TMTB: AMZN/SNAP ad deal, NVDA +ve previews, PYPL Mizuho neg, 3P Round up (JD, CRWD, SONO, NVDA), AAPL Foxconn results, China handsets +ve QCOM, TTWO ug at DB, SE misses e-comm EBTIDA, GOOGL/AAPL 36% s
Good morning – QQQs rocketed after a softer than expected CPI came in at 0% m/m vs expectations for +0.1%. and are now up 1.5% Yields are down 10-15 bps across the board with the short-end up more than long-end.
Lots to get to in TMT:
AMZN Reaches deal to run shopping Ads on SNAP, similar to AMZN’s deal with META which lets people buy products through AMZN ads on Instagram and Facebook without leave those apps
That’s now the third partner after PINS and META that AMZN partners with, likely in response to the entrance of TikTok ecomm and rise of Temu/Shein. JPM asks “is the super-app” back as the ad-tech stack gets re-orded and the world of social, e-comm and payments collide (remember PYPL’s bid for PINS couple of years ago?) For PINS, some questions around 3p advertising relationship and whether PINS could embrace an in-app checkout strategy.