The “Discombobulator” Question: What Trump’s Remark Signals About the Future of Electronic Warfare

UPDATED: Feb 17, 2026 — LIVE ABOVE THE MADNESS — Defense Signal

When former President Donald Trump referenced what he called a “Discombobulator” weapon during remarks tied to Fort Bragg operations, the name sounded almost theatrical.

But the implications may not be.

While no publicly confirmed U.S. weapons system carries that exact nickname, the broader category it suggests — electronics-disabling technology — is very real and rapidly advancing.

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Watch: The Moment That Sparked the Question

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What Could a “Discombobulator” Actually Be?

Defense analysts point to several real-world systems that match the description of electronics-disabling capabilities:

• High-Power Microwave (HPM) weapons designed to disable or destroy electronic circuits.
• Directed-energy systems including laser and non-kinetic battlefield platforms.
• Advanced electronic warfare capabilities that jam radar, communications, and air defense networks.

In modern warfare, disabling electronics can be more strategically valuable than destroying infrastructure outright.

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U.S. Navy & Electronic Warfare Capabilities

Electronic warfare systems are already operational across multiple branches of the U.S. military. These systems focus on spectrum dominance — controlling communications, radar, and electronic signals in combat environments.

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DARPA and Public Research Programs

The Defense Advanced Research Projects Agency (DARPA) has publicly documented research programs exploring electromagnetic effects, directed energy, and next-generation battlefield disruption technologies.

Official DARPA Source:
DARPA Research & Programs Overview

Much of this development is unclassified at the conceptual level and appears in public budget requests and technology briefings.

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Why This Matters Financially

If public rhetoric begins normalizing electronics-suppression capabilities, that signals something important for markets:

• Increased Pentagon allocation toward electronic warfare systems
• Growth in spectrum dominance programs
• Acceleration in counter-drone and hardened communications spending
• Expansion of defense-tech venture capital flows

Major contractors and emerging defense tech firms are already competing in this space.

The nickname may sound dramatic.

The capital flows behind this category are not.

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The Signal

Sometimes the story isn’t about the name.

It’s about the normalization of an entire class of technology in public language.

If battlefield electronics suppression becomes part of mainstream rhetoric, markets will pay attention.

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Update: Defense Autonomy Spending Accelerates

Feb 17, 2026 — A new Morningstar-reported PR Newswire release highlights a significant shift toward autonomous and AI-driven defense systems inside the newly passed $839 billion U.S. defense spending bill.

According to the release, approximately $9.8 billion is directed toward autonomous and unmanned systems, while the Department of Defense IT budget reached $66 billion, with expanded allocations for artificial intelligence across every service branch.

The Navy alone increased AI spending by 22.7% year-over-year. Space Force appropriations approach $40 billion when including missile defense satellite systems.

This reinforces the broader thesis surrounding electronic warfare, AI-enabled battlefield systems, counter-drone technologies, and spectrum dominance capabilities.

Source:
Defense Autonomy Spending Surges as AI Reshapes the Battlefield — Morningstar / PR Newswire

MadMadNews will continue tracking capital flows into electronic warfare, AI-enabled defense systems, and spectrum-control technologies.

This article will be updated as additional details and public documentation emerge.

Remember that time in 2025 when artificial intelligence propelled technology stocks to great heights?Well, now AI has come to eat your software stocks. Anthropic’s Claude AI program has released a new version that makes software coding a snap, and Wall Street fears that it will enable companies to skip the software provider and create their own software customized to their needs. How scary is it? Goldman Sachs GS says software stocks might suffer a fate similar to newspaper stocks in the aughts. In short, there is panic selling out there, and it’s very hard to know if that panic is justified. With most downturns, investors can turn to historical precedents and market cycles to get an idea of how bad it will be. For example, as a recession bites, you expect economically sensitive industries like steel, autos, and energy to fall. Past recessions provide a ballpark idea of where things are headed, even though every market is a little different.And man, is it ugly. IShares Expanded Tech-Software Sector ETF IGV is down 21% in 2026 (through Feb. 12). Microsoft MSFT is down 16%, Palantir PLTR is down 24%, Oracle ORCL is down 20%, Salesforce CRM is down 30%, and AppLovin APP is down 32%.On a fund level, it is painful, but at least the rest of the market is doing better. Brown Capital Management Small Company BCSIX is the worst-performing Morningstar 500 fund, down 14.1% (amid a very nasty multiyear losing streak) as small-cap software names are hurting. (The Morningstar 500 is a list of funds with strong fundamentals that I curate with Morningstar analysts for the Morningstar FundInvestor newsletter.) Polen Growth POLRX is down 13.2% for the year to date because of its big software weighting. Morgan Stanley Institutional Growth’s MSEQX 12.8% decline is due to names like AppLovin. Baron Growth BGRFX has dropped 10.6% as names like IT advisor Gartner have led it lower. In all, 57 of the 500 funds are in the red this year.But other areas are just fine, especially small value, where you’ll find insurance companies, REITs, and widget makers. The leader is actually a value-leaning emerging-market fund, however. Cullen Emerging Markets High Dividend CEMDX is up 18.4% thanks to, believe it or not, tech stocks like Samsung and Taiwan Semiconductor TSM; chipmakers and others in the supply chain of AI are thriving. Harbor Small Cap Value HASCX is up 17.4%, thanks to industrials and energy stocks, many of which have 50% gains on the year. Royce Premier RYPRX is up 16.5% with the help of a 35% industrials stake. Invesco Small Cap Value VSCAX has rallied 13.9% with help from the likes of technical instruments maker MKS MKSI. Vanguard Energy VGENX has gained 13.8%. Overall, the stock and bond markets are slightly positive for the year, so diversified portfolios have yet to sustain a severe blow.And that is the biggest lesson of the AI-driven software rout: stay diversified.

