TMTB Morning Wrap
Good morning. QQQs +1% following through on yesterday’s strength with semis +3.5% leading the way higher, software flat, and internet -1.5% after both RDDT/RBLX missed. Big story overnight was AMZN CEO Jassy coming through on the call helping alleviate investor fears around ROI - an AWS accel into high 30s with much better incremental margins helped solidify his case. This is how we framed things in our EOD wrap yesterday:
Over the last 24 hours we have gotten 3 pieces of really good news: 2 of the arguably most important KPIs to the AI trade — Hyperscaler ROI and Labs ARR — have come in better than expected (OpenAI, MSFT, AMZN), and the Leopold news. That all comes on the back of extreme price/sentiment. Recipe for at least a decent magnitude ST rally.
Korea was +18% overnight with Samsung +20%; Hynix +25%; TSMC/Softbank +10%+.
We’ll cover AMZN (+11%) first, then AAPL’s miss (-8%), RDDT’s DAU issues (-12%) Kioxia, and then onto the usual. We’ll post the RBLX (-22%) takes in TMTB Slack #earnings channel although don’t hear much interest on that stock these days either side.
