TMT Breakout - Weekly recap: $DELL new AI play, $SHOP/$AMZN tango, Media plummets on $DIS/$CHTR, PC recovery takes hold, $TSLA narrative builds

Focus shifts to Citi and GS TMT conferences this week

What happened this week in TMT:

Lots of interesting news and movers in TMT this week. Overall, very good week for Tech with QQQs up 4% and ARKK up 6.5%. We saw some weakness in large-cap tech on Friday as growthier names played catch up and now ARKK YTD (up 40%) barely trades QQQ YTD (up 42%).

$DELL absolutely crushed earnings - stock opened up 7% on Friday and finished up 21% with its biggest move in over a decade as stock is being re-rated for several reasons, including being an AI play. MS laid out clearly in their note: "With signs of hardware spend stabilizing, AI server emerging as a driver of revenue/profit upside, stepped-up capital return commitments and S&P inclusion still ahead of us, and solid execution/cost mgmt driving profitability upside, we are moving DELL to our Top IT Hardware Pick, with new $70 price target." This is another data point that confirms PC market rebound many have been harping on about. $DELL called out faster than expected demand improvement driven …