The struggle of brick-and-mortar real estate has extended into investment portfolios. Why it matters: Elevated inflation and high interest rates have weighed on the real estate sector over the past few years. Real estate investment trusts or REIT ETFs have not been spared. Yet these exchange-traded funds are popular among income investors. They generate cash and can help diversify a portfolio. So, where do they fit in yours? And which REIT ETFs do Morningstar analysts consider top picks?Dan Sotiroff is the associate director of US Passive Strategies for Morningstar and editor of Morningstar’s ETFInvestor newsletter. 12 Questions on REIT ETFs Let’s start with an explainer. What is a real estate investment trust ETF or REIT ETF, and how do they work? What makes REITs different than other stocks? What type of strategies do REIT ETFs typically use? There are passive and active REIT ETFs. Are the higher fees for active REIT ETFs worth it? What are income investors paying for? Are there any underlying characteristics that differentiate some funds from others? Let’s talk about performance. How have REIT ETFs performed? The yearslong fight against inflation pushed up interest rates and created a challenging environment for real estate. The Federal Reserve is holding rates steady after three rate cuts last year. What has been the performance of REIT ETFs versus the broader stock market since 2022? Income is the name of the game with these funds. How can income investors minimize their tax bills? What’s the best location to hold these investments? Let’s discuss the different types of REIT ETFs and what Morningstar analysts think of them. First up, broad-based ETFs. What will investors generally find in these funds, and which earn silver or gold rating? If an income investor wants to focus on US real estate, which funds are doing well in this area? And what about investing in real estate outside the US? What’s the takeaway for income investors considering adding a REIT ETF to their portfolio? Key Quote on REIT ETFs During High Interest Rate Environment If you think about how they’re structured, they have to return a lot of their profits to investors as income distributions. So that means they don’t have retained earnings to buy new properties or reinvest in their business. So they have to finance much of their activities. That means their financing costs are closely tied to the current interest rate when they take on debt or loans or anything like that. So they’re very sensitive to the interest rate cycle. And we’ve seen that over the last four years.Dan Sotiroff, associate director of US Passive Strategies for MorningstarThe Takeaway: The appeal of income might lead some investors to make a bigger bet on REIT ETFs than they should. The real estate sector makes up a small part of the overall stock market. It can range from 2%-3% depending on market conditions, according to Sotiroff. Allocating more than that to the niche area might not pay off. REIT ETFs have struggled against the market over the past 15 years. Yet many investors are still interested in the income. The editor of Morningstar ETFInvestor newsletter says investors could consider broader strategies like dividend-paying and covered call strategies that don’t make big sector bets like REITs. More From Morningstar on Passive and Active REIT ETFsActive managers are holding a slight edge against their passive peers in the real estate category. But Sotiroff says it’s not dramatically higher. He encourages income investors to watch where the performance is coming from to determine if active REIT ETFs’ higher fees are worth it to them. Check out two articles that dissect what investors need to know about passive REIT ETFs and active REIT ETFs.Subscribe to Morningstar ETFInvestor newsletterSusan Dziubinski, Morningstar investment specialist and co-host of The Morning Filter, tackles the pros and cons of investing in REIT ETFs. And watch 9 Top ETFs for Income Investors That Stood Out in 2025.Securities mentioned in this episode: Vanguard Real Estate ETF VNQ Schwab US REIT ETF SCHHDimensional US Real Estate ETF DFARVanguard Global ex-US Real Estate ETF VNQI

