Microsoft has yet to confirm an official date for unveiling its next generation of Surface products, but industry speculation, leaks and historical patterns suggest an announcement could come in the spring of 2026, likely between April and May, for devices expected to launch shortly thereafter.
Surface Pro
As of Feb. 16, 2026, the current flagship lineup — including the Surface Pro (often referred to as Surface Pro 11 or refreshed variants like the 12-inch model) and Surface Laptop (7th Edition) — continues to dominate reviews and sales as top-tier Copilot+ PCs powered primarily by Qualcomm Snapdragon X Elite and Plus processors. These devices, refreshed significantly in 2024 and with smaller-form tweaks in 2025, emphasize AI acceleration, exceptional battery life and premium builds.
Analysts and leakers anticipate the next major Surface refresh to incorporate advancements in Arm-based computing, potentially featuring Qualcomm’s Snapdragon X2 series (including X2 Elite, X2 Plus and Enhanced variants) or even AMD’s rumored Arm-based “Sound Wave” chip tailored for Microsoft’s ecosystem. Such upgrades would build on the Windows on Arm momentum, promising further gains in performance, efficiency and AI capabilities amid intensifying competition from Apple’s M-series Macs and emerging PC rivals.
Rumors trace back to mid-2025 leaks from sources like KeplerL2 on forums and reports from Notebookcheck and Windows Central, indicating AMD’s Sound Wave APUs were designed specifically for a 2026 Surface lineup. These chips target low-power, ultra-mobile devices, potentially powering successors to the Surface Pro and Surface Laptop, or even a refreshed Surface Go-style model. While AMD’s involvement would mark a diversification from Qualcomm partnerships, no official confirmation has emerged, and Qualcomm remains the dominant force in recent Surface Arm transitions.
Microsoft’s release cadence provides clues. The Surface Laptop 7 launched in mid-2024, with consumer models hitting shelves in June and business variants following in early 2025. A follow-up typically arrives 18-24 months later, aligning with spring 2026 for a Surface Laptop 8 or equivalent. Similarly, Surface Pro refreshes often follow suit, though a smaller 12-inch variant debuted in May 2025 alongside a redesigned Surface Laptop 13 in some reports.
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Industry watchers point to April or May 2026 as a plausible window for announcements. This timing would allow Microsoft to showcase next-gen silicon at a dedicated event, similar to the May 2024 reveal that paired Surface hardware with Qualcomm and partners to highlight Copilot+ experiences. A spring launch would position new devices ahead of back-to-school and holiday seasons while capitalizing on Windows 11 updates, including version 26H1 features tied to new hardware in early 2026.
CES 2026 in January provided context but no Surface-specific bombshells. Qualcomm highlighted Snapdragon X2 advancements, with partners like HP, Asus and Dell announcing compatible laptops. Microsoft participated in broader Windows ecosystem showcases but held back on first-party hardware reveals. This restraint fuels speculation that Redmond is saving major announcements for a standalone Surface-focused event, a pattern seen in past years.
Potential features for the next lineup include enhanced NPU performance for deeper AI integration, improved displays (possibly OLED options), better repairability based on recent trends, and continued emphasis on all-day battery life. Pricing could start around $999 for base models, though premium configurations with new chips might push higher. Any AMD Sound Wave integration would represent a bold shift, offering competition within Arm and potentially better graphics or custom optimizations.
Challenges remain. Supply chain readiness for next-gen chips could delay timelines, as seen with past Qualcomm transitions. If Snapdragon X2 availability lags, Microsoft might opt for incremental updates or push announcements into fall 2026, aligning with traditional October hardware events. Windows 11’s evolving security and AI roadmap, including features like Baseline Security Mode rolled out in early 2026, will likely tie closely to new hardware.
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Consumers eyeing upgrades face a decision point. Current Surface Pro and Laptop models remain highly rated for productivity, creativity and portability, often discounted during events like Presidents’ Day sales. Reviewers praise their balance of performance and design, with battery life outpacing many Intel-based rivals.
For those waiting, patience could yield meaningful improvements in efficiency and AI tools. Microsoft has not commented on specific dates or features, maintaining its tradition of surprise reveals. The company’s events page lists ongoing webinars and regional sessions but no hardware-focused keynote as of mid-February 2026.
As the PC market evolves with AI at its core, Microsoft’s Surface division continues to set benchmarks for Windows devices. Whether the next lineup arrives in spring with Snapdragon X2 power or introduces AMD’s Sound Wave surprises, expectations remain high for devices that blend premium hardware with seamless software integration.
Until an official invitation or teaser emerges, speculation will persist across forums, tech sites and social media. For now, the current generation holds strong, but the horizon points to exciting developments in the coming months.
World shares steadied have steadied after Friday’s drop triggered by AI-related concerns as the Lunar New Year holiday in Asia and President’s Day in the US made for thin trading.
