TMTB: GOOGL Open AI rival?; SMCI $1k+ PT at BAML; META/AVGO; 3P roundup (OKTA, RBLX, CRM) SNOW dg at HSBC; COIN ug at JPM; AKAM dg at HSBC; AAPL/PARA Buffett sells; INTC event; CSCO HUBS APP Recaps
Quick note: I might not be able to put out an EOD note today - if I do, it will come a bit late.
Good morning - QQQs are up 40bps as yields are down 5bps. China is flat, BTC is up another 1%, and early moves are pointing to more IWM/ARKK outperformance vs the QQQs. Relatively slow news day, but let’s get to it…
GOOGL: OpenAI develops web search Product in challenge to GOOGL
OpenAI has been developing a web search product that would bring the Microsoft-backed startup into more direct competition with Google, according to someone with knowledge of OpenAI’s plans.
The search service would be partly powered by Bing, this person said.
TMTB: Doesn’t seem like much new in the article — we all know how BING has failed to make a dent in GOOGL. Not sure how stock acts today. But our view on GOOGL’s terminal risk is that no one really knows what impact AI will have to search, but as long as we aren’t seeing evidence in the numbers (GOOGL search revs still growing dd and 3p pointing to…
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