Stock Market News — February 23, 2026 — Breaking Developments

Executive Summary

Wall Street tumbled Monday with the Dow plunging over 700 points as a Supreme Court ruling striking down President Trump's emergency tariffs triggered renewed trade uncertainty, while a devastating AI disruption research report from Citrini sank software and payment stocks with DoorDash falling 7%, Salesforce down 5%, and MongoDB plunging 8%. The pharmaceutical sector dominated M&A headlines as Gilead Sciences announced its largest-ever acquisition—paying up to $7.8 billion for cancer therapy developer Arcellx—while Novo Nordisk shares cratered 15% after its next-generation obesity drug CagriSema fell short of Eli Lilly's Zepbound in head-to-head trials, wiping out all gains since Wegovy's launch and shifting investor focus toward potential M&A strategy. Technology investment accelerated dramatically with Bridgewater estimating Big Tech will deploy approximately $650 billion in AI infrastructure during 2026, OpenAI deepened enterprise partnerships with consulting giants to push beyond pilot projects, and ASML unveiled a breakthrough EUV light source advance that could yield 50% more chips by 2030. Consumer discretionary showed bifurcation with Domino's beating sales estimates on value-conscious customers while International Paper and packaging stocks plummeted 7% on containerboard price declines. Merck announced plans to split into two divisions creating a separate cancer business ahead of Keytruda's looming patent expiration, and Volvo initiated a recall of 40,000 electric EX30 SUVs over battery fire risk.

Sentiment Breakdown

Net Sentiment: Neutral (balanced crosscurrents with tariff uncertainty offsetting AI optimism)

Top Market-Moving Headlines (24-Hour Window)

🔴 Market Movements - Tariff Turmoil

• Headline: Dow slides 700 points as Supreme Court strikes down Trump's emergency tariffs, Nasdaq falls on dystopian AI research report
• Market Impact: Court ruling blocking President's use of International Emergency Economic Powers Act for broad tariffs creates profound trade policy uncertainty as Trump announces 15% global tariffs over weekend as alternative approach; combined with bearish AI job displacement report triggering tech selloff, creating perfect storm for equity weakness particularly in trade-exposed sectors.

🔴 Pharmaceuticals - Novo Nordisk Collapse

• Headline: Novo Nordisk shares plunge 15%, wiping out all Wegovy-era gains after next-generation obesity drug CagriSema falls short of Eli Lilly's Zepbound in head-to-head trial
• Market Impact: Devastating trial results show CagriSema delivered less weight loss than competitor's existing therapy, undermining Novo's pipeline strategy and competitive positioning in the massive GLP-1 obesity market; $60+ billion in market cap evaporated as investors reassess company's ability to maintain leadership against surging Lilly; analysts now speculating Novo may pivot toward M&A strategy to fill pipeline gap.

🟢 Pharma M&A - Gilead Mega-Deal

• Headline: Gilead Sciences to acquire cancer therapy developer Arcellx for up to $7.8 billion in its largest-ever acquisition
• Market Impact: Gilead's massive bet on Arcellx's CAR-T cancer therapy platform represents bold pivot toward oncology as HIV franchise matures; partnership existing since collaboration began, now consolidating to fully own promising cell therapy pipeline; Arcellx shares surge 78% premarket validating premium valuation for innovative cancer treatments.

🟢 Technology - AI Investment Surge

• Headline: Big Tech to invest approximately $650 billion in AI infrastructure during 2026, according to Bridgewater analysis of Alphabet, Amazon, Meta, and Microsoft spending plans
• Market Impact: Staggering capital expenditure commitment demonstrates AI arms race intensifying with hyperscalers building massive compute capacity for training and inference; validates bullish thesis for semiconductor equipment, data center infrastructure, and power/cooling providers; spending levels approaching 10% of combined market capitalization signal conviction that AI represents generational technology shift.

