Vale SA (VALE) released its fourth-quarter proforma results, reporting a 11.3% increase in net income to BRL 2.76 billion (USD 1.12 billion), driven by higher iron ore prices and operational efficiencies. Net operating revenues rose 9% to BRL 39.8 billion (USD 16.2 billion). The company attributed the improvement to strong pricing in its iron ore business and disciplined cost management. The proforma results reflect ongoing integration of its operations and continued impact of global supply chain disruptions on production costs.

FRANKFURT, Feb 13, 2026 - Stark Defence, the German drone maker, increased its overall valuation to over 1 billion euros in a recent funding round, according to Manager Magazin. Sources indicate Peter Thiel's Founders Fund invested a double-digit million euros, with additional participation from European investors. The company has not commented. Separately, German government plans show an intent to order strike drones worth 536 million euros from Stark and from Helsing, another German defense contractor. (USD/EUR: 1 = 0.8434 euros).

Senior researchers are defecting from OpenAI and xAI amid controversy over running ads in ChatGPT and escalating safety concerns. Zoë Hitzig, a former OpenAI researcher, published in The New York Times on February 11, 2026, quitting after the company began testing ads in ChatGPT, citing profound ethical doubts about using data from users’ personal, often sensitive, disclosures.

The exodus follows rapid AI innovation and growing public and internal alarms over safety. On February 9, 2026, Mrinank Sharma, Anthropic’s lead on safety, cited difficulty aligning values with operations and announced a departure, planning a temporary hiatus. Within hours, Tony Wu and Jimmy Ba, co-founders of xAI, both tweeted their resignations following the company’s February 7, 2026, merger with SpaceX, though specific reasons remain unclear.

Ba wrote he was “realigning his compass” as the path forward became “too dangerous” with the tools at hand. Wu’s departure came after Ba’s. The trend continued xAI’s pattern of losing half its co-founders since 2023, with Jan Leike, who left OpenAI in 2024 over fundamental disagreements on alignment and safety, and Ryan Beiermeister, a top safety officer at OpenAI, being laid off in January 2026 over concerns about AI-generated explicit content.

Dimitri Zabelin of PitchBook said investor attention to AI safety is not yet sufficient to alter fundraising or valuations. “Only if these concerns begin affecting the operational capacity of AI models will we see shifts in investment flows and valuations,” he said.

Global cloud computing leaders are forecasting record capital spending of nearly $660 billion in 2026 to expand AI infrastructure, according to the latest earnings guidance. This shift from software-light, high-margin models to heavy data center and energy investments has raised earnings and valuation concerns on Wall Street, with fears of an AI asset bubble.

Amazon, Alphabet, Microsoft, and Meta are the primary drivers. Amazon’s $200 billion 2026 capital plan has triggered an eight-day losing streak, pushing its stock into a technical bear market and potentially resulting in negative free cash flow with a $280 billion funding gap. Alphabet plans a rare 100-year bond issue to fund expansion, and Microsoft saw its stock fall over 11% after the quarter due to slowed growth and heavy spending. In one week alone, the combined market value of Amazon, Google, and Microsoft erased about $900 billion.

Meta stands as the exception, with its stock rallying after a财报 showing improved ad targeting and revenue from its AI technology. Microsoft’s large remaining order position of $625 billion includes about 45% from OpenAI, raising systemic risk concerns.

Upstream hardware suppliers such as NVIDIA and Avnet are benefiting from this procurement boom. Analysts note, “It’s not about the potential anymore; it’s about seeing a clear path to return on investment.”

The White House is evaluating a proposal to lift portions of its current 50% steel and aluminum tariffs to ease rising living costs and pressure on consumer and business spending.知情人士 said the administration is reviewing product lists and considering exemptions for certain items.

Alternatives under consideration include pausing the expansion of the tariff schedule and subjecting specific products to national security reviews. In reaction, LME aluminum prices fell to $3,058.50 per ton, a 1.3% decline.

The tariffs, seen as a hidden tax passing costs to manufacturers and households, are expected to burden about 90% of the economic impact in 2025, according to a New York Fed survey, with enterprises and consumers bearing the brunt. While Trump has previously argued tariffs help curb the national debt and plan to issue checks worth at least $2,000 per household, recent moves suggest a shift away from the earlier strict measures and toward a trade reset with China.

The S&P 500 remains flat for the year through February 13, 2026, masking extreme sectoral dispersion that has climbed to the 99th percentile of its 30-year historical range. While the index appears stable, over 60% of constituent stocks have outperformed the大盘 in 2026, compared to about 30% in prior cycles, signaling a sharp rotation from tech and software to energy, materials, and consumer defense.

Charlie McElligott of Nomura notes the average constituent has gained over 10% in the past month as large-cap underperformance is offset by gains in mid-cap and small-cap stocks. This "absolute madness" in dispersion mirrors conditions preceding the 2001 dot-com crash and 2008 crisis, with a median one-year equity market decline of 1.3% following similar extremes.

