9/7 Post-market TMT Breakout: Lots to go over -- Trading thoughts, software/internet outperform, $INTC continues to rip, $AAPL supply chain gets hit

CS and GS conferences wrap up - yawn!

Well, nothing like a day like today to get us out of the August doldrums with some interesting dispersion at both ends -- $QQQs dn 70bps does not tell the full story. Lots to go over - let's get right to it:

The story of the day was news that China was expanding their iPhone Ban to SOEs. $AAPL was down 5% at one point on heavy pre-market selling but bottomed in the first 5 minutes of trading and finished the day with a somewhat respectable -3% performance. Our view is some of selling is overdone, but China overhang — both Huawei and gov’t — not going away any time soon although we tend to be more positive than most on this year’s iPhone refresh cycle (see MS note this morning). Supply chain names like $SWKS, $QCOM, and $QRVO were heavy straight out the gate and never looked back all finishing down more than 7%. $NVDA finished dn a respectable 2% after CFO called out Coreweave being a very small $ of orders at conf - stock trading at 28x times, not too bad. We called out $MU in ou…