🔴 Technology - AI Disruption Report

• Headline: Dystopian AI research report from Citrini sinks DoorDash (-7%), Salesforce (-5%), MongoDB (-8%), and AppLovin (-8%) on job displacement concerns
• Market Impact: "The 2028 Global Intelligence Crisis" research painting dire picture of AI-driven workforce disruption triggers violent rotation out of software and platform stocks vulnerable to automation; payment processors, gig economy platforms, and enterprise software companies facing existential questions about sustainability if AI eliminates customer jobs and reduces spending capacity.

🟢 Semiconductors - ASML Breakthrough

• Headline: ASML unveils exclusive EUV light source advance that could yield 50% more chips by 2030, researchers demonstrate power boost for extreme ultraviolet lithography
• Market Impact: Major technological breakthrough in critical semiconductor manufacturing bottleneck addresses industry's most pressing constraint—EUV light source power limiting wafer throughput; 50% productivity improvement by decade's end could dramatically reduce chip costs and accelerate AI/advanced node adoption; strengthens ASML's monopoly position in high-end lithography equipment.

🟢 Consumer - Domino's Beats

• Headline: Domino's Pizza beats fourth-quarter U.S. sales estimates as value deals attract budget-conscious customers seeking affordable dining options
• Market Impact: Strong same-store sales growth demonstrates consumer trade-down to affordable food options amid economic pressures; pizza chain's focus on value pricing and delivery convenience resonates with households cutting discretionary spending; validates quick-service restaurant resilience while casual dining struggles.

🔴 Industrials - Packaging Collapse

• Headline: International Paper shares drop 7.1% while Packaging Corp falls 5% and Smurfit WestRock down 6.6% as containerboard prices decline, Stifel warns of pricing pressure
• Market Impact: Sharp containerboard price decreases signal weakening demand across e-commerce and consumer goods packaging; industrial bellwether suggesting economic slowdown affecting shipping volumes; pricing power erosion threatens margins across paper and packaging sector that benefited from post-pandemic pricing strength.

🟢 Healthcare - Merck Restructuring

• Headline: Merck to create separate cancer division ahead of Keytruda patent expiration, splitting business into two distinct units to prepare for blockbuster drug's loss of exclusivity
• Market Impact: Proactive reorganization acknowledges that Keytruda—generating over $25 billion annually—faces generic competition in coming years; creating standalone oncology division with dedicated management may attract acquisition interest or enable spin-off optionality; signals pharmaceutical giants recognizing need for portfolio transformation.

🔴 Automotive - Volvo Recall

• Headline: Volvo Cars to recall over 40,000 flagship electric EX30 SUVs due to battery overheating risk that could cause fires
• Market Impact: Safety recall of brand's critical EV model undermines electric vehicle credibility during crucial adoption phase; battery thermal management issues highlight technical challenges automakers face scaling EV production; comes as industry already grappling with slowing EV demand growth and competitive pressures from Chinese manufacturers.

🟢 Technology - OpenAI Enterprise Push

• Headline: OpenAI deepens partnerships with four of world's largest consulting firms to push enterprise AI deployment beyond pilot phase into production implementations
• Market Impact: Strategic pivot toward enterprise market through consulting partnerships (likely Accenture, Deloitte, PwC, McKinsey) provides go-to-market muscle to accelerate corporate AI adoption; addresses criticism that AI remains stuck in proof-of-concept stage; consulting firms gain competitive advantage embedding GPT capabilities in client solutions.

🟢 M&A - Enhabit Buyout

• Headline: Home health and hospice provider Enhabit shares jump 23% as Kinderhook Industries agrees to $1.1 billion private equity buyout at premium valuation
• Market Impact: Healthcare services M&A remains active with private equity targeting aging demographic beneficiaries; $1.1 billion deal demonstrates sponsor appetite for healthcare assets despite economic uncertainty; premium buyout validates home health secular growth thesis as aging population requires in-home care.

