TMTB EOD Wrap
A bit of an early one today. QQQs -30bps although indexes clawed back early steeper losses as we start off December similar to the weather: a bit of risk off “chill” after last week’s rally although the sessoin seemed fairly quiet for the most part. The sharpest pain concentrated in Crypto-linked names (Bitcoin Related -3% / BTC -7%) and Non-Profitable Tech (-2.0%), driven by BTC slipping below $85k and a broader rotation out of “risk-on” momentum plays. In contrasts, Semis (flat) led us higher with NVDA +1.3% and Neoclouds +5% leading the way while Software -40bps continues to suffer from lack of investor interest ahead of some earnings this week.
Busy week ahead with AMZN Re:invent, lots of earnings, and UBS Tech Conference underway (agenda can be found here)
Let’s get to it the good stuff…
INTERNET
AMZN +40bps as Semianalysis was out saying they believe OAI is expanding compute supply via Trainium 3. Oppenheimer also lifted PT to $305 as AWS saying AWS capacity unlocks meaningful upside— OpCo’s analysis suggests 14%/22% upside to Street’s 2026/27 AWS revenue forecasts and notes 4Q upside of ~3%. Also some positive impact of Rufus over BFCM from SensorTower:
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