📈 The Largest Heist in History

Plus: Big Week for Stocks

Author

Journals GG
February 24, 2025

Good Morning & Happy Monday!

We’re diving into Nvidia’s high-stakes earnings, a historic $1.46 billion crypto heist, and why Morgan Stanley thinks the US stock exodus won’t last. Plus, Buffett doubles down on equities, and Microsoft shakes up its data center strategy.

Grab your flat white and let's get into it! ☕️👇️

Markets

🧨 Nvidia Earnings - Brace For Volatility
Nvidia’s earnings will be a major test for the AI trade after a slow start to the year. Even a strong report may not reignite momentum, with concerns over China’s DeepSeek, slowing growth, and export restrictions looming. The options market expects a 7% swing, potentially shifting $230 billion in market value, so be braced for volatility.

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🏦 Morgan Stanley, JPMorgan say flight from US stocks won’t last
US stocks won’t stay out of favor for long, thanks to strong economic growth and earnings potential. Despite lagging global peers in 2025, concerns over Trump’s policies, high valuations, and China’s DeepSeek have weighed on sentiment. But Morgan Stanley’s Michael Wilson sees capital returning, calling the S&P 500 the “highest quality index” with the best earnings growth prospects.

💰️ Buffett Says 'Substantial Majority' of Berkshire Shareholders' Money in Stocks
Warren Buffett reassured Berkshire Hathaway shareholders that despite a record $334.2 billion cash pile, equities remain the priority. The company’s Q4 operating earnings surged 70% to $14.53 billion, but Buffett emphasized, “The great majority of your money remains in equities.” That stance, he said, “won’t change.”

🔫 The Largest Theft in History - Following the Money Trail from the Bybit Hack
On February 21, 2025, Bybit suffered the largest crypto heist ever, losing $1.46 billion to hackers. Reports suggest malware tricked the Dubai-based exchange into approving fraudulent transactions. This theft surpasses the $611 million Poly Network hack in 2021 and even Saddam Hussein’s $1 billion theft from Iraq’s Central Bank in 2003, making it one of the biggest heists in history.

Quick News

AI

Microsoft is reportedly scaling back on U.S. data center expansion, canceling leases amounting to hundreds of megawatts, according to TD Cowen. The company has also halted the conversion of Statements of Qualification (SOQ) into formal leases, a strategy previously used by Meta when cutting capital expenditures.

This move suggests a potential oversupply in the data center market and a shift in Microsoft’s growth strategy. While the company had planned to spend $80 billion this fiscal year on AI data centers, some analysts now question whether it’s becoming more cautious about future demand.

Despite the pullback, Microsoft insists its infrastructure spending plans remain on track. In a statement Monday, the company reiterated its $80 billion commitment, emphasizing that it will “continue to grow strongly in all regions.” However, it acknowledged that spending may be “strategically paced or adjusted” in some areas.

With AI driving massive infrastructure investments, Microsoft’s recalibration raises key questions about the balance between growth and efficiency in the data center market.

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