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Daily Update — February 20, 2026

Environmental Commodity Growth; Hyperscalers’ AI Investment; and Partnership’s Trend Insights

Today is Friday, February 20, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

Listen: Power surge: The impact of energy addition on environmental commodity markets


The latest episode of the “Energy Evolution” podcast explores the rapid growth of environmental commodity markets amid the energy transition and AI-driven increases in electricity demand. As the global energy landscape shifts toward sustainability, many companies have to manage their decarbonization efforts while building AI infrastructure.

John Melby, CEO of Xpansiv, discusses the digital trading infrastructure behind carbon credits, renewable energy certificates and other environmental commodities. Marie-Louise du Bois, director of energy transition price reporting at Platts, a part of S&P Global Energy, analyzes the challenges of pricing these evolving markets.

Artificial Intelligence

Sector Review: U.S. Tech Earnings: Hyperscalers Again Are Hyperspending


US tech hyperscalers continue to invest heavily in AI and cloud infrastructure. S&P Global expects combined capital expenditure from the top five US hyperscalers to rise more than 60% to over $700 billion in 2026, up from a prior estimate of 38%, driven by the need to maintain a competitive advantage and meet the growing demand for AI-powered solutions.

Despite substantial investments, AI’s reliance on external funding creates a bubble-like risk. Microsoft CEO Satya Nadella notes that the tech industry could lose social permission to use high amounts of electricity if AI doesn't start providing broad economic and social benefits.

Private Markets

Partner Perspectives: Unlocking Potential Ahead with S&P Global and Vanguard


S&P Global has released the first volume of its new Partner Perspectives initiative, which brings together leading organizations to examine market trends and help investors navigate uncertainty.   

In the first edition, S&P Global and investment manager Vanguard explore shifts in indexing, bond markets and private markets to provide clients with in-depth research and actionable guidance. Among other insights, the companies found that global bond markets remain resilient despite geopolitical tensions, and private equity has a strong long-term outlook even as it faces near-term headwinds. 

In case you missed it

  • Most US real estate investment trust stocks climbed during the week ended Feb. 13, with all REIT indexes seeing weekly increases except office REIT stocks, which have fallen amid growing AI fears.
  • Japan is looking to import marine biodiesel because domestic production of fatty acid methyl ester fell far short of the government’s goal.
  • The US plans to impose new port fees on foreign ships, raising concerns in the shipping industry about inflation and market distortions.

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