In many organisations, portfolio is still viewed as a list of products and services – something to be expanded in the hope that more choice will unlock more opportunity. In reality, sustainable growth rarely comes from volume alone.

For high-performing businesses, a strategic portfolio is one that is deliberately designed around customer outcomes. It supports acquisition, strengthens retention and creates long-term value through clarity, consistency and service excellence.

In this blog I will be exploring how a focused, service-led portfolio can drive sustainable growth. Drawing on Chubb’s approach to connected services, cross-selling and long-term customer relationships, he explains why portfolio discipline is a critical leadership lever in today’s complex and regulated markets.

Portfolio as a Growth Strategy, Not a Catalogue

Across many sectors, portfolios grow reactively – shaped by short-term sales opportunities or competitor activity. Over time, this can create fragmented offerings that are difficult for customers to navigate and challenging for teams to deliver consistently.

In fire safety and security, where trust, reliability and compliance are paramount, this approach simply doesn’t work. Customers aren’t looking for disconnected products; they’re looking for partners who can manage risk holistically.

A strategic portfolio is therefore not about selling more things. It’s about offering the right combination of services, delivered in a way that supports both immediate needs and long-term resilience.

Portfolio as One of Chubb’s Three Ps

At Chubb, Portfolio sits alongside People and Process as one of our three strategic pillars, and it plays a central role in driving top-line growth.

Our portfolio strategy is built around:

• Service and monitoring-led propositions
• Multi-discipline contracts that simplify supplier management for customers
• Connected services that provide insight, responsiveness and peace of mind

By leading with service, we create opportunities to capture greater share of customer spend while delivering more integrated, value-driven solutions. This approach supports both customer acquisition and retention – helping us build long-term relationships rather than transactional engagements.

However, implementing portfolio discipline is not without challenges. Internal resistance to change, legacy systems and market pressures can all pose obstacles. At Chubb, we address these by fostering a culture of continuous improvement, investing in staff training, and modernising our technology to support agile decision-making.

Connected Services and Cross-Selling with Purpose

Cross-selling is often misunderstood as simply adding more products to an account. At Chubb, it’s about identifying where additional services genuinely enhance protection, performance and compliance.

Connected services play a critical role here. By leveraging data, monitoring and integrated technologies, we’re able to:

• Anticipate customer needs
• Improve response and reliability
• Strengthen ongoing engagement through service excellence

This creates natural opportunities to expand relationships in a way that feels relevant and valuable to customers – not forced or opportunistic. For example, one of our long-term customers faced evolving compliance requirements. By proactively offering a bundled solution that combined fire safety audits with ongoing monitoring, we not only met their immediate needs but also deepened our relationship and opened the door to additional services.

Retention Is Where Sustainable Growth Lives

While acquisition is important, long-term growth depends on retention. A well-curated portfolio makes it easier to retain customers by delivering consistent service, reducing complexity and reinforcing trust over time.

Multi-discipline contracts supported by connected services help customers see Chubb as a long-term partner, not a collection of suppliers. That loyalty is built through reliability, insight and the confidence that we’re continuously investing in their safety and resilience.

Lessons for Business Leaders

Business leaders should regularly review their portfolios, ensuring that each service or product contributes to sustainable growth. This means being willing to make tough decisions – retiring offerings that no longer serve the company or its customers and investing in those that do.

For leaders looking to refine their portfolios, consider these actionable steps:

• Conduct regular portfolio reviews with cross-functional teams
• Use customer feedback and data analytics to guide decisions
• Develop a checklist to assess each offering’s alignment with strategic goals.

Portfolio with Purpose

At Chubb, we see portfolio as a growth engine – one powered by service excellence, commercial discipline and customer insight.

By focusing on connected services, cross-selling with intent and long-term retention, we’re building sustainable growth that benefits our customers, our people and our business.

Because when your portfolio is designed around customer outcomes, sustainable growth follows naturally – built on trust, clarity and long-term value.