Corporate bonds offer higher income-yielding opportunities for investors willing to take on more risk than what comes with safer bets like Treasury bonds. While investing in individual corporate bonds can be difficult, bond funds offer an easy and efficient way to gain diversified exposure. These four funds are the best options, according to Morningstar analysts.To screen for the top-performing funds in this category, we looked for those with the best returns over the last one-, three-, and five-year periods. Offerings from Vanguard stood out, taking up two of the four spots.iShares 5-10 Year Investment Grade Corporate Bond ETF IGIBSchwab 5-10 Year Corporate Bond ETF SCHIVanguard Intermediate-Term Corporate Bond Index Fund VCITVanguard Intermediate-Term Investment Grade Fund VFIDXOver the past 12 months, the average fund in the corporate bond Morningstar Category returned 7.56%. On an annualized basis, corporate bond funds have climbed 5.70% over the past three years and gained 0.54% over the past five years. Meanwhile, the Morningstar US Core Bond Index has risen 7.11% over the past 12 months, gained 4.36% per year over the past three years, and lost 0.08% per year over the past five.Screening for the Top-Performing Corporate Bond FundsCorporate bond portfolios concentrate on investment-grade bonds issued by corporations in US dollars, which tend to have more credit risk than government or agency-backed bonds. These portfolios hold more than 65% of their assets in corporate debt, less than 40% of their assets in non-US debt, less than 35% in below-investment-grade debt, and durations that typically range between 75% and 150% of the three-year average of the effective duration of the Morningstar Core Bond Index.To find the best-performing corporate bond funds, we looked at returns from the past one, three, and five years using data in Morningstar Direct. We screened for open-end and exchange-traded funds in the top 33% of the category using their lowest-cost primary share classes for those periods. We also filtered for funds with a Morningstar Medalist Rating of Bronze, Silver, or Gold. We excluded funds with assets under $100 million and analyst coverage that was not 100%. This left four investments.Because the screen was created with the lowest-cost share class for each fund, some may be listed with share classes that are not accessible to individual investors outside of retirement plans, or they may be aimed at institutional investors and require large minimum investments. The individual investor versions of those funds may carry higher fees, reducing returns to shareholders. Medalist Ratings may differ among the share classes of a fund.iShares 5-10 Year Investment Grade Corporate Bond ETFMorningstar Medalist Rating: SilverMorningstar Rating: ★★★★Over the past 12 months, the iShares fund rose 9.40%, while the average fund in its category rose 7.56%. The fund, launched in January 2007, has climbed 6.81% over the past three years and 1.20% over the past five.IShares 5-10 Year Investment Grade Corporate Bond ETF offers a broad portfolio of intermediate-term corporate bonds for an attractive price. It may not be the most comprehensive corporate bond index fund, but its intermediate focus makes the fund a handy portfolio building block.The fund tracks the ICE BofA 5-10 Year US Corporate Index. The index captures investment-grade, US-dollar-denominated corporate bonds with five to 10 years remaining until maturity. Eligible bonds must have at least USD 250 million par amount outstanding. Market-value weighting and a wide scope produce a broad and diverse portfolio.The fund’s duration tends to be slightly shorter than that of the category average. Peers in the corporate-bond Morningstar Category tend to cast a wider net than the fund, with many capturing the full maturity spectrum. Average duration of peers increased during the low-interest-rate years after the 2008 financial crisis and the 2020 shock as companies favored longer-term borrowing. Part of the fund’s outperformance during the rates-driven meltdown in 2022 came from this duration gap versus the category average. This gap has since compressed to no more than a few months. But the fund’s duration tilt can sway its category-relative performance when interest rates move.Lan Anh Tran, analystSchwab 5-10 Year Corporate Bond ETFMorningstar Medalist Rating: SilverMorningstar Rating: ★★★★The $10.2 billion fund has climbed 9.26% over the past 12 months, outperforming the average fund in its category, which rose 7.56%. The Schwab fund, launched in October 2019, has climbed 6.58% over the past three years and 1.05% over the past five.The fund tracks the Bloomberg US 5-10 Year Corporate Bond Index, which holds investment-grade corporate bonds with between five and 10 years remaining until maturity. Eligible bonds must have a fixed coupon rate and at least USD 300 million outstanding face value. It excludes riskier types of bonds, such as contingent capital securities and bonds with equity features. The index weights selected bonds by their market value. The market does a decent job pricing these bonds in the vast and liquid investment-grade corporate bond market, so this is an efficient approach.The fund’s focus on intermediate-term bonds shortens its duration relative to the average category peer, as it excludes the longer end of the maturity spectrum. As of May 2025, its average duration of 6.1 years is shorter than that of the category average by a few months. This gap can widen when companies begin issuing longer-term debt. This was the case during the low-rate environment a few years ago as companies preferred to issue more long-term bonds, which lengthened the market’s average duration. The fund benefited from its shorter duration when rates increased in 2022, alongside other intermediate-focused corporate bond funds.The fund often takes less credit risk than its peers. Active managers have the flexibility to reach into junk bonds to incrementally improve their yields, while this fund cannot. Instead, this fund overweights A rated bonds by typically parking more than 40% of its assets here. The fund’s 50% stake in BBB rated bonds is in line with that of the category average and ensures the fund will still perform well when credit rallies, albeit to a lesser extent than more aggressive peers. In return, the fund should outperform peers when credit spreads widen.Lan Anh Tran, analystVanguard Intermediate-Term Corporate Bond Index FundMorningstar Medalist Rating: GoldMorningstar Rating: ★★★★Over the past 12 months, the Vanguard fund rose 9.22%, while the average fund in its category rose 7.56%. The fund, launched in November 2009, has climbed 6.57% over the past three years and 1.08% over the past five.Vanguard Intermediate-Term Corporate Bond offers an inexpensive and well-constructed portfolio of investment-grade corporate bonds set to mature in five to 10 years.The Bloomberg US 5-10 Year Corporate Bond Index, which underpins this fund, sweeps in investment-grade corporate bonds with five to 10 years remaining to maturity. The index excludes riskier types of bonds such as floating-rate notes, contingent capital securities, and bonds with equity features. Eligible bonds must also have at least USD 300 million outstanding face value, which increases the investability of the index. It weights bonds by their market value, which is an efficient and cost-effective approach to the vast and relatively liquid investment-grade bond market.The fund tends to overweight higher-quality bonds compared to its average Morningstar Category peer. It parked more than 40% of its assets in A rated bonds as of May 2025, 10 percentage points more than the category average. More flexible active category peers often take on a small position in high-yield bonds instead in their quest to add incremental value. Bypassing riskier bonds has helped this fund better protect against widening credit spreads during credit shocks.The fund remains a precise tool for investors targeting high-quality, intermediate-term corporate bonds. Its low fee should preserve its performance edge over the long run. The ETF share class has beaten the category average by 39 basis points between its 2009 inception and May 2025.Lan Anh Tran, analystVanguard Intermediate-Term Investment Grade FundMorningstar Medalist Rating: BronzeMorningstar Rating: ★★★★Over the past 12 months, the Vanguard fund rose 9.41%, while the average fund in its category rose 7.56%. The fund, launched in February 2001, has climbed 6.59% over the past three years and 1.17% over the past five.Vanguard Intermediate-Term Investment-Grade’s willingness to increase its credit risk combined with moderate duration positioning relative to most corporate bond Morningstar Category peers has proved competitive thus far but not yet compelling.The basic process here remains intact. The firm’s senior investment and taxable strategy committees shape macroeconomic views, setting broad risk parameters around duration, sector allocation, and credit outlook. Lead manager Arvind Narayanan and comanager Dan Shaykevich collaborate with investment-grade specialists and the risk team to allocate risk within guidelines and refine portfolio construction.The strategy’s credit profile began to shift a few months after Narayanan’s tenure began in late 2019. While the team keeps BBB exposure within 10 percentage points of its Bloomberg US Credit 5 to 10 Year Index, the fund increased its BBB weighting nearly threefold between the first quarters of 2020 and 2022, and that stake now typically accounts for about half of the portfolio’s assets, in line with the category median. Exposure to junk bonds also increased over the same period and has been modestly above the category median in recent years. Even if the fund maintains a relatively hefty stake in AAA debt, including US government bonds, the portfolio is now more sensitive to changes in option-adjusted credit spreads than in the past.Moderate interest rate sensitivity (as measured by duration) compared with most rivals remains a feature of the portfolio. At year-end 2024, for example, the fund’s roughly 6.0-year duration was 0.7 years shorter than the category median’s.A less-than-peer-median duration helped offset the portfolio’s increased credit risk from the end of 2021’s third quarter to the beginning of 2022’s fourth quarter. While BBB credit spreads widened from 107 basis points on Sept. 29, 2021, to 210 basis points on Oct. 12, 2022, the yield on the 10-year Treasury also rose from about 1.5% to 3.9%. The fund’s admiral shares lost 17.5% cumulatively over that period, which placed in the peer group’s top quartile.A repeat of the fund’s defensive showing during bond market turbulence isn’t guaranteed, however. When credit spreads widen, interest rates typically fall. In an environment like that, the fund’s greater credit sensitivity and below-median interest-rate sensitivity would both act as comparative headwinds.Ken Noguchi, analyst