🟢 Technology - Shutterstock-Getty Merger

• Headline: Shutterstock stock jumps 5%, Getty Images rises 7% after Department of Justice clears merger of stock photography and digital media giants without requiring divestitures
• Market Impact: Regulatory approval eliminates major uncertainty overhanging combination of leading visual content platforms; merged entity gains pricing power and cost synergies in industry disrupted by AI-generated imagery; DOJ clearance suggests antitrust enforcement focusing elsewhere despite market concentration.

🟢 M&A - Veris Residential Sale

• Headline: REIT Veris Residential shares surge 13% on agreement to be acquired by investor consortium for $3.4 billion, representing significant premium to recent trading
• Market Impact: Opportunistic real estate transaction demonstrates private capital seeing value in public REIT space after sector underperformance; buyers betting on commercial real estate recovery as interest rate outlook stabilizes; premium buyout suggests public markets undervaluing property portfolios.

🔴 Apparel - VF Corp Downgrade

• Headline: JPMorgan downgrades Vans parent VF Corporation to Underweight as margin recovery expected to take longer than anticipated, cuts price target to $18
• Market Impact: Struggling apparel conglomerate facing extended turnaround timeline as Vans brand weakness persists and margin pressures intensify; inventory challenges and promotional environment squeezing profitability; downgrade reflects dimming prospects for management's restructuring plan to restore growth.

Thematic Analysis

Trump Tariff Chaos Creates Maximum Uncertainty (4 headlines)

• Net Sentiment: Bearish for policy predictability
• Key Headlines:
  • Supreme Court strikes down Trump's emergency tariffs under IEEPA
  • Dow plunges 700 points on renewed trade uncertainty
  • Trump announces 15% global tariffs over weekend as alternative
  • European companies face tariff relief with strings attached
• Analysis: The Supreme Court's landmark ruling against President Trump's use of the International Emergency Economic Powers Act (IEEPA) for broad trade tariffs creates unprecedented uncertainty about the legal boundaries of executive trade authority. The decision invalidates tariffs imposed under emergency powers but doesn't prevent Congress from authorizing duties—leaving a legal vacuum that markets struggle to price. Trump's immediate response announcing 15% global tariffs through alternative legal mechanisms over the weekend demonstrates determination to pursue protectionist agenda regardless of judicial setbacks, but raises questions about which statutory authority will withstand court scrutiny. European companies receiving "tariff relief" discover it comes with conditions—creating patchwork trading environment where different industries and countries face varying duties. The whipsaw effect—Friday's relief rally followed by Monday's 700-point Dow decline—reflects investor paralysis as policy framework remains fluid. Wells Fargo strategists advise clients to position for "restocking cycle" assuming tariff uncertainty eventually resolves, while RBC's Calvasina maintains long-term equity outlook unchanged despite near-term volatility. The fundamental challenge: companies cannot make capital allocation or supply chain decisions without knowing durable trade policy, creating economic drag regardless of ultimate tariff levels.
• Implication: Policy uncertainty depresses business investment and supply chain planning; legal challenges to presidential trade authority will continue; markets face extended volatility until Congress establishes clear statutory framework; beneficiaries are domestic-focused businesses insulated from trade exposure.

Obesity Drug Wars Tilt Sharply Toward Eli Lilly (3 headlines)

• Net Sentiment: Bearish for Novo, Bullish for Lilly
• Key Headlines:
  • Novo Nordisk craters 15%, wiping out all Wegovy-era gains after CagriSema trial miss
  • CagriSema delivers less weight loss than Eli Lilly's existing Zepbound in head-to-head comparison
  • Eli Lilly shares rise 2.8% as FDA approves multi-dose weight-loss drug device
• Analysis: Novo Nordisk suffered a catastrophic setback Monday as its next-generation obesity therapy CagriSema—a combination of semaglutide (Wegovy) and cagrilintide—failed to demonstrate superiority over Eli Lilly's existing tirzepatide (Zepbound) in direct comparison trials. The results undermine Novo's entire pipeline strategy which bet on combination therapies to leapfrog Lilly's current market-leading GLP-1/GIP dual agonist. Instead, data shows Lilly's existing drug performing better than Novo's future therapy, suggesting the Danish company faces prolonged period as runner-up in the massive obesity market projected to exceed $100 billion. The $60+ billion market capitalization evaporation erases all gains since Wegovy's groundbreaking 2021 launch, with shares falling to levels not seen since before obesity drug revolution began. Analysts now speculate Novo may pivot toward M&A to fill pipeline, potentially targeting companies with complementary obesity mechanisms or early-stage candidates. Meanwhile, Eli Lilly received FDA approval for a convenient four-dose injection device for its weight-loss drug, improving patient experience and adherence—a commercial advantage that compounds clinical superiority. The competitive dynamic mirrors insulin market where Novo eventually lost leadership to rivals; investors fear history repeating in obesity category despite Novo's first-mover advantage.
• Implication: Lilly solidifies obesity drug leadership with duration extending into late decade; Novo faces pipeline crisis requiring aggressive M&A or novel mechanism discovery; smaller biotech companies with obesity assets become takeover targets; GLP-1 combination therapy approach questioned.

Big Tech AI Investment Reaches Staggering $650 Billion (5 headlines)

• Net Sentiment: Bullish for infrastructure beneficiaries
• Key Headlines:
  • Bridgewater estimates Big Tech will invest ~$650B in AI during 2026
  • OpenAI deepens consulting partnerships to push enterprise deployment beyond pilots
  • ASML unveils EUV breakthrough potentially yielding 50% more chips by 2030
  • Google upgraded by Wells Fargo on widening AI capacity lead
  • Nvidia earnings this week to test AI investment thesis sustainability
• Analysis: The scale of Big Tech's AI infrastructure commitment—approximately $650 billion in 2026 alone across Alphabet, Amazon, Meta, and Microsoft according to Bridgewater analysis—represents one of the largest coordinated capital deployment events in technology history. This spending level approaches 10% of the four companies' combined market capitalization and exceeds entire annual semiconductor industry revenue, validating thesis that AI represents generational technological inflection. The investments fund massive data center buildouts, custom chip development, power infrastructure, and networking—creating multi-year secular tailwinds for equipment suppliers like NVIDIA (GPUs), ASML (lithography), and infrastructure providers (power/cooling). ASML's breakthrough announcement revealing 50% potential productivity improvement in EUV light sources addresses the industry's primary bottleneck and could dramatically reduce advanced chip costs, accelerating AI adoption. OpenAI's deepening partnerships with consulting giants (unnamed but likely Accenture, Deloitte, PwC, McKinsey) addresses critical go-to-market gap—most corporate AI projects remain in pilot phase rather than production deployment. By embedding GPT capabilities in consultants' enterprise solutions, OpenAI gains distribution muscle to monetize its $100+ billion valuation. Wells Fargo's upgrade of Alphabet citing "widening AI capacity lead" reflects view that capital intensity creates competitive moats—companies building largest infrastructure have sustaining advantages. However, Nvidia's earnings this week represent critical test whether AI demand justifies unprecedented capex levels.
• Implication: Semiconductor equipment and data center infrastructure providers positioned for multi-year boom; AI spending creates winner-take-most dynamics favoring hyperscalers; enterprise AI adoption accelerating from pilot to production; sustainability of capex levels hinges on monetization demonstrating returns on investment.

Dystopian AI Report Triggers Software Sector Rout (4 headlines)

