TMTB Morning Wrap

Good morning. QQQs -1.5% as higher yields weight on sentiment this morning - 10 Year +6.5bps to 4.55% as the Moody’s downgrade — while not surprising — “serves to remind markets, which had become quite complacent and expensive in the last few weeks, that there is a serious fiscal problem that needs to be reckoned with” (VK).

Big week last week as QQQs sit 3% off ATHs as risk on ruled the day - just take a look at CRWV’s 50%+ move in 5 days.

This week, we have a few events: Computex is already underway as Jensen gave the keynote late last night (eastern time) - recap below. QCOM, Mediatek, and Foxconn CEO’s are today. MSFT’s Build Conference also starts today - expectations are muted with most focus on Copilot agents and potential AI features for Windows 11 and Copilot+PCs. Google’s I/O starts tomorrow and stock has rallied 10% into the event following AAPL’s Cue’s commentary a couple weeks ago, helped by some better 3p data on Friday from Yipit which called out an accel in the las…