TMTB Morning Wrap

Good morning. Futures +50bps after a stronger than expected NFP number. Yields are popping with 2 year up 8bps and 10 year +5bps. BTC -2%.

Lots to get to so let’s get straight to it…earnings first, then the usual

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NET+14%: Beat and raise with 34% growth vs bogeys of 31-32% and raised FY26 guidance while guiding to lower near-term profitability as it leans into AI- and enterprise-driven demand

Very good print from Prince and Co -- key focus for us is the accelerating growth. Assuming similar beat cadence vs previous quarter, getting to 35% growth next q, another accel. Call was very bullish and this print should help activate the AI Agentic bull narrative on the stock as stock the best way to play the theme outside of semis in our opinion. Margins a bit worse, but don’t hear much gripes from investors this morning given the big top line accel.