Autonomous driving looks like the wave of the future, but industry-leading companies like Waymo need to work out the kinks if they want the general public to trust them.According to the companies building it, autonomous vehicle technology promises the world safer streets and fewer accidents.Waymo quick facts:Waymo One available 24/7 to customers in Los Angeles, Phoenix, and the San Francisco Bay Area, as of July 2025.Founded in 2009.Passed the first U.S. state self-driving test in Las Vegas, Nevada, in 2012,reported IEEE Spectrum.Spun out from Alphabet as a separate subsidiary in 2016.Half of U.S. states reported blood alcohol concentration for at least 70% of fatally injured passenger-vehicle drivers in 2023, according to Insurance Institute for Highway Safety (IIHS). Among these states, Hawaii had the highest estimated percentage of fatally injured drivers with BACs of 0.08% or higher (51%), while West Virginia had the lowest (17%).Even based on this incomplete data, it’s clear that eliminating drunken driving would significantly improve road safety. And clearing the roads of people whose driving ability is impaired for other reasons puts us well on our way to a transportation utopia.Currently, Waymo is the company best positioned to lead the world into that Garden of Eden. Still, last week, one of its taxis was caught on camera putting a passenger directly in danger for the second time in just a few months.

Although autonomous vehicle technology promises safer streets, the reality is more complicated.Photo by Chicago Tribune on Getty Images

Waymo drives through an active crime scene (again)Earlier this month, Waymo had a lot to celebrate after raising $16 billion at a $126 billion post-money valuation. About a year and a half prior, Waymo’s 2024 series C round raised $5.6 billion at a $45 billion valuation.But as any decacorn (extremely high-worth company) can attest, more money often brings more problems.Related: Waymo crosses major threshold amid nagging issuesLast week, a driverless Waymo vehicle with a passenger in the back drove into the middle of an active police scene before stopping in Atlanta, Georgia. A local television news station that has been covering Waymo’s failure to stop at school buses with their stop signs deployed just happened to be on the scene filming the police standoff with an armed suspect, who had fired at law enforcement, grazing one in the head.The camera crew filmed the motionless vehicle after it reportedly bypassed squad cars and police officers before stopping in the middle of a crime scene. A policeman can be seen in the front seat attempting to move the vehicle out of the way. “While navigating the parking lot, we entered an unsecured, not-taped-off lane (to the left of your video framing) before coming to a stop. As our protocols are designed and we’ve trained first responders to do, a police officer disengaged the vehicle, and our roadside assistance team retrieved it,” Waymo said in a statement to 11Alive. Meanwhile, when asked about the standard protocol for Atlanta police in a situation like this, the police department gave the news channel the runaround, telling them to check a website that didn’t have any relevant information. 11Alive has since filed an open records request seeking more information.This situation is eerily similar to one that happened in Los Angeles just weeks prior. Waymo drives through, then parks in an active police scene in Los AngelesIn December, a viral video on social media shows a Waymo vehicle turning left onto a major avenue in Los Angeles. There is no oncoming traffic while the vehicle makes a left turn because a wall of police cars blocks the traffic coming from the opposite direction.The police cars are empty as the police are all outside of their vehicles, pointing their guns at the driver of another car, who is lying face-first on the ground.Related: Waymo investigation could stop autonomous driving in its tracksA police helicopter searchlight follows the Waymo as it slowly traverses the intersection, putting the vehicle directly in the police’s line of fire. Even the suspect on the ground seems confused by the car driving in front of him.But that issue pales in comparison to the one that caused Waymo to recall 2,000 vehicles in December. In November, the Austin Independent School District noticed a disturbing trend: Waymo vehicles were not stopping for school buses that had their crossing guard and stop sign deployed.Waymo robotaxis had been illegally driving past city school buses an average of 1.5 times per week during the school year. The Austin ISD initially attempted to address the matter privately, sending a letter to Waymo regarding the violations.The company assured school officials that a software patch had fixed the issue, but five more violations occurred in just the two weeks after Waymo claimed the problem was resolved.On Dec. 1, after Waymo received its 20th citation from Austin ISD this school year, Austin ISD released the video of the previous infractions to the public.On Dec. 5, Waymo announced that it will file for a voluntary recall “early next week” to address the issue.At the time, the company said it had identified the issue that caused the violations. The company also said it believes the software updates it implemented by November 17 “have meaningfully improved performance to a level better than human drivers in this important area.”But this wasn’t the first time Waymo faced scrutiny for this issue.The NHTSA opened a Preliminary Evaluation in October to investigate an estimated 2,000 Waymo 5th-gen automated driving system-equipped vehicles, following a Georgia media report that revealed the same school bus violation.The agency then opened another investigation following the Austin ISD’s actions.“We’re incredibly proud of our safety record, which shows Waymo is helping make roads safer where we operate,” Waymo spokesperson Julia Ilina told TheStreet.“We are committed to constantly improving, partnering closely with the local communities we serve, and working with leaders across the country to make transportation safer and more accessible for all.”Waymo did not return a request for comment for this story.Waymo admits that its fatal crash data are incompleteWaymo’s safety data show that its vehicles are significantly safer than human drivers, but the closer you look at the data, the less convincing they become.Waymo says that, compared to those with human drivers, its autonomous vehicles have been involved in 90% fewer crashes resulting in serious injuries.  But one researcher says that while Waymo can fall back on that number, the vehicle still struggles with basic situations that most humans wouldn’t find challenging at all, such as stopping for a school bus and avoiding police shootouts. “In like 95% of situations where a disengagement or accident happens with autonomous vehicles, it’s a very regular, routine situation for humans,” Henry Liu, professor of engineering at the University of Michigan, said recently. “These are not challenging situations whatsoever.”“We have seen many reports from autonomous vehicle developers, and it looks like the numbers are very good and promising,” Liu said. “But I haven’t seen any unbiased, transparent analysis on autonomous vehicle safety. We don’t have the raw data.”Even Waymo’s data are suspect, according to Liu.Waymo vehicles primarily drive on urban streets with a speed limit of 35 miles per hour or less. “It’s not really fair to compare that with human driving,” according to Liu.Waymo ostensibly agrees with Liu, to an extent.“Waymo is already improving road safety in the cities where we operate, achieving more than a tenfold reduction in serious injury or worse crashes,” Trent Victor, Waymo’s director of safety research and best practices, recently told Bloomberg.Waymo has driven approximately 127 million miles across its fleet and has been involved in at least two fatal crashes, MSN reported. However, the autonomous vehicle was not directly found responsible for either of them.The problem is that this actually represents a higher death-per-mile rate than that of average American drivers, who travel about 123 million miles for every fatality, according to the IIHS.Victor acknowledged that “there is not yet sufficient mileage to make statistical conclusions about fatal crashes alone,” adding that “as we accumulate more mileage, it will become possible to make statistically significant conclusions on other subsets of data, including fatal crashes as its own category.”After consistently declining for 30 years, roadway fatalities in the U.S. have risen over the past decade.Fatalities jumped to nearly 35,000 in 2015, an 8% increase from the year prior, and rose another 6.5% the following year, according to U.S. Transportation Department data. Fatalities peaked in 2021 at 43,230, representing a 10.8% year-over-year increase from the previous year.Related: Despite recall, Waymo can’t seem to fix this dangerous issue

