⚡ MARKET RECAP → The S&P 500 (VOO) fell on Thursday as private credit stocks and geopolitical risks weighed on the major averages.

🤖 FIGMA’S AI CROSSROADS → Figma (FIG) reported a standout quarter with ~40 % revenue growth — enough to lift the stock — but analysts are calling out structural AI disruption risks that could reshape its design-platform future, blending short-term momentum with long-term uncertainty.

📊 AMAZON TOPS WALMART IN REVENUE → Amazon has surpassed Walmart in annual revenue for the first time in history — delivering about $716.9 billion to Walmart’s $713.2 billion — highlighting the increasing importance of cloud, marketplace, and digital services in the largest U.S. companies’ growth stories.

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For the week beginning February 16, 2026

📈 Figma (FIG) crushed earnings and the stock jumped. The design-software platform reported about $303.8 million in Q4 revenue, roughly 40 % year-over-year growth that handily topped expectations, sending shares higher as investors cheered both the beat and upbeat guidance for 2026.

🤖 But analysts flagged AI risk on the horizon. Even with strong execution and expanding enterprise adoption, some Street voices warned that generative AI design tools could eventually commoditize Figma’s core workflow, potentially automating UI/UX tasks and eroding the collaborative design moat that made the company indispensable.

📊 Investors are stuck between execution and existential risk. On one hand, Figma’s net dollar retention and premium enterprise traction point to solid fundamentals; on the other, mounting competitive pressure from AI-native rivals and margin impact from AI infrastructure spend keep sentiment cautious. The narrative has shifted from “pure growth” to “growth with execution risk in an AI-first market.”

📊 A symbolic shift in U.S. corporate might: For the first time ever, Amazon’s annual revenue has eclipsed Walmart’s, with Amazon reporting about $716.9 billion versus Walmart’s roughly $713.2 billion in 2025 sales. That ends Walmart’s 13-year streak as the world’s largest company by revenue and marks a major milestone for the ecommerce-to-tech giant.

🛒 Different growth engines are at play: Amazon’s broader business model — combining ecommerce with high-growth segments like AWS cloud services, advertising and third-party marketplace fees — helped it inch past Walmart’s massive retail-heavy sales base. Walmart, meanwhile, continues to post record revenues and strong e-commerce growth, especially among higher-income shoppers, even as it loses the revenue crown.

📉 For investors, it’s growth narrative vs. legacy scale: The shift reflects broader trends in retail and tech: Amazon’s diversified digital and services stacks are growing faster than brick-and-mortar retail can keep pace, even with Walmart’s expansive store footprint and rising online sales. While the revenue milestone is mostly symbolic, it underscores how digital transformation is reshaping competitive dynamics in retail and corporate rankings.

U.S. trade deficit totaled $901 billion in 2025 despite Trump’s tariffs (CNBC)

Mark Zuckerberg said he reached out to Apple CEO Tim Cook to discuss ‘wellbeing of teens and kids’ (CNBC)

King Charles’ brother Andrew arrested on suspicion of misconduct (CNBC)

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