X4 Pharmaceuticals, Inc. (XFOR) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 February 12, 2026 12:30 PM EST
Company Participants
Adam Craig – Executive Chair
Conference Call Participants
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Michael Schmidt – Guggenheim Securities, LLC, Research Division
Presentation
Michael Schmidt Guggenheim Securities, LLC, Research Division
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All right. So welcome to this fireside chat with X4 Pharmaceuticals. I’m Michael Schmidt, Senior Biotech Analyst with Guggenheim. And it’s my great pleasure to welcome Adam Craig, Executive Chair of X4 Pharmaceuticals. Adam, thanks for joining us today.
Adam Craig Executive Chair
Thank you, Michael. Thanks for having us.
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Question-and-Answer Session
Michael Schmidt Guggenheim Securities, LLC, Research Division
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So maybe just starting off with a high-level question. So you and the management team have been in place now for about 6 months or so at X4 Therapeutics. Maybe just remind us of your broader vision for the company and what you’re trying to accomplish.
Adam Craig Executive Chair
What we’re trying to accomplish is being a leading company in the development of new therapies for patients with rare blood disorders. What we’re focused on at the moment is the development of our compound mavorixafor for chronic neutropenia for patients who have low white counts and are very exposed to infections.
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Over the last 6 months, we spent a lot of time focusing the team on that goal. We’ve reduced costs. We’ve reduced headcount, and we’ve really become a company that’s focused on completing our Phase III trial successfully so that we can bring that new indication to patients.
Michael Schmidt Guggenheim Securities, LLC, Research Division
Okay. Yes. Maybe then a few questions about mavorixafor. So this therapy targets CXCR4, which has been shown to have bone marrow mobilizing effects. And so yes, maybe remind us what is the value proposition of mavorixafor relative to other CXCR4 inhibitors or antagonists that — and also G-CSF, which
J.P. Morgan Asset Management chief global strategist David Kelly dissects what is hard to get out of the market and more on Making Money.
Americans are receiving larger tax refunds on average in the 2026 filing season than last year, though taxpayers are filing at a slower pace in the first few weeks than they were a year ago.
The latest IRS tax filing data was released by the agency on Friday and showed that as of Feb. 6, the average tax refund amount paid to taxpayers was $2,290.
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That represents an increase of 10.9% when compared with the average size of refunds paid at the same stage of the 2025 tax filing season, when the average refund amount was $2,065.
Over 7.4 million refunds have been issued as of Feb. 6, down 8.1% from the same time last year when nearly 8.1 million were disbursed to taxpayers.
Average tax refunds paid to Americans are up over 10% so far this filing season, the IRS reported. (Michael Bocchieri/Getty Images)
While the number of refunds has declined, the total amount refunded has risen 1.9% from nearly $16.7 billion to almost $17 billion, which helped boost the size of the average refund.
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IRS data also showed that the average direct deposit refund rose by a similar amount when compared with this point of last year’s tax filing season, as the average direct deposit refund for the current year is $2,388 – up 10.3% from $2,165 at this time a year ago.
While refunds are rising thus far in the 2026 filing season when compared with a year ago, the number of tax returns received and processed has declined relative to last year.
The IRS reported Americans are filing tax returns at a slower pace so far this filing season. (J. David Ake/Getty Images)
The IRS reported that it has received nearly 22.4 million returns as of Feb. 6, a decrease of 5.2% from last year when almost 23.6 million returns were received at the same stage of the filing season.
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The IRS offers an online “Where’s my refund?” tool for taxpayers to check on the status of their tax refund.
The IRS website said that processing a tax refund generally takes up to 21 days for e-filed returns, whereas returns sent by mail can take six weeks or more to reach the taxpayer. Refunds may also take longer if the return is in need of corrections or additional review.
Treasury Secretary Scott Bessent has said taxpayers will receive large refunds this filing season. (Nathan Posner/Anadolu via Getty Images)
Taxpayers who are preparing to file their returns should consider setting up direct deposit with the IRS if they wish to receive their refund sooner.
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Taxpayers who e-file their returns can typically see their refund status within 24 hours using the “Where’s my refund?” tool, which can provide refund information for not only the current year but also the past two years.
If a taxpayer needs to amend their return after filing, it can take longer to receive their tax return. Amended returns can take up to three weeks to appear in the IRS’ system and up to 16 weeks to process.
The IRS also offers a “Where’s my amended return?” tool for taxpayers who submitted an amended return and want to track the status of their filing and any related refund.
Good afternoon, and welcome to Swisscom’s Full Year Results Presentation 2025. My name is Louis Schmid, Head of Investor Relations. And with me are our CEO, Christoph Aeschlimann; our CFO, Eugen Stermetz; and Walter Renna, CEO of Fastweb + Vodafone.
Let us now start the meeting with the agenda for today on Page 2. As you can see, Christoph presents the first 3 chapters: achievements, where he dives into some of last year’s highlights commercially, operationally and financially; strategy update, where he presents Swisscom’s framework, lead, innovate, perform to grow free cash flow; and the review of our business in Switzerland, covering achievements 2025 and our focus 2026.
Then Walter Renna, CEO of Fastweb + Vodafone, reviews our business in Italy. He will talk about the integration of Vodafone Italia and the industrial performance of our Italian business and its plans going forward. After Walter’s part, Eugen Stermetz, our CFO, will present the financial result 2025, including the guidance 2026. And in the wrap-up chapter, some final remarks from our CEO, Christoph Aeschlimann. After the presentation, we will move directly to the Q&A session.
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With that, I would like to open the meeting and hand over to Christoph for his part.
Christoph Aeschlimann CEO & Head of Swisscom – Switzerland
Hiromi Oshima General Manager of Finance & Accounting Division and In Charge of Group Finance & Accounting
I am Hiromi Oshima, Executive Officer in charge of Group Finance and Accounting at IHI. We will now present an overview of our financial results for the third quarter of fiscal year 2025. The upper section shows the highlights for the third quarter fiscal year 2025.
Orders achieved JPY 1,364.8 billion, a record high for Q3, driven by expanding demand in the nuclear energy and other areas. Revenue decreased from the previous fiscal year to JPY 1,129.3 billion due to rebounding from the progress of large projects in the previous year and the impact of business divestitures, including material handling system. Operating profit was JPY 102.5 billion, remained at the same level as the previous year. Although revenue declined, we maintained the same level of profit as the previous fiscal year, which had achieved a record high. In addition, due to improvements in equity method investment income, including from Japan Marine United and others, profit attributable to owners of parent for the third quarter reached a record high.
The lower section shows forecast of fiscal year 2025. As demand continues to expand in the nuclear energy and other businesses in Energy business, we are revising our order forecast upward by JPY 90 billion. This fiscal year is the final year of our medium-term management plan. As I will explain later, while accelerating structural reforms, we expect to achieve record highs in orders, revenue, operating profit and profit attributable to owners of parent. We will firmly complete the structural reforms this year to prepare for the next fiscal year
Good morning, everyone, and thank you for joining us. I’m Tania Archibald, BlueScope’s Managing Director and Chief Executive Officer. And with me today is David Fallu, our Chief Financial Officer. Together, we’ll take you through our results materials before we take your questions.
I’d like to begin by acknowledging the traditional custodians of the various lands on which we meet and work today and pay my respects to elders past and present. Before I go any further, I need to address the most important issue for our company. In November, a young contractor, Jack McGrath, tragically lost his life whilst working on the #6 blast furnace reline project at Port Kembla. The impact has been profound. A family lost someone they loved and the BlueScope community lost a colleague. I want to acknowledge how deeply this has affected everyone, our employees, our contractor partners and the local community.
The Safe Work New South Wales investigation into the incident is continuing, and we’re cooperating fully. I won’t comment further on the specifics. But what I will say is this, nothing matters more than the safety of
Max Levchin, CEO of Affirm, provides insights into consumer spending habits based on Affirms data on ‘The Claman Countdown.’
Discount retailer Dollar Tree is opening new stores in increasingly affluent areas as it seeks to attract higher-income customers who spend more at the store per trip, a new report finds.
An analysis by Bloomberg News found that 49% of new Dollar Tree stores opened in the last six years were located in wealthier parts of metro areas around the country, up from just 41% in the preceding six years.
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The share of new stores in ZIP codes with significantly higher incomes compared to the broader metro area rose to 19% in the last six years, up from 16% in the prior six years. At the other end of the spectrum, the share opened in ZIP codes with significantly lower incomes declined to 14% from 20% in the comparable periods, Bloomberg found.
Dollar stores have historically seen an uptick in business during economic downturns as more consumers look to economize, but with higher-income households driving much of consumer spending, the shift comes as a way of attracting those shoppers more frequently.
Dollar Tree is opening a rising share of new stores in more affluent areas. (Spencer Platt/Getty Images)
Dollar Tree says that in the last quarter, 60% of new Dollar Tree customers made at least six figures. About 30% were middle-income households earning between $60,000 and $100,000, while the rest were lower-income households earning under $60,000.
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While these higher-income customers visit Dollar Tree less than their lower-income peers, the company said that they spend an extra $1 on average per visit and if they were to make one additional visit per year, it would boost annual sales by $1 billion.
Dollar Tree CEO Michael Creedon said late last year that the retailer serves “an increasingly broad spectrum of shoppers, from core value-focused households to middle- and higher-income shoppers who are making deliberate choices about how and where they spend.”
He added that the data “demonstrates that Dollar Tree isn’t just for tough times or for those with limited resources.”
Dollar Tree is looking to attract more higher-income customers. (Scott Olson/Getty Images)
“While the average per household spend for our higher income customers is currently lower, even given their higher income, larger average basket size and ability to spend more, this is a simple function of trip frequency,” Creedon said.
He added that “because many of our higher income customers are still early in their relationship with Dollar Tree, their purchase frequency has significant room to grow.”
Consumers’ shopping preferences have also contributed to the pivot, as more households trade down to offset higher expenses due to inflation.
The elevated cost of essentials like groceries and household items has forced even more of them to trade down to stores known for their heavy discounting or everyday low-price models, such as Dollar Tree, Dollar General, Walmart and Aldi.