Ray Dalio’s Bridgewater just made a massive $253 million statement in the hotly competitive AI arms race.In its latest 13F, the macro giant upped its stake in Nvidia (NVDA) by nearly 1.35 million shares, bumping its position to $721 million at year-end. That puts the AI bellwether at nearly 2.63% of Bridgewater’s whopping $27.4 billion U.S. stock portfolio.Clearly, that was a meaningful addition, and it lands at a time when Nvidia’s stock has been under considerable duress.Over the past six months, the stock has barely budged, rising just 0.7%, and it is down 2% year to date.Even so, the bigger picture hasn’t changed, with Nvidia remaining the backbone of the AI buildout.Moreover, as long as the big hyperscalers continue writing major capex checks, the growth story remains well and truly intact.Importantly, Bridgewater isn’t your regular hedge fund filing a 13F. It’s arguably the biggest and most influential macro investing machine ever built, with its culture shaped by legendary investor Ray Dalio.Bridgewater’s latest assets-under-management (AUM) figure is at a whopping $136.5 billion (discretionary assets under management), per WhaleWisdom.Dalio, though, sold off his remaining stake in 2025 and, in stepping back from the board, handed the reins to CEO Nir Bar Dea. These days, Dalio still opines on debt-related risks, gold allocations, and the U.S. economy.That said, Bridgewater’s Nvidia bet shows the fund has decided that this is still where you want to be long.

Bridgewater Associates invests $253 million in Nvidia, signaling strong conviction in AI growth.Photo by Bloomberg on Getty Images