• Net Sentiment: Bearish for automation-vulnerable businesses
• Key Headlines:
  • Citrini Research report "2028 Global Intelligence Crisis" paints dire workforce displacement scenario
  • DoorDash falls 7%, Salesforce down 5%, MongoDB and AppLovin plunge 8%
  • Software companies face higher borrowing costs and tougher scrutiny as AI threatens business models
  • Jefferies resets software coverage, downgrades four stocks on rising disruption risks
• Analysis: A provocatively-titled research report from Citrini Research—"The 2028 Global Intelligence Crisis"—triggered violent selling in software, payment, and gig economy stocks by painting dystopian scenario of AI-driven mass job displacement. While the report's methodology and conclusions remain debated, its impact on market psychology proved immediate: DoorDash plunged 7% on fears AI eliminates delivery and service jobs reducing customer base, Salesforce fell 5% as AI automation threatens CRM software necessity, and database/infrastructure providers like MongoDB dropped 8% on concerns cloud workloads shift to AI-optimized architectures. The sell-off reflects deeper anxiety that AI creates paradox—companies investing heavily in automation technology may undermine the economic foundations supporting customer spending and enterprise software budgets. Software companies now face double pressure: lenders and investors demanding higher returns due to AI disruption risk, while debt capital markets impose stricter covenants and pricing for refinancings. Jefferies' comprehensive reset of application software coverage—downgrading four stocks while identifying narrow list of "survivors"—captures industry's existential reckoning with AI disruption. The research firm argues most enterprise software vulnerable to either AI replacement (basic automation) or significant pricing pressure (AI assistants reducing seat counts). Anthropic research released same day showing users "question outputs less when coding" with AI suggests humans becoming overly reliant on AI suggestions—raising quality and safety concerns that could trigger regulatory responses slowing adoption.
• Implication: Software sector faces extended valuation compression as AI disruption fears intensify; companies must demonstrate AI-resistant business models or pivot to AI-native products; gig economy platforms vulnerable if automation reduces worker opportunity; enterprise IT budgets may shrink as AI replaces software licenses.

Pharmaceutical M&A Accelerates Amid Pipeline Pressures (4 headlines)

• Net Sentiment: Bullish for M&A targets
• Key Headlines:
  • Gilead acquires Arcellx for up to $7.8 billion in largest-ever deal
  • Merck splits into two divisions creating separate cancer business ahead of Keytruda patent loss
  • Bayer sues Johnson & Johnson over prostate cancer drug marketing practices
  • Novo Nordisk's pipeline crisis may shift focus toward acquisition strategy
• Analysis: Pharmaceutical sector M&A activity intensified Monday with Gilead Sciences announcing its largest-ever acquisition—up to $7.8 billion for CAR-T cancer therapy developer Arcellx—while Merck revealed plans to split into two distinct businesses creating standalone oncology division ahead of Keytruda's patent expiration. The dual announcements illustrate divergent strategic responses to pipeline challenges: Gilead choosing bold external innovation acquisition while Merck pursues internal reorganization to maximize existing oncology franchise value. Gilead's Arcellx purchase represents significant premium (78% premarket surge) for partner company's cell therapy platform, demonstrating desperation for next-generation cancer assets as biosimilar competition erodes older franchises. The consolidation of existing partnership into full acquisition suggests Gilead concluded it couldn't risk rival company acquiring Arcellx's promising pipeline. Merck's reorganization creating separate cancer division ahead of Keytruda's eventual patent loss (late 2020s) aims to maximize the blockbuster's remaining exclusivity while building standalone business that could attract acquirers or enable future spin-off. Separately, Bayer's lawsuit against Johnson & Johnson over prostate cancer drug marketing demonstrates competitive pressures intensifying across therapeutic categories as companies fight for market share. Novo Nordisk's devastating trial results raise speculation the company will pursue aggressive M&A to fill obesity pipeline gap—potentially targeting biotech companies with complementary weight-loss mechanisms or early-stage candidates.
• Implication: Pharmaceutical M&A remains highly active with large-cap buyers seeking external innovation; pipeline pressures accelerating as patent cliffs loom; cancer therapy developers command premium valuations; Novo's setback may trigger bidding war for obesity assets.

