February 10, 2026 • Addison Wiggin
Funds net sold U.S. equities for a fourth straight week, at the fastest clip since the opening chapter of the Trump trade war on April 2, 2025.
Despite that positioning, the indexes pushed higher on Monday.
Dip buyers stepped in after last week’s slide and nudged indexes back toward their highs.
Chipmakers gained ground, and a software ETF tacked on close to 7% across two sessions, a quick counterpoint to the sector’s recent purge. Sameer Samana at Wells Fargo Investment Institute described the move as the market’s reflex after steep selloffs—fast hands cover, slower money watches.
February 10, 2026 • Addison Wiggin
Every ten minutes, the bitcoin network completes another block of transaction data. Another bitcoin miner seeks a reward.
The reward is cut in half every four years, thanks to the “halving protocol” which established the coin’s scarcity algorithm. Next month, total bitcoin supply will hit 20 million, leaving just 1 million left to be mined.
February 9, 2026 • Addison Wiggin
The Nasdaq logged its fourth straight down week, pulled lower by the “SaaSpocalypse” in software.
Goldman Sachs’ Software Basket fell 16% for the week. Hedge fund exposure to software shrank sharply, according to Prime Book data.
Lou Miller, Goldman’s global head of Equity Custom Baskets, told clients that buyers remained scarce even as the group entered oversold territory.
In the late 1990s, telecom infrastructure outpaced demand, pricing compressed, and equity valuations adjusted long before usage caught up.
Today’s AI buildout carries healthier balance sheets and real utility, yet capital intensity remains high, and patience wears thin when returns depend on perfect adoption curves.
February 9, 2026 • Addison Wiggin
The week’s trading revealed that a rotation out of high-flying tech into defensive names is well underway. The Dow, which includes broader, non-tech-related stocks, is starting the week above 50,000 for the first time in its history.