Bridgewater’s latest 13F movesMarket value:$27.4 billion (prior: $25.5 billion)Inflows/outflows (as % of total MV):+4.63%New purchases:191 stocksAdded to:450 stocksSold out of:165 stocksReduced holdings in:395 stocksTop 10 holdings concentration:36.3%Turnover: 29.5%
Source: WhaleWisdom
Nvidia’s still the AI kingmakerNvidia was Bridgewater’s largest single-stock holding in its latest 13F, and it comes at a point when investors are in “show me” mode with the AI trade.For the macro giant, AI is like a massive capital cycle, a relentless arms race among businesses seeking to build quicker, smarter systems. In that fiercely competitive space, Nvidia still dominates as a clear leader, serving as the backbone and tollbooth of the massive AI infrastructure buildout.More Nvidia:Nvidia stock gets major reality check on ‘$100B’ numberVeteran analyst delivers surprise verdict on Tesla, NvidiaNVDA, PLTR, small cap stock bets reset after U-turnOn the fundamentals side, Nvidia continues to impress, having surged past estimates across both lines in the past four consecutive quarters.  In its most recent quarterly update (Q3 2026), it posted $57 billion in revenue, a whopping $2 billion beat, driven by $51.2 billion in data center revenue, up 66% year over year.As we look ahead, analysts are largely upbeat over Nvidia’s prospects, on the back of massive 2026 hyperscaler capex plans and the tech giant’s full-stack advantage across chips, networking, and software. Veteran analyst Dan Ives recently called Nvidia an indispensable player of the physical AI space. Naturally, valuation discipline matters (trading at 39 times non-GAAP forward earnings), and spending cycles can cool off, but for now, Nvidia still remains at the center of gravity in AI. Bridgewater’s biggest buys and sellsTop buys (largest value)State Street SPDR S&P 500 ETF Trust: $1.29 billionOracle: $286 millionMicron Technology: $253 millionNvidia: $253 millionNewmont: $192 million
 Source: WhaleWisdom
Top sells (by percentage change)Uber Technologies: 1%Fiserv: 0.8%Alphabet (Class): 0.71%Meta Platforms: 0.66%Microsoft: 0.49%
 Source: WhaleWisdom
13F holdings summary (percentage of portfolio)State Street SPDR S&P 500 ETF Trust: 11.08%iShares Core S&P 500 ETF: 10.45%Nvidia: 2.63%Lam Research: 1.9%Salesforce: 1.87%
 Source: WhaleWisdom
Building around the AI coreNvidia wasn’t the only addition in Bridgewater’s broader AI stack build as the fund leaned into the infrastructure around it. Oracle and Micron were two of its biggest bets and represent two critical choke points in the AI buildout in cloud capacity and memory bandwidth.Bridgewater boosted its Oracle stake from 406,279 shares in Q3 to 1,873,481 shares in Q4, bringing the total position to about $365 million. Related: Jim Simons’ Renaissance drops $520 million on surging tech stockOracle’s cloud performance has been mighty impressive, to say the least, with its fiscal Q2 2026 cloud sales rising to $8 billion, up 34% year over year, and infrastructure-as-a-service revenue surging 68% to $4.1 billion. Also, remaining performance obligations came in at $523 billion, up 438%, underscoring massive AI-related commitments. Micron is the bandwidth story that’s been one of the hottest tech plays on the back of the AI-led memory boom.Bridgewater went from just 1,696 shares to 889,640 shares, building a sizeable $254 million stake. Demand for high-bandwidth memory (critical for AI) is forecasted to expand from nearly $35 billion in 2025 to $100 billion by 2028, with Micron already having locked in 2026 HBM supply agreements. Also, it’s lifting fiscal 2026 capex to nearly $20 billion to meet the insatiable demand.Moreover, it’s worth noting that legendary mathematician Jim Simons’ Renaissance Technologies also added $520 million worth of Micron stock in its latest 13F, underscoring smart money’s interest in the AI-driven memory cycle.Related: Morgan Stanley flags $45B hidden cybersecurity opportunity

Apple (AAPL), since WWDC 2024, has sold a simple comeback story: Siri is getting a real AI brain, further cementing Apple’s AI credentials.CEO Tim Cook put it this way.However, the latest reporting presents a problem for Apple and Siri enthusiasts. The issue for Apple comes down to one word: reliability.

Apple’s Siri push just got more complicated.Photo by Bloomberg on Getty Images

Apple’s Siri delay isn’t just a tech story; it’s a stock storyApple’s overhauled Siri is hitting new snags in internal testing. The issue is reportedly forcing a rethink in Apple’s C-suite. Apple bet the farm on the upgrade, and it seems it can’t wish away the issue.The latest misstep is forcing the company to consider spreading key features beyond iOS 26.4, scheduled for March. The features now could debut in iOS 26.5 (May) and later releases, including iOS 27, according to a report from The Verge, T3 reported.Related: Amazon delivers a jaw-dropper that changes the AMZN conversationThat timing matters for Apple investors and tech fans. Apple’s 2026 iPhone thesis is increasingly connected to “Apple Intelligence,” making it to the rollout stage and becoming a ubiquitous part of the daily life of Apple users, instead of just a display on stage.And now Wall Street is starting to trade the Apple schedule.AAPL fell about 5%, following reports that emerged regarding the delayed Siri AI upgrades.Apple’s stock setup makes Siri stalled execution a bigger dealApple’s Siri delay comes at a time when the tech giant’s financial situation is strong. In its fiscal Q1 2026 report (quarter ended Dec. 27, 2025), Apple reported $143.8 billion in revenue (+16% year over year), finishing with $2.84 in EPS (+19% YoY). That’s not all; Apple posted roughly $54 billion in operating cash flow and about $32 billion returned to shareholders.These numbers explain why the Siri delay feels more significant. Apple is still a company that is printing cash, but inherent in the value of the stock is an assumption that the tech giant can make substantial changes on schedule.Stock check (as of Feb. 14, 2026):Price: $255.78Market cap: Around $4.05TP/E: About 34.4xEPS (ttm): Approximately $7.90Apple also declared a $0.26/share dividend payable Feb. 12.Why the “new Siri” is getting stuck on the hardest partsThe big issue for Apple is that the features reportedly facing delay are the most hyped. Apple fans are salivating at the prospect of Siri shifting from a mere “voice assistant” to something more intimate, something like an always-available agent.For now, everything is very hush-hush. However, rumors about Apple’s new developments are currently circulating. Apple’s new Siri capabilities reportedly include more personal context and deeper actions across apps. More Tech Stocks:Morgan Stanley sets jaw-dropping Micron price target after eventNvidia’s China chip problem isn’t what most investors thinkQuantum Computing makes $110 million move nobody saw comingThese are the capabilities under the scanner, and these are why, due to testing issues, timelines are being shifted from iOS 26.4 toward later releases.That is, unfortunately, the test that many tech fans want major conglomerates to sail through. They do not want to see a flashy demo. Instead, they want to see the shipment of a fast, accurate, dependable assistant that works in real-world situations. Apple is sticking to a 2026 timelineAfter the delay came to light, Apple reiterated to CNBC that it’s still on track to debut the upgraded Siri in 2026. However, there was no commitment to a specific iOS point release.That piece of news matters. Apple can meet the promise of “2026,” but it missed the chance to make a big Siri leap in the spring, when investors sought to reward tech giants that are delivering on AI hype.What should AAPL stock investors do now?AAPL is now a trust trade. Siri can, potentially, deploy in stages, making it seem like an unfinished product. The downside is that this kind of release trains users to expect inconsistency from Apple.The bar is higher for Apple because it is a fundamentally strong brand. Record revenue, record EPS, and huge cash returns make users anticipate clear execution, not long-lasting AI confusion.Watch the Catalyst calendar. Apple now has three chances to show off Siri’s development in delivering software: iOS 26.4 (March), iOS 26.5 (May), and WWDC season. If it doesn’t, additional “behind in AI” headlines will follow.Related: Palantir finally gets a Pentagon green light Wall Street can’t ignore

