Happy Friday! QQQs -12bps with a late afternoon attempt at a swoon to make things interesting but overall ended up a pretty boring day and bulls like boring. A little bit of an unwind in the AI trade today but overall factors didn’t play a big role. China continues to rip with the FXI now +20%+ in one month. Early next week we have JPM’s TMT Conference in Boston (schedule here curtesy of @LucknowCapital on X) Onto the recap…
Internet:
RDDT +10% on partnership with OpenAI allowing them access to Reddit’s API and in return allow Reddit to begin offering certain AI features to users and moderators. Rough estimates around $50-$70M/year and implication is other large LLMs will have to follow. Good overview of push-and-pull on RDDT from Anthony in TMTB Chat:
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