The Supreme Court during a rain storm in Washington, Feb. 20, 2026. Annabelle Gordon | Bloomberg | Getty Images U.S. importers will be facing many hurdles trying to recover billions in tariff costs now that the Supreme Court has ruled President Donald Trump 's International Emergency Economic Powers Act, or IEEPA, tariffs are illegal. Companies large and small may be eligible for refund payments that in total could reach hundreds of billions of dollars, but trade attorneys have warned that tariff refunds could be denied or delayed, depending on how U.S. courts rule and how the legal system and U.S. Customs and Border Protection go about issuing any eligible payments. Record tariff revenue has been recorded by the U.S. government, with tariff collections surging in January to $30 billion and reaching a year-to-date total of $124 billion. That is up 304% from the same period in 2025. The Supreme Court decision could mean as much as $175 billion sought in refunds , according to estimates, but the ruling was silent on whether tariffs that have been paid under the higher rates will need to be refunded. Read more CNBC coverage on tariffs Supreme Court strikes down Trump tariffs in rebuke of signature policy Trump announces 10% global tariff after raging over Supreme Court loss Trump tariffs: U.S. could owe $175 billion in refunds What the Supreme Court tariff ruling may mean for your money Small furniture retailers face existential tariff threat, despite Supreme Court ruling U.S. trade deficit totaled $901 billion in 2025, barely budging despite Trump’s tariffs In his dissent from the majority Supreme Court decision on Friday, Justice Brett Kavanaugh wrote: "the Court's decision is not likely to greatly restrict Presidential tariff authority going forward. But the Court's decision is likely to generate other serious practical consequences in the near term. One issue will be refunds. Refunds of billions of dollars would have significant consequences for the U. S. Treasury....

Rightwing Trump ally tells Tucker Carlson Israel has biblical right to land from ‘wadi of Egypt to the great river’ The US’s ambassador to Israel Mike Huckabee has contended to the podcaster Tucker Carlson that Israel has a biblical right to take over the entire Middle East – or at least the lion’s share of it. “It would be fine if they took it all,” Huckabee said to Carlson during an interview posted on Friday. The Trump administration appointee and former Arkansas governor discussed with Carlson interpretations of Old Testament scripture within the US Christian nationalist movement. Continue reading...

格隆汇2月21日｜周五（2月20日）纽约尾盘，美国10年期基准国债收益率涨1.53个基点，报4.0826%，北京时间21:30披露美国GDP和美联储青睐的PCE通胀数据时刷新日低至4.0520%， 美国最高法院宣判特朗普关税政策违法之际拉升至4.1018%刷新日高，本周（四个交易日）累计上涨3.43个基点。两年期美债收益率涨2.07个基点，报3.4781%，日内交投于3.4318%-3.4949%区间，也在前述两个关键的时间节点先后刷新日低和日高，本周累涨7.04个基点。

BalkansCat/iStock Editorial via Getty Images Shares of Lamar Advertising Company ( LAMR ) have been a moderate performer over the past year, gaining about 5%, though shares pulled back on Friday after the company reported mixed results, though guidance did not miss as much as it may first seem. While its focus on local advertisers has helped to support the business, the overall advertising environment has been weak given margin pressure and macro uncertainty, which has limited growth opportunities. I last covered shares in December when I rated Lamar a “ B uy,” given its dividend and growth potential. Since then, shares are basically flat, and with updated financials, now is a good time to revisit Lamar. Seeking Alpha Q4 Sales Trends Were Encouraging In the company’s fourth quarter , Lamar Advertising earned $1.50 per share, which was $0.12 below expectations even as revenue grew 3% to $596 million. Adjusted funds from operations (“AFFO”) rose 1.4% to $2.24. For the full year, the company generated $8.26 of AFFO, up 3.4% from 2024 levels. Adjusted EBITDA grew 3.7% to $289 million. Adjusting for acquisitions, EBITDA was up 2.2%. I would note that political spending was weaker given the difficult comparison from the presidential election last year; otherwise, revenue was up 4%. The company is seeing more sales momentum in both national and local markets, which has carried forward into the first quarter. Lamar’s billboard business is, in my view, one of the most durable sub-segments of the advertising sector. Unlike cable, radio, or print, it is not exposed to cord-cutting or the shift to digital, and it is not a traditional search business that could be upended by AI. So long as people travel, there will be demand to advertise on billboards, and given coding and regulations, supply growth is limited. Beyond this, local and regional accounts for 78% of billboard revenue. While national ad spending can be closely correlated with economic activity, local spending tends t...

