TMTB EOD Wrap

Good afternoon - QQQs +20bps / IWM -1% / ARKK -1.7%. Lots of red on my screen but some large cap names and semis (on the back of Stargate) held the indexes up. The momentum trade was back on with some unloved names which outperformed late last week giving back gains as yields moved up 9-11bps across the curve on Powell’s comments for patience regarding rate cuts.

In internet, GOOGL +3% continued to break out to new highs on the of a TheInformation article talking about cost efficiency at Youtube and Jefferies’ Thill saying they believe “ GOOGL's top AI talent, scaled and sticky user base and unrivaled trove of fresh data from Search & YT positions GOOGL as key AI winner” and they see “Gen AI giving GCP an opportunity to close the gap in Public Cloud, where it is currently a distant 3rd.” PINS +2% as web data from Apptopia being passed around looked better for the end of the month: