TMTB EOD Wrap
Good afternoon. QQQs -26bps to finish the day, but down another 75bps in the post market following a set of weaker results from AVGO and CRWD. Yields rose 3-4bps across the curve as Oil finished +2%. Software -4% led the way lower taking a breather the past two days after a vertical ascent late last week and early this week. Lots of names down 4-8%. Semis +1.5% were higher but about half my sector screen was red and half was green. TMT Mo +5% on the day.
Post-close:
AVGO -12% numbers mixed at best. Ai semi sales were $10.8 vs street at $10.7B and bogeys closer to $11.5B. Q3 AI semis Guide also weaker at $16B vs street at $17.2B and buyside at $18.5B. For F26, Ai semis will come in at about $56B (street closer to $57.5B and buyside closer to $60B6) and on the call they reit F27 outlook of >$100B. I still need to dig into Anthropic timing and how that is affecting F26 - still a bit confused on that front. Software was the bright spot accelerating to 8% y/y.
Call did not go well as Hock putting a very sub-par performance, especially vs. his usual stellar performance, only reit F27, and admitted GOOGL will diversify: