TMTB EOD Wrap

QQQs +36bps ahead of CPI print tomorrow morning. Yields finished flat to up while 30 year got close to breaking above 5% again. Fed expects stayed around 50bps worth of cuts this year. BTC hovered around highs near $120k.

In Tech, momentum and software regained some footing while SOX finished down 90bps. Let’s get to it…

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INTERNET

• RBLX +6% hitting new ATHs as stock continues to get re-rated higher as investors appreciate the increasingly sustainable tailwinds to the business. Cowen was out today raising #s. We also thought the Bloomberg article about RBLX game-buying frenzy turning into teens into millionaires supports the bull case for several reasons: allowing for lucrative exits means stronger creative incentives. Building on RBLX now has venture style upside, increasing the talent flywheel without RBLX spending a dime and widening the funnel of high quality content that keeps players engaged and spending. It’s possible RBLX might in the future even take a commission when games are sold. The bull case here just seems to get stronger and stronger…

• META +50bps as Zuck continues to signal he is all in on AI

• PINS +1.5% as BofA was out saying that PINS had highest y/y growth in US mobile DAUS (+9%) in June, saying PINS user growth is benefitting from AI drive content targeting and collages.