TMTB: EOD Wrap

Trump live stream going on now - no mention yet on % of tariffs as I write this although I’m seeing headlines from that WSJ saying it’s only 10% (but haven’t seen article and as I write this Trump hasn’t said anything)…QQQs +73bps as investors happy that we will at least get some sort of clarity on tariffs by this evening.

Lots of rumors floating around who will get TikTok with rumors ranging from AMZN to APP. We’ll find out soon

China -60bps. Treasuries saw pressure as yields rose 2-3bps across the curve while Fed expects shifted slightly in a hawkish direction with market anticipating71bps worth of cuts.

Let’s get to it…

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Internet

• ETSY +4% as CBS reporting Trump considering a $25 fee on low-value shipments from China, targeting platforms like Shein and Temu. Announcement expected at 4PM ET.

• CVNA +6.5% as seen as main beneficiary from 25% foreign auto tariffs — used car prices already ticking up

• RBLX +1.2% as sell-side was positive on GOOGL announcement yesterday. We thought MS’ note was good saying rewarded video is the most effective and scalable video game ad unit, offering deeper engagement and clearer impressions than billboards or portals; also noting RBLX's 85mm DAUs spend 2.5+ hours daily on the platform but convert to buyers at just ~1%, presenting a substantial monetization opportunity

• DASH +4% as they announced Dominos now on the platform

• TTD -1% on negative Digiday article saying “Amazon Ads’s quest to become the first programmatic port of call for media buyers is intensifying.”

• META -35bps; SNAP -1% as TikTok sale likely neg for them. Gugg was negative on SNAP saying their end of quarter checks/data did not indicate a Q1 SNAP usage benefit from TikTok’s disruption in Q1

  • What did META say re: datacenters. Here’s the exact quote: My personal opinion, and I’m not speaking here as but I’m just offering kind of my take on it as I look over the landscape is that it does feel like things have cooled off a bit for these larger sites…longer quote here