Good morning and Happy Friday! Big Tech is down bad, with Nvidia plunging 8.5% despite beating earnings, knocking it out of the $3T club. Crypto investors are also headed back to McDonald’s, as Bitcoin tumbled to a 90-day low.

Trump is pushing for a 10% tariff hike on China, and Beijing is ready to retaliate. Meanwhile, Meta is in talks to raise $35B for data-center financing led by Apollo, State Street & Apollo launched the first private credit ETF, and mortgage rates hit their lowest in 2025 amid economic uncertainty.

Plus: Paul Singer sits down for a rare podcast, why Elon Musk is sleeping on an office floor, and America’s fastest-growing job,

The Oscars are this Sunday—profit from the golden envelope reveal.

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Zuck Wants a Seat at the AI Table

Zuck wants a seat at the big boys AI table - and the parent company behind Facebook and Instagram announced plans to launch a standalone Meta AI app in Q2.

While until now, Meta AI has existed within Facebook, Instagram, and WhatsApp, the company is now preparing to position it as a direct competitor to OpenAI’s ChatGPT and Google’s Gemini.

The introduction of a standalone app means that Meta wants to give its users a more immersive and independent experience beyond the company’s existing platforms. Meta is also preparing to test a paid subscription model for Meta AI, which would be similar to OpenAI and Google already charging for access to more advanced versions of their AI chatbots. 

While Meta AI (approaching 600 million monthly active users as of December 2024) has a massive user base, its engagement has been difficult to measure compared to standalone competitors, so the introduction of a dedicated app should help the company establish a stronger foothold in the AI market.

Zuckerberg has said before that he expects Meta AI to become the most widely used chatbot in the world by the end of the year. Employees involved in the project report a high-pressure environment, driven by the need to keep pace in the competitive AI landscape. Meta's vision includes integrating AI across its ecosystem, from digital assistants to smart glasses and beyond.

Takeaway: The race for AI dominance is heating up, and Meta is making sure it stays in the conversation. With a dedicated app, a monetization strategy, and an aggressive push to capture market share, Zuckerberg isn’t backing down to OpenAI and Google. Just don’t be surprised if Meta AI starts reading your group chat and suggesting better comebacks.

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Get Your Popcorn Ready

Wall Street isn’t the only place for big bets—Kalshi lets you trade on cultural moments too.

With Oscars night just days away, the Best Actor race is closer than ever. Adrian Brody remains the favorite for The Brutalist, but even after Timothée Chalamet’s SAG Award win, his odds of winning the Oscar remain at only 30%—a major opportunity for anyone betting on an upset.

If you think the Academy will follow SAG’s lead, there’s still time to lock in your prediction before the envelopes are opened.

From market moves to movie moments, Kalshi lets you profit from the biggest real-world events.

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Top Reads

• Nvidia stock sinks over 8%, market cap dips below $3T (YF)

• Stocks fall amid Big Tech selloff (BB)

• Bitcoin down 25% from all-time high as crypto selloff deepens (BB)

• Trump raising tariffs on China another 10%, citing flows of illegal drugs (Axios)

• Meta in talks to raise $35B for data center financing led by Apollo (BB)

• Apollo, State Street private-debt ETF set for imminent debut (CNBC)

• PE firms look to cut losses after renewable energy bets fizzle (YF)

• Goldman exec John Waldron gets board seat, in move likely making him next CEO (NYP)

• Wall Street bankers race to grab slice of $5B CATL deal (BB)

• Qatar attracts VC managers to Doha with its $1 billion ‘fund of funds’ (CNBC)

• Rents in Austin tumble 22% (BB)

• Pop star heading to space with Lauren Sanchez in all-female crew (Fox)

• Companies building robots to combat loneliness epidemic and bring emotional support (Fox)

• It’s America’s fastest-growing job – thanks to ChatGPT (CNN)

• Mortgage rates hit 2025 low as economic jitters mount (YF)

• Stripe is a mirror for VC hopes and fears (Axios)

• Why Elon Musk is sleeping on an office floor (NYT)

• Musk urges retired air traffic controllers to consider returning to work (Fox)

• Paul Singer, Elliott CEO, Full Interview (40 Minutes)

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Markets Rundown

Tariffs Jolt Markets

U.S. equity markets closed lower on Thursday, rattled by a volatile mix of tech earnings and looming trade policy shifts.