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealOn a chilly evening, there’s nothing better than cuddling up in a fuzzy throw and reading a book or binge-watching your favorite shows. However, for ultimate coziness, you need a blanket that’s up to the challenge. Rather than settling for a thin fleece blanket that’s seen better days, upgrade this bedding essential to something that’s simply indulgent, like the Ugg Euphoria Plush Faux Fur Throw Blanket, which is currently on sale at Amazon in the white color option.Ultra-soft and incredibly snuggly, this premium blanket from Ugg typically retails for $106, but by taking advantage of Amazon’s limited-time deal, you can score 48% off this plush piece. Those savings bring the total price down to just $55 for the luxurious faux fur blanket. You’ll want to snag this cozy deal for yourself or gift it to someone special before it sells out. Ugg Euphoria Plush Faux Fur Throw Blanket, $55 (was $106) at Amazon

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Why do shoppers love it?While this blanket may be a bit more of a splurge compared to other throws, it’s definitely worth it, and you’ll agree once you’re snuggled up and experiencing its next-level softness. Oversized at 50 inches wide by 70 inches long, this blanket is large enough to wrap around your body, drape over the foot of the bed, or display across the back of the couch. Since it looks as good as it feels, and it offers Ugg’s timeless style, this throw is worthy of display and will elevate a living room, bedroom, or den.Along with top-notch aesthetics, this throw blanket also has superior quality. The blanket’s premium fabric is ultra-soft, but it’s also durable and easy to care for, so you can throw it in the washing machine when it needs a refresh. Additionally, it’s undergone rigorous testing to meet Oeko-Tex Standard 100 requirements, which certifies that the throw is hypoallergenic, skin-friendly, and free from harmful chemicals or dyes.Related: Presidents Day mattress and bedding deals that start at just $29Trendsetters, homebodies, coworkers, and everyone in between will adore this Ugg blanket. Hundreds of shoppers have given this bedding a perfect five-star rating, including one who mentioned that it’s “so soft and comfy that my kids are always fighting over it.”Details to know Dimensions: 50 inches long by 70 inches wide.Color options: Five colors, but only the white color option is on sale for 48% off.Is it machine-washable?: Yes.Material: Polyester.Currently, this throw blanket has an average customer rating of 4.7 out of five stars, so you can feel confident in its exceptional quality. “This is so luxuriously soft and gorgeous — everything you’d expect from Ugg,” raved one reviewer. They also appreciated that “it is a good thickness, unlike most throws.”Shop more dealsUgg Adalee Faux Fur Throw Blanket, $94 (was $100) at AmazonUgg Whitecap Plush Throw Blanket, $102 (was $108) at AmazonUgg Classic UggFluff Throw, $50 at Macy’sThe Ugg Euphoria Plush Faux Fur Throw Blanket won’t be discounted to only $55 at Amazon for long. Secure this limited-time deal for yourself by adding the blanket to your cart now.

The U.S. reset the global oil battlefield in January, removing Venezuelan President Nicolas Maduro and unlocking access to 303 billion barrels of oil—the world’s largest proven oil reserves. The move creates a massive profit opportunity up and down the oil food chain that refinery giant Valero is already tapping.The White House has already approved imports of 50 million barrels of Venezuelan oil, worth roughly $2 billion. Valero’s (VLO) massive Gulf Coast refineries are perfectly positioned to turn Venezuela’s thick, heavy crude oil into high-value jet fuel and diesel, and the discount prices relative to other crude oil sources provide a major profit boost that’s already being realized.Valero fast facts:Founded: January 1, 1980; a spinoff of the Coastal States Gas Corporation. Headquarters: San Antonio, TexasEmployees: 10,000Facilities: 15 refineries in the United States, Canada and the United Kingdom Capacity: 3.2 million barrels per day (bpd) of high-complexity throughput capacity.Market capitalization: $61 billion.The refiner has already locked up multiple shipments of Venezuelan oil from licensed sellers at discounts reportedly near $9 per barrel compared to Brent prices, according to Argus Research. And while processing heavy crude is costly, Valero’s cost differential far outweighs the added expense. The new cokers installed at its massive Port Arthur refinery mean the refiner is in pole position to overtake Chevron as the largest importer of Venezuelan oil as early as March.

Surging oil imports from Venezuela support Valero’s refining margins, thanks to a wide differential with Western Canada and Brent oil prices.Shutterstock

