Early one today... QQQs +40bps as the market continues to grind higher. AI-exposed names continue to lead us higher, but got some help from software and large cap internet today (AMZN finally getting close to ATHs…)
Slow research/news day; main event was AAPL’s WWDC. AAPL -1.4% as they announced partnership with OpenAi bringing chatGPT to Siri and other apps, naming it “Apple intelligence".” Only newer iPhone15 models will be able to run the AI, which might help drive a replacement cycle. TechCrunch has a good round-up of everything announced.
Internet:
Slow news day here…
Large cap outperformed : AMZN +1.5% continues to outperform; META +1.5% passing $500
GOOGL +50bps as AAPL announced partnership with OpenAI but said it would be making agreement with other favorite AIs
CART +4% follow through on buyback announcement last week
SNAP -1.5% giving back some of Friday’s outperformance
UBER -70bps despite Mizuho saying competitive concerns seem overstated. From BAML: “headline that Uber lost an…
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