Trade tensions escalated as President Trump confirmed tariffs on Canada and Mexico effective March 4, alongside a 10% levy on Chinese imports, stoking fears of economic fallout.

On the data front, fourth-quarter GDP held steady at 2.3%, but initial jobless claims rose to 242,000—above the expected 220,000—though still historically low, signaling a resilient labor market.

Bond yields edged up, with the 10-year Treasury hovering just below 4.3%, reflecting cautious optimism amid the turbulence.

As corporate earnings growth tracks an impressive 18% for Q4, sustaining this bull market may hinge on continued profit strength against these mounting headwinds.

Movers & Shakers

• (+) Rolls-Royce Holdings ($RYCEY) +14% after the automobile retailer beat earnings.

• (–) Nvidia ($NVDA) -8% because of a downgrade despite strong earnings.

• (–) Bath & Body Works ($BBWI) -13% after the retailer said China tariffs will hurt its business model.

Private Dealmaking

• Augury, a machine insights company, raised $75 million 

• Bitwise, a crypto-focused asset manager, raised $70 million

• Shop Circle, an e-commerce software provider, raised $60 million

• Taktile, an automated business decision engine, raised $54 million

• Dorsia, a restaurant reservations startup, raised $50.4 million

• Blockaid, a crypto security platform, raised $50 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Economists’ Hour

Before the 1960s, American politicians paid little attention to economists. But as the post–World War II boom began to sputter, economists gained influence and power.

Binyamin Appelbaum traces the rise of the economists, first in the United States and then around the globe, as their ideas reshaped the modern world, curbing government, unleashing corporations, and hastening globalization.

Some leading figures in the field are relatively well-known, such as Milton Friedman and Arthur Laffer, while others stayed out of the limelight but left a lasting impact on modern life: Walter Oi, a blind economist who persuaded President Nixon to end military conscription; Alfred Kahn, who rejoiced in the crowded cabins on commercial flights as proof of his deregulation of air travel; and Thomas Schelling, who put a dollar value on human life.

Their fundamental belief? That government should stop trying to manage the economy. Their guiding principle? That markets would deliver steady growth and ensure that all Americans shared in the benefits.

But the economists' hour failed to deliver on its promise of broad prosperity.

And the single-minded embrace of markets has come at the expense of economic equality, the health of liberal democracy, and future generations.

Timely, engaging, and expertly researched, The Economists' Hour is a reckoning—and a call for people to rewrite the rules of the market.

"Highly readable biography of big economic personalities."

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Nvidia Earnings: The Streak Continues

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Money Mindset

Impulse buying might feel like a harmless thrill, but it’s a sneaky saboteur of financial health, draining savings and piling on regret faster than you can swipe your card.

The trick to dodging these unplanned splurges isn’t just willpower—it’s strategy.

Start by spotting your triggers, like stress or flashy sales, because knowing what sets you off lets you sidestep the trap.

Track every penny you spend to shine a light on those sneaky habits, and give yourself a cooling-off period—24 hours or even 30 days—to weigh if that “must-have” is worth it.

Stick to a shopping list for essentials, redirect extra cash into investments like stocks or savings instead of stuff, and don’t shy away from an accountability buddy or pro help if you need it.

These steps aren’t just about saying no; they’re about saying yes to bigger goals—less stress, more freedom, and a wallet that works for you, not against you.

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Short Squeez Picks

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• Upgrade your morning investing insights with Opening Bell Daily

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Memes of the Day