TMTB EOD Wrap

Good afternoon. QQQs -10bps as SOX underperformed a bit. Yields down slightly, BTC - 2.6%, China -2%. Volumes continue to trend 20% below average as we hit middle of August.

A short one today as having connectivity issues and Bloomberg acting up for me…Let’s get to it…

Semis:

• MU +3% as Economic Daily reporting Hynix notified supply chain of plans to implement 15-20% price increase and Samsung and MU likely to follow pricing increases, which reflects the impact of tightening DDR supply given impact of ramping HBM production. Article says that 20% of Hynix DRAM production is being converted to mass product HBM.

• NVDA +1% as Barclays out with some positive supply chain checks saying better Hopper capacity coming online + only small Blackwell delay. In addition, Hon Hai was out saying Blackwell shipments ramping in Q1 while Q4 will be more limited.

• Other AI names mixed: ARM +1.3%; SMCI + 1.7%; AVGO +70bps; TSM -1.5%; AMD-1%; MRVL -1%;

Internet

• GOOGL -3% as Bloomberg reported DOJ thinking abo…