Tariffs Are Back, Wayfair Defies the Odds & OpenAI Compute Spend

Money Masters' Market Kickoff Week 9

February 23, 2026

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Dear Money Master,

Just when markets thought they had clarity, the tariff story took another sharp turn. 🔄 The Supreme Court struck down Trump's tariffs, and within hours new ones landed under a different law entirely.

Then Wayfair pulled off something rare: growing sales for the first time since 2020 in a furniture market that was actually shrinking. Yet the stock still dropped 10%.

Finally, OpenAI quietly cut its spending target from $1.4 trillion to $600 billion. 🤖 That sounds like a retreat, but it might actually be the smartest move they've made.

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🌍 Economics:

The Supreme Court Knocked Down Trump's Tariffs. He Came Back With New Ones. 🏛️ READ MORE

The Court struck down the administration's tariffs, ruling they exceeded authority under existing law. Within hours, a new set landed under Section 122, a separate emergency trade statute, starting at 10% globally and climbing to 15% the next day. Europe pushed back, India paused its Washington trade visit, and U.S. stock futures fell Sunday night.

Tariff authority is the legal basis a president uses to impose trade taxes. Different laws grant different powers, and when one door closes, another opens fast. What rattles markets isn't the tariffs themselves, it's the unpredictability. Markets hate uncertainty more than bad news, because uncertainty makes it impossible to price anything accurately. Bitcoin dropped nearly 5%. You can't price risk you can't predict.

💻 Technology:

OpenAI Quietly Cut Its Spending Target by More Than Half. Here's Why That's Actually a Good Sign. 🤖 READ MORE

OpenAI is now telling investors it plans to spend roughly $600 billion on computing infrastructure by 2030, down from the $1.4 trillion CEO Sam Altman touted just months ago. The company generated $13.1 billion in revenue in 2025 and is projecting more than $280 billion by 2030. Nvidia is in discussions to invest up to $30 billion in their next funding round.

The concept to understand here is compute spend, which is the money AI companies pour into the raw computing power needed to train and run their models. Think of it as the fuel bill for the AI race. The more powerful the AI you want to build, the more data centers, chips, and energy you need. For OpenAI, this is not optional spending. It is existential. Without enough compute, rivals like Google and Anthropic pull ahead.

The revision from $1.4 trillion to $600 billion sounds like a retreat, but sophisticated investors are reading it differently. It suggests OpenAI is tying its spending directly to its revenue projections, which is a sign of capital discipline. Burning $8 billion last year while generating $13 billion in revenue is a controlled burn. In a race this expensive, the most efficient spender often beats the biggest spender.

Private fundraising lets companies like Anthropic burn billions on expensive AI development without answering to public shareholders every quarter. It's patient capital for an impatient race, where whoever spends the most on computing power often wins.

💹Earnings:

Wayfair Just Grew Sales in a Market That Was Shrinking. So Why Did the Stock Fall? 🛋️ READ MORE

Wayfair reported fourth-quarter revenue of $3.34 billion, beating expectations of $3.30 billion. Earnings per share came in at 85 cents adjusted, well above the 66 cents Wall Street expected. Annual revenue grew 5.1% to $12.5 billion, the first full-year sales growth since 2020. Despite all of that, shares dropped nearly 10%.

Here's what makes this story interesting. Wayfair grew while the furniture category itself contracted. That means the company did not just benefit from a rising tide. It took market share from competitors in a shrinking market, which is a much harder and more valuable thing to do. It signals that a company's competitive position is strengthening even when conditions are working against it.

So why did the stock drop? Because Wayfair has not posted an annual net profit since 2020. Investors have been patient, but patience runs thin when a company keeps growing revenue without converting it to real bottom-line profit. The adjusted EBITDA of $224 million shows progress, but the net loss of $116 million reminds Wall Street the job is not finished. Growth without profit is a promise. Profit is the proof.

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To your financial empowerment, The Money Masters Team

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DISCLAIMER: This information is for educational purposes only and does not constitute financial advice. The publisher does not accept any responsibility for any losses incurred as a result of actions taken based on the information provided. Always conduct your own research or consult with a financial advisor before making any investment decisions.