TMTB Morning Wrap

Good morning. Futures -1% led lower by semis -3% as AVGO and Hock Tan provided a sub-par performance vs. what investors have typically been used too; however, nothing in the print seemed particularly worrying from a broader AI semi standpoint as a lot of the issues seemed idio (timing, racks vs. chips, competition comments, Hock’s tone, etc.). One bad print vs a slew of others which have crushed expectations doesn’t make a trend. Software and internet both up early. With CRWD also down (a favorite in sw), likely get some Mo unwind today. Oil -4% and yields ticking down 4-5bps across the curve.

Asia generally red: TPX -1.11%, NKY -1.36%, Hang Seng -1.48%, HSCEI -1.1%, SHCOMP -0.64%, Shenzhen -0.41%, Taiwan TAIEX -1.68%, Korea KOSPI -1.84%. SK Hynix -5%. Samsung -5%. Softbank -11%

Lots to get to, so let’s get to it. AVGO/CRWD first then the usual.