TMTB EOD Wrap

Good afternoon. Apologies for the delay today had some emergency house issues had to take care of.

QQQs +1.7% to more ATHs as the HOT AI SPRING SUMMER vibes continue with no shortage of AI names hitting ATHs. Semis led the way higher +3% but software +2% continued to hang in (that might change tomorrow following NOW and IBM’s miss). From a factor perspective, animal spirits continue to come through with Nuclear +8% and non profitable tech leading the way higher.

Post-close, TXN +10% better #s and guide better - what I’ve read from the call sounds really good so far. NOW -12% didn’t look so hot with worse cRPO guide and worse margins calling out “Middle East impact.” Quotes I’ve read from the call not great. IBM -6% won’t help things in sw as well as dceel in sw going from 11% to 8% this quarter. Just catching up now, so haven’t gone through these in detail — will have full recaps tomorrow morning.

Let’s get to the good stuff from today…