][3]. - FAANG ETFs and software stocks like Salesforce and Adobe are among the first to feel the impact, indicating a broader trend of U.S. investors divesting from tech [3][9]. - The consumer discretionary, tech, and financial sub-indices of the S&P 500 remain negative year-to-date, highlighting the rapid growth of investor fears [9]. Group 2: AI Developments - IBM's recent price action is linked to the emergence of AI programs like Anthropic's 'Claude,' which are seen as potential competitors to existing software solutions [5][9]. - Agentic AI, which can autonomously create code and fulfill roles traditionally held by humans, poses a significant threat to companies like Adobe and Salesforce, potentially reducing their revenue from SaaS contracts [6][9]. - The speculative nature of AI's impact on the economy is underscored by a report suggesting that AI could lead to a 'Ghost GDP,' where economic activity does not translate into consumer spending [14][15]. Group 3: Speculative Insights - A speculative blog post titled "The 2028 Global Intelligence Crisis" has contributed to market panic, suggesting that AI disruption could lead to a collapse in labor GDP and the mortgage market [11][12]. - The report's narrative resonates with existing market fears, indicating a consensus view among investors regarding the potential negative implications of AI on the economy [12][15]. - The concept of a 'Ghost GDP' suggests that while investments in AI may increase, they do not benefit the workforce, leading to decreased consumer spending and economic downturn [14][15].

智通财经获悉，据知情人士透露，在股价暴跌导致市值蒸发近一半后，数字支付先驱PayPal(PYPL.US) 正吸引潜在买家的收购兴趣。受此消息提振，该股周一收涨5.76%，盘中一度上涨9.7%。而其他支付公 司的股价周一普遍因Cattrina Research发布的一份关于人工智能(AI)可能对全球经济各领域构成风险的报 告而下跌。 前首席执行官亚历克斯·克里斯(Alex Chriss)在本月因其转型计划未能达到预期而被免职。该公司2025年 第四季度利润和营收均未达到分析师预期，且支付交易量持续放缓。 不过，瑞穗证券分析师表示，鉴于PayPal是"全球四大知名支付网络之一"，该公司目前"被严重低估";该 公司年交易额接近2万亿美元，并拥有"美国最具影响力的P2P网络"Venmo。KBW分析师也在给客户的 报告中表示，PayPal的网络资产稀缺且具有战略价值，特别对于那些"试图在代理型商务领域发挥更大 作用"的公司而言可能尤为重要。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 知情人士称，这家总部位于加利福尼亚州圣何塞的公司在收到意向方主动接触后已与多家银行会面。其 中至少有一家大型竞争对手正 ...

Paymentus (NYSE:PAY) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Company ParticipantsCraig Maurer - Managing Director of ResearchDavid Hanover - Head of Investor RelationsDushyant Sharma - CEOSanjay Kalra - CFOWill Nance - VPConference Call ParticipantsDarrin Peller - Managing Director and Senior AnalystMadison Suhr - Research AnalystTien-Tsin Huang - Senior AnalystOperatorGood day, and welcome to the fourth quarter and full year 2025 Paymentus Earnings Conference Call. This call is being recorded. ...