
Nebius Group announced the acquisition of AI startup Tavily for $275 million, with an additional $125 million payable upon achieving certain milestones. The deal expands Nebius' full‑stack AI infrastructure capabilities and will keep Tavily operating as a standalone product. The acquisition was disclosed in a Substack article on February 11 2026.

The episode dissects Pagaya Technologies' Q4 2025 earnings, highlighting revenue of $335M (slightly below estimates) and a record GAAP net income of $34M boosted by one‑off tax benefits. Management explained a deliberate slowdown in growth to protect profitability, cutting exposure...