The Rundown Supreme Court Blocks Trump's Tariffs, Nvidia Scraps $100B OpenAI Investment
Feb 20, 2026
Supreme Court rules Trump exceeded emergency tariff powers, shifting trade policy and markets. Nvidia sharply reduces its planned OpenAI investment, rewriting AI deal expectations. Private credit tremors emerge as Blue Owl freezes withdrawals, raising contagion concerns. Opendoor signals a path to profitability while Newmont trims production amid a gold surge.
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Supreme Court Strikes Down Trump's Tariffs
- The Supreme Court ruled that President Trump exceeded authority using the Emergency Economic Powers Act to impose tariffs.
- That decision invalidates most of his tariffs and creates uncertainty about his next move.
NVIDIA Scales Back To $30B OpenAI Stake
- NVIDIA and OpenAI scaled back a proposed $100B partnership to a $30B NVIDIA equity investment.
- OpenAI is still raising a >$100B round valuing it at about $730B and will use funds to expand compute capacity.
Private Credit Liquidity Warning From Blue Owl
- Blue Owl froze redemptions from a retail private-credit fund after heavy withdrawals, revealing liquidity stress.
- The episode knocked private credit stocks lower and raised concerns about a potential industry bubble.