New York, Feb 23, 2026, 13:05 EST — Regular session
- Nvidia gained, while other AI-related megacaps slid amid renewed U.S. tariff uncertainty.
- Bridgewater estimates that Alphabet, Amazon, Meta, and Microsoft together will pour roughly $650 billion into AI infrastructure in 2026.
- This week, traders have their eyes on Nvidia’s results, scanning for signs of demand—and clues about a potential slowdown in AI spending.
Monday saw U.S. AI bellwethers slip as fresh tariff jitters sapped risk appetite. Nvidia, though, managed to hold its gains heading into its quarterly report.
Nvidia ticked up roughly 0.2% to $190.28. Microsoft lost 2.4% by midday, with Amazon down 2.9% and Meta off 2.1%. Shares of Alphabet slipped 0.6%.
The split’s suddenly front and center as investors weigh whether AI’s rollout is still ramping up or simply costing more. Tariffs add to the risk, threatening pricier and more tangled supply chains right as Big Tech is shoveling money into data centers, chips, and power.
The move drops into a market still jittery over the line between AI’s benefits and drawbacks. Software shares lagged, ranking among the session’s biggest losers, as investors worried fresh AI offerings might dent pricing strength and pressure growth.
“Tariff policy can be capricious and very subject to one person’s whims and that’s not good for the market,” said Steve Sosnick, chief market analyst at Interactive Brokers. Reuters
Chip stocks struggled, with AMD sliding roughly 2.4% and Broadcom losing 0.9%. Nvidia ended up carrying the group as risk appetite faded elsewhere.
The big issue behind today’s action: who foots the bill for AI going forward. Bridgewater Associates pegs AI infrastructure spending from Alphabet, Amazon, Meta, and Microsoft at roughly $650 billion in 2026, jumping from $410 billion in 2025.
Bridgewater’s co-chief investment officer Greg Jensen, in a letter to clients, described the boom as entering a “more dangerous phase,” with demand for “compute”—the processing muscle behind AI model training and deployment—still outpacing available supply.
No clarity on tariffs so far. U.S. Customs and Border Protection will halt the collection of tariffs that were put in place under an emergency statute, following a Supreme Court decision. But now there’s a new 15% global tariff, imposed through different channels.
AI-driven stocks held firmer overseas. Taiwan and South Korea both set fresh records, Reuters said, with TSMC climbing as investors geared up for Nvidia’s results.
The bearish scenario is gaining traction. Should tariffs remain in place and costs climb, while Big Tech doubles down on capital spending—think cash outlays for assets such as data centers—investors might push for faster evidence of returns and come down hard on any hint of deceleration.
Nvidia’s quarterly report lands Wednesday, and traders are zeroed in on the outlook—demand trends, supply hiccups, and clues about how customers are spending. The company’s earnings call is set for Feb. 25 at 5 p.m. ET.
