TOP STORY
📈 Markets Jump After Supreme Court Overrules Trump’s Tariffs

😰 Since last April, when Trump announced a wave of tariffs on ‘Liberation Day’, the markets have swung up and down with every new tariff announcement as uncertainty swept through the market.

🧑‍⚖️ Back in June, a three-judge panel actually ruled the tariffs ‘illegal’, but Trump vowed to fight this ruling to the Supreme Court.

😮 Well, this week, the Supreme Court made its decision, striking down the tariffs in a 6-3 ruling.

🟢 This gave the market a small boost, as investors hope the ruling should mean fewer tariff surprises moving forward:

• The S&P 500 rose 1.07%

• The Nasdaq 100 rose 1.13%

• The TSX rose 2.25%

But while the market only jumped ~1%, stocks that have been hit hard by the tariffs jumped a lot:

• Lululemon ($LULU) jumped 6.8% this week (still down over 50% since Liberation Day)

• Amazon ($AMZN) ended the week up 4.7%, Apple up 2.5%

• European stocks rose to all-time highs, with stocks like Hermes jumping 3.6%

👊 But celebrations were short-lived as Trump vowed to find other channels to impose tariffs, and the markets digested the massive headache of tariff refunds. So let’s break down what happened, and what this all means for the markets moving forward…

🚧 Trump Vows to Fight, Saying He Has “Backup Plans” on Tariffs

🤔 Ok, first of all - how can the President’s tariffs be ruled illegal? Isn’t he the President?

⚠️ Well, the ruling was really about the way Trump imposed tariffs, which were under the emergency law, saying that annual trade deficits were “an unusual and extraordinary threat” to national security and the economy.

⚖️ The Supreme Court disagreed, saying that as per the U.S. Constitution, the decision to levy tariffs on another country had to be approved by Congress.

👎 Trump was quick to respond, saying he was “absolutely ashamed” of some of the justices who ruled against the tariffs, adding:

⚡ And Trump didn’t wait around. Within hours of the ruling, Trump signed an order imposing a flat 10% tariff on all imports under Section 122 of the Trade Act of 1974, effective February 24, then raising it to 15% within a day.

🛡️ He also announced broader use of Section 232 (tariffs under national security) and Section 301 (tariffs for unfair trade practices) statutes, two laws giving him the ability to impose tariffs outside of the IEEPA (the emergency act that the Supreme Court ruled unlawful for tariffs).

💬 U.S. Treasury Secretary Bessent made it clear that “this administration will invoke alternative legal authorities to replace the IEEPA tariffs” and said that these alternatives would result in virtually unchanged tariff revenue for 2026.

😰 The Uncertainty Continues

📈 📉 So while the ruling was significant, its impact on the market was pretty short-lived. Stocks like Nike jumped 4% on Friday morning, but then ended the day down -1.3% as the market digested Trump’s response.

⁉️ While the ruling should limit the speed and severity of Trump’s ability to set tariffs, it opens the door for new questions, like what happens to the $133B in tariffs that have already been collected?

💰 Many companies, like Costco and Walmart, have already lined up in court to demand refunds, but there is likely a long legal battle ahead. Trump made it clear that the US government will not make immediate refunds despite the ruling, since the Supreme Court did not explicitly state that the administration needs to make refunds, saying the matter could “end up in court for the next 5 years”.

💡 All in all, this ruling does matter, but there’s still a long road ahead. Dan Siluk, a portfolio manager at Janus Henderson, put it best by saying:

🔮 In other words, the era of tariff announcements moving markets by 3% overnight is probably over. But tariffs themselves aren’t.

🤿 In other news this week, the Superinvestors (like Warren Buffett, Bill Ackman, and Masayoshi Son) filed their ‘13Fs’, giving us insight into what they’re buying and selling. So let’s take a look at the most significant moves this quarter…

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SUPERINVESTOR MOVES
👨‍💼 Bill Ackman Bets Big on Meta, Buffett Buys New York Times, and more…

📊 In other news, the Q4 2025 13F filings are in. And in celebration of super investor trades officially coming to Blossom, it’s time we take a look at the smartest portfolios on Wall Street and what story they’re telling.

