Wafer-scale technology could deliver 100X the performance while using 90% less energy...
Dear Fellow Investor,
While everyone’s fighting over AI scraps...
Trump just triggered what I believe is the biggest tech disruption since the internet.
I’m George Gilder. I’ve been calling tech revolutions for 40+ years.
When I predicted cell phones would change everything in 1991, people laughed.
When I said streaming video would kill Blockbuster in 1994, Wall Street ignored me.
When I called Amazon’s dominance in 1996, investors shrugged.
Those “crazy” predictions were followed by insane returns:
- Apple: 249,900% since IPO
- Netflix: 112,700% from going public
- Amazon: 216,100% since IPO
Now I see something even BIGGER brewing…
I see the death of big data centers coming. And My research suggests three companies are making it happen: building what I call the “Trillion Dollar Triangle”:
- Wafer-scale chips 100X faster than current systems
- 90% energy reduction
- Technology that makes AI data centers unnecessary
Make no mistake... This could be one of the biggest opportunities I’ve seen in over four decades.
>> Get the three company names before Wall Street catches on <<
To the future,
George Gilder
Editor, Gilder’s Technology Report
Berkshire & AI Hyperscalers: Buffett Holds GOOGL, Dumps AMZN
Authored by Leo Miller. Article Published: 2/18/2026.
Key Points
- Berkshire Hathaway's latest 13F filing revealed interesting moves from Q4 2025, especially regarding AI hyperscalers.
- The company initiated a position in a top media company, pushing hard into the digital economy.
- While Berkshire sold a portion of its AAPL holdings, the Magnificent Seven stock remains its largest position.
- Special Report: [Sponsorship-Ad-6-Format3]
Investment giant Berkshire Hathaway (NYSE: BRK.B) just released its Q4 2025 portfolio moves. The company's 13F filing details the trades it made during the quarter ending Dec. 31, providing insight into its views on several notable names. The firm's key portfolio changes include one of the world's most well-known media companies and multiple Magnificent Seven stocks.
This latest round of trades is particularly noteworthy. At the end of 2025, Berkshire founder Warren Buffett officially retired as CEO. Greg Abel has since replaced him as CEO, while Buffett remains chairman of the board.
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Consequently, these were the last moves made while Buffett served as CEO. As he steps down after an extraordinary 60-year tenure, let's review Berkshire's most significant trades in Q4 2025.
The New York Times: Berkshire's Shiny New Holding
In Q4, Berkshire initiated a fresh position in the media outlet New York Times (NYSE: NYT), buying nearly 5.1 million shares. While this move is notable, it is relatively small compared with the size of Berkshire's overall portfolio.
At the end of Q4, the position was worth about $352 million, roughly 0.13% of Berkshire's equity portfolio.
NYT shares performed well in Q4, rising around 21%, and the stock continued higher into 2026. NYT's November earnings report was a key catalyst for that rally.
In that quarter, the company added 460,000 net new digital subscribers, a 77% year-over-year increase. Digital advertising revenue also rose about 20%—a figure that has accelerated every quarter since Q4 2023 and climbed to 25% in NYT's most recent earnings.
Berkshire's purchase signals confidence in NYT's digital-transformation strategy, which appears to be gaining traction.
Berkshire Reduces Apple Stake, Trims Several Key Names
Notably, Berkshire trimmed its stake in Apple (NASDAQ: AAPL) by about 4% in Q4, continuing a recent pattern of reductions. In Q2 2025, the firm trimmed Apple by roughly 7%, then pared another 15% in Q3 2025.
Despite the cuts, Apple remained Berkshire's largest holding, valued at nearly $62 billion at the end of Q4—about 23% of Berkshire's equity portfolio—indicating continued confidence in the iPhone maker's long-term prospects.
Other notable reductions included selling approximately 48% of its Atlanta Braves (NASDAQ: BATRK) shares, a 9% cut in Bank of America (NYSE: BAC), and a 3% reduction in Constellation Brands (NYSE: STZ). But the biggest headline was Berkshire's sale of hyperscaler and Magnificent Seven giant Amazon.com (NASDAQ: AMZN).
