TMTB; GOOGL delays Gemini, RBLX ug at Wolfe, ZM ug at Citi, 3P roundup (GOOG, TSLA, UBER, ETSY, ROKU, BBY, ADBE), GTLB dg at Barclays, PYPL DB neg, AMZN/ETSY Tiktok shop competition, AMAT recap,EXPEug

QQQs are down 5bps as treasuries rally with yields down 3-5bps across the curve. Crude is rebounding slightly and the DXY is down 10bps.

Lots to get to in TMT

GOOGL - Delays Gemini until next year (not a huge surprise following commentary by Sundar on last earnings call)…also some weaker 3p data this morning

“On the micro front, GOOG has apparently postponed the release of Gemini AI until 1Q24, after it was thought to be available this year. Google’s company-defining effort to catch up to ChatGPT creator OpenAI is turning out to be harder than expected. Google told some cloud customers and business partners they would get access to the company’s new conversational AI, Gemini, by November, but the company recently told them not to expect it until the first quarter of next year.  The delay comes at a bad time for Google, whose cloud sales growth has slowed while Microsoft’s has accelerated” (The Information). 

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RBLX - Wolfe upgrade to Neutral from Sell on better bookings growth