The overconcentration of weight in the largest firms—where the top 10 holdings accounted for 40% of the index at year-end—combined with more than half of the industry sectors in "extreme overbought" conditions despite the index not being overbought, creates heightened volatility. On February 13, the Dow Transportation Index fell 4% on AI-driven logistics concerns, the S&P 500 slipped 1.1% to 6,863, and the Nasdaq fell 1.5%. The Dow Industrial Average dropped 500 points to 49,593.

Eutelsat reported first-half revenue of €592 million, up €19 million and above analyst estimates of €581 million, as the European low-Earth-orbit internet race gains momentum. The operator trimmed operating losses by 85% despite remaining loss-making, and net debt was cut in half following a €1.5 billion rescue from the French state, now its top shareholder.

OneWeb integration drove a 60% revenue lift, now accounting for about 20% of sales, offsetting declines in legacy broadcasting. A €1 billion state-backed loan supports procurement of 340 Airbus spacecraft to replace aging satellites, while a cancelled satellite order cut full-year capex to €900 million from €1.1 billion.

The company plans to refinance bonds following a cash call last year that prompted credit rating upgrades.

HYBE (008832.KT) reported Q4 operating income of 28.4 billion won, a 24% decline from 37.3 billion won in the same period of 2025, according to the company's financial results released February 13, 2026. The decline followed a 10% drop in revenue to 69.7 billion won, driven by lower streaming service subscription fees and reduced advertising revenue. The company attributed the results to shifting consumer preferences and a decline in live event attendance due to ongoing restrictions. Management cited a strategic pivot toward Webtoon and mobile game divisions as a contributing factor.

Capgemini (CGIM) reported full-year revenue of 22.47 billion euros ($26.65 billion) in 2025, 3.4% at constant exchange rates, exceeding guidance and driven by a 10.6% rise in Q4 sales. The acquisition of WNS and Clou4C contributed significantly, with generative and agentic AI accounting for over 10% of group bookings in Q4, up from roughly 5% earlier in the year. The EUR-USD exchange rate used for conversion was 1 EUR = 0.8432 USD.

U.S. legislators have submitted a joint letter to the U.S. Department of State and Commerce, urging the upgrade of export controls on semiconductor manufacturing equipment and components to China. The proposal would bar exports of wafer fabrication equipment (WFE) and their subsystems unless they can achieve production within China, effectively closing current carve-outs allowing 14nm logic and 128+ layer 3D NAND equipment.

The letter also seeks to implement a ban on repair and maintenance services, which could significantly shorten the operational lifespan of value百亿-dollar systems already imported from the U.S. and allied suppliers. A proposed multilateral ban on key subsystems would further limit technology leakage through reverse engineering.

The only exception proposed is for equipment that achieves local production, creating a loophole that could deprive Chinese-based foundries of authorized spare parts and conflict with recent export licenses. On the day the letter was released, the U.S. Department of Commerce reached a settlement with Applied Materials over alleged违规exports to China, highlighting enforcement challenges.

ENEOS (ENE:TYO) reported third-quarter earnings per share of ¥35.8 billion, a 14.3% year-over-year decline, on February 13, 2026. Revenue totaled ¥3.26 trillion, down 6.2% from the prior-year period. The company attributed the results to lower crude oil prices and reduced refining margins. Management guidance for fiscal 2025 remains unchanged at net income of ¥1.4 trillion, reflecting continued pressure from global energy price volatility and demand constraints.

T&D Holdings (TD) reported a 9-month net profit decline in the fiscal year ending February 2026, with net profit down 12.3% year-over-year to NT$3.46 billion (USD 97.8 million). Ordinary profit for the period rose 3.2% to NT$1.02 billion. The company attributed the result to softer demand and higher interest and operating costs. Management expects FY2026 profits and revenues to remain weak, citing continued economic headwinds and reduced industrial activity. The stock closed at NT$18.75 on February 12, 2026 (UTC) on the Taipei Exchange.

European shares are expected to open on a cautious note on February 15, 2026, as fears of AI-driven disruption to industries and employment weigh on investor sentiment. The Stoxx 600 is forecast to open around 0.5% lower, reflecting heightened volatility and uncertainty. The European Central Bank's upcoming monetary policy meeting on February 19-20 is also expected to influence sentiment, with markets closely watching for hints on interest rates and asset purchase plans. The broader concerns stem from potential regulatory changes and shifts in business spending as companies adapt to automation and AI integration.

Waymo (GOOGL) announced on March 12, 2026, a pilot program in Atlanta with DoorDash (DASH) to address vehicles being stranded when passengers leave doors ajar. If so, DoorDash drivers are compensated to manually close the doors to restore service.