AMZN vs GOOGL: Berkshire Dumps One, Holds the Other Steady
During the quarter, Berkshire sold more than 7.7 million Amazon shares, reducing its stake from roughly 10 million shares to about 2.3 million—a roughly 77% decrease. That marked Berkshire's first material AMZN sale since trimming holdings from 11 million to 10 million in Q3 2023.
The reasons for such a dramatic cut are open to interpretation. One factor may have been valuation: Amazon reached an all-time closing high near $254 in Q4 and has since fallen roughly 20%, so Berkshire may have taken profits near peak prices.
It's also possible Berkshire anticipated Amazon's aggressive capital-expenditure guidance. Amazon signaled it plans to spend about $200 billion on CapEx in 2026—the largest among hyperscalers and roughly $50 billion above analyst expectations.
That CapEx outlook was a major factor weighing on Amazon's shares following the firm's latest earnings report.
By contrast, Berkshire didn't change its position in Amazon's cloud rival, Google parent Alphabet (NASDAQ: GOOGL), even though Alphabet also hit multiple all-time highs during Q4. The differing treatment suggests Berkshire may be more confident in Google's cloud and artificial intelligence strategy than Amazon's.
Analyst Forecasts Contrast with Berkshire's Long-Term Perspective
Perhaps the most interesting takeaway from Berkshire's Q4 13F is not only what it bought and sold, but what it chose to keep. By selling a large portion of Amazon while maintaining Alphabet, the firm revealed a clear preference for Google over Amazon at this point.
Analysts' 12-month price targets tell a different short-term story. The consensus price target on AMZN implies roughly 43% upside, while the consensus for GOOGL implies about 20% upside. Remember, though, that price targets are typically 12-month forecasts; Berkshire's investment horizon is usually multi-year. These moves likely reflect where the firm sees long-term value, rather than short-term upside potential.
NVIDIA and Meta Deepen Their AI Alliance—and the Spending Numbers Are Enormous
Written by Jeffrey Neal Johnson. Publication Date: 2/19/2026.
Key Points
- The expanded agreement ensures that Meta will utilize the upcoming Rubin architecture and Vera processors to build its future data centers.
- New confidential computing technology allows WhatsApp to run advanced artificial intelligence features while maintaining strict user privacy encryption.
- This multigenerational partnership secures a long and reliable revenue stream for NVIDIA as it cements its position as the engine of the global economy.
- Special Report: [Sponsorship-Ad-6-Format3]
The artificial intelligence (AI) trade has evolved from a speculative gold rush into a heavily industrialized arms race. On Feb. 17, 2026, two of the market's most dominant forces, NVIDIA (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META), announced an expansion of their partnership.
This multigenerational agreement moves beyond one-off hardware purchases and establishes a deep co-design collaboration intended to secure computing infrastructure for the next decade. Investors immediately recognized the financial significance of the deal: NVIDIA shares rose about 2.3% to near $189, while Meta shares gained roughly 0.6% to around $641.
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Get the details on this opportunity before the 2026 launch.The market reaction suggests Wall Street views this alliance as a necessary step for Meta to compete for consumer AI dominance and as further confirmation of the durability of NVIDIA's long-term revenue stream.
The Vera-Rubin Roadmap: Ditching Legacy Tech
The most significant element of the deal isn't what Meta is buying today, but what it has committed to buying tomorrow. Meta confirmed it will deploy millions of NVIDIA Blackwell GPUs immediately to handle present workloads. More importantly, the company signed a formal agreement to adopt NVIDIA's upcoming Rubin architecture and the Vera CPU.
That commitment to the Vera CPU represents a strategic pivot in how data centers are built. Historically, AI servers paired NVIDIA GPUs with CPUs from competitors such as Intel or AMD. This agreement signals Meta is moving toward a full-stack dependency on NVIDIA. By adopting NVIDIA's Arm-based CPUs — both current Grace models and future Vera chips — Meta is streamlining its infrastructure.