Gary Moffatt

Gary Moffatt is Managing Director at Chubb Fire & Security UK and Ireland, a leading provider of fire safety and security solutions. With a focus on connected technologies and 24/7 protection, Chubb helps organisations predict, prevent and respond to threats – safeguarding people, assets and property. Gary has spent more than 20 years with Chubb, progressing from one of the company’s first graduate scheme recruits to leading its UK operations. Drawing on extensive operational and commercial experience, he is a strong advocate for purpose-driven leadership and operational excellence. Gary is committed to delivering innovative, reliable solutions that protect people, enable business resilience and build lasting customer trust.

Ondas Holdings Inc. shares have experienced sharp volatility in February 2026, climbing from sub-$10 levels earlier in the year to trade around $10 amid a flurry of defense and security contracts, strategic acquisitions, and an aggressive revenue outlook for the year, as the company positions itself as a leader in autonomous drone systems and private wireless networks.

As of February 23, 2026, Ondas (NASDAQ: ONDS) closed at $10.19, up 1.60% on the day after fluctuating between $9.86 and $10.57 in heavy trading volume of nearly 69 million shares—below recent averages but still elevated. The stock has shown significant swings, dropping 11.94% on February 20 to $10.03 from $11.39 amid profit-taking, yet it remains up substantially year-to-date following a massive rally driven by defense sector momentum and AI-enabled robotics developments.

The surge reflects investor enthusiasm for Ondas’ transformation into a multi-domain autonomy platform through its Ondas Autonomous Systems (OAS) unit. In January 2026, the company hosted an OAS Investor Day, raising its full-year 2026 revenue guidance to $170 million to $180 million—a 25% increase from its prior $140 million target (which included contributions from the acquired Roboteam). Preliminary 2025 results showed Q4 revenue of $27 million to $29 million (up 51% from earlier guidance) and full-year revenue of $47.6 million to $49.6 million, representing explosive growth from prior periods. The company exited 2025 with a backlog exceeding $65.3 million—up 180% from November—and pro-forma cash reserves over $1.5 billion following a major equity raise.

Analysts have responded positively to the momentum. HC Wainwright boosted its price target from $12 to $25 in February 2026 while maintaining a Buy rating, citing a robust sales pipeline exceeding $500 million and expanding opportunities in counter-UAS, defense, and security. Other firms, including Lake Street (target raised to $19), Stifel (to $18), and Northland Securities (Buy reaffirmed), have echoed bullish views. Consensus among 8-9 analysts rates ONDS a Strong Buy to Moderate Buy, with average 12-month price targets ranging from $17.29 to $19.00—implying 70-90% upside from current levels. High-end targets reach $25, reflecting confidence in margin expansion toward 50% gross margins in 2026 as scale improves.

Key drivers include a string of high-profile contracts and acquisitions bolstering the defense and security portfolio. In February 2026, subsidiary Sentrycs secured a contract with German state police for counter-drone technology. Airobotics, part of OAS, landed a multi-million-dollar order for its Iron Drone Raider counter-UAS system. Ondas’ 4M Defense unit won a $30 million multi-year demining program, while additional deals emerged in the Asia-Pacific region. These wins highlight growing demand for autonomous systems in counter-threat and critical infrastructure protection amid geopolitical tensions.

Strategic moves further support the narrative. Ondas announced plans to acquire U.K.-based Rotron Aero in a cash-and-stock transaction in early February 2026, enhancing its drone propulsion and engineering capabilities. The company also highlighted its evolving multi-domain robotics strategy, including American Robotics’ Optimus drone achieving Blue List status for beyond-visual-line-of-sight operations. Partnerships and showcases, such as a UXS event with Baltic Ghost Wing, underscore international expansion.

Ondas Networks, the private wireless segment, continues to provide foundational connectivity for industrial and utility applications, complementing the autonomy focus. Management emphasizes transitioning from specialized drone providers to a comprehensive platform integrating AI, edge processing, and secure communications—positioning the company to capitalize on rising defense budgets and commercial autonomy adoption.

