TMTB: DELL NTAP ZS ESTC HPE ADSK EPS Recaps; AMD +ve boutique; NVDA mgmt mtg recaps; AAPL off GS conviction list; SQ dg at Phillips; FSR going concern; 3p roundup (CHWY, SHOP, META); Musk sues OpenAI

Good morning. QQQs +23bps as risk on looks set to continue with BTC +1.6%. Yields are ticking up slightly while China is up 2%.

We got some positive hardware results from DELL and NTAP while AAPL gets removed from GS conviction list. Another big move for AI names that beat - if you haven’t realized we are in a new environment/paradigm where the scarcity value and need for exposure for AI exposed names is driving bigger than expected moves, DELL +24% and NTAP +17% should be your wake up call. Yes, NTAP (and storage) is now being talked as AI beneficiaries - things move quick!

AMD is up another 3% this morning on a +ve boutique mention (see below), quickly playing catchup to underperformance to NVDA in 1H of the year. AMD +30% vs NVDA +60% YTD. What was the catalyst for the move? Was it the CTO on the road with sell-side Wed night? Maybe, but that feels more like trying to find a reason after the fact. More likely, investors getting excited about AMD’s appearance at MS TMT, where th…