Big U.S. banks increased lobbying spending 12% in 2025 to $86.8 million, according to OpenSecrets, the most since 2011. Of 38 banks with at least $50 billion in assets, 38 reported lobbying; the top seven trade groups accounted for much of the spending. The increase follows heightened competition from the crypto sector, which spent $40.6 million in 2025—up 66%—and amid regulatory overhauls of capital rules, potential fintech and crypto policy changes, and affordability politics including a proposed credit card interest rate cap. Q4 saw the largest spikes, led by State Street +427%, Goldman Sachs +134%, BNY +56%, and Morgan Stanley +41%, as the landmark crypto bill advanced and regulators ramped up activity. Banks are beefing up ties to the White House and industry-friendly lawmakers to shape the agenda and protect against perceived competition.

U.S. software shares plunged in early February, spreading selling pressure to the AI chip sector on Wednesday, February 4, 2026, dragging NVIDIA (NVDA-US), Broadcom (AVGO-US), and others lower.

NVIDIA and AVGO each fell over 3% on Wednesday. Memory and storage shares were hit harder: Micron (MU-US) down 9.55%, and SanDisk (SNDK-US) down 15.95%. These declines followed strong AI-driven earnings gains and reflect heightened risk sentiment.

BofA analyst Vivek Arya argues the indiscriminate sell-off is logically contradictory: investors see waning AI ROI and growth sustainability, yet software shares suggest AI will broaden adoption and boost productivity, threatening legacy software. He draws parallels to the overblown sell-off on China’s DeepSeek in early 2025, which overreacted to potential commoditization of inference models, but did not signal reduced AI investment.

Arya notes cloud capital expenditures are expected to grow 69% in 2026, far exceeding prior 20%–30% forecasts. While AI’s productivity impact may take years to materialize, he expects sustained investment to drive model upgrades and maintain user demand. He seesongyang nations driving adoption and maintaining control over AI initiatives.

Valuations in the chip sector currently reflect caution on spending declines and earnings downgrades, but Arya believes these scenarios may not materialize.

Anthropic's release of 11 open-source plugins for its Claude Cowork platform in late January triggered a systemic sell-off in global software stocks. Within 72 hours, major SaaS indices and individual names including DocuSign, ServiceNow, and Salesforce declined sharply, with the S&P North American Software Index falling 13% in a week and European peers(RELX, LSEG) down 14.4% and 12.8%, respectively.

The plugins, enabling zero-interface operations across legal, finance, and marketing, automate complex tasks such as contract review and compliance reporting, disrupting traditional SaaS revenue models reliant on per-license fees. Analysts estimate 30% of SaaS ARR is at risk of being displaced by AI-as-a-Service, with productivity gains potentially reducing customer support staffing by as much as 90% in some roles.

While the crisis exposed vulnerabilities in the SaaS sector, observers note the industry's "invisible value" in compliance, security, and process stability remains a key differentiator. The shift signals a realignment of value toward AI and compute, with procurement costs for software falling 47% while AI operations spending rises 23%, prompting a sector-wide reconfiguration.

Retirement savings are being strained by persistent inflation, with 1 in 10 Americans 50+ returning to work to cover everyday expenses. AARP’s Jan 2026 survey found 10% of retirees are unretiring, double the past six months’ average, as 40% of older adults are either working or actively job-searching.

Social Security now replaces less than half of pre-retirement wages, and 52% of households over 55 have no retirement savings. About 38 million people aged 55+ are in the labor force, up 2.5 times from 40 years ago, with 7% of retirees rejoining the workforce in the past six months.

Rising costs for housing, healthcare, food and utilities are pushing retirees to work longer, especially single retirees and women. With U.S. unemployment up and hiring sputtering, the challenge of finding work for those without savings is growing, as the economic pressure to unretire intensifies.

Bitcoin rose back above $71,000 on February 5, 2026, after briefly breaching $70,000 earlier in the session, tracking broader stabilization in global markets. The rally followed a 24-hour drop of as much as 7% in the prior session as tech stocks pared gains and metals faced pressure—silver down 17% and gold also weaker.

Volumes remain high, but the bounce above $71,000 is interpreted as short-covering. Spot buying has thinned, and stablecoin balances on exchanges are falling, indicating cautious capital and a potential pause in fresh inflows.

Macro uncertainty, including Fed leadership and a stronger dollar, continues to weigh. Galaxy Digital cautioned a return to selling could drive bitcoin lower if conditions deteriorate, with some analysts estimating a potential floor in the low-to-mid $60,000 range.

Germany’s Federal Cartel Office has prohibited Amazon.DE from imposing price caps on marketplace third-party sellers, citing anti-competitive practices. The authority now seeks €59 million in damages under 2023 reforms, claiming Amazon improperly influenced competitor pricing—only permissible in exceptional cases like price gouging. The one-month appeal deadline applies; Amazon DE plans to challenge the decision and maintain current operations. The move follows a similar probe into China’s Temu’s pricing influence.