英伟达即将敲定对OpenAI的300亿美元投资，这笔投资将取代双方去年敲定的1000亿美元长期合作承诺，同时也是这家人工智能初创企业新一轮大规模融资的一部分。 知情人士透露，这家全球市值最高的企业正与OpenAI处于谈判的最后阶段，此次投资最早或于本周末落地。 该人士表示，这笔300亿美元的股权投资隶属于OpenAI的一轮大型融资，此次融资总额有望突破1000亿美元；不含本次新增融资，这家ChatGPT研发企业的估值将达到7300亿美元。 知情人士补充称，OpenAI将把此次新增融资的大部分资金再次投入英伟达的硬件采购，但双方不会推进去年9月宣布的那份为期数年的1000亿美元投资合作协议。 这份曾在9月高调官宣的协议如今搁置，背后是投资者对人工智能行业发展前景的担忧；受此影响，美国科技股自今年年初以来已累计下跌17%。 这份去年公布的“意向书”式协议，让身处人工智能产业风口的两家企业深度绑定，也推动英伟达的市值在数周后突破5万亿美元。 该协议也让山姆·奥特曼执掌的这家人工智能初创企业迎来了一轮密集的合作签约期，其不仅与竞争对手芯片制造商超威半导体（ AMD ）、博通达成了复杂的合作协议，还与 甲骨文 等云服务提供商建立了合作关系。 尽管这些协议彼时受到股市投资者的认可，但人工智能领域内供应商、客户与投资者之间一系列的绑定合作，也引发了部分分析师的担忧，他们认为这类合作存在循环架构问题，且行业正滋生越来越大的泡沫。 根据这份1000亿美元协议的条款，未来数年，随着OpenAI对算力需求的不断增长，英伟达将分十期向其注资，每期100亿美元，以此换取这家人工智能初创企业的大量股权。 作为部署最高10吉瓦新算力计划的一部分，OpenAI彼时也计划采购数百万颗英伟达人工智能芯片。 但这份协议始终停留在谅解备忘录阶段，并未正式落地。今年1月有报道称该协议已被“搁置”，如今这份协议将被一项更直接的合作取代——英伟达将以最高300亿美元的投资，换取OpenAI的股权。 知情人士表示，这笔融资将为OpenAI数十亿瓦新算力的建设提供资金支持，且未来双方或还会达成更多合作协议。 OpenAI与英伟达均对此不予置评。 奥特曼与英伟达首席执行官黄仁勋一直试图辟谣双方企业关系降温的传闻。奥特曼本月初在X平台发文称：“我们乐于与英伟达合作，他们打造出了全球最顶尖的人工智能芯片。我们希望长期成为...

wildpixel/iStock via Getty Images Much like the Internet Boom of the late 1990s, the rally in the market from 2023 to 2025 was primarily driven by the technology sector riding the wave of a new paradigm shift. At the end of the 20th century, it was the birth of the internet. This huge rise in the market has been primarily due to the AI Revolution. That AI Narrative is started to notably crumble some here in 2026. Almost every member of the Magnificent Seven are in the red year to date. Whether this is just a " hiccup" in the AI story or the start of a larger downward trend is a key unknown for the markets right now. In today's column, I highlight four key reasons the air seems to be coming out of the AI Bubble here in 2026. Valuations: Shiller PE ratio (Multpl) The first reason behind the recent weakness in AI-related concerns and technology in general is simply valuation levels. The overall market is in overbought territory using several traditional valuation metrics like the Shiller PE Ratio. Even with the recent weakness in the technology sector, particularly the software sector on growing fears of coming disruption from rapidly improving AI capabilities, valuations on the tech heavy NASDAQ are nowhere near " bargain" levels. NASDAQ Price to Sales ratio (Macrotrends) Balance Sheet Deterioration: In addition, the huge surge of tech spending has started to have a huge and negative impact on many balance sheets as well as huge downward pressure on free cash flow at these companies. Meta Platforms ( META ), Amazon ( AMZN ), Alphabet ( GOOG ) and Alphabet ( GOOG ) will spend nearly $700 billion on capex in FY2026. This is up sharply from just over $350 billion in FY2025. As you can see below, this is going to push free cash flow down substantially at these largest four hyperscalers in the quarters ahead. Bloomberg At least the combined free cash flow from these four members of the Magnificent Seven is expected to remain positive through FY2026. The Information Reporti...

These companies won't be displaced any time soon, and their stocks look incredibly cheap.

Key PointsSoftware stocks have all declined in value as analysts reassess the impact of AI on the industry.

The Supreme Court decision striking down some of Trump's most sweeping tariffs injects new uncertainty into global trade.