For NVIDIA, this is a major competitive win: it broadens the company's moat by ensuring control of more of the server rack, not just the GPU. For Meta, the tighter integration promises higher performance and efficiency. The deal also includes adopting NVIDIA's Spectrum‑X Ethernet networking, designed to reduce latency. In AI training, milliseconds of delay can translate into millions of dollars in lost efficiency, making the networking upgrade a critical part of the agreement.
Personal Superintelligence: The Revenue Vision
Understanding the hardware is only half the story; investors need to understand the strategic rationale. CEO Mark Zuckerberg has been explicit: Meta's goal is Personal Superintelligence — a highly personalized, intelligent AI agent available to its billions of users across Facebook, Instagram and WhatsApp. This is envisioned as a proactive digital assistant that knows your schedule, preferences and relationships, not just a chatbot.
That vision faces a major hurdle: privacy. WhatsApp is defined by end‑to‑end encryption, and users are unlikely to embrace AI features that require Meta to read private messages. If users don't trust the AI, they won't use it and Meta won't be able to monetize it.
To address this, the expanded partnership includes Confidential Computing. This approach lets NVIDIA's chips process data while it remains encrypted, enabling WhatsApp to perform powerful AI tasks on users' messages without exposing the underlying content. By resolving this privacy paradox, Meta hopes to roll out AI agents to 2 billion WhatsApp users faster than competitors, creating a large new revenue and engagement stream without triggering regulatory or consumer backlash.
Sticker Shock: Inside the $135 Billion Bill
Building this future is enormously expensive, and the price tag has drawn attention on Wall Street. Meta surprised some conservative observers with its 2026 capital expenditure (CapEx) guidance: $115 billion to $135 billion for the year. For context, collective CapEx for the Big Tech cohort — including Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) — is estimated to reach nearly $650 billion in 2026.
That scale of spending splits investors. Bears argue that more than $100 billion in a single year damages profit margins and creates risk: if the AI boom slows, Meta could be left with depreciating hardware. Bulls counter that this is defensive spending — building massive compute clusters now avoids paying rent to cloud providers like Microsoft or Amazon later. If Meta doesn't invest, it risks becoming a tenant in a digital ecosystem it once helped define.
For NVIDIA shareholders, Meta's spending translates into direct revenue. The deal is a major catalyst ahead of NVIDIA's fiscal Q4 earnings report scheduled for Feb. 25, 2026. Analysts expect the chipmaker to report roughly $65.5 billion in revenue for the quarter. The partnership supports the view that demand is accelerating as the world's largest companies lock in chip supply for future generations.
Metrics and Multiples: Buying the Future
Despite the huge numbers, analysts remain largely bullish on both stocks — albeit for different reasons. The consensus is that the AI market is moving from a training phase into a deployment phase, which requires even more hardware than previously estimated.
NVIDIA trades at a price-to-earnings ratio (P/E) of about 47. While high for an industrial company, NVIDIA's rapid growth makes that multiple appear reasonable to many growth investors. With an average analyst price target near $264, the implied upside from current levels is over 40%. The market is effectively betting that additional deals like Meta's will sustain NVIDIA's growth for years.
Meta Platforms tells a different story. Trading at a P/E of roughly 27, it is valued more like a traditional utility than a high‑flying tech stock. That discount reflects market nervousness about the $135 billion spending plan. Yet with price targets averaging between $835 and $850, analysts see substantial upside if Zuckerberg's bet on Personal Superintelligence pays off.
A Partnership for the Next Decade
The expanded alliance between NVIDIA and Meta signals that the AI arms race has no finish line in sight. By locking in supply for chips that won't ship until 2027, Meta is signaling that it sees AI not as a feature but as the core utility of the future internet.
For investors, the takeaway is straightforward. NVIDIA has entrenched itself as a central supplier of the infrastructure powering the AI economy, securing revenue streams that could extend for years. Meta is wagering its financial heft on the idea that whoever owns the best infrastructure will own the consumer relationship. As 2027 approaches, the success of this partnership is likely to help determine the trajectory of the entire tech sector.
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