👇 Here are the Top 3 moves that stood out most this quarter:

🛍️ Bill Ackman Bets Big On Meta and Buys More Amazon

💡 The most significant moves this week were from Bill Ackman, the billionaire hedge fund manager behind the $15B+ hedge fund Pershing Square Capital.

🤖 Amid all the AI jitters, Bill Ackman took a bold new stake in Meta, bringing it up to ~12% of his portfolio and saying:

📈 At the same time, Ackman raised his Amazon exposure by 65%, doubling down on his AI bets, with Mag 7 stocks now nearly 40% of his entire portfolio.

💼 To fund the moves, he exited the last of his Chipotle position and sold about ¼ of his total Google position, but despite the sale, Google remains Pershing’s third-largest holding.

🗞️ Buffett Buys 3% of the New York Times

👀 Another Superinvestor everyone watches each 13F closely is Warren Buffett, aka Berkshire Hathaway. And while we say ‘Buffett’, Berkshire is now run by Greg Abel (the new CEO) after Buffett stepped down, though Buffett still oversees the company as Chairman.

🆕 While Berkshire’s moves were relatively light this quarter, one interesting one was the purchase of more than 5 million shares of The New York Times ($NYT). While for Buffett this is <0.2% of his total portfolio, it amounts to 3% of the entire New York Times, underscoring how challenging it is for Berkshire to build up positions that meaningfully swing the portfolio.

✂️ Berkshire also sold more than 75% of its Amazon ($AMZN) position (although this was <1% of the portfolio before) and continued its long-running trims of both Apple ($AAPL) and Bank of America ($BAC).

🤖 Masayoshi Son Goes All-In on OpenAI, Sells Nvidia

👀 Last but not least, Masayoshi Son, the founder of Softbank, who arguably had the most singificant move this quarter.

This quarter, Softbank completely sold out of its Nvidia ($NVDA) stake for $5.8 billion, the second time Son has exited the AI giant.

The reason? To prepare for more investment into OpenAI.

🧠 SoftBank currently owns about an 11% stake in OpenAI after investing more than $30 billion last year, and the company plans to invest as much as $30 billion more this year in a round that would value the startup at about $800 billion.

🗣️ According to SoftBank’s CFO Yoshimitsu Goto the sale has “nothing to do with Nvidia itself,” but was needed to fund the OpenAI efforts.

🔄 However, with swirling concerns about OpenAI’s ability to make it’s obligations and the fears of ‘circular deals’ propping up the AI industry, it’s very interesting to see a big player have to dump one AI giant to buy another… and with increasing competition to OpenAI from Gemini, Claude, Anthropic and more, the move respresents a big bet on a single player in the ecosystem.

Alright, before our final story of the week (a highlight of the TSX Venture 50 list featuring 50 companies that hit an average +431% share price appreciation this year), a quick word from our other sponsor this year Harvest ETFs…

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CANADIAN TOP PERFORMERS
🚀 The TSX Venture50 List is Live, Showcasing 50 Stocks With Average +431% Returns

🏆 The TSX just released its annual Venture 50 list, a ranking of the 50 top-performing companies on the TSX Venture Exchange over the past year, scored equally on share price appreciation, market cap growth, and trading volume… and some of the numbers were truly eye-dropping…

📊 In 2026, the 50 companies on this list posted an average price performance of 431%, generating over $17 billion in new market cap. To highlight a few:

• Santacruz Silver Mining ($SCZ), a Latin America–focused silver producer, ranked #1 with an incredible +1103% share price growth

• Ucore Rare Metals ($UCU), a North American critical-minerals company focused on advancing secure rare earth refining, ranked #2 with +627% share price growth

• Millennial Potash ($MLP), a development-stage potash company with direct access to fertilizer markets in Brazil, the United States, and Africa, ranked #3 with +950% share price growth.

⛏️ Interestingly, mining accounted for 48 of the top 50 performers, marking what the President of the TSX Venture Exchange describes as a clear inflection point for the market:

🌼 Blossom is an official media partner of the TSX Venture 50 this year, so if you want to dig into the full list and add some of these stocks to your watchlist, be sure to check the “Markets” tab on the app (mobile-only) or check out the list here on the TSX website!

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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