TMTB EOD Wrap

Good afternoon. QQQs +1.5% with strong breadth across the board with semis +2% and internet +2% leading us higher. The move higher in semis (and AMZN +4%) largely because of Dario’s $19B mic drop yesterday, which was +$5B in just a few weeks and really a mind-boggling number, especially when you think about how little of knowledge workers are likely using Claude Code right now. Drove neoclouds higher (CRWV/NBIS/miners +7-9%+) and Anthro related names outside semis up as well (ZM +6% / DDOG +6%). Software continued to exhibit decent price action despite the semi strength: GTLB -6% probably feels like a win, WIX +12 on so-so numbers, and CRWD +4% was able to rally mid day after their print.

Overall, seems like there is some reduced anxiety around Iran given some overtures around a ceasefire and dwindling of Iran missile launches , but things still remain very fluid.

From a factor perspective in Tech, BTC and non-profitable led the way higher while TMT momentum +2% after its -7.5% day yesterday.

Let’s get to the good stuff…

AI / SEMIS