TMTB EOD Wrap

Good afternoon. QQQs +45bps as Semis +6% took the leadership baton again led by MRVL +32%. Another day with lots of double digit moves across the space, led by TPU supply chain, STM’s DC raise, and optical regaining its mojo. Seems like normal now we’re bound to get a 20%+ move in a large cap stock every day: this past week it was MU, then DELL, then SNOW, then MRVL/HPE today. If you know who’s turn is next, please ping me. Investors becoming accustomed to this and single name vol (both downside and upside) has spiked across the board. Software took a breather today with many “AI disruption” names leading the way lower while internet continues to be used as a source of funds across the board with GOOGL -4% leading the way down after their $80B raise, which raised some questions (more on that below).

Not much to write home on the macro front - yields ticked up slightly with oil while JOLTS report came in strong.

Post-close:

GTLB -5% selling off despite a solid set of headline #s although billings, RPO, and deferred missed (seems like call isn’t going well from what I’m reading in the TMTB Slack thread here and stock has taken a dive lower after being up 10%). Announcing a 14% workforce reduction.