Despite the optimism, volatility persists. Shares have traded in wide ranges, with recent sessions seeing swings of 10-16% amid high volume—often on falling prices, signaling potential short-term risks. The stock’s market cap hovers around $4.5 billion, a dramatic increase from earlier levels, reflecting speculative interest in the drone and defense tech theme. Critics note execution risks in scaling production, integrating acquisitions, and achieving profitability amid ongoing losses (trailing EPS around -$0.36).

Upcoming catalysts include full Q4 and 2025 earnings, expected in mid-March 2026, where detailed backlog conversion, margin progress, and refined 2026 guidance will be scrutinized. Positive updates on contract deployments and cash burn could sustain the rally; any delays might trigger pullbacks.

Ondas stands at the intersection of defense modernization, AI autonomy, and critical infrastructure resilience. Its rapid revenue ramp, contract wins, and platform strategy have transformed it from a niche player into a high-growth contender. Investors betting on sustained defense spending and autonomy adoption view current levels as attractive despite volatility, while the company’s cash position provides runway for further growth initiatives.

As global threats evolve and industries embrace unmanned systems, Ondas’ integrated approach could drive long-term value—though near-term price action will likely remain tied to execution and market sentiment in this high-beta sector.

The U.S. Supreme Court upheld a 5th Circuit Court ruling relating to Whole Foods on Tuesday, joining the court in its rebuke of a lower district court’s handling of the case.

Tuesday’s 9-0 opinion, written by Justice Sonia Sotomayor, relates to a lawsuit brought forward in Texas by Sarah and Grant Palmquist. The couple alleged that baby food sold at Whole Foods and manufactured by Hain Celestial Group had harmed their child because it contained heavy metals linked to extensive side effects.

The Palmquists sued both Whole Foods and Hain in Texas court, alleging product liability and negligence claims against Hain, and state-law breach-of-warranty and negligence claims against Whole Foods.

Hain, a company based in Delaware and New York, sought to have the case brought to federal court. That raised a separate issue, however, as both the Palmquists and Whole Foods are based in Texas and the allegations relate to Texas law.

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The Supreme Court ruled that Whole Foods was improperly removed from a case where parents claim baby food harmed their child. (Peter Dazeley/Getty Images)

“Federal courts may exercise diversity jurisdiction only when no adverse party is from the same state, but Whole Foods and the Palmquists are all Texas citizens. As a result, the district court lacked jurisdiction as the case stood upon removal,” the court wrote in its opinion.

Hain sought to move forward by having Whole Foods removed from the case, arguing they shouldn’t have been included in the first place. A district court agreed and ruled in Hain’s favor, dismissing Whole Foods’ involvement.

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Whole Foods will now face a lawsuit in Texas over one of its baby food products. (Noam Galai/Getty Images)

The Palmquists then appealed and the case went to the5th Circuit Court, which rejected the lower court’s ruling, saying Whole Foods was properly joined with Hain in the original lawsuit and the case should have been handled in state court.

The case was then appealed to the Supreme Court, which unanimously upheld the 5th Circuit’s ruling on Tuesday, sending the case back to Texas.

Tuesday’s ruling does not weigh in on the Palmquists’ basic allegations against Whole Foods and Hain, however.

People walk past the U.S. Supreme Court in Washington, D.C. (Mandel Ngan/AFP via Getty Images)

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Their original lawsuit said their child, who was just over 2 years old at the time, “was diagnosed with a range of physical and mental conditions that some doctors attributed to heavy-metal poisoning.”

“In 2021, a subcommittee of the U. S. House of Representatives released a staff report finding that certain baby foods, including Hain’s, contained elevated levels of toxic heavy metals. Following the report’s release, the Palmquists sued both Hain and Whole Foods in Texas state court,” the Supreme Court explained.

The Nasdaq Composite Index has endured choppy trading in February 2026, retreating from recent highs near 23,000 to hover around 22,800 as investors weigh heavy artificial intelligence infrastructure spending against potential economic headwinds, including renewed tariff threats and policy shifts.

