Chamath Palihapitiya
· Chamath Palihapitiya
· February 22, 2026 at 17:30
· ⏱ 4 min read
| Read on Substack ↗
Summary
This newsletter summarizes three key news items the author read: Meta's massive multi-year AI infrastructure partnership with NVIDIA, the Federal Reserve's explicit consideration of AI's economic impact and potential use of prediction markets for policy, and Johnson & Johnson's major investment in U.S. cell therapy manufacturing. Collectively, these pieces highlight the scale of ongoing AI investment, its complex integration into macroeconomic policy, and parallel large-scale capital deployment in biotech.
•Meta and NVIDIA announced a deep, multi-year partnership for millions of Blackwell and Rubin GPUs, integrating at a systems level to improve AI data center performance.
•Meta's 2026 capex guidance of $115-135B is up ~75% from 2025, heavily focused on AI infrastructure for its Superintelligence Labs.
•The Federal Reserve's meeting minutes explicitly cite AI investment as a key economic factor, acknowledging both productivity benefits and labor market disruption risks.
•A Fed working paper suggests prediction markets (specifically Kalshi) provide accurate, real-time forecasts for inflation and Fed policy, outperforming traditional tools.
•Johnson & Johnson is investing over $1B to build a 2 million sq ft cell therapy facility in Pennsylvania, part of a $55B U.S. investment plan through 2029.