Valero leverages Venezuela for profit upside Valero is one of the largest refinery operators in the United States, ranking second by total barrels per day capacity at 2.2 million. Its Port Arthur facility is the 10th-largest refinery in America, with a capacity of 360,000 bpd.The company’s refinery portfolio is heavily tilted toward the Gulf Coast, and its production is specifically geared toward heavy crude, much of which has been supplied by Western Canada since restrictions were placed on Venezuela.”Higher oil supply and exports from Venezuela would be tailwinds for U.S. coastal refiners,” wrote Morgan Stanley in a research report shared with TheStreet. Biggest U.S. refining companies (2026)Marathon Petroleum Corp (MPC): Largest U.S. refiner with ~3 million barrels per day (bpd) capacity and 13 refineries, including refineries in Garyville, LA, and Galveston Bay, TX.Valero Energy Corporation (VLO): A massive independent refiner with 13 refineries, holding top-tier capacity in the Gulf Coast region, and specializing in heavy crude.ExxonMobil Corporation (XOM): Operates major, high-capacity refineries in Baytown, TX, Beaumont, TX, and Baton Rouge, LA.Phillips 66 (PSX): A major refiner with a high market cap, operating 9 refineries with significant capacity.Motiva Enterprises / Saudi Aramco: Operates the Port Arthur refinery in Texas, which is one of the largest single-site refineries in the U.S.Before facing restrictions, Valero was processing about 240,000 bpd of Venezuelan oil, according to Randy Hawkins, the company’s Vice President of Crude & Feedstocks Supply & Trading.That was before new cokers, which cook heavy oil to strip out carbon, turning it into sweet crude for processing, were installed at Port Arthur. During Valero’s Q4 earnings call, Hawkins said that those new cokers added considerable heavy crude capacity, putting it in a position to significantly ramp beyond 240,000 bps to make the most of the crude oil differential.Argus Research reports that “Valero has purchased Venezuelan crude from the three authorized sellers,” and Reuters reports that the refiner is on track to import “6.5 million barrels of Venezuelan crude in March bound for its Gulf Coast refineries.” That pace would make Valero the biggest importer of Venezuelan oil, outpacing Chevron, which has the advantage of being the only oil major still operating there.If Valero secures its 6.5 million barrels at a $9 discount, that totals about $58 million in raw material savings in a single month compared to buying light sweet crude at benchmark prices — bullish for the company’s refining margins.Valero was already seeing a revenue, profit surge The new Venezuelan sourcing should help an already expanding bottom line. In the fourth quarter, Valero reported revenue of $30.4 billion and operating income of $1.6 billion, up from $348 million a year ago.More Oil and Gas:Energy giant sends blunt $20 billion message on dividend growth147-year-old oil giant just raised dividend 4% in 2026Top energy stocks to buy amid Venezuela chaosThe company’s refining margin per barrel swelled to $13.61 from $8.44, up 64%, as its per-barrel cost fell. For perspective, Western Canadian Select (WCS) crude prices dropped to $46 per barrel in Q4 from $58 the year prior.”Sour crude differentials are also expected to benefit from increased Canadian crude production along with additional Venezuelan crude supply into the U.S.,” said CEO Lane Riggs on the earnings call.The company’s expense control remains top of class, and the influx of even lower-cost crude oil from Venezuela in Q1 suggests yet another step forward for investors.The new competition suggests even more favorable prices from Canada.”Right now, we’re seeing heavy Canadian in the Gulf Coast trading at about $11 to $11.50 under Brent. That’s about $4 cheaper than our Q4 average,” said Hawkins.Wall Street weighs in on Valero opportunityInvestors have woken up to the reality that Venezuelan oil is a major profit driver this year, driving Valero’s share price steadily higher. The company’s stock price has increased to $200 from $168 last September, and is up 23% year-to-date.Across Wall Street, 9 of 15 analysts rate Valero a buy, including 5-star-rated UBS analyst Manav Gupta, according to TipRanks. JP Morgan’s 4-star-rated analyst Zach Parham raised his Valero stock price target to $217 from $200 on Feb 2. No analysts rate Valero a “sell.”Morgan Stanley views Valero and Marathon as most likely to benefit from widening differentials tied to rising Venezuelan oil imports, with its analysts expecting “tailwinds to realized refining margins.”Related: Big Oil supermajor stuns with blunt Venezuela message

For many taxpayers, IRS refunds are a crucial source of income that can be used to pay down debt or cover major expenses. The refunds serve as a form of forced savings because you pay in all year long and then get a large lump sum back in April.Putting aside the fact that it’s actually your own money being returned to you, and that giving the IRS an interest-free loan actually isn’t the best idea, the unfortunate reality is that many people anticipating refunds will find that their money comes later than expected. That’s because of a new IRS rule going into effect this year. This new rule could end up delaying refunds for weeks, which is a huge problem if you assume the money will arrive as quickly as it has in the past. 

Get your ducks in a row to make sure your tax refund comes as quickly as possible in 2026.Shutterstock

This new IRS rule may mean big delays for tax refunds The new IRS rule that may affect refunds issued in 2026 concerns the government’s efforts to eliminate paper checks, except in very limited situations. Specifically, the “Modernizing Payment To and From America’s Bank Account” executive order, signed in 2025 by President Donald Trump, requires that all federal agencies, including the IRS, move away from issuing paper checks. The IRS will now issue refunds only if you provide bank account information, including the correct direct deposit information. What happens to your tax refund if you don’t provide direct deposit information?If you submit a tax return without the required direct deposit information, industry watchers indicate that the IRS will still process your initial income tax return. However, the IRS won’t automatically issue any refund that is due. Related: IRS issues stern warning for taxpayers claiming 2 popular creditsInstead, the refund will be temporarily frozen until you do one of two things.Provide direct deposit information.Submit a request for a paper check.Since the payment won’t be sent automatically right away after your return is processed, this could result in your refund being significantly delayed. What will happen if your tax refund is frozen?If the IRS freezes your refund, the IRS will send you a written notice requesting that you provide your missing direct deposit information. You will have 30 days to respond. If you don’t submit a response, either by providing your direct deposit details or requesting a paper check, then the IRS will eventually issue a paper check by default. However, this will not happen for at least six weeks. How can you make sure your tax refund isn’t delayed? So, what can you do to make sure that you don’t end up waiting weeks for the IRS to send the money that you’re counting on?The best thing to do is to make sure that you provide the required direct deposit information to the IRS when you initially submit your return.More Personal Finance:Suze Orman’s 5 best pieces of financial adviceDave Ramsey shares key insight on mortgage ratesJean Chatzky makes key statement as Social Security change loomsGetting a refund via direct deposit will always be the fastest way to get your money back, and in 2026, that is more true than ever. If you submit an accurate return and provide your direct deposit information, you should receive your refund within 21 days. If you do not have a checking account, you also have the option to provide information for your debit card, or for your preferred mobile payment app that provides an account and routing number.Making sure to provide these details will get the money into your bank account quickly, so you can finally start using the cash you’ve let the IRS hold all year long. Related: TSA offers expensive fix for a major travel problem