TMTB EOD Wrap

Good afternoon. QQQs +73bps today as tech stocks were broadly higher today. Yields slightly higher while BTC sits near $90k.

For a change, software leading the tape as investors leaned back into growth and higher-beta/non profitable tech. Expensive software, payments, and security software all outperformed. Stock-specific strength was notable across application and cloud software (DDOG +6%; MDB +6%; HUBS +5.5%, GTLB +12% stood out), while other laggards saw sharp rebounds (but MSFT still only +1.5%). In contrast, hardware, semis, and semi equipment were more mixed. Within AI, neoclouds and miners lagged.

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