TMTB Morning Wrap

Good morning! QQQs +1.9% as tech vibes are good this morning after huge META and MSFT beats. Not only some stronger than expected top line results, we got a nice capex raise from META and Azure accel which is helping the semi space: NVDA +5%; ANET +8%; VRT +8%; AVGO +3%; ARM +3%; CRWV +11% (acts like a levered AI semi play) AMD +3%. Despite a disappointing CFLT print, read for cloud is a positive one as MSFT’s Azure beat was mainly driven by non-AI enterprises - AMZN’s AWS expectations ticking up a bit overnight now probably closer to 18%+ vs. 17% pre MSFT print. Cloud names up nicely: SNOW +5%; MDB +4%; DDOG +5% (more exposed to AWS) despite the CFLT miss. Ad names also up (ROKU, APP, PINS, RDDT, etc.). It wouldn’t surprise me to see some underperformance in tariff/china safe havens today given they had outperform Mag 7 significantly.

BTC +2%; yields flat to down; China flat.

Let’s get to it…Earnings first, then Tech/Research

EARNINGS

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RBLX +8%: Looks solid with Q1/Q2 bookings beat…