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Chapter 1: What is the main topic discussed in this episode?
Public.com presents The Rundown, your daily market update in under 10 minutes. My name is Zaid Admani, and today is Friday, February 20th.
In today's episode, we'll tell you about what the Supreme Court just said about President Trump's tariffs.
We'll also tell you about the updated deal between OpenAI and NVIDIA. Then stick around to the end of the show to find out how much money hedge fund managers made in 2025. We got a great show for you today. Let's go. Well, stocks snapped their mini win streak on Thursday with the S&P and Nasdaq both dropping around 0.3%.
The main story driving the sell-off yesterday was the rising geopolitical tensions in the Middle East.
Chapter 2: What recent ruling did the Supreme Court make regarding Trump's tariffs?
Investors are closely monitoring the U.S. military buildup in the region, and there are rumors of a possible strike on Iran. Now, we've seen this before. Remember last summer, there was a similar headline. In fact, the US military did carry out a strike in Iran. The markets freaked out for a couple of days, but then things cooled off. We'll see if something similar happens this time.
This escalation has the energy markets worried, though, because Iran could potentially close the Strait of Hormuz, which is the world's busiest oil passage. Roughly 20 million barrels of oil run through it daily, which is equivalent to almost a fifth of global oil demand. So any prolonged conflict or disruption in the Strait of Hormuz could send shockwaves through the global economy.
In fact, oil prices have already gone up 10% in the last month. So definitely something to keep an eye on. Now, we just got some breaking news as I'm recording this. The Supreme Court has struck down President Trump's tariffs. The court said that President Trump exceeded his authority by invoking the economic emergency powers law to impose his reciprocal tariffs. So now those tariffs are illegal.
I mean, we were waiting for this decision for weeks now, and we finally got it. And it'll be interesting to see what President Trump does from here because tariffs were his signature economic policy. And now that's being taken away, or at least the tariffs that were under the Emergency Economic Powers Act, which was like 70% of them. So yeah, there's a lot to process here.
This news just broke like three minutes ago and we'll see how the markets end up reacting to it. Now, looking ahead, we are winding down earnings season, but we still got some heavy hitters on deck for next week. The one that everyone's gonna be watching is Nvidia. They report earnings on Wednesday after the close. You know, AI spending has been the dominant market theme for the last two years.
but the vibe is starting to shift. So we'll see what Nvidia has to say about all of that. We're also going to be hearing from Salesforce that same day. You know, Salesforce has been one of the biggest victims of the software sell-off this year. So I'm really curious to see what they have to say in their earnings. So next week is going to be a pretty important week coming up.
Make sure you guys are subscribed to the podcast and tuning in every day to stay in the loop. Let's run through some headlines. Starting with Nvidia and OpenAI. Nvidia and OpenAI have scrapped their $100 billion partnership that they first announced back in September of last year.
The original plan was for Nvidia to invest $100 billion into OpenAI in 10 installments of $10 billion each as OpenAI's need for computing power grew over time. Now, in return, NVIDIA was going to get ownership stake in OpenAI and OpenAI would commit to buying millions of NVIDIA AI chips. It was kind of a complicated deal and it was never really finalized.
So now those plans are being scaled back and simplified. NVIDIA is now set to invest $30 billion directly into OpenAI in exchange for equity. That's it. No complex multi-year commitments or chip purchase agreements are baked in. This $30 billion is part of a massive new funding round for OpenAI, and they're on track to raise over $100 billion total, valuing OpenAI at $730 billion.
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