TMTB: META NOW IBM First takes; EOD Wrap

Not a great night for tech earnings as META -12% not only missed Q2 guide but also increased opex, which was unexpected and also raised capex (see previous email). Got this one wrong. The lack of upside in Q1 and Q2 miss will fan decel fears and the opex guide up will give people PTSD after over a year of tightening the belt. Let’s see how and if they defend lower Q2 guide on the call, which will be impt for what investors extrapolate going fwd. One of our readers put it well in the chat: