Market Overview - The U.S. equity markets are experiencing a mixed performance with a divergence between growth-oriented technology shares and defensive sectors as traders return from the Presidents Day holiday [1] - The Dow Jones Industrial Average (DJI) is up approximately 28 points, or 0.1%, near the 49,500 level, while the Nasdaq Composite (IXIC) is down about 0.2% at 22,546 [2] - The S&P 500 (SPX) remains virtually unchanged, oscillating around its 100-day moving average of 6,836 [2] Sector Performance - The Technology Select Sector SPDR (XLK) is under pressure as investors de-risk from high-multiple software names, while defensive and cyclical sectors are providing support [3] - The Utilities Select Sector SPDR (XLU) has gained 1.5%, indicating strong performance in defensive sectors, while Financials are also outperforming due to stabilizing comments from Federal Reserve officials [3] Technology Sector Developments - Concerns about "AI disruption" are prevalent, with fears of a "SaaS-pocalypse" affecting software giants; Salesforce (CRM) fell 2.6%, Intuit (INTU) declined 5%, and Oracle (ORCL) dropped 4% [4] - Nvidia (NVDA) remains a focal point in the semiconductor space, trading up 1.3% ahead of its critical earnings report next week, while Advanced Micro Devices (AMD) and Micron (MU) are down 2% and 2.6%, respectively [5] Consumer Sector Insights - General Mills (GIS) stock plunged 6.9% after cutting its full-year profit forecast due to "uneasy" customers and a slowdown in household spending [6] - Medtronic (MDT) slipped 2.5% despite beating quarterly estimates, as management warned of potential headwinds from upcoming tariff implementations [6] Mergers and Acquisitions - Danaher (DHR) shares dropped 6% following the announcement of a nearly $10 billion acquisition of Masimo (MASI), whose shares surged 35% on the news [7] - Warner Bros. Discovery (WBD) rose 2.9% amid reports of seeking a "best and final" buyout offer from Paramount (PARA) [7] Economic Data and Upcoming Events - January retail sales were flat, indicating a cautious outlook from major retailers, while the Empire State Manufacturing Index for February reached +7.1, slightly missing expectations but remaining in expansionary territory [8] - Upcoming earnings reports from Palo Alto Networks (PANW) and Devon Energy (DVN) are anticipated to provide insights into cybersecurity spending and energy demand [9] - The Federal Reserve will release minutes from its recent policy meeting, which may offer clues regarding future rate cuts following a moderation in the Consumer Price Index (CPI) to 2.4% [9]

The technology sector has been a great place to put your money over the past few years, as artificial intelligence (AI) and other tech stocks mostly soared. But AI is disrupting so many industries that old tech stalwarts, which once seemed impervious to competition, are being disrupted. That can make picking individual tech-stock winners difficult and is why putting your money into a technology exchange-traded fund (ETF) may be a smart move. Doing so allows you to spread your money across many tech stocks ...

Core Insights - Figma is expected to report quarterly earnings on February 18, 2026, with an anticipated EPS of $0.07 and revenue around $293.2 million, driven by AI-integrated product launches [1][6] Financial Performance - The company forecasts fourth-quarter 2025 revenue between $292 million and $294 million, closely aligning with the Zacks Consensus Estimate of $293 million, primarily due to new AI-integrated products [2] - Operating margins are under pressure from rising costs in research and development, sales, and administrative expenses [2][3] Customer Growth - Figma has added 90,000 new paid teams over the past two quarters, bringing the total customer base to 540,000 [3] - 30% of customers spending $100,000 or more annually are actively using Figma Make on a weekly basis [3] Valuation Metrics - The price-to-sales ratio stands at 11.33, indicating investor willingness to pay $11.33 for every dollar of sales [4] - The enterprise value to sales ratio is 11.15, reflecting a similar valuation relative to sales [4] - The enterprise value to operating cash flow ratio is high at 51.27, suggesting a high valuation compared to cash flow [4] Financial Health - Figma's debt-to-equity ratio is low at 0.044, indicating a conservative approach to leveraging equity [5] - The current ratio of 2.93 demonstrates a strong ability to cover short-term liabilities with short-term assets [5] - Overall financial metrics suggest growth potential and a solid customer base for the company [5]

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Core Insights - Appian (APPN) is expected to report its fourth-quarter 2025 results on February 19, with earnings estimated at 9 cents per share and revenues projected at $189.1 million, indicating a 13.45% year-over-year increase [1][8] - The company has consistently surpassed earnings estimates in the past four quarters, with an average surprise of 268.33% [1] Revenue and Performance - Appian's fourth-quarter performance is anticipated to benefit from record cloud subscription revenues, which increased by 21% year-over-year, and strong Q3 cloud net new ACV bookings, with 90% of new software bookings coming from cloud offerings [2] - The company secured a significant seven-figure software deal for AI deployment, reflecting a 50% year-over-year increase [2] Guidance and Market Conditions - Appian has adopted a cautious stance regarding the potential impact of a government shutdown, estimating a maximum revenue and EBITDA impact of $10 million [3] - The company has raised its full-year Cloud Subscriptions Revenue guidance to a range of $435-$437 million and total revenue guidance to $711-$715 million, with Adjusted EBITDA guidance set at $67-$70 million [6] AI and International Operations - AI is becoming a core strength for Appian, with over 25% of customers currently paying for AI services, and nearly half of AI customers utilizing Intelligent Document Processing [4] - International operations contributed 40% of total revenues, with increased AI adoption expected to have occurred in the fourth quarter, positively impacted by the depreciation of the dollar against foreign currencies [5]

