February 20, 2026
Moe's Market Memo
Weekly data-driven insights on the markets and economy
Mohammad Abouchleih, MBA, CIMA®
Investment Analyst
Buffett’s big bet
Berkshire Hathaway disclosed on Tuesday a new $350 million stake in the New York Times while trimming major positions in Apple, Bank of America, and Amazon in Warren Buffett’s final quarter as CEO. The shift comes amid weaker performance in several longtime tech holdings, even as Apple remains Berkshire’s largest position. Simultaneously, the firm added to Chevron, Chubb, and Domino’s, signaling a continued pivot toward energy, insurance, and consumer staples.1
Amazon’s spending scrutiny
On Tuesday, Amazon ended a nine‑day slide that erased more than $450 billion in value as investors questioned its plan to spend $200 billion on AI infrastructure this year. The company now faces pressure to prove those investments will translate into returns, with analysts calling it firmly in “prove it mode.” Amazon executives remain confident the spending will fuel long‑term AWS growth as data‑center capacity expands.2
Markets over mortgages
With home prices, mortgage rates, and student loan pressures climbing, many young adults are choosing the stock market over homeownership. JPMorgan Chase Institute data shows a sharp rise in investing by Gen Z and millennials, fueled by strong market returns and easy digital trading tools. For many, the flexibility and growth of investing now outweigh the pursuit of a costly down payment.3
Consumer prices ease
The Bureau of Labor Statistics reported last Friday that consumer prices rose 2.4% in January, a slower‑than‑expected pace that marked the lowest inflation reading since mid‑2025. Core inflation increased 2.5%, offering fresh signs that pressures are easing across major household categories like food, gas and rent. The softer data boosted expectations for Fed rate cuts later this year.4
Housing headwinds
The National Association of Realtors (NAR) reported last Thursday that U.S. home sales sank 8.4% in January as high prices, limited supply, and weak confidence continued to stall the market. Despite slightly improved affordability, inventory remains constrained and buyers are still struggling, prompting the NAR to call it a “new housing crisis.” Median prices hit a record January high of $396,800.5
Tariffs strain bonds
Last Thursday, U.S. Customs and Border Protection flagged 27,479 customs bond “insufficiencies” for fiscal 2025, totaling nearly $3.6 billion as tariff‑driven duty liabilities outpaced importers’ bond capacity. These bonds function like security deposits importers must post to cover tariff payments, and elevated Trump‑era tariffs are pushing many beyond their limits. With a Supreme Court ruling on tariff legality possible as soon as Feb. 20, importers could see relief if duties and related collateral are refunded.6
[1] Confino, Paolo. “Berkshire Hathaway Takes Stake in New York Times, Cuts Apple, Amazon Holdings.” Investor’s Business Daily, 17 February 2026, https://www.investors.com/news/berkshire-hathaway-new-york-times-apple-amazon/. Accessed 18 February 2026
[2] Palmer, Annie. “Amazon snaps 9‑day losing streak during which it lost more than $450 billion in value.” CNBC, 17 February 2026, https://www.cnbc.com. Accessed 17 February 2026.
[3] Graziosi, Graig. “Why Gen Z Is Turning to the Stock Market Instead of Buying Homes.” The Independent US, republished on AOL, 17 February 2026, https://www.aol.com/articles/gen-z-investing-market-because-151833774.html. Accessed 18 February 2026.
[4] Cox, Jeff. “Consumer prices rose 2.4% annually in January, less than expected.” CNBC, 13 February 2026, https://www.cnbc.com. Accessed 17 February 2026.
[5] Olick, Diana. “Realtors report a ‘new housing crisis’ as January home sales tank more than 8%.” CNBC, 12 February 2026, https://www.cnbc.com. Accessed 17 February 2026.
[6] LaRocco, Lori Ann. “Trump tariffs leave importers with record-breaking $3.5 billion U.S. Customs bond funding shortfall.” CNBC, 12 February 2026, https://www.cnbc.com. Accessed 17 February 2026.
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