Dear Reader,
A few weeks ago, my name appeared in the Epstein files.
I won't dramatize it. I wasn't accused of anything. I wasn't involved.
But I did something most people don't do when they see something that doesn't add up.
I spoke up.
Years ago, when I thought a financial tip might help law enforcement understand how Epstein operated, I shared it. Discreetly. Without expecting anything in return.
That instinct... to step forward when something feels wrong... is the same one that led me to warn about the dot‑com bubble... the housing collapse... and several major market dislocations before they became obvious.
And it's why I'm speaking up again now.
Because something fundamental is shifting in America.
The cost of living no longer matches how much money we make...
We can't keep our promises to younger generations.
And artificial intelligence is accelerating changes most people are not prepared for.
One Wall Street strategist recently called what's coming a "violent reset."
I agree with the direction, if not the language.
There is a line forming between those who understand what's happening... and those who don't.
I've laid out what I'm seeing and, more important, what you can do about it, in detail.
Click here to read it while you still can.
Regards,
Whitney Tilson
Editor, Stansberry's Investment Advisory
NVIDIA and Meta Deepen Their AI Alliance—and the Spending Numbers Are Enormous
Submitted by Jeffrey Neal Johnson. Originally Published: 2/19/2026.
Key Points
- The expanded agreement ensures that Meta will utilize the upcoming Rubin architecture and Vera processors to build its future data centers.
- New confidential computing technology allows WhatsApp to run advanced artificial intelligence features while maintaining strict user privacy encryption.
- This multigenerational partnership secures a long and reliable revenue stream for NVIDIA as it cements its position as the engine of the global economy.
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The artificial intelligence (AI) trade has evolved from a speculative gold rush into a heavily industrialized arms race. On Feb. 17, 2026, two of the market's most dominant forces, NVIDIA (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META), announced an expansion of their partnership.
This multigenerational agreement moves beyond one-time hardware purchases, establishing a deep co-design collaboration intended to secure computing infrastructure for the next decade. Investors immediately recognized the financial gravity of the deal: NVIDIA shares climbed roughly 2.3% to near $189, while Meta shares gained about 0.6% to around $641 following the announcement.
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The market reaction suggests Wall Street views this alliance as a necessary step for Meta to dominate the consumer AI space and a strong confirmation of NVIDIA's long-term revenue durability.
The Vera‑Rubin Roadmap: Ditching Legacy Tech
The most significant part of the deal is not what Meta is buying today, but what it has committed to buying tomorrow. Meta confirmed it will deploy millions of NVIDIA's current Blackwell graphics processing units (GPUs) immediately to handle existing workloads. It also signed a formal agreement to adopt NVIDIA's upcoming Rubin architecture and the Vera central processing unit (CPU).
That specific commitment to the Vera CPU represents a major strategic pivot in how data centers are built. Historically, AI servers paired NVIDIA GPUs with CPUs from competitors such as Intel or AMD. This deal signals Meta is moving toward a full-stack dependency on NVIDIA. By adopting NVIDIA's Arm-based CPUs — including current Grace models and future Vera designs — Meta is streamlining its infrastructure.
For NVIDIA, this is a substantial competitive victory: it broadens its moat by ensuring control of the entire server rack, not just the GPU. For Meta, tighter integration promises higher speed and efficiency. The agreement also includes adoption of NVIDIA's Spectrum‑X Ethernet networking, which is designed to reduce latency. In AI training, milliseconds of delay can translate into millions of dollars in lost efficiency, so the networking upgrade is a critical component of the deal.
Personal Superintelligence: The Revenue Vision
Understanding the hardware is only half the battle; investors also need to understand the why. CEO Mark Zuckerberg has been explicit about his goal: Personal Superintelligence. Meta aims to provide a highly personalized, intelligent AI agent to each of its billions of users across Facebook, Instagram and WhatsApp. This is not intended to be just another chatbot; it would be a proactive digital assistant that knows your schedule, preferences and relationships.
That vision faces a major hurdle: privacy. WhatsApp in particular is defined by end‑to‑end encryption. Users want advanced AI features, but many will reject systems that require Meta to read their private messages. If users don't trust the AI, they won't use it — and Meta cannot monetize it.
The expanded partnership introduces Confidential Computing to address this. The technology enables NVIDIA's chips to process data while it remains encrypted, allowing WhatsApp to run powerful AI tasks on messages without the system ever exposing the content in plaintext. By attempting to solve this privacy paradox, Meta hopes to roll out AI agents to 2 billion WhatsApp users faster than competitors, creating a massive new engagement and revenue stream without triggering a large regulatory or consumer backlash.
Sticker Shock: Inside the $135 Billion Bill
Building this future is expensive, and Meta's price tag has caught Wall Street's attention. The company projects capital expenditures (CapEx) of $115 billion to $135 billion for 2026. For perspective, the collective CapEx for the entire Big Tech cohort — including Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) — is estimated to reach nearly $650 billion in 2026.
That scale of spending splits investors. The bear case argues that spending more than $100 billion in a single year will compress profit margins and carries significant risk: if the AI boom slows, Meta could be left with depreciating hardware. The bull case counters that this is defensive spending — building its own massive compute clusters now avoids paying rent to cloud providers like Microsoft or Amazon later. If Meta does not build capacity, it risks becoming a tenant in a digital ecosystem it once dominated.
For NVIDIA shareholders, Meta's expense looks like near-term revenue. The deal is a major catalyst ahead of NVIDIA's fiscal Q4 earnings report on Feb. 25, 2026. Analysts expect the chipmaker to report about $65.5 billion in revenue for the quarter. The partnership supports the view that demand is accelerating as the world's largest companies race to secure chip supply for future generations.
Metrics and Multiples: Buying the Future
Despite the massive numbers, analysts remain largely bullish on both stocks — for different reasons. The consensus is that the AI market has shifted from a training phase to a deployment phase, which may require even more hardware than previously anticipated.
NVIDIA currently trades at a price-to-earnings ratio (P/E) near 47.0. While high for a standard industrial company, NVIDIA's growth rate makes this multiple look reasonable to many growth investors. With an average analyst price target near $264, there is an implied upside of more than 40% from current levels. The market is effectively betting deals like Meta's will continue to support NVIDIA's growth.
Meta tells a different story. Trading at a P/E of about 27.2, it is valued more like a traditional utility than a high-flying tech stock. That discount reflects investor anxiety over the $135 billion spending plan. Yet with analyst price targets averaging between $835 and $850, many see deep value in the stock if Zuckerberg's bet on Personal Superintelligence pays off.
A Partnership for the Next Decade
The expanded alliance between NVIDIA and Meta signals the AI arms race has no finish line in sight. By locking in supply for chips that won't ship until 2027, Meta is signaling it views AI not as a feature but as the core utility of the future internet.
For investors, the takeaway is straightforward. NVIDIA has entrenched itself as a critical engine of the global AI economy, securing revenue streams that could extend for years. Meta is wagering its financial heft on the belief that whoever owns the best infrastructure will own the consumer relationship. As the calendar moves toward 2027, the success of this partnership is likely to shape the trajectory of the broader tech sector.
Rocket Lab Earnings Loom as Neutron Timeline Takes Center Stage
By Ryan Hasson. Posted: 2/19/2026.
Key Points
- Rocket Lab shares have pulled back nearly 30% from their highs ahead of a pivotal fourth-quarter earnings report.
- Investors are closely watching for updates on the Neutron rocket timeline following a recent test setback.
- Strong revenue growth, margin expansion, and backlog conversion will be key to restoring bullish momentum.
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Aerospace and defense company Rocket Lab (NASDAQ: RKLB) is one week away from its fourth-quarter earnings report, scheduled for Feb. 26 after the market closes. The stakes are high.
Investors will be looking for updated timelines and forward guidance, and the stock has pulled back sharply from recent highs. Shares are down nearly 30% from their 52-week and all-time highs, pressured by a mix of softer risk appetite and company-specific concerns. With sentiment reset, this earnings report could be pivotal for the stock's near-term direction.
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Technical Positioning Remains Constructive
Despite the recent volatility, Rocket Lab's longer-term trend remains intact. The stock is still up more than 1,300% over the past three years and is roughly flat year to date. Over the past two months, shares have experienced sharp selling pressure.
The pullback was driven in part by broader market weakness and in part by concerns around Neutron development. Even so, the higher-time-frame technical structure remains bullish.
On the weekly chart, Rocket Lab continues to trade above its 200-day simple moving average. The stock is also attempting to establish a higher low near $65.
Since the uptrend began in 2025, the pattern of higher highs and higher lows has not been broken.
As long as shares remain above the 200-day moving average and well above the November 2025 lows near $40, the broader uptrend remains intact.
Neutron Timeline Takes Center Stage
The most immediate source of investor anxiety has been the recent Neutron development update. In January, the company disclosed that a Stage 1 tank ruptured during qualification testing at its Long Beach, California, facility. Rocket Lab emphasized that such outcomes are not uncommon during development testing, particularly for a new medium-lift launch vehicle. Still, uncertainty about whether the incident could delay Neutron's maiden flight weighed heavily on sentiment.
The company said it would assess the impact and provide an updated timeline during the fourth-quarter earnings call. That timeline update will likely be the most closely watched element of the report.
If the maiden Neutron launch remains on track within the previously communicated window and management provides constructive commentary on testing progress and customer engagement, sentiment could shift quickly.
What the Earnings Report Needs to Show
Operationally, Rocket Lab entered this quarter with momentum. In its third-quarter 2025 results, the company posted record revenue and showed continued demand across both Electron launch services and its Space Systems division.
Investors will be looking for that strength to continue. Management previously guided fourth-quarter revenue between $170 million and $180 million, with non-GAAP gross margin expected in the mid-40% range. Meeting or exceeding that guidance would reinforce confidence in execution.
Electron remains the company's financial backbone for now, and management continues to target non-GAAP margins of 45% to 50% as launch cadence increases. Rocket Lab ended last quarter with more than $1.1 billion in contracted backlog across launch and spacecraft production.
A meaningful portion of that backlog is expected to convert into revenue over the next year, which will be another key focus for investors.
The company is also securing government business. On Feb. 12, Rocket Lab announced an upcoming dedicated HASTE mission for the Defense Innovation Unit (DIU) within the U.S. Department of Defense, marking its fourth hypersonic test launch in under six months. That cadence underscores growing demand for responsive launch capabilities.
This earnings report will be about execution and reassurance. If Rocket Lab can deliver solid financial results, reaffirm its Neutron timeline, and demonstrate continued demand strength, the recent pullback may prove to be more noise than signal.
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