TMTB: GOOGL Gemini AAPL deal; META Mizuho details optionality; NVDA Blackwell spec rumors; RBLX Hunt a dud; Tiktok U.S. growth stalling; SNOW ug at Moness; LOGI CFO leaves; TSLA raises Model Y prices

Good morning and happy GTC day. QQQs are trading +1.2% ahead of Jensen’s keynote post-close (semi strength) and GOOGL’s potential Gemini deal with AAPL. BTC is flat, yields are flat, and China is up 80bps. Let’s get to it….

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GOOGL +5%: Apple Is in Talks to Let Google Gemini Power iPhone AI Features

Bloomberg:

Apple Inc. is in talks to build Google’s Gemini artificial intelligence engine into the iPhone, according to people familiar with the situation, setting the stage for a blockbuster agreement that would shake up the AI industry.

The two companies are in active negotiations to let Apple license Gemini, Google’s set of generative AI models, to power some new features coming to the iPhone software this year, said the people, who asked not to be identified because the deliberations are private. Apple also recently held discussions with OpenAI and has considered using its model, according to the people.

TMTB: A nice surprise for our long GOOGL trade as the news goes a long way for the anti-bear case (especially with the recent Gemini flub), even if a deal doesn’t end up being fully cemented. One would think this would be high margin $’s flowing in as part of any deal. We continue to like GOOGL as we head into earnings (more details in our weekly yesterday). Unclear if this means AAPL not developing their own internal model or if they are, that it’s not ready for primetime - still TBD, but even though they are behind in AI, I would think this is viewed somewhat positively given they’ll have a new feature to pitch with the iPhone 16. The stock has been weak on fears of iPhone growth stalling, not because they are behind in AI, so any news that means better iPhone16 cycle is better.

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META +1.3%: Mizuho names META top pick after product deep dive / Wells Fargo raises PT to $610