Packaging and Materials Signal Economic Softness (3 headlines)

• Net Sentiment: Bearish for industrial demand
• Key Headlines:
  • International Paper drops 7.1%, Packaging Corp falls 5%, Smurfit WestRock down 6.6%
  • Containerboard prices declining as demand weakens across e-commerce and consumer goods
  • Stifel warns of sustained pricing pressure threatening margins across paper sector
• Analysis: The packaging sector's sharp Monday selloff—with International Paper plunging 7.1% leading broad declines across containerboard producers—provides concerning signal about underlying economic demand as prices decline for boxes and packaging materials used throughout commerce. Containerboard pricing serves as leading economic indicator since packaging demand correlates with manufacturing output, retail shipments, and e-commerce volumes. Price decreases suggest companies reducing orders as inventory levels normalize from post-pandemic buildup or underlying consumption weakening. Stifel's warning about "sustained pricing pressure" indicates analysts view current weakness as structural rather than temporary, threatening margins across paper and packaging companies that benefited from exceptional post-pandemic pricing power. The decline impacts both recycled and virgin containerboard grades, suggesting broad-based demand weakness rather than input cost shifts. For investors, packaging company struggles raise questions about consumer spending health—if e-commerce volumes and product shipments declining significantly enough to pressure packaging prices, broader retail and manufacturing sectors likely facing headwinds. The selloff also reflects commoditized industry dynamics where pricing power evaporates quickly when supply-demand balance shifts, leaving companies with limited ability to defend margins.
• Implication: Packaging price declines signal weakening economic activity across manufacturing and retail; industrial stocks face headwinds if demand softness persists; margin compression threatens companies that benefited from post-pandemic pricing strength; serves as early warning for broader economic deceleration.

Market Implications

The Supreme Court's tariff ruling creates maximum policy uncertainty—invalidating President Trump's use of emergency powers while leaving door open for alternative legal authorities—forcing investors to navigate environment where trade framework remains unknowable. Trump's weekend announcement of 15% global tariffs through different statutory mechanism demonstrates determination to pursue protectionist agenda regardless of judicial constraints, but raises questions about durability of any tariff regime subject to court challenges. The 700-point Dow decline reflects paralysis as companies cannot make capital allocation or supply chain decisions without clarity on durable trade policy. This uncertainty tax on economic activity—distinct from actual tariff costs—may prove more damaging than duties themselves as businesses postpone investments and hiring until legal framework stabilizes. Wells Fargo's recommendation to position for "restocking cycle" assumes eventual resolution favoring free trade, while RBC maintains unchanged long-term outlook despite volatility—both positions reflecting faith that current chaos proves temporary. However, extended legal battles could freeze trade policy in limbo for quarters or years.

Novo Nordisk's catastrophic trial results represent inflection point in obesity drug wars, firmly establishing Eli Lilly as category leader for foreseeable future. The $60+ billion market cap evaporation—erasing all gains since Wegovy's launch—reflects investor recognition that Novo faces prolonged period as runner-up despite first-mover advantage. CagriSema's failure to beat Lilly's existing Zepbound means Novo lacks competitive weapon to reclaim leadership, creating pipeline crisis that may force aggressive M&A pursuit. Analysts now speculate Novo could target biotech companies with novel obesity mechanisms or early-stage GLP-1 combinations, potentially triggering bidding war for scarce pipeline assets. For Lilly, clinical superiority compounds with FDA approval of convenient multi-dose device—combining efficacy advantage with commercial excellence. The competitive dynamic mirrors insulin market evolution where Novo eventually lost leadership despite pioneering position, raising existential questions about company's ability to compete against larger, more diversified rival.

Big Tech's $650 billion AI investment commitment during 2026 represents extraordinary capital deployment validating thesis that artificial intelligence constitutes generational technology shift. Spending approaching 10% of combined market capitalization signals hyperscalers' conviction that AI infrastructure creates winner-take-most competitive moats where companies building largest capacity gain sustaining advantages. The investment tsunami creates multi-year secular tailwinds for semiconductor equipment (ASML, Applied Materials), GPU providers (NVIDIA, AMD), data center infrastructure (power, cooling, networking), and commercial real estate (data center REITs). ASML's EUV breakthrough potentially yielding 50% more chips by 2030 addresses industry's primary bottleneck and could dramatically reduce advanced node costs, accelerating AI adoption curves. However, unprecedented capex levels require monetization demonstrating returns on investment—Nvidia's earnings this week provide critical test whether AI demand justifies spending. OpenAI's deepening consulting partnerships address go-to-market gap by embedding GPT in enterprise solutions, potentially accelerating revenue ramps needed to justify massive valuations.