As of February 24, 2026, the tech-heavy Nasdaq Composite (^IXIC) traded near 22,808, up modestly intraday after closing at 22,627.27 on February 23—a 1.13% decline of 258.80 points amid broad selling in tech shares. The index opened February around 23,000-23,500 levels based on early-month data, marking a year-to-date dip of roughly 2-3% from 2025’s close, though it remains well above prior-year lows following strong 2025 gains driven by AI enthusiasm.

The pullback reflects a mix of profit-taking after the index’s climb through late 2025 and fresh concerns over AI’s disruptive potential. Tech stocks, which dominate the Nasdaq’s composition of more than 3,000 listings, have faced scrutiny as companies like Meta Platforms, Amazon, and others commit billions to data centers and custom chips. Investors question whether returns on these massive outlays will materialize quickly enough to justify valuations, especially amid signs of softening software demand and competition from nimble AI startups.

Recent sessions highlighted the volatility. On February 23, the index fell 1.13% as policy uncertainty weighed on sentiment—reports of proposed global tariff increases to 15% from prior levels sparked safe-haven flows into assets like gold while pressuring growth-oriented tech names. Cybersecurity and software firms sank after announcements of advanced AI tools capable of detecting vulnerabilities, raising fears of disruption to established players.

The prior day saw a rebound attempt, with the Nasdaq gaining around 0.9% to close near 22,886 on February 20, buoyed by positive developments in AI hardware. Advanced Micro Devices (AMD) surged on a major multi-year deal with Meta Platforms to supply up to 6 gigawatts of Instinct GPUs for AI infrastructure, valued in the tens of billions and including equity warrants. The partnership diversifies Meta’s compute sources beyond Nvidia and underscores ongoing demand for high-performance chips despite broader market jitters.

Broader market context shows mixed performance. The S&P 500 has traded flat to slightly negative year-to-date, while the Dow Jones Industrial Average posted modest gains. The Nasdaq’s tech tilt makes it particularly sensitive to AI narratives—earlier in February, the index dipped amid worries over AI capex sustainability, only to rebound on hardware strength before tariff headlines triggered another leg lower.

Analysts remain divided on the outlook. Some view the dip as a healthy correction in a still-bullish AI-driven cycle, with the Nasdaq trading at elevated but justified multiples given earnings growth potential in semiconductors, cloud computing, and software. Others caution that prolonged uncertainty—geopolitical tensions, potential Fed policy scrutiny, and AI “prove-it” year dynamics—could extend volatility. Consensus points to the index’s resilience tied to hyperscaler investments from Microsoft, Google, Amazon, and Meta, which continue building out capacity amid robust enterprise AI adoption.

Key drivers include ongoing AI infrastructure buildout. Nvidia, a Nasdaq heavyweight, faces its next earnings report soon, with expectations focused on data center revenue momentum. Partnerships like AMD-Meta highlight sector diversification, while quantum computing buzz adds long-term speculation—though experts note the technology remains nascent.

Economic indicators provide mixed signals. Solid retail sales and inflation data earlier in the month supported risk assets, but tariff proposals and international trade frictions have introduced caution. The Nasdaq’s composition—skewed toward innovative, high-growth firms—amplifies sensitivity to these factors.

Looking ahead, February’s final week could bring further swings as investors digest corporate updates and await Q1 guidance from major tech players. Positive AI monetization signs or eased policy concerns might spark a rebound toward 23,000; persistent doubts could test support near 22,500.

The Nasdaq Composite, launched in 1971 and now a benchmark for technology and innovation, continues to reflect the market’s pulse on digital transformation. Despite near-term pressures from AI spending scrutiny and macroeconomic noise, its underlying drivers—AI adoption, semiconductor demand, and cloud expansion—position it for potential recovery as 2026 unfolds.

Investors navigating the index’s volatility emphasize diversification and focus on companies demonstrating clear AI return paths. As the year progresses, the Nasdaq’s performance will likely hinge on whether the AI boom delivers tangible earnings growth or faces a longer “digestion” phase amid elevated expectations.

U.S. stock markets have navigated a turbulent February 2026, with major indices swinging between gains and losses amid persistent investor concerns over artificial intelligence’s disruptive potential, elevated capital spending by tech giants, and renewed tariff threats under the current administration.

