TMTB EOD Wrap

QQQs +80bps continuing to grind up as BTC +6% made a comeback to get back above $90k. Semis led the way higher, but this time it was because of Analogs and INTC. From a factor perspective, price action favored quality and established growth stories today, with the “Profitable Secular Growth” basket (+1.8%) significantly outperforming “Non-Profitable Tech” (+1.2%) and “High Short Interest” baskets (-1%). While the broader Software sector was up (+0.9%), the performance was dominated by idiosyncratic winners rather than a rising tide with MDB the star of the day, ripping +22%, likely acting as a catalyst for sentiment in the “Expensive Software” basket (+1.1%).

We sent out some quotes from some presentations at UBS here and here.

Let’s get to it…

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INTERNET

• SHOP +5% as they came out saying BFCM finished +27%. Recall, yesterday they said number was 25% and stock sold off 5% so stock bounced back on the updated numbers, although bulls will say that’s light of the 30s+ 3p current tracking at and bulls hoping for.

• META +1% as ISI had a positive note on Whatsapp, saying it’s a business capable of generating $40B in revenue by 2030 and roughly $20B in operating income, or $7.15 in EPS contribution. ISI raised its out-year estimates, with 2027 revenue and EPS now 2% and 12% above Street.