TMTB EOD Wrap

Good afternoon. QQQs finished roughly flat while IWM +55bps/ARKK +2% outperformed. Third straight month IWM/ARKK/Nonprofitable tech names outperform 2 days before CPI print while the momentum trade underperformed — something to remember next month. Let’s get to it…

In internet, ETSY +1.7% on as Temu faces increased gov’t scrutiny and ETSY the obvious beneficiary. GOOGL +1.5% the standout large-cap as both Yipit said search/ad revs tracking 2ppts above street and M-sci raised their #s and said something similar. META -1.5% as any regulatory news against Temu not a great read-through and M-sci called out that Temu PLAs on GOOGL showed a big drop in last couple months and now just barely above 0% of total ads. Is this bc Temu shifting to META/TV or pulling back US spending in general remains to be seen - obviously the latter worse for META. AMZN flat despite Nowak at MS raising numbers and PT saying retail margins have plenty of room to expand. NFLX -1.2% despite JPM/Cowen raising num…