TMTB EOD Recap

QQQs finished down 75bps as 12 month winners/AI winners/momentum names underperformed today ahead of NVDA’s print tomorrow. ARKK -3%, IWM -1.4%, and SOX - 1.5%. Crude finished down 1.2% and yields were roughly flat.

In internet, GOOGL was one of the lone winners +30bps as investors got excited about Gemini Pro and Ultra. MS called the launch GOOGL’s first big differentiation vs peers and also said Youtube should benefit from text-to-video models as will help engagement and monetization. We wrote some similar thoughts on the stock yesterday in our weekly and came away with the conclusion:

Right now - with 3p showing a continued acceleration in search making it tough for bears to prove terminal fears - and sentiment getting overly negative despite some very important product releases, we think it’s the right time to begin to re-size the long.

META also outperformed only dn 33bps as GS raised Temu numbers and the read-through was they aren’t likely to pull back spending any time soon. ROKU…