TMTB: EOD Recap; QCOM QRVO post-EPS

Sorry for delay in getting out today…We’ll start with today’s EOD recap then QCOM/QRVO recaps below...Big day tomorrow.

QQQs fell 2% on the back of large cap weakness following AMD, MSFT, GOOGL as Powell downplayed the potential for a March cut. Despite the weak day, we thought the large EPS reports acted as expected. Maybe MSFT deserved a bit better, but stock was at all time highs and some controversy on AI vs Non Ai split.

ARKK finished down 3% and the SOX outperformed only down 1.4%. Crude and Bitcoin dropped 200bps.

In internet, GOOGL finished down 7.5% on weaker search and higher capex despite an OI and GCP beat. Not a surprising move and we continue to want to see the dust settle here before we think about how the script changes. Read-through for ad names were negative, although some pointed out that if META AMZN and/or PINS show better ad numbers, then the fears around GOOGL search risk will ratchet up. Good point and something to think about as we head into those prints. ME…