TMTB: CYBR DT ARM PYPL DIS CFLT Recaps; ZI dg at Citi; 3p roundup (SHOP, HUBS, PDD/Temu); GOOGL $20 chatbot; BABA dg; RBLX 2 upgrades

Good morning. QQQs are down 13bps, Crude up 1%+, BTC +1%, and yields slightly ticking up.

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ARM +30%: Absolute blow out numbers with strong beat on license and royalty with lower opex and much better guide

Notch another one up for an AI beneficiary….Revs $875M vs street at $780M for Q4. which is a significant acceleration. Opex guided below for Q4 at $490M vs $525M. Some bears out there — especially in front of the IPO lock up - so this will quiet that noise and bulls will feel much emboldened by rev acceleration and margin expansion happening a lot faster than expected. EPS numbers going up by 15-20% across the street. Bears will want to point to beat coming from China and 25% of sales mix increasing and ticking up (in other words - non China revs down ticked), but vs a backdrop of much better EPS numbers, will be hard to be believed.