格隆汇2月21日｜周五（2月20日）纽约尾盘（周六北京时间05:59），离岸人民币（CNH）兑美元报6.8978元，较周四纽约尾盘涨24点，日内整体交投于6.9065-6.8960元区间。

专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是“耻辱” 美股上涨，交易员认为唐纳德·特朗普关税计划被否可能对政府财政构成压力，但不太可能改变经济走势。 标普500指数中超过330只成份股上涨。美国最高法院法官驳回了特朗普推行大范围关税的做法。特朗普随后表示，将对贸易伙伴征收10%的全球关税，并称其现有计划中的若干类别仍然有效。 数以千计的企业和进口商恐将面临一场旷日持久的斗争，他们将试图追回已向美国政府缴纳的高达1700亿美元的关税。 美国财政部长斯科特·贝森特表示，2026年关税收入将“几乎不会发生变化”。他补充道，特朗普政府将使用其他机制来替代这些关税措施，包括国会授予的、被称为122、232和301条款授权。 “我们不会调整对美国经济的预期，因为我们预计关税将通过其他途径得以维持，”道明证券策略师表示。 标普500指数周五上涨0.7%，单周涨幅创1月9日以来最大。 一只新兴市场ETF创历史新高。 “到目前为止，政策冲击应被视为投资环境不可分割的一部分 —— 但近年来事实证明，这类冲击往往转瞬即逝，或许甚至无需纳入长期决策考量，而是只进行战术性把握，” RBC Wealth Management的Tom Garretson表示。 JonesTrading的Michael O’Rourke表示，在获得切实信息之前，投资者不会调整其前景判断。 “鉴于即将出台的行政令具体细节仍不明朗，市场尚不清楚应如何反应，”TD Securities的Gennadiy Goldberg称。 eToro的Bret Kenwell认为，展望未来，关税政策更可能被重新校准，而不是被彻底废除。 截至美股收盘，标普500指数上涨0.69%，报6909.51点。 道琼斯 工业平均指数上涨0.47%，报49625.97点。 纳斯达克 综合指数上涨0.9%，报22886.07点。 责任编辑：陈钰嘉

Federal judge said reporter Hannah Natanson ‘has basically been deprived of her life’s work’ after January raid A federal judge in Virginia on Friday declined to immediately rule on the Washington Post ’s request for the government to return devices seized from reporter Hannah Natanson in a January raid of her home. But the judge, William B. Porter of the eastern district of Virginia, acknowledged the enormity and significance of the seizure during the afternoon hearing. “Ms Natanson has basically been deprived of her life’s work,” he said. Continue reading...

Source: Bloomberg, 6:00

格隆汇2月21日｜据黎巴嫩国家通讯社20日消息，以色列军队当天空袭黎东部贝卡谷地，造成至少6人死亡、25人受伤，伤员已被分送至当地各医院。 同一天，黎巴嫩卫生部说，以军还于当天傍晚空袭黎西南部赛达市附近的艾因赫勒韦难民营，造成这座巴勒斯坦难民营两人死亡、多人受伤。

Never miss an episode. Follow The Big Take daily podcast today. The US Supreme Court on Friday handed President Donald Trump one of the biggest losses of his second term, striking down his signature tariff plan. On today’s Big Take podcast, Sarah Holder talks to one of the people at the heart of the drama: Rick Woldenberg, the CEO of Learning Resources, a toy company that was a lead plaintiff in the case. And she unpacks the decision and its implications with Supreme Court reporter Greg Stohr and global trade editor Brendan Murray. The Big Take Asia followed Learning Resources throughout 2025 as it formulated its legal response to the new US tariffs and grappled with the challenges of shifting its supply chain from China to some lower-tariff neighbors. To hear more, listen to these Big Take Asia episodes: Tariffed: The Toymaker That Took on Trump Part One Tariffed: The Toymaker That Took on Trump Part Two Tariffed: The Toymaker That Took on Trump Part Three The American Toymaker Suing Trump Over Destructive Tariffs Listen and follow The Big Take on Apple Podcasts , Spotify or wherever you get your podcasts. Terminal clients: click here to subscribe. This episode was produced by: Julia Press and David Fox; Editor: Tracey Samuelson; Fact-checker: Rachael Lewis-Krisky; Sound Design/Engineer: Alex Sugiura; Senior Producer: Naomi Shavin; Senior Editor: Elisabeth Ponsot; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.

Source: Bloomberg, 6:17

Key PointsIt surprised on the upside with a much narrower-than-expected quarterly net loss.

The dollar index (DXY00 ) fell from a 4-week high on Friday and finished down by -0.13%. Weaker-than-expected US economic news knocked the dollar lower on Friday. US Q4 GDP, the Feb S&P manufacturing PMI, and the University of Michigan US Feb consumer sentiment index all were weaker than expected...

March NY world sugar #11 (SBH26 ) on Friday closed up +0.23 (+1.63%), and May London ICE white sugar #5 (SWK26 ) closed up +3.30 (+0.82%). Sugar prices rallied sharply on Friday, with NY sugar posting a 1.5-week high. Sugar prices jumped on Friday after the US Supreme Court struck...

Meta Platforms, Amazon, Alphabet and the others have all seen their share prices trade sideways to lower over the last several month and now they look as a attractive as ever