To The Moon

The market narrative for February was completely rewritten in its final hours by geopolitical turbulence. Moving from early-month AI mania to a late-month "safe-haven" mode.

📉 Index Performance: A "Late-Winter Chill" for Tech

• $NASDAQ(.IXIC)$ : -3.38% – The epicentrer of the sell-off; late-month "panic selling" amplified the decline.

• $S&P 500(.SPX)$ : -0.87% – This marks the largest monthly drop in nearly a year. (Context: The last major crash was in March of last year at -5.75%. Will history repeat itself this March?)

• $Dow Jones(.DJI)$ : +0.17% – Bucking the trend, the Dow showed extraordinary resilience thanks to energy and traditional industrial sectors.

Iran Turmoil: Are commodities the ultimate safe haven?

On the final day of February, tensions in the Middle East escalated sharply. Explosions were reported across multiple locations, including Iran, Bahrain, the UAE, Qatar, Saudi Arabia, and Kuwait, sending gold prices vertical.

• $XAU/USD(XAUUSD.FOREX)$ secured its 7th consecutive monthly gain, surging 8% this month.

• $Silver - main 2605(SImain)$ was even more aggressive, touching above $94 with a monthly gain exceeding 10%.

• $WTI Crude Oil - main 2604(CLmain)$ staged a "revenge rally" in late February, breaking $67/barrel—a six-month high. Markets fear that if the Strait of Hormuz is blocked, oil prices could effectively double overnight.

₿ Crypto: $Bitcoin(BTC.USD.CC)$ Volatility vs. the Rise of "Infrastructure Kings"

• BTC Deep Dive: Bitcoin struggled throughout February, failing to hold its highs and retreating to $65,000 by month-end—a nearly 20% monthly drawdown.

• $Circle Internet Corp.(CRCL)$ surge: In a stark contrast to BTC's weakness, Circle (the issuer of USDC) saw its stock skyrocket over 30% in a single day following its earnings report. Surging USDC circulation and better-than-expected profit margins highlight that in a volatile market, investors are betting on "on-chain infrastructure."

Star Stocks: $NVIDIA(NVDA)$ "Good News" Priced in?

• NVIDIA: Despite another "beat and raise" earnings report, the stock plunged 5.5% post-earnings. The market is increasingly worried that 2026 growth momentum is already "priced in." Furthermore, Jensen Huang’s warning regarding extreme supply constraints for GPUs created a "demand without supply" anxiety that dampened short-term sentiment.

• $Dell Technologies Inc.(DELL)$ : A standout performer, Dell surged over 20% late in the month, fueled by record AI server orders and a massive share buyback program.

💡 Monthly Reflection: Questions for you

1. Black Swan Preparedness: In the face of the Iran crisis, did your portfolio have enough Gold or Oil as a "parachute"?

2. The Nvidia Lesson: Did the "drop on good news" teach you to stay vigilant about "expectation gaps" during a market frenzy?

3. Did you protect your profits in February? Do you think Gold will break $5,500 in March?

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