TMTB: Mid-day Movers

Doing a mid-day today as leaving the screens early today. QQQs +1.7% led by internet post GOOGL/SNAP and semis as GOOGL/MSFT followed META talking up capex as investors getting more comfortable again with any qualms they had with sustainability of demand.

Internet:

• SNAP +29% putting up a solid beat and raise as investors get more comfortable with accelerating growth and margins ramping; also getting helped by TikTok news overnight that BD would rather shutdown TT in the US rather than sell it.

• GOOGL +10.5% as they hit all the key metrics - some asking why not up more. Stock has been big outperformer into the q up 30% since early March. Don’t think anything to nitpick there.

• PINS +4%/ RDDT +5% benefitting from ad read-through.

• AMZN +3.5% as read-through from Azure results giving confidence to bulls that AWS will be good and Msci also raised their AWS estimate to 17%+.

• META 50bps down as we speculated this morning as they’re on the other side of flows as SNAP/GOOGL now look compara…