BT slowed broadband customer attrition in Q4 2025, losing 210,000 compared to 240,000 in Q3, and revised full-year declines to 850,000 from 900,000. The telecom giant faces headwinds from "alt-net" rivals leveraging low-cost full-fibre deals, many of which are collapsing amid higher interest costs and weaker demand. London-based G Network entered administration after a FitzWalter Capital acquisition, while Virgin Media O2 is acquiring Netomnia for £2bn to add three million homes. Under CEO Simon Kirkby, BT trimmed £3bn in costs, connected one million additional homes to full-fibre, and aims to reach 25 million by year-end. Revenue fell 4% to £4.9bn and pre-tax profit dipped to £183m after TNT Sports and handset sales weakness. Vodafone reported a 7.3% revenue rise to €8.5bn in Q3 as it integrates Three, but Germany growth lagged at 0.7% and shares fell 6%.

The State Oil Fund of Azerbaijan (SOFAZ) increased its gold allocation to 38.2% of its portfolio as of January 1, 2026, citing inflation hedging and reduced sensitivity to market volatility. Gold prices surged past $5,500/oz in late January before dropping following remarks about the next Fed chair, then rebounded to $5,000/oz by early February.

SOFAZ stated decisions are made within its investment policy and risk-return framework. Last year, the Fund added 53.4 tonnes, bringing reserves to 200 tonnes. Over the past five years, SOFAZ has generated $22.7 billion in investment returns, with the equity sub-portfolio growing more than fourfold and delivering a 305% return and nearly $10 billion in gains.

Deckers (DECK) posted a robust Q4 results beat, with sales and earnings exceeding expectations as global demand for HOKA and UGG grew. Balanced DTC and wholesale performance, effective inventory management, and full-price selling preserved gross margins. Diluted EPS rose 11% to $3.28, and the stock gained $11.79 to close at $111.69 on the earnings call.

Supporting context: Management cited strong international expansion and new product launches as drivers, while analysts will closely watch execution in DTC growth, customer retention, and the ability to offset tariffs and costs through pricing and supply chain efficiency.

Credit Acceptance (CACC) reported Q4 revenue and profit exceeding expectations, driven by expanded dealer relationships and a new digital-first approach. The company launched an updated contract origination platform and continued AI integration to streamline workflows. CEO Vinayak Hegde emphasized leveraging data to remove friction for dealers and consumers.

Key watchpoints: pace of adoption and dealer feedback on the new platform; AI integration’s impact on servicing and cost efficiency; and stabilization of subprime market share, particularly among franchise and large independent dealers.

CACC closed at $507.05, up from $451.24. Analysts will closely monitor execution on these initiatives as they assess the company’s ability to sustain growth. A full research report is available for active Edge members.

Bhutan’s sovereign investment arm, Druk Holding Investments (DHI), sold 284.85 BTC valued at $22.4 million in two transactions from late January to February 2, 2026, as Bitcoin extended declines. Arkham blockchain analytics confirmed the outflows to labeled addresses tied to Singapore-based QCP Capital, a provider of structured crypto products.

Bitcoin fell to $71,299 on February 2, 2026, down 6.1% on the day and about 44% from its October 2025 all-time high of $126,080, according to CoinGecko. Analysts describe the moves as routine treasury operations, consistent with DHI’s established $50 million-per-tranche sales pattern, particularly active in mid- to late-September 2025.

DHI’s tracked wallets hold roughly $412 million in crypto, or about 5,700 BTC, with Arkham noting the recent sales align with Bhutan’s long-standing, hydroelectrically powered Bitcoin mining and strategic crypto reserve buildup. The kingdom designated Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City, a $1 billion special administrative economic hub.

The European Commission has determined that Apple Ads and Apple Maps should not be designated as gatekeeper services under the Digital Markets Act. The Commission cited relatively low usage of Apple Maps in the EU and the limited scale of Apple Ads in the EU online advertising market. It concluded that neither service constitutes a significant gateway for business users to reach end users.

Ameriprise Financial (AMP) reported Q4 revenue growth in the double digits with a positive market reaction, driven by strong client asset inflows and rising adviser productivity. Management attributed gains to platform and technology enhancements, with the Signature Wealth platform and expanded banking products cited as catalysts.

[Para 2] Analysts will closely examine: adviser recruitment and retention momentum; Signature Wealth adoption and its impact on organic assets; and how automation and tech investments translate to operating efficiency and margin stability. Watch AMP’s share price of $550.60 versus $499.67 at the earnings, with key developments likely to influence positioning.

Tractor Supply Co. (TSCO) reported Q4 earnings below expectations, citing a quieter storm season and reduced discretionary demand. CEO Hal Lawton attributed softer sales in seasonal and big-ticket categories to an absence of major weather events and a highly promotional holiday environment, while core farm and ranch sales and share gains remained resilient.

Analysts will closely evaluate the pace and productivity of new store openings, the ramp-up of direct sales and final-mile delivery, and gross margin performance as cost management and supply chain efficiencies are tested by ongoing tariffs and promotional pressures. Digital engagement and private-label expansion will be key indicators of profitable growth.

TSCO closed at $55.29, near its pre-earnings price of $55.14. The company is assessing whether it is at an inflection point amid a crowded sector and evolving supply chain challenges.

Blackstone (BX) reported revenue exceeding expectations but profit missed guidance as institutional, private wealth, and insurance inflows outperformed, offset by higher costs and a less favorable fee mix. CFO Michael Chae said base management fees in real estate declined, pressuring earnings.

Analysts will closely watch the trajectory of new fundraising and the speed at which new funds begin earning fees, as well as Blackstone’s expansion and monetization of AI and infrastructure themes. Recovery in real estate management fees, execution of new product launches, and continued outperformance in credit and infrastructure will be key metrics.

BX closed at $135.15, down from $146.79 before the earnings. The stock trades at a 244% five-year return multiple for High Quality picks as of June 30, 2025, including Nvidia and Tecnoglass.

1-800-FLOWERS (FLWS) reported Q4 with operational stability and disciplined cost management despite softer sales. CEO Adolfo Villagomez attributed holiday success to improved order system reliability and a shift to more efficient marketing, offsetting reduced direct traffic from search trends. The positive reaction reflects gains in profitability and operational efficiency.

Analysts will watch: sustainability of cost savings as consultant expenses phase out; success of digital and third-party channels to drive traffic and conversions; impact of loyalty program enhancements on retention; and progress in product discovery and omnichannel execution.

FLWS closed at $4.06, near its pre-earnings price. Buy/sell timing remains to be determined by the company’s ability to deliver on these fronts.

A. O. Smith (AOS) reported Q4 results with strong margin expansion despite flat sales year-over-year, driven by gains in commercial water heaters, boilers, and North American water treatment. North America segment margin improved 20 basis points from Q4 2024, led by water treatment profitability and mix benefits from higher commercial sales.

Key watchpoints: pace and profitability of the Leonard Valve integration; margin resilience amid rising steel costs and tariff pressures; execution on commercial water heater and boiler growth ahead of late-2026 regulatory changes; and progress in China and water treatment channel initiatives.

AOS closed at $79.02, up from $69.49 from before the earnings. The StockStory team will assess these themes in a follow-on research report.

Thermo Fisher (TMO) reported Q4 revenue that surpassed both top-line and non-GAAP profit expectations, yet shares fell, signaling caution over broader macro and end-market risks. Drivers included strong bioproduction growth, steady clinical research, and momentum in pharma and biotech segments, supported by product launches such as the Orbitrap Astro Zoom mass spectrometer and DynaDrive bioreactor. Management noted resilience amid tariff and policy headwinds, but academic and industrial spending in the U.S. and China remain pressured.

Key watchpoints: pharma and biotech spending acceleration, integration and revenue contributions from recent acquisitions like Clario, and any rebound in academic and government end markets following U.S. budget developments. Execution of innovation and operational efficiencies will be critical to maintaining margins.

TMO closed at $571.34, down from $608.02 before the earnings. Our analysis suggests prudence ahead, with active investors advised to consider the report’s context and broader sector risks.

MarineMax (HZO) posted Q4 results met with a negative market reaction as improved sales growth did not offset elevated promotional activity and cautious retail, keeping margins under pressure despite gains in premium product sales and same-store sales.

CEO Brett McGill said market conditions remained challenging, with promotional activity and cautious retail continuing to shape demand. The company is focused on inventory reduction and expanding higher-margin marina and superyacht services.

Key watchpoints: pace of margin recovery as inventory normalizes and promotions moderate; performance in premium product sales and deposits following major boat shows; and contributions from high-margin marina and superyacht services.

HZO closed at $30.76, up from $26.86 before the earnings. Analysts will closely evaluate execution on inventory discipline and premium demand as critical indicators of future performance.

European and Japanese investors, holders of $8 trillion and $1.2 trillion in U.S. Treasuries respectively, are weighing a strategic sell-off amid heightened U.S.-driven geopolitical and trade tensions under the Trump administration. A coordinated move could spike Treasury yields, increase borrowing costs, and trigger volatility in markets already navigating关税 flare-ups and a $1.5 trillion interdependency in goods and services.

Last month, a Danish pension fund sold $100 million in Treasuries in response to perceived U.S. policy shifts, though it later stated the timing was unrelated to specific Trump demands. Analysts note sovereigns in France, Germany, and Italy are heavily hedged with Treasuries, and intergovernmental coordination on such a leveraged move is fragmented and unlikely to succeed without systemic damage.

Despite the theoretical risk, J.P. Morgan and RSM analysts describe the strategy as structurally improbable due to mutual economic interdependence and the potential for mutual assured destruction. China, the largest non-U.S. holder at $700 billion, has shifted toward gold reserves as a hedge, with prices near $5,000 per ounce.