TMTB EOD Wrap

Good afternoon - QQQs finished up 20bps but underneath the surface some unwindy action as non-profitable tech finished +3% while TMT momentum factor was down 1.3% — some of it likely due to positioning ahead of CPI on Wednesday exacerbated by big GME +75%/AMC +75% move. This year hasn’t proved to be a boring one, that’s for sure…OpenAI’s event was a somewhat non-event given the hype, announcing a new model Chat-GPT omni which will allow for text, speech, and video recognition, which was a relief for GOOGL, which rallied from close to down 3% at one point pre-mkt to finish the day green. Let’s get to it…

Internet

• META -1.7% as hedgeye moved it up the list of active shorts this morning saying their checks continue to show slowing spend through 5/12 (recall they called the META short pre-q). Also likely being weighed by the WSJ Temu article saying Temu is pulling back spend in the U.S.

• ETSY +1% likely helped by same WSJ article

• UBER -1.5% on Telegraph article discussing how Didi got some li…