TMTB EOD Wrap

QQQs -18bps as some laggards caught a bid today and others like ARKK - 2% TSLA - 6% and non-profitable tech basket -2% gave back gains. IWM also underperformed -2% and SOX -1% continues to struggle even on a day when NVDA +2%. Yields ticked up 8-13bps across the curve. BTC rallied back to finish in the green and close to $90k. China -3.5% as market didn’t like Trump’s initial cabinet considerations which were considered more pro-tariff.

Let’s get to it…

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Internet

• META +25bps / SNAP -6% as WaPo said Trump will try to roll back Tiktok ban:

“He appreciates the breadth and reach of TikTok, which he used masterfully along with podcasts and new media entrants to win … There are many ways to hold China to account outside alienating 180 million U.S. users each month. Trump recognized early on that Democrats are the party of bans — gas-powered cars, menthol cigarettes, vapes, plastic straws and TikTok — and to let them own that draconian, anti-personal choice space…

The law, called the Protecting Americans from Foreign Adversary Controlled Applications Act, grants the president the power to extend the divestment deadline by 90 days if the administration sees that “significant progress” has been made toward a sale. If the deadline comes after Trump takes office and he wanted to halt the ban outright, Trump could push Congress to repeal the law or encourage his attorney general to refrain from enforcing it, according to Alan Rozenshtein, a former national security adviser to the Justice Department.

META fared better as CNBC reported Value Act has acquired a $1B stake - we’ll see if they put out a deck as Capex & reality labs in focus.

• NFLX +1.6% hitting ATHS as they announced 70M ad MAUs up from 40M in May, and that it sold out all available in game inventory for two live NFL games on X-Mas day. Also rallying into Jake Paul v Tyson this weekend. Catalysts playing out as expected here…