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AI Check-Up

Though most major companies have already reported results this earnings season, one of the most anticipated releases still lies ahead: NVIDIA. As the dominant provider of the advanced chips that power artificial intelligence, NVIDIA has been the most important bellwether for the technology.

While its earnings reports have all been market moving since the emergence of AI, there’s an added layer of intrigue this week. Here’s why: Last month, DeepSeek R1, a new Chinese reasoning model, was released after being apparently developed for a fraction of the cost of other leading models. This threw the AI industry for a loop and sparked a brief selloff in tech stocks as investors worried that the big U.S. tech companies could be overspending on AI infrastructure and high-cost chips. However, U.S. tech stocks did bounce back once it became clear that the low headline costs were misleading.

Nonetheless, questions around the cost of AI have grown common and the spotlight on Wednesday will be trained on what NVIDIA’s management has to say about the trajectory of capital spending. A bullish outlook from NVIDIA could reaffirm confidence in the AI spending cycle and provide support for stocks sensitive to it. On the other hand, a dimmer outlook could reignite the bearish forces that weighed on tech stocks in January.

Economic and Earnings Calendar

Monday

•   January Chicago Fed National Activity Index: This is a monthly index put together that incorporates 85 indicators from four categories: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories.

•   February Dallas Fed Manufacturing Activity: This is the Dallas Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•   Earnings: Coterra Energy Inc (CTRA), Domino’s Pizza (DPZ), Diamondback Energy (FANG), Realty Income (O), ONEOK (OKE), Public Storage (PSA), SBA Communications (SBAC)

Tuesday

•   February Philadelphia Fed Non-Manufacturing Activity: The Philadelphia Fed’s survey of services executives in the region on business conditions and their outlook.

•   December FHFA House Price Index: This is a broad measure of single-family house prices released by the Federal Housing Finance Agency.

•   December S&P CoreLogic Case-Shiller Home Price Index: This is a private sector measure of national home prices. After a period of slight decline in the second half of 2022 and early 2023, the index returned to growth and is now at record highs.

•   February Conference Board Consumer Confidence: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on job availability and the state of the labor market.

•   February Richmond Fed Manufacturing Activity: The Richmond Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•   February Richmond Fed Non-Manufacturing Activity: The Richmond Fed’s survey of services executives in the region on business conditions and their outlook.

•   February Dallas Fed Non-Manufacturing Activity: This is the Dallas Fed’s survey of services executives in the region on business conditions and their outlook.

•   Fedspeak: Dallas Fed President Lorie Logan will speak at a Bank of England research conference focused on the theme The Future of the Central Bank Balance Sheet. Richmond Fed President Tom Barkin will give a speech called Inflation Then and Now at an event hosted by the Rotary Club of Richmond.

•   Earnings: American Tower (AMT), Axon Enterprise (AXON), Caesars Entertainment (CZR), Extra Space Storage (EXR), First Solar (FSLR), Home Depot (HD), Henry Schein (HSIC), Intuit (INTU), Keurig Dr Pepper (KDP), Keysight Technologies (KEYS), Public Service Enterprise Group (PEG), Pinnacle West Capital (PNW), Sempra Energy (SRE), Workday (WDAY)

Wednesday

•   January New Home Sales: While only a minority of home transactions in any given month come from new constructions, these home prices tend to be more cyclical and give insight into developing trends.

•   Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•   Fedspeak: Atlanta Fed President Raphael Bostic will discuss the economic outlook and housing at an Urban Land Institute conference. Tom Barkin will repeat his speech on Inflation Then and Now at an event hosted by the Northern Virginia Chamber of Commerce.

•   Earnings: Agilent Technologies (A), APA Corp (APA), Salesforce (CRM), eBay (EBAY), FirstEnergy (FE), Invitation Homes (INVH), Lowe’s Companies (LOW), NRG Energy (NRG), NVIDIA (NVDA), ViacomCBS (PARA), Synopsys (SNPS), TJX Companies (TJX), Universal Health Services (UHS), Verisk Analytics (VRSK)

Thursday

•   4Q GDP Second Estimate: The primary measure of economic activity in the United States, which is measured as total expenditure on a country’s goods and services.

•   January Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

•   February Kansas City Fed Manufacturing Activity: The Kansas City Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•   Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.

•   Fedspeak: Cleveland Fed President Beth Hammack will give the keynote address on financial stability at the Research Conference on Bank Regulation. Philadelphia Fed President Patrick Harker will give a speech on the economic outlook. Barkin will repeat his speech on Inflation Then and Now at an event hosted by the Fayetteville Cumberland Economic Development.

