Nvidia delivered a revenue projection that exceeded expectations this afternoon, and CEO Jensen Huang declared that "the agentic AI inflection point has arrived," providing more fuel for AI bulls.

• Why it matters: Debate is swirling over the sustainability of the booming AI economy — and Nvidia is positioned squarely at the center of it.

💸 By the numbers: The chip giant posted record sales and earnings in its most recent quarter.

• Revenue totaled $68.1 billion, up 73% from a year earlier.
• Net income was $42.96 billion, up 94%, with gross margin of 75%.
• S&P Capital IQ analysts had projected total revenue of $66.2 billion and net income of $35.8 billion for the period.

Zoom in: The results included a 75% increase in data-center revenue to $62.3 billion.

• The company also projected first-quarter revenue of $78 billion, which exceeded the $73 billion that Wall Street had expected, according to CNBC.
• The estimates do not include sales to China.

🗣️ What they're saying: "Computing demand is growing exponentially," Huang said in a statement.

• He said the company's is "the king of inference today" with its current Blackwell chips and that its next-generation Vera Rubin platform "will extend that leadership even further."
• Adoption of agentic AI is "skyrocketing," Nvidia CFO Colette Kress said on the earnings call, saying it's "driving extreme urgency to scale up compute."

📈 The impact: Nvidia shares rose about 3% in after-hours trading.

Mortgage rates fell last week to their lowest level in nearly four years, Axios' Pete Gannon writes.

• 🏠 The 30-year fixed rate hit 6.09% for the week of Feb. 20, down from 6.17% the week before, according to Mortgage Bankers Association data released today.

The impact: Refinancing activity picked up again, with conventional refi applications rising 5% on the week.

• 🧍Yes, but: Buyers remain on the sidelines. The MBA's seasonally adjusted measure of purchase applications fell 5%.

❄️ Between the lines: Businesses are still waiting for a thaw in the housing market. Home Depot and Lowe's both cited the freeze as a drag on earnings this week.

• It's also weighing on appliance and equipment makers like Whirlpool and Carrier, as consumers are more likely to splurge on higher-end products when remodeling, moving or building new homes, WSJ notes.

Zoom out: President Trump pointed to falling mortgage rates in his State of the Union address last night as helping to make homes more affordable without eroding home values.

👀 What we're watching: The all-important five handle. Rates have been falling steadily since late May but haven't dipped below 6% in the MBA's weekly data since September 2022.

🥃 Diageo cut its guidance for the year and slashed its dividend, citing weakness in the U.S. market. The maker of Guinness and Johnnie Walker has been stung by more health-conscious — and price-conscious — consumers. (WSJ)

🔌 Tech giants are expected to sign a pledge next week at the White House that they will build or buy their own electricity supplies for data centers. (Axios)

🪙 Circle posted a sharp jump in Q4 profit as traders flocked to its USDC stablecoin during the recent crypto volatility. (Bloomberg)

Prediction market Kalshi said today it suspended two users — a YouTube editor for MrBeast and a former California gubernatorial candidate — for allegedly violating its ban on "insider trading."

• While the term is more commonly associated with securities markets, Kalshi uses it to describe trading on nonpublic information in violation of its exchange rules.

Why it matters: It's a growing source of criticism around prediction markets, which are hailed for generating actionable insights on economics, politics and business — but are also accused of opening the door to unfair profiteering and manipulation.

🌴 The intrigue: The question is especially thorny for fans of "Survivor," whose landmark 50th season premieres tonight on CBS.

• Should people be allowed to bet on outcomes that have already been decided — even something as seemingly harmless as the winner of a reality show?

We won't spoil it for you, but one contestant is trading at nearly 75% to win on Polymarket and Kalshi — even though the season finished filming in June — raising questions about whether insider knowledge has seeped into the market.

Go deeper (again... no spoilers)