TMTB EOD Wrap

Good afternoon: QQQs finished +1.4% as consensus longs got their groove back after an inline-ish CPI: NVDA +7.5%, META +3.5% AMZN +2%, AMD+2%, NOW +4%, MSFT +2.5% all on a relatively slow news day. Friday a distant memory now.

In internet, consensus longs worked again; META +3.5%. AMZN +2% as M-sci reiterated their +16% growth forecast for AWS in Q1. NFLX +1.7% as Jefferies raised PT to $700 citing weaker competition and password sharing helping convert borrowers to payers; 3p continues to trend well ahead of street. CART +3% continues to fare well in risk-on and risk off days as 3P data continues to get better. GOOGL +60bps - encouraging px action today as it didn’t reverse the recent strength. On the other hand, not so encouraging action from CVNA -2% on a Jefferies upgrade and decent 3p data (although was a decel after 5 weeks of acceleration) — not entirely surprising to us as stock has had big run and last week might have been as good as it gets from rate of change perspective f…