•   Earnings: Autodesk (ADSK), AES (AES), Dell Technologies (DELL), Edison International (EIX), EOG Resources (EOG), Erie Indemnity (ERIE), Evergy (EVRG), HP (HPQ), Hormel Foods (HRL), Mosaic (MOS), Norwegian Cruise Line Holdings (NCLH), NetApp (NTAP), JM Smucker (SJM), Solventum (SOLV), Teleflex (TFX), Vistra Energy (VST), Viatris (VTRS), Warner Bros. Discovery, Inc (WBD)

Friday

•   January Wholesale and Retail Inventories: Wholesalers and retailers often operate as intermediaries for the sale of manufactured products, serving as a key part of the goods supply chain.

•   January Personal Income and Spending: These numbers give insight into how Americans are doing, which is important since consumer spending accounts for about two-thirds of economic growth in the United States.

•   January Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

•   January Personal Consumption Expenditures Price Index: The Fed targets this inflation measure for its price stability mandate and believes PCE to be the best measure of consumers’ spending habits.

•   February Chicago Business Barometer: The barometer provides information on U.S. economic activity and business conditions, consisting of seven activity indicators and three buying policy indicators.

•   February Kansas City Fed Non-Manufacturing Activity: The Kansas City Fed’s survey of services executives in the region on business conditions and their outlook.

•   Fedspeak: Chicago Fed President Austan Goolsbee will participate in moderated Q&A at the 2025 Stanford Institute for Economic Policy Research Economic Summit.

•   Earnings: Monster Beverage (MNST), Super Micro Computer (SMCI)

Image credit: Bernie Pesko

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025022402

As the president pushes to close down the U.S. Department of Education, it’s creating a lot of confusion about the status of the federal student loan system. Some borrowers have even questioned whether they have to keep making their payments.

In short, if you have federal student loans, stay the course. Keep up with your payments and don’t make any assumptions while the government is in flux.

Yes, President Donald Trump has said he hopes Linda McMahon, his nominee for Education Secretary, will “put herself out of a job.“ But even if the Education Department is abolished — and that’s a pretty big if — another federal agency would likely absorb the department’s Federal Student Aid office, some experts say.

The Treasury Department or the Internal Revenue Service (which is part of the Treasury,) are among the most logical homes for the FSA, which oversees more than $1.6 trillion in outstanding student loans.

“There might be disruptions, but borrowers still have to pay their student loans regardless of what happens to the Department of Education,” student loan attorney Adam Minsky told CNN.

The potential for disruptions makes it all the more important to keep your own records of anything related to your loans. Government websites are undergoing drastic changes, so make sure to keep track of all the payments you’ve made, including any that count toward forgiveness through the Public Service Loan Forgiveness (PSLF) program or an income-driven repayment plan.

As for the status of student loan relief added under the Biden administration, it’s unclear what will happen.

Last week a U.S. appeals court sided with seven Republican-led states trying to block the implementation of SAVE, a Biden-era repayment plan that sought to lighten monthly payments and cancel balances after as little as 10 years.

“I would sort of rewind to when you took out the loan and what you anticipated repaying at that time. And that’s probably where we’re going back to,” Beth Akers, a senior fellow at the American Enterprise Institute, told Nerdwallet.

Trump hasn’t detailed his plans for student loans or the department overall, but has condemned its spending as wasteful, citing the nation’s cost per pupil relative to other countries.

(It’s worth noting that McMahon pledged in her confirmation hearings to preserve certain existing programs, including PSLF and Pell grants for low-income college students.)

That’s not to say the Trump administration can revoke the forgiveness granted under the Biden administration — $189 billion in loans for over 5 million borrowers, according to Mark Kantrowitz, a nationally recognized expert on student loans and financial aid.

Legally, there’s no precedent for clawing back any loans that have already been forgiven, Kantrowitz wrote for The College Investor. Court challenges would be time-consuming and probably insurmountable.

So what? Don’t let the uncertainty surrounding the future of the federal student loan system throw you off course if you have outstanding loans. While the situation is very fluid, the best thing you can do for yourself is keep making your scheduled payments, keep careful records, and keep abreast of the latest developments.

Related Reading

•   What Will Dismantling the Education Department Mean for Your Student Loans? (ABC News)

•   Should You Refinance Your Student Loans? It Could Be a Smart Decision—’The Landscape Is Shifting’ (CNBC)

•   Is Student Loan Forgiveness Possible Under Trump? Experts Aren’t Sure (Bankrate)

Image credit: hobo_018/iStock

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20250224SW