The dystopian AI disruption report triggering software sector rout—DoorDash down 7%, Salesforce down 5%, MongoDB plunging 8%—captures market's growing anxiety about AI's paradoxical nature: companies investing in automation may undermine economic foundations supporting customer spending. Software companies face double pressure from lenders demanding higher returns and investors questioning business model sustainability. Jefferies' comprehensive coverage reset downgrading four stocks while identifying narrow "survivor" list reflects industry reckoning with disruption. The sell-off may prove overdone near-term, but raises legitimate questions about which software categories prove AI-resistant versus replacement candidates. Enterprise IT budgets could shrink meaningfully if AI assistants reduce seat-count requirements or eliminate entire software categories through automation. Gig economy platforms face existential risk if autonomous systems displace drivers and delivery workers—DoorDash's 7% plunge reflecting fears that company's growth predicated on human labor pool that AI may eliminate.

Pharmaceutical M&A acceleration with Gilead's $7.8 billion Arcellx acquisition and Merck's strategic split demonstrates sector's urgency addressing pipeline challenges and patent cliffs. Gilead paying 78% premium for CAR-T cancer therapy developer validates desperate hunt for next-generation oncology assets, while Merck's reorganization ahead of Keytruda patent loss reveals proactive positioning for post-blockbuster reality. Novo Nordisk's trial disaster likely triggers aggressive acquisition pursuit to fill obesity pipeline gap—potentially creating bidding war for scarce weight-loss assets and elevating valuations across biotech sector. The M&A wave reflects pharmaceutical companies' recognition that organic R&D often fails to generate sufficient pipeline velocity, forcing external innovation acquisition at premium prices. Cancer therapy developers command exceptional valuations given massive market opportunities and high unmet need, while obesity-focused biotechs become prime targets following GLP-1 category's explosive growth.

Carlo's Key Takeaways (EverHint)

• Dow plunges 700 points: Supreme Court strikes Trump tariffs, but President announces 15% global duties through alternative authority—maximum policy uncertainty paralyzes business planning
• Novo Nordisk craters 15%: Obesity drug CagriSema loses to Lilly's existing Zepbound in trial, wiping out all Wegovy-era gains; shifts investor focus toward M&A strategy
• Gilead acquires Arcellx: $7.8 billion deal for cancer therapy developer represents largest-ever acquisition; Arcellx surges 78% on premium buyout
• Big Tech AI spending: Bridgewater estimates ~$650B investment in 2026 across Alphabet, Amazon, Meta, Microsoft; validates semiconductor/infrastructure secular bull case
• AI disruption panic: Dystopian Citrini report sinks DoorDash (-7%), Salesforce (-5%), MongoDB (-8%) on workforce displacement fears
• ASML breakthrough: EUV light source advance could yield 50% more chips by 2030, addressing critical semiconductor bottleneck
• Domino's beats estimates: Value deals attract budget-conscious consumers; same-store sales growth validates QSR resilience
• Packaging sector collapse: International Paper down 7.1% as containerboard prices fall; signals weakening economic demand across manufacturing and e-commerce
• Merck restructures: Creates separate cancer division ahead of Keytruda patent loss; positions for post-blockbuster reality
• Volvo EV recall: 40,000 EX30 SUVs recalled over battery fire risk; undermines electric vehicle safety credibility
• OpenAI enterprise push: Deepens consulting partnerships to accelerate corporate AI beyond pilot phase
• Enhabit buyout: Kinderhook pays $1.1B for home health provider; PE remains active in healthcare services M&A
• Shutterstock-Getty approved: DOJ clears merger without divestitures; eliminates regulatory overhang
• Veris Residential sold: REIT agrees to $3.4B buyout at 13% premium; private capital sees value in public real estate
• VF Corp downgraded: JPMorgan cuts Vans parent to Underweight; margin recovery taking longer than expected

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