Waymo will initially rely on human assistance for basic tasks like closing doors, signaling ongoing challenges in fully autonomous operations. Payments have already been made, including a $11.25 bonus in a recent Atlanta incident, with compensation reaching up to $24 in Los Angeles through Honk partners.

Waymo, part of Alphabet’s “Other Bets” unit valued at $126B in its latest funding round, reported a $7.5B operating loss for that segment in Alphabet’s 2025 annual report. The unit aims to scale its ride-hailing service to more cities in 2026.

Yamaha Motor Co. reported a significant decline in FY25 net profit, down 41.2% to ¥29.96 billion (about $247 million) versus ¥51.06 billion in FY24, citing softer motorcycle sales and supply chain disruptions. For the first half of FY26, the company forecast profit growth of 30% to 50% year-over-year, citing strong demand in North America and Europe, cost optimization, and recovery in Asian markets.

Key financial highlights: FY25 profit ¥29.96B (-41.2% YoY); H1 FY26 profit growth guidance 30%–50% YoY; shares up 2.8% in after-hours trading on the Tokyo Stock Exchange (TYO: 7272) following the earnings release.

Q-commerce Group (GQG) reported an advance in full-year income guidance, projecting 2026 net income of $185 million, up 12% from the previously forecast $165 million. The revision reflects stronger than expected performance in its core real estate and private equity segments, with Q4 2025 revenue rising 10% year-over-year to $72 million. CEO Michael J. Breen stated the improvement is driven by disciplined cost management and higher-than-expected rental growth. The stock closed at $22.45 on February 12, 2026, up 2.3% on the news.

As generative AI expands, demand for U.S. data centers has outpaced power plant construction, driving rapid electricity rate increases. Bipartisan pressure is mounting on tech companies to cover their costs, with states and utilities imposing long-term contracts, plant and transmission fees, and down payments. However, short-term bidding for capacity and ancillary grid investments are spreading costs to households and small businesses, hitting mid-Atlantic and other regions with billions in higher rates.

Legislative and regulatory responses are intensifying, including moratoriums on new centers, caps on tax breaks, and rules to shield ratepayers. Governors, including Katie Hobbs, are proposing fees and ending exemptions. Industry and federal officials dispute claims of inflation, citing self-generated power and renewable policies, but advocates warn that the real challenge is ensuring data centers fully cover all costs—especially as energy prices are forecast to rise in 2026.

Asia markets extended Wall Street weakness Friday as AI-related disruptions weighed on sentiment. U.S. futures were flat.

Tokyo’s Nikkei 225 fell 0.8% to 57,165.13 after crossing 58,000 on Thursday. SoftBank Group dropped 6.8% despite reporting a quarterly profit. South Korea’s Kospi rose 0.4% to 5,545.49, led by tech; Samsung Electronics up 1.2%. Hong Kong’s Hang Seng down 1.8% to 26,547.98; Shanghai Composite down 0.7% to 4,105.04. Australia’s S&P/ASX 200 at 8,919.30, down 1.4%.

On Thursday, the S&P 500 fell 1.6% to 6,832.76, the Dow Jones down 1.3% to 49,451.98, and the Nasdaq down 2.0% to 22,597.15. Cisco Systems (-12.3%) and AppLovin (-19.7%) declined despite better-than-expected earnings as AI headwinds persisted. McDonald’s up 2.7%, Walmart up 3.8%.

The U.S. inflation report Friday is closely watched, with many economists forecasting little likelihood of a rate cut in the near term. Crude oil down 0.1% to $62.77/bbl; Brent down 0.1% to $67.49/bbl. Gold up nearly 1% to $4,995.80/oz; silver up 1.4% to $76.72/oz. USD/JPY at 152.89; EUR/USD at $1.1867.

The U.S. Bureau of Labor Statistics reported core personal consumption expenditures (CPI) inflation rose to 3.7% in January 2026, up from 3.6% in December 2025. The core PCE index, a key Fed policy gauge, increased 0.3% month-over-month, matching the highest reading of the year. The Federal Reserve cited the moderation in its August 2025 meeting minutes and officials’ comments this week, indicating a potential pivot from tightening to maintaining or reducing rates by summer 2026. The pace of gains in energy and used-car prices moderated, while food and housing costs continued to rise.

U.S. core personal consumption expenditures (CPI-E) inflation edged down to 3.7% in January (annual rate), the lowest since September 2023, per the Bureau of Economic Analysis. The Federal Reserve is closely monitoring this moderation as it weighs its next policy decision on February 14, 2026. The labor cost index rose 0.3% month-over-month, while energy prices remained the largest contributor to the CPI.

The preliminary reading, released after the opening of major financial markets, sent risk-on sentiment higher early in the session as traders priced in a potential pause in rate hikes. However, officials will consider broader economic data, including the personal consumption expenditure (PCE) price index and the unemployment rate, before deciding on policy direction.