27th February 2026 – AI Darling Turns Drag, Nvidia Beats but investor conviction weakens

Nvidia’s stellar quarter, growing AI backlash, and a historic US military buildup around Iran anchor this MPC Morning Call, as Mark Gardner unpacks why markets are fading AI darlings, where capital is rotating on the heatmap, and how MPC is positioning via its new “software survivors” strategy in an increasingly volatile macro and tech landscape.​Nvidia’s blockbuster result and upbeat guidance were sold into as markets look for excuses to de‑risk crowded AI winners despite strong fundamentals.​Big AI-driven job cuts at Block and WiseTech highlight how productivity gains are arriving via layoffs, not just revenue growth, sharpening scrutiny on the real-world costs of AI.​A surge in AI misuse stories — from alleged CBA mortgage fraud to rogue chatbots and major data theft — is flipping the narrative from AI euphoria to AI risk.​Mark argues this shift will push investors back toward trusted, domain‑expert software and under‑owned tech names, which underpin MPC’s “software survivors” enhanced growth strategy.​Elevated US–Iran tensions, the largest recent US troop build‑up, and Trump’s mixed messaging add another layer of macro risk to already jittery equity markets.​