GoAI Market Wrap - 28th Feb

Stock Market

Overnight and into this morning, the three major U.S. indices closed lower as NVIDIA (NVDA), the world’s most valuable public company, weakened for a second consecutive day following its earnings report, compounded by a heavy sell-off in the financial sector.

 

By the close, the S&P 500 fell 0.43% to 6,878.88, the Nasdaq Composite dropped 0.92% to 22,668.21, and the Dow Jones Industrial Average declined 1.05% to 48,977.92.

 

For the month of February, the Nasdaq fell 3.38% and the S&P 500 lost 0.87%, both marking their steepest monthly declines since March 2025. The Dow managed to edge up 0.17%, narrowly extending its monthly winning streak to ten months.

 

Amid intensifying market anxiety over massive data center expenditures, OpenAI announced Friday that it completed a $110 billion financing round. NVIDIA and SoftBank each contributed $30 billion, while Amazon invested $15 billion, with a commitment for an additional $35 billion upon meeting specific milestones, such as an IPO.

 

Despite the news, NVIDIA fell 4.16%, erasing another $187.1 billion in market value.

 

Beyond tech, the financial sector suffered a severe blow on Friday. Analysts pointed to the recent collapse of British mortgage lender MFS, which reignited "private credit cockroach" fears, while concerns over "AI job displacement" spread to financial stability.

 

The KBW Bank Index plummeted 4.85%, its worst single-day drop since the tariff shocks of last April. Goldman Sachs fell over 7%, while Jefferies—which has direct exposure to MFS—tumbled over 9%. Apollo Global Management dropped 8.57%. The sell-off spilled into financial services, with American Express falling 7.88%, leading the Dow's decliners. Consumer credit platforms LendingClub and Affirm fell 10.83% and 6.82%, respectively.

 

Sentiment was further weighed down by escalating Middle East tensions. As multiple countries urged citizens to leave Iran immediately, spot gold neared $5,280 per ounce, ending the month with a cumulative gain of over 8%.

Global Markets

NASA Adjusts Manned Moon Landing Plan

 

NASA announced Friday an adjustment to its Artemis mission architecture. The Artemis 3 mission will no longer include a direct lunar landing, shifting instead to a Low Earth Orbit (LEO) test. If successful, astronauts are slated to land on the moon during Artemis 4 in 2028, with a potential Artemis 5 landing later that year.

 

Oman Foreign Minister Meets US VP; Reports "Unprecedented Progress" in Iran Talks

 

Oman’s Foreign Minister Badr met with U.S. Vice President Vance in Washington on the 27th. According to the Omani Foreign Ministry, the two reviewed progress in the indirect U.S.-Iran negotiations mediated by Oman.

 

Badr stated that the talks have achieved "critical, significant, and unprecedented progress," laying the groundwork for a sustainable nuclear agreement.

Corporate News

OpenAI Completes $110 Billion Financing

 

On Friday, OpenAI announced the completion of a massive $110 billion funding round, with contributions from Amazon ($50B), NVIDIA ($30B), and SoftBank ($30B). The round values the company at $730 billion (pre-money), a sharp jump from its $500 billion secondary valuation in October.

 

Reports suggest OpenAI may seek another $10 billion from financial investors by late March to fund its projected $219 billion cash burn through 2029.

 

Block Surges 16% After Cutting Nearly Half of Workforce for AI

 

Fintech firm Block soared 16.82% Friday. CEO Jack Dorsey’s letter to employees justified reducing headcount from 10,000 to under 6,000 by citing AI’s transformative impact on labor productivity.

 

Dell Jumps 21% on AI Server Revenue Outlook

 

Dell Technologies rose 21.93% after forecasting that AI server revenue for the current fiscal year (ending Jan 2027) will reach approximately $50 billion, a 103% year-over-year increase.

 

NVIDIA "Proxy" CoreWeave Plummets 18%

 

AI cloud infrastructure provider CoreWeave saw its shares dive 18.51%. Although Q4 revenue beat expectations, operating expenses more than doubled, leading to a significantly wider net loss.

 

Paramount and Warner Bros. Sign $110 Billion Merger Agreement

 

Following Netflix's exit from the bidding war, Warner Bros. Discovery agreed to be acquired by Paramount Skydance for $110 billion. Netflix rose 13.77% on the news, while Paramount Skydance jumped 20.84%.

Forex & Commodities

International oil prices rose on Feb 27.

 

WTI Crude futures surged 3.19% to $67.29/barrel.

 

COMEX Gold futures soared $102.20 to $5,296.4/oz, while COMEX Silver gained 7.77% to $94.385/oz. In the spot market, gold rose 1.81% to $5,279.22/oz, while spot silver increased 6.18% to $93.76/oz.

Cryptocurrency

Cryptocurrency markets registered broad declines.

 

Bitcoin (BTC) fell 1.81% to $65,843.28, and Ethereum (ETH) dropped 4.10% to $1,925.79.

Key Event

Bitcoin Enters Long-Term Bottoming Phase

 

After weeks of volatile declines, the crypto market is showing signs of stabilization. Analysts at the NCE platform suggest that while an explosive reversal is unlikely in the short term, bearish selling pressure is nearing exhaustion.

 

Prices are expected to consolidate between $60,000 and $70,000. While full sentiment recovery may wait until Q4 2026, the current structural correction is seen as a necessary foundation for the next bull market.