Hey Snackers,
One-day shipping is so… yesterday. As Veruca Salt sang in the original “Charlie and the Chocolate Factory,” movie, ”don’t care how, I want it now!” And thank goodness, Amazon has expanded where it can deliver whatever customers want in one hour in cities from LA to American Fork, Utah. Even more locations can now choose 3-hour delivery windows but the closest you can get to “now” is a 30-minute promise if you live in Seattle or Philly.
Yesterday, the S&P 500, Nasdaq 100, and Russell 2000 rose, building on Monday’s gains. Energy was the best-performing sector as crude oil advanced, while health care fared the worst, dragged down by Eli Lilly.
Corporate America won't shut up about agentic AI, or AI in general
Boardrooms have been consumed by AI for a while now, with executives increasingly talking about the two-letter technology more than the results they’re there to discuss.
According to Bloomberg data, S&P 500 executives said the word “AI” nearly 5,000 times on S&P 500 calls in the first quarter alone, outpacing the word “earnings” by more than 1,200 mentions.
But for C-suite folks looking to juice their stock price, it's not enough to be talking about chatbots or generative AI. The specific term you have to work into your conference call is agentic AI. That is, systems that don't just answer your questions but actually do things for you, from booking a meeting to filing an expense report.
Pointing to OpenClaw — the viral open-source tool that lets anyone build and run AI agents — Huang called it “the new computer,” adding that “every company in the world today needs to have an OpenClaw strategy.” Nvidia, for its part, unveiled its own NemoClaw on Monday, a more secure, enterprise-ready version that allows companies to deploy agents safely.
Wall Street likes talk of "agents" because the implication is fewer employees. Just recently, we've seen a big round of layoffs at Block, 10% of jobs slashed at Atlassian, and reports of huge cuts at Meta, with AI-powered efficiency gains promised in each case.
Mastercard recently launched an agentic AI tool to provide small businesses with C-suite level solutions. Meanwhile, JPMorgan Chase’s chief analytics officer told CNBC last September that the bank’s end goal is one where “every process is powered by AI agents,” with internal demos already generating a full investment banking deck in 30 seconds. Major retailers have also jumped in, with Walmart, Target, and Home Depot having partnered with tech providers to deploy agentic AI tools across their operations, from pricing to inventory. PepsiCo wants to be completely agentic first.
The Takeaway
Even the companies most bruised by the agentic AI wave are trying to embrace it. After a massive sell-off in software stocks earlier this year on fears that AI agents could displace traditional Software-as-a-Service (SaaS) models, Nvidia said Monday it’s teaming up with a slate of software firms — including Adobe, SAP, and Salesforce — to build and run AI agents using the chipmaker’s Agent Toolkit platform. If you can't beat 'em, join 'em. Or at least ask your AI agent what to do next.
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Nvidia keeps giving Wall Street everything it wants — without getting rewarded
At Nvidia’s GPU Technology Conference, CEO Jensen Huang stressed that the chip designer could be everything to everyone in AI.
And that, along with a mammoth revenue outlook, was everything that Wall Street wanted to hear.
During his keynote, Huang repeatedly said that the chip designer is both vertically integrated (that is, offers all the solutions you need, not just GPUs) and also horizontally open (read: will integrate its offerings into whatever your technology stack happens to be).
The headline, however, was his proclamation that AI chip sales would be at least $1 trillion through 2027.
Per analysts, Nvidia clarified that this $1 trillion guidance applies only to sales of Blackwell (which started shipping in its fiscal Q4 2025, roughly calendar Q4 2024) and Rubin chips, as well as associated networking equipment and CPUs, but not other products that were discussed at GTC.
Bottom line: no matter how you want to slice it, this number — and its implications for total revenues through calendar year 2027 — is an unmitigated thumbs-up relative to the consensus estimate.
The Takeaway
It’s yet another case where good financial news from Nvidia failed to generate an enduring positive reaction. Shares briefly spiked to session highs after Huang’s revenue guidance, but quickly lost all that advance and closed below where they were trading when the presentation started. Which, hey: that’s still better than the stock has done during most high-profile events recently.
The emerging 2-tier system for moving oil through dangerous waters
Iran has effectively set up VIP access (i.e., a special customs checkpoint) for oil in transit, while the US aspirationally aims to have a coalition to establish another, more fraught lane through waters that may be mined and subject to drone attacks.
Snacks Shots
🏀 March Madness: Just a few more play-in games today before the big dance kicks off tomorrow! For the men, Lehigh (61% favorite) takes on Prairie View A&M and SMU is the 73% favorite against the once undefeated Miami of Ohio to take a No. 11 seed.
🏀 March Madness: Over on the women’s first four, Nebraska is a 60% favorite taking on Richmond while Missouri St. is the 57% fave over Stephen F. Austin to try to get into the tournament
*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
What else we're Snackin'
Morgan Stanley thinks Tesla’s Terafab could cost an additional $35 billion to $45 billion in capex
As another miner sells its bitcoin, the asset hits an 8-day-streak not seen since 2022
OpenAI just landed a deal with Amazon AWS to sell its AI services to government employees
Snack Fact of the Day
Investors just raised the most cash since the March 2020 pandemic panic.
Wednesday
Fed rate decision
February PPI
Earnings expected from Tencent, Macy’s, General Mills, Williams-Sonoma, Micron, and Five Below
Advertiser's disclosures:
1, 2, 3 Source: ETFDb.com. Data as of Jan 22 2026.
B Source: OptionCharts, “Highest Open Interest ETF Options.” Data as of Jan 26 2026.
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