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The AI money loop
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Plus: Wall Street vs. Disney.
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<td class="td100" colspan="3" style="padding:5px 5px 5px 30px;width:50%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
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<td class="td100" colspan="4" style="padding:15px
30px;vertical-align:middle;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<div>
<span style="color:#888888">
Tuesday, February 3, 2026
</span>
</div>
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<td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
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<tr class="trpad30" style="padding-top:3px;padding-bottom:3px">
<td class="td100" colspan="2" height="1" style="width:33.3333%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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<td class="td100" colspan="4" style="line-height:1.5;text-align:right;vertical-align:middle;padding:3px
30px;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<span style="color:#888888">
Jakub Porzycki/NurPhoto via Getty Images
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<div>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today, AI’s hottest product is financing, Disney posts a hit-filled quarter and still gets marked down, the jobs report is being benched by a shutdown, and Wall Street keeps its rate-cut expectations firmly in place.
<span class="ql-cursor">
</span>
</span>
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</td>
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<tr style="padding-top:10px;padding-bottom:10px">
<td align="center" class="td100" colspan="6" style="width:100%;padding-top:10px;padding-bottom:10px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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<td style="font-size:1px;mso-line-height-rule:exactly;line-height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:18px;color:#168DD9">
HERE'S WHAT YOU NEED TO KNOW
<span class="ql-cursor">
</span>
</span>
</h2>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Wall Street is pricing the Fed, not the
nominee.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Even with Kevin Warsh’s hawkish reputation, analysts are betting on two cuts this year after the FOMC held steady amid solid growth
</span>
<a data-linktext="and “somewhat elevated” inflation." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
and “somewhat elevated” inflation.
</a>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
</span>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
The January jobs report just got furloughed.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
A partial shutdown has cut off funding, forcing the agency to
suspend data collection and delay the release until Congress restores money
</span>
<a data-linktext="and the calendar can restart." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
and the calendar can restart.
</a>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
</span>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Palantir turns its prophecy into
paperwork.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Revenue hits $1.4 billion, and GAAP EPS lands at $0.24 as U.S. commercial revenue jumps 137% and guidance dares the market to keep believing
</span>
<a data-linktext="at 142
times expected earnings." data-linktype="Normal" style="color:#168DD9;text-decoration:none;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;" target="_blank">
at 142 times expected earnings.
</a>
<span style="color:#000000;background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px">
</span>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Punxsutawney Phil saw his shadow — and his reviews.
</strong>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
America’s celebrity rodent predicts more winter once again, but NOAA’s grading puts
his batting average at about one-third, which isn’t exactly
</span>
<a data-linktext="meteorology’s gold standard." data-linktype="Normal" style="color:#168DD9;font-size:16px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
meteorology’s gold standard.
</a>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
</span>
</div>
</td>
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<tr>
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</td>
</tr>
<tr style="padding-top:5px;padding-bottom:5px">
<td class="td100" colspan="6" style="padding:5px
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<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
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Eye Bags and Wrinkles? Fix Them in One Step.
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:18px;color:#168DD9">
AI OWE YOU
</span>
</h2>
</td>
</tr>
<tr>
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<div>
<span style="font-size: 16px">
First, AI was a talent show. Then, it became an arms race. Now, it’s a capital-markets endurance contest — because the next model doesn’t just need smarter code, it needs more data centers, more power, and more people willing to write enormous checks without flinching.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Wall Street has a soft spot for moonshots… right up until the bill comes due. This weekend’s tells came from Nvidia and Oracle, two companies standing on opposite sides of the same bottleneck,
keeping the boom funded long enough for the concrete to harden and the revenue to catch up.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
In Taiwan, Jensen Huang said Nvidia “will invest a great deal of money” in OpenAI — “probably the largest investment we have ever made.” He called the fall’s $100 billion figure “never a commitment,” framing it as investing “one step at a time.”
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
That reset turns the headline into something more finance-y: staged commitments,
optionality, and narrative guardrails.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Nvidia has enjoyed the tollbooth position — ubiquitous, indispensable, largely unbothered by whose model wins — but a big OpenAI stake makes the market squint at “circular” incentives. And the biggest buyers are already building leverage with alternatives.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Oracle supplied a matching receipt. It expects to raise $45 billion to $50 billion in 2026 — about half from equity or
equity-linked issuance, including mandatory convertible preferred securities and an at-the-market program up to $20 billion — with the rest from senior unsecured bonds early in the year, all to expand cloud capacity for AI-heavy customers.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
That reads like a company trying to fund a boom without letting its credit rating become the main character.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Analysts’ early reads were essentially: Good, you’ve shown your work, now
show your patience. Guggenheim framed the plan as a clear signal aimed at bond investors and rating agencies, while Jefferies described it as something that buys time, with free cash flow not expected to turn positive until fiscal 2029.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Taken together, Oracle and Nvidia’s weekend moves aren’t “AI is the future” headlines. They’re “AI is expensive, and somebody has to pay for it” headlines — on a calendar that doesn’t care an iota about demos.
</span>
<a data-linktext="Quartz’s Shannon Carroll has more on the AI boom entering its bond villain era." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
Quartz’s Shannon Carroll has more on the AI boom entering its bond villain era.
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The
future of tech, decoded.
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Semafor Technology
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unpacks the ideas, innovations, and power shifts redefining the global tech landscape. From AI and machine learning to the startups and policies shaping
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<span style="color:#168DD9;font-size:18px">
MOUSE TRAP
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<span style="font-size: 16px">
A $6.5 billion box-office quarter is supposed to be a happily ever after. Instead, Disney got a 7% stock drop even after topping $26 billion in revenue, because operating profit and EPS slid — and Wall Street doesn’t tip for
spectacle if the check comes with extra fees.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
In Bob Iger’s shareholder letter, the superlatives — see: “highest,” “most,” and “record” — did a lot of the heavy lifting.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
The CEO called out “Avatar: Fire and Ash” and then “Zootopia 2” for crossing $1.8 billion worldwide. Roughly $630 million came from China, which Disney said helped lift attendance at Shanghai Disneyland.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Then came Disney’s “we do this a lot” posturing. Only 60 films have ever crossed $1 billion globally, Iger noted, and Disney says it’s responsible for more than half — with “Toy Story 5,” a live-action “Moana,” another “Star Wars” film, and an “Avengers” movie due out this calendar year.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
The company said it had seven of 2025’s 10 most-watched shows, led by “Bluey” at 45 billion minutes watched for a second straight year. ESPN said the NCAA football title game
reached 30.1 million viewers, and an NFL divisional-round broadcast drew 38 million — the biggest audience in Disney’s history.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
So why the selloff?
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
A YouTube carriage-fee dispute — resolved during the quarter — and higher costs from a heavier release slate weighed on profits, even as Experiences logged record first-quarter revenue. Iger also flagged “international visitation headwinds” at U.S. parks as tourism fell eight
straight months through December and ended the year down 6%.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Disney’s engine still throws off blockbusters on command. The market’s message was simpler: Prove that the magic comes with cleaner math — and that the parks aren’t one passport policy away from a bad season.
</span>
<a data-linktext="Quartz’s Catherine Baab has more on why the Mouse couldn’t charm Wall Street." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
Quartz’s Catherine Baab has more on why the Mouse couldn’t charm Wall Street.
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