TMTB EOD Wrap

Good afternoon. QQQs -90bps as Semis -3% underperformed significantly and Internet (flat) outperformed. BTC +5%. Treasuries came under pressure with yields rising 3-4 bps across the curve. Fed expects didn’t move much, with the market still expecting 100% for a cut by 9/18. Let’s get to it…

Semis:

• ARM the big outperformer on the back OF Morgan Stanley’s upgrade to buy saying ARM offers a bunch of optionality on AI with potential upside through custom silicon, new designs and extensions and thinks royalty biz can grow 37% CAGR through FY27 driven by iPhone upgrade cycle.

• Other AI names mixed: AVGO -2%; MRVL -2.5%; NVDA- 2.6%; AMD -2.7%; MU - 2.7%. TSM - 3.3% on continued geo political fears.

• Auto names underperformed on the back of ALV results, where they had a very

  large miss in LV (light vehicle) production parts (ALV -11%): MBLY -6.7%; NNXPI -3.5%; ON -3.9%

• INTC - 5.4% a big underperformer - didn’t see anything specific