TMTB EOD Wrap; NOW IBM KLAC First Takes

QQQs - 3.6% and now down 8% from the peak. Red across the board as GOOGL put a wet blanket on the internet sector and AI-related names led the way down with some pointing to GOOGL’s capex comments as not being enough for the “up and to the right” capex plans most expected from the hyperscalers and VRT’s 10-15% guide viewed as some as too low after ~60% growth the last 2 quarters. BTC (flat) hung in fairly well; ARKK -6%. IWM -2% continues to outperform the larger indexes. Treasuries saw mixed price action w fed sensitive 2 year yields falling 4bps while 10 year yields rose 3bps and 30 year rose 5bps. Some decent earnings after the close…

After the close:

NOW +7% after a solid print given low expectations.

cRPO growth 22.5% vs guide of 20.5% and buyside expecting 21.5%-22%. NOW is guiding 3Q subscription revenue to $2.663b and cRPO to 22% vs. Street revenue of $2.75 and buyside cRPO at ~21.5-22.0%. 2Q revenue of $2.63b compared to Street at $2.61b

3Q cRPO GUIDE +22% y/y cc St at +20.…