Today started with two numbers at 8:30.

GDP printed 1.4% for Q4. That’s a slowdown. Some of it came from the government shutdown in the fall, but it’s still soft.

Core PCE came in at 3.0%. That’s not alarming, but it’s moving the wrong way if you’re hoping the Fed feels generous soon.

The market absorbed both. Stocks didn’t break. Yields didn’t collapse. It was controlled.

Then the Supreme Court hit.

The Court struck down the administration’s broad use of IEEPA for global tariffs. That wasn’t just a headline. It removed the fastest tool the White House had for raising import taxes.

And within hours, the White House responded. A temporary 10% global tariff under Section 122. A signal that Section 301 investigations are coming next.

So by the close, we had:

That combination doesn’t scream risk-on. It says businesses and investors will be recalculating for a while.

The old question was how high tariffs could go. The new question is how complicated the process becomes.

Markets can price a tariff rate. They struggle to price court appeals, refund battles, and investigations that stretch for months.

Silicon is dead. And one tiny company just killed it.

Here's why this one company - that just partnered with Nvidia - could become the most important company in the world.

Let’s slow this down.

When the Court struck down IEEPA-based tariffs, it didn’t remove tariffs entirely. It removed the fastest path to broad ones.

That changes execution.

If you can’t use emergency powers, you move to slower tools. Section 122 for temporary action. Section 301 investigations for longer-term structure. Section 232 if national security is invoked.

Each one has hearings. Paperwork. Timelines.

That creates a gap between intent and implementation.

Businesses can’t model costs cleanly. Importers don’t know which tariffs stick and which get refunded. That pushes supply chains into wait-and-see mode, makes retailers cautious on margin assumptions, and forces analysts to model multiple scenarios instead of one.

The Court didn’t end tariffs. It complicated them.

And then there’s the refund question. The Court didn’t order immediate refunds on past collections. That means more litigation. For importers, that’s real cash tied up in legal uncertainty.

So what moved markets today wasn’t just the decision. It was the fact that policy now runs through courts, fallback statutes, and investigations instead of one executive lever.

Separate headline relief from durable earnings impact.

Some import-heavy retailers may bounce on the headline, but fades are possible if the replacement regime looks similar.

If the 2-year yield stays firm despite slower growth, expect equity leadership to stay defensive and self-funded.

Crypto boomed in past cycles despite government resistance.

Now, for the first time, policy, institutions, and infrastructure are aligning with growth.

Money printing is back, ETFs are expanding, and major upgrades are reshaping the market.

Yet fear is at extreme lows, Bitcoin sits well below its highs, and retail is panic selling.

This rare disconnect between sentiment and fundamentals creates opportunity.

One altcoin is positioned at the center, strong cash flow, shrinking supply, and trading far below peers.

See the full breakdown before prices recover.

You could see it in the sequence.

First, the GDP and PCE prints landed. Growth soft. Inflation firm. That’s not a gift to the Fed. Stocks moved, but nothing extreme.

Then the tariff ruling hit.

Tariff-sensitive names caught an initial bid. Retailers popped. The dollar softened briefly. Yields ticked up a touch.

But the rally didn’t run.

Why? Because traders quickly realized this wasn’t clean repeal. It was a pivot.

And pivots are hard to price in one session.

You could see it in the way stocks behaved:

That’s what repricing uncertainty looks like: short bursts of relief, then hesitation.

There’s also a bigger flow worth noting.

Money has been drifting toward Europe and Japan for weeks. Part of that is valuation. Part is performance. But part of it is simple: investors want some distance from U.S. policy noise.

That doesn’t mean a permanent rotation is locked in. It means U.S. mega-cap is no longer the automatic default.

When that changes, leadership changes.

Watch for persistence, not one-day reactions.

If tariff-exposed names keep fading rallies, the market expects the replacement regime to matter economically.

If non-U.S. equity flows continue even with a firmer dollar, diversification is becoming structural, not tactical.

While macro and tariffs dominated the tape, the AI story kept evolving.

Google is reportedly exploring ways to expand TPU supply more broadly, potentially supporting partners and data center operators.

That matters for one reason: supply.

For a long time, the AI story has been about one bottleneck — Nvidia supply.

If Google pushes harder to make TPUs available outside its own ecosystem, the supply base widens.

That changes the competitive landscape.

Here’s the chain:

This isn’t bearish for Nvidia tomorrow. It’s a sign that demand is large enough to support more than one supplier.

Early in a build-out cycle, added supply usually accelerates deployment before it pressures margins.

You don’t need to predict winners right now. You need to understand that supply expansion changes future pricing debates.

In the near term, wider supply supports continued AI capex.

Over time, competition shifts the conversation toward pricing power.

Trade the expansion phase first. Monitor utilization rates for signs of saturation later.

Tariffs aren’t just a percentage. They move through statutes, courts, agencies, and enforcement rules.

They run through legal authority. Court review. Temporary statutes. Investigations. Refund disputes. Enforcement rules.

When tariffs were driven by one executive lever, businesses could at least model a rate. Now they have to model pathways.

That affects behavior.

Importers may delay inventory decisions. Retailers may widen pricing buffers. Multinationals may hedge supply chains more aggressively.

Volatility doesn’t come from the level of the tariff. It comes from not knowing how long it lasts, who enforces it, and when it changes.

That’s harder to discount cleanly.

Watch how quickly Section 301 investigations move. If timelines stretch, uncertainty drags into earnings calls.

If businesses start guiding with wider margin bands due to tariff variability, volatility increases.

Invalidation comes if Congress or the courts force a clearer, more stable framework.

Today wasn’t about whether tariffs stay or go.

It was about how they get imposed, challenged, replaced, and litigated.

Growth slowed. Inflation ticked higher. The Fed doesn’t have a clean reason to ease.

At the same time, trade policy just shifted from one executive lever to a mix of temporary statutes and longer investigations. That stretches timelines and complicates planning.

The market can digest a number. It has a harder time digesting a process that keeps evolving.

Watch funding markets, watch margin guidance, and watch how quickly the replacement tariff tools move.

That’s where the next real signal will show up.