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* Stocks took another dive Thursday as tariff turmoil kept markets on edge. The S&P 500 slid 1.8%, the Dow shed 427 points, and the Nasdaq plunged 2.6%, officially entering correction territory.
* A brief pop followed news that Canada and Mexico got a one-month tariff exemption, but the relief didn’t last. Investors shrugged off the concession, and by the closing bell, the sell-off was back in full swing.
# Winners & Losers
# What’s up 📈
* **BJ’s Wholesale Club** surged 12.23% after beating earnings expectations and outlining expansion plans. ( $BJ )
* **Burlington Stores** climbed 8.74% as same-store sales exceeded forecasts and management offered a cautiously optimistic economic outlook. ($BURL )
* **Veeva Systems** jumped 7.37% following a strong beat-and-raise earnings report. ( $VEEV )
* **Zscaler** gained 2.9% after surpassing analyst estimates and issuing upbeat guidance for the coming quarter. ( $ZS )
* **Rigetti Computing** rose 4.03% despite missing Wall Street expectations, as investor enthusiasm for quantum computing remained high. ( $RGTI )
* **Teladoc** increased 4% on news that it signed a deal with Eli Lilly to offer weight-loss drug Zepbound to self-paying patients. ( $TDOC )
# What’s down 📉
* **Venture Global** plummeted 36.1% after reporting a decline in revenue, disappointing early investors. ( $VG )
* **MongoDB** tanked 26.94% despite an earnings beat, as weak forecasts for next quarter spooked investors. ( $MDB )
* **Grindr** tumbled 16% following a wider-than-expected net loss for the full year. ( $GRND )
* **Hims & Hers Health** dropped 15.9% after a Texas court ruled that there may no longer be a shortage of Zepbound’s key ingredient. ( $HIMS )
* **Marvell Technology** fell 19.8%, dragging down the semiconductor sector despite a modest earnings beat. ( $MRVL )
* **Nvidia** lost 5.74%, **ON Semiconductor** fell 5.6%, and **TSMC** dropped 4.6% in sympathy with Marvell’s weak outlook. ( $NVDA ) ( $ON ) ( $TSM )
* **Tesla** declined 5.6% as momentum stocks continued to struggle. ( $TSLA )
* **Applovin** sank 18.4%, while **Palantir** fell 10.73%, as investors pulled back from high-risk trades. ( $APP ) ( $PLTR )
#
# Alibaba Shares Soar After Chinese Tech Giant Unveils New DeepSeek Rival
**China just went all-in on AI, and Wall Street is taking notes.**
Alibaba sent shockwaves through the stock market after unveiling its latest AI reasoning model, QwQ-32B, a high-efficiency rival to OpenAI and DeepSeek. The news ignited a frenzy—Alibaba’s Hong Kong shares spiked 8.4%, dragging China’s tech index up 5.4%, with Tencent and Kuaishou notching double-digit gains. Investors, it seems, aren’t just buying into Alibaba—they’re buying into China’s AI dominance.
**The AI Arms Race Is Heating Up**

China’s tech giants are rolling out AI models at breakneck speed. Tencent just introduced its open-source video model Hunyuan, Kuaishou launched its own AI-driven platform, and Manus AI debuted a “general AI agent” that claims to outperform OpenAI’s DeepResearch. Meanwhile, Alibaba is pouring $53 billion into AI infrastructure over the next three years, betting big that its latest model will cement its place at the top.
**China’s AI Push Is Government-Backed—And It Shows**

Beijing isn’t just watching from the sidelines—it’s fueling the AI boom. At this week’s National People’s Congress, China doubled down on AI support, vowing to accelerate development in everything from intelligent manufacturing to large-scale AI models. The message? China isn’t playing catch-up—it’s leading the charge. That backing is why Alibaba has added $153 billion in market value since January, as investors race to get ahead of what’s shaping up to be a government-fueled AI gold rush.

While China is firing on all cylinders, U.S. tech firms are struggling to keep pace. Meta and Amazon are pushing AI agent development, but Marvell Technology’s dismal earnings report highlighted growing concerns about America’s ability to maintain its AI edge. Factor in tariffs that are pressuring U.S. tech firms, and the balance of power in AI suddenly looks a lot more competitive than Silicon Valley would like to admit.
**China’s Not Just Catching Up—It’s Taking the Lead:** For years, Chinese tech companies were seen as playing second fiddle to their U.S. counterparts. But with Alibaba’s AI breakthrough, government backing, and an aggressive investment spree, that narrative is shifting fast. It was thought that export control on chips sent to China would allow the US to maintain a 3-6 month lead in AI but this just shows it’s anyone’s game.
#
# Market Movements
* 📜 **Trump signs executive order establishing U.S. Bitcoin Reserve:** President Trump signed an executive order creating a Strategic Bitcoin Reserve, funded exclusively with bitcoin seized in criminal and civil forfeiture cases. The order prohibits the sale of bitcoin from the reserve and mandates a full audit of federal digital asset holdings. The Treasury Department will also manage a separate U.S. Digital Asset Stockpile for other confiscated cryptocurrencies ($BTC).
* 🏥 **Walgreens to go private in $10B Sycamore deal:** Walgreens Boots Alliance finalized a $10 billion deal with Sycamore Partners to go private after nearly 100 years as a public company. The deal includes all Walgreens businesses, including its specialty pharmacy unit and pharmacy benefit manager. Walgreens shares climbed over 5% in after-hours trading following the announcement ($WBA).
* 🌮 **Yum! Brands invests $1B in AI-powered restaurant tech:** Yum! Brands is rolling out AI-enabled drive-throughs at 500 Taco Bell locations as part of a broader $1 billion AI investment. The company is also introducing an AI-powered restaurant coach to optimize operations across its chains, including KFC and Pizza Hut ($YUM).
* 🎮 **Amazon launches GameLift Streams for cloud gaming:** Amazon Web Services unveiled GameLift Streams, a cloud-based game streaming service for publishers, supporting WebRTC-enabled devices like smart TVs and smartphones. Jackbox Games is among the early adopters, planning to launch an ad-supported game streaming platform this year. The service aims to rival Microsoft’s Xbox Cloud Gaming and Nvidia’s GeForce Now ($AMZN, $NVDA, $MSFT).
* 🧠 **Meta to launch Llama 4 AI and standalone app:** Meta will release Llama 4 AI, designed to enhance AI agents with improved reasoning capabilities. The company plans to launch a standalone Meta AI app in Q2 and will host its first LlamaCon AI conference on April 29. The move signals Meta’s ambitions in enterprise AI and automation ($META).
* 🛍️ **Macy’s forecasts lower 2025 revenue amid store closures:** Macy’s saw a 1.1% drop in comparable store sales for Q4, though overall sales increased by 0.2%. The retailer projected 2025 revenue between $21 billion and $21.4 billion, down from $22.3 billion, citing store closures and soft consumer demand. Investors remain cautious about its long-term growth outlook ($M).
* 🔎 **Google tests AI Mode for real-time search results:** Google is rolling out AI Overviews in Search and testing a new "AI Mode," which provides chatbot-driven responses using real-time web data. The experimental feature is available to Google One AI Premium subscribers and marks Google's latest push into AI-powered search ($GOOGL).
* 🍔 **Wendy’s sets $18B global sales target by 2028:** Wendy’s outlined a long-term growth plan, projecting global sales between $17.5 billion and $18 billion by 2028. The company expects 5%-6% annual sales growth and 7%-8% EBITDA growth while reaffirming its 2025 earnings guidance ($WEN).
#
# Earnings From Broadcom, Hewlett Packard, Costco & Kroger
**Broadcom** skyrocketed 12.82% after proving that AI is still the golden ticket. Revenue from its AI business surged 77% year-over-year, and the company upped its outlook thanks to strong demand for custom AI chips. CEO Hock Tan made it clear Broadcom doesn’t waste time on small-time customers—only hyperscalers need apply. ($AVGO)
**Hewlett Packard Enterprise** took a 20.21% nosedive after weak guidance and a cost-cutting plan that includes axing 2,500 employees. The company blamed aggressive discounting in the traditional server market and a stockpile of AI inventory that didn’t move fast enough. Investors weren’t buying the “we’ll do better next time” pitch, sending shares to their worst day in years. ($HPE)
**Costco** slipped 1.23% after falling short on earnings, with higher supply chain costs and inflation taking a bite out of profits. Shoppers are still spending, but they’re getting pickier—splurging on fancy steak while hunting for deals elsewhere. With tariffs on the horizon, Costco is bracing for potential price hikes, though management says it’s doing everything possible to keep bulk-buyers happy. ($COST)
**Kroger** jumped 2% after delivering a strong sales forecast, but all eyes were on the sudden departure of CEO Rodney McMullen. The board gave few details beyond saying it wasn’t “business-related,” leaving investors to speculate. Meanwhile, Kroger is keeping a close eye on tariffs and rising food prices, but insists it's not expecting major sticker shock for shoppers—yet. ($KR)
#
# On The Horizon
# Tomorrow
No blockbuster earnings on deck tomorrow, but there’s still plenty to watch across markets, policy, and tech.
Kicking things off, South by Southwest returns to Austin, bringing its usual mix of tech, media, and business heavyweights. The conference is known for spotlighting emerging trends, so expect a few headline-grabbing moments from startup founders, AI execs, and music industry disruptors.
Meanwhile, President Trump’s crypto summit begins, with investors hoping for clarity on his administration’s blockchain strategy—though concerns are mounting after reports surfaced of a $21.5 million crypto buy by his World Liberty Financial project.
Then there’s the main event: the monthly jobs report. With the Fed’s next policy meeting around the corner, this data drop could shape expectations on rate moves and recession fears. Economists predict 170,000 jobs added in February, but after weak ADP numbers and fresh layoff announcements, traders are bracing for surprises.

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BURLINGTON STORES, INC.
stock NYSE