Core Insights - Palantir Technologies Inc (NASDAQ:PLTR) has been a focus for options traders, consistently appearing on the list of most traded stocks over the past 10 days in 2026 [1] - Following a post-earnings increase of 6.9% on February 3, PLTR remains popular among options traders, with over 4.9 million calls and 5.1 million puts exchanged in the last 10 days [2] - PLTR is one of only two stocks where put volume exceeds call volume, indicating a bearish sentiment among traders [2] Options Activity - The most active options during the recent trading period were the 2/6 160-strike call and the weekly 2/13 150-strike call [2] - The total options volume for PLTR over the last 10 days was 10,144,415, with 4,958,904 calls and 5,185,511 puts [3] Stock Performance - PLTR has experienced a decline of 26.3% year-to-date, with shares recently dropping below the 320-day moving average for the first time since May 2023 [3] - Current support levels may be forming around the $130 mark, with the stock last seen at $130.97, down 0.3% [3] Volatility and Pricing - Options for PLTR are currently priced affordably, with a Schaeffer's Volatility Index (SVI) of 54%, ranking in the 18th percentile of its annual range, suggesting low volatility expectations from options traders [5]

Market Sentiment - Current market sentiment reflects a risk-off attitude, with a dissonance between the desire for global reflation and concerns over U.S. trade dynamics, leading to lower bond yields [1] - The market is experiencing fear regarding air spending while simultaneously acknowledging the potential disruption in the software sector [3] Software Sector Insights - Not all software companies are equal; some are collaborating with AI model makers, indicating a differentiation within the sector [4] - The software sector has been recognized for its potential disruption, but the broader market has also faced challenges, with many previously strong adopters now under pressure [8] Earnings and Growth - The Russell 3000 median earnings growth is approximately 11%, a significant increase from low single digits in the previous year, indicating a positive trend in earnings [10] - Earnings reports have been solid, contributing to market stability despite broader economic concerns [9] International Trade and Investment - The recommendation is to focus on international trade, as there are favorable policy and fiscal tailwinds benefiting regions like Japan, Latin America, and Europe [6][7] - The absence of negative factors and real fundamental catalysts, such as defense spending and infrastructure rebuilding, are seen as potential growth drivers [15] Market Dynamics - The market is currently taking a pause on major tech stocks (MAG seven) due to a significant ramp-up in spending and the emergence of alternative markets with momentum [13] - European markets, traditionally trading at a discount to the U.S., may have an opportunity to perform better due to their lower tech exposure [14]

Core Viewpoint - The article discusses the investment strategies and focus areas of The Pragmatic Investor, led by economist James Foord, emphasizing the importance of building diversified portfolios to preserve and increase wealth [1]. Group 1: Company Overview - The Pragmatic Investor is an investing group that covers various sectors including global macro, international equities, commodities, technology, and cryptocurrencies [1]. - The group aims to guide investors of all levels through features such as a dedicated portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for discussions [1]. Group 2: Analyst's Position - The analyst has disclosed a beneficial long position in the shares of a company referred to as APP, indicating a personal investment interest [2]. - The article reflects the author's own opinions and is not influenced by compensation from any company mentioned [2].

Core Insights - The software industry is experiencing a significant downturn due to fears that advancements in artificial intelligence (AI) will disrupt traditional business models, leading to a market value loss of over $1 trillion in early February [1] - Despite the panic selling, companies like Cloudflare and Microsoft are identified as strong buying opportunities, as they are positioned to benefit from AI rather than be harmed by it [1] Group 1: Cloudflare (NET) - Cloudflare's stock has fallen 26% from November highs, influenced by a network outage and concerns over customer retention [1] - The company forecasts 2026 sales between $2.79 billion and $2.80 billion, exceeding analyst estimates of $2.74 billion, driven by AI demand [1] - Cloudflare's role in supporting AI workloads positions it as a "Tier 1 AI winner," with strategic partnerships and high switching costs enhancing its competitive edge [1] Group 2: Microsoft (MSFT) - Microsoft shares are down 18% year-to-date, with a 12% drop following its fiscal Q2 earnings report due to rising capital expenditures for AI infrastructure [1] - The company reported Q2 revenue of $81.3 billion, with Azure cloud growth stable at 37% to 38%, despite facing capacity constraints from AI chip shortages [1] - Microsoft's heavy reliance on OpenAI, which accounts for 45% of its remaining performance obligations, raises concerns about over-dependence, but its fundamentals support long-term growth in the AI era [1]

CEO Dan Leib said the company delivered solid full-year results despite economic volatility, including software solutions net sales growth of 8.7%, higher adjusted EBITDA, record adjusted EBITDA margin, and higher free cash flow compared to 2024. For the full year, consolidated adjusted EBITDA was $239.8 million, up $22.5 million, or 10.4%, with adjusted EBITDA margin of 31.3%, about 350 basis points higher than 2024. Leib emphasized that 2025’s margin exceeded a prior record of 29.7% even though overall an ...