TMTB EOD Wrap

Good afternoon - QQQs finished down 37bps as we saw a continuation of some of the price action we saw on Friday. BTC +4% while yields were flat. SOX -1.4% underperformed. META -4.4% as Trump called FB an ‘enemy of the people’. No, this isn’t 2018, it’s 2024, but this should be a wake up call and reminder of how Trump’s comments/tweets can move stocks significantly.

ORCL just reported solid OCI/RPO #s with key commentary how FY26 outlook may prove conservative (despite a squishy Q4 guide) and “exciting joint announcements with NVDA”. We mentioned in our preview we’d want to add to our long positions if OCI beat given the good long-term story here — print and commentary so far confirmed that so we are sticking with our plan. Added around 126/127, but don’t want to chase above $130 until we think about the new r/r.

In internet, RBLX was the big winner +5% on BTIG’s note this morning laying out the bull case following meetings with CFO. BTIG called out expansion of active user base as a…