TMTB EOD

Good afternoon. QQQs ended down 31bps with ARKK outperforming up 45bps and SOX underperforming down 1%. Pretty quiet day today as market barely pulled back after the last 2 weeks of gains. CPI / SE earnings are pre-mkt tomorrow.

Let’s recap the day in TMT

In internet, U continued its strength now up 30%+ since the pre market low on Friday. We sold some of our small position we had bought then today - in our view, tough to make it much bigger than a small starter position before we have more clarity on numbers, but I wouldn’t mind buying it up early 2024 in front of AAPL Vision Pro release. DASH (+2.6%) CART (+ 1.4%) and UBER (+1.3%) outperformed as perceived GLP-1 losers were strong today (mainly in healthcare, but seeped into tech). ROKU (+3.3%) and SHOP (+1.6%) rallied as more “expensive” names with good stories got a bid today (ARKK outperformed as well), a bit of reversal from what we’ve seen the last week or so. PINS closed at a 52wk closing high up 1.3%. RBLX was down 3% at one point, but finished up 1% — seems like selling from last week is largely done and we look towards the analyst day for any long-term targets, color/#s around Ads/AI in 2024, and more details around newer/older cohorts. We continue to like the story as bookings look to accelerate and CEO finally getting religion on margins - both together are likely to drive a re-rating higher (buoyed by the AI/Ads story in 2024). AMZN finished down 70bps - all I saw was a foreign article talking up Shein/Temu