Brew Markets SCOTUS Rules on Trump Tariffs & Inside the Software Stock Sell-off
Feb 23, 2026
Amanda Whelan, Klaviyo CFO and financial leader at the email and SMS marketing platform, shares perspective on the software sell-off and AI’s role in marketing. She talks about how Klaviyo drives targeted engagement, its Shopify partnership, and why AI can accelerate discovery rather than replace brand relationships. Short, direct takes on sector pressure and company positioning.
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Administration Moves Quickly To Replace Struck Tariffs
- The administration is quickly seeking replacement tools to keep tariffs in place despite the ruling.
- Options include a temporary 15% global tariff under Section 122 and potential country-specific tariffs via Sections 301 and 232, none fully legally tested yet.
Markets Muted Because Ruling Was Largely Expected
- Markets reacted with muted volatility because the ruling had been anticipated and replacement measures were signaled.
- Uncertainty persists mainly around refund processes and long-term policy direction, so market swings continued after initial gains.
AI Fears Drive Another Software Sell Off
- Software stocks fell on renewed fears that AI could pose existential risk to segments of tech.
- Major names like Salesforce, Adobe, ServiceNow dropped ~5% while IBM plunged 11% after Anthropic targeted IBM's core offerings.