As of February 24, 2026, the Dow Jones Industrial Average closed at approximately 48,804 after dropping 822 points—or 1.7%—on February 23, its steepest single-day decline in recent weeks. The S&P 500 fell 1.04% to 6,837.75 that day, putting it in negative territory year-to-date. The Nasdaq Composite declined 1.13% to 22,627.27, reflecting pressure on technology shares that dominate the index.

The pullback accelerated on February 23 as fears of AI-induced industry disruptions combined with policy uncertainty. Cybersecurity and software stocks sold off sharply after reports highlighted advanced AI tools capable of identifying vulnerabilities faster than traditional methods, raising questions about established players’ pricing power and relevance. Broader tariff proposals—potentially raising global duties to 15% or more—added to the caution, prompting safe-haven flows into assets like gold while weighing on growth-oriented equities.

Yet the market showed resilience in subsequent sessions. On February 24, stocks rebounded modestly, with the S&P 500 rising around 0.6% and the Nasdaq 100 climbing 1% as beaten-down software names recovered. Advanced Micro Devices (AMD) surged 7% following Meta Platforms’ announcement of a multi-year, multi-gigawatt partnership to deploy AMD Instinct GPUs for AI infrastructure. The deal, valued in the tens of billions and including equity warrants, underscored continued hyperscaler demand for high-performance computing despite spending scrutiny.

Broader sentiment reflects a rotation away from mega-cap tech dominance that characterized much of 2025. Value stocks, industrials, consumer defensives, and energy sectors have shown relative strength in early 2026, driven by “real economy” tailwinds. Walmart and Costco have contributed significantly to returns, benefiting from cost-conscious consumer spending and AI data center-related demand in supply chains. Energy names like Exxon Mobil have gained from rising oil prices amid geopolitical tensions.

Analysts point to mixed signals. Morningstar’s February outlook noted the U.S. equity market trading at a 5% discount to fair value estimates, with opportunities in late-cycle tech and other areas amid anticipated higher volatility. Some observers describe 2026 as a “prove-it” year for AI investments, where massive capex from Amazon ($200 billion planned), Meta ($115-135 billion), and others must translate into earnings growth to justify valuations.

Nvidia’s fiscal fourth-quarter 2026 earnings, due after the close on February 25, loom as a major catalyst. As the dominant supplier of AI accelerators, Nvidia’s results—particularly data center revenue and forward guidance—could set the tone for the sector and broader market. Wall Street watches closely for signs that hyperscaler spending sustains momentum or faces delays, with Amazon’s recent $200 billion plan crystallizing both tailwind and risk narratives.

Economic data provides a supportive backdrop. Resilient consumer confidence, solid retail sales, and manufacturing indicators have offset some headwinds. However, policy uncertainty—including tariff implementations and potential trade frictions—continues to introduce volatility. The VIX remains relatively subdued despite choppy price action, suggesting complacency or contained risks for now.

Sector rotation stands out as a key theme. Small-cap and emerging market equities led early-year gains in some analyses, with South Korea and Taiwan benefiting from AI-driven chip demand. U.S. small caps and value stocks have outperformed growth in pockets, reversing 2025’s narrow rally led by a handful of mega-caps.

Looking ahead, investors eye upcoming corporate updates and economic releases. Positive Nvidia commentary could spark a rebound toward recent highs; softer guidance might extend the correction. Broader catalysts include Q1 earnings season ramp-up and any policy clarity on trade.

The market’s current phase highlights evolving dynamics in 2026. While AI remains a transformative force, investors increasingly demand evidence of monetization and returns amid heavy infrastructure buildouts. Rotation toward defensive, value, and cyclical areas offers diversification as tech grapples with disruption fears.

Despite near-term pressures, many strategists maintain a constructive longer-term view, citing supportive macro conditions, corporate earnings resilience, and innovation tailwinds. Volatility is expected to persist, but underlying growth drivers in AI, infrastructure, and consumer spending position equities for potential advances as the year progresses.