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TMTB: Morning Wrap
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TMTB: Morning Wrap

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TMT Breakout
Nov 01, 2024
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TMTB: Morning Wrap
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Good morning. I sent out recaps for AMZN/AAPL/INTC earlier - check your inbox (7:40am est.). QQQs +60bps helped by AMZN +7% and AI semis which have a bid this morning (MRVL +3.6% on bullish Tranium 2 comments from AMZN). One thing I didn’t mention in AMZN write up earlier is AWS RPO accelerated 4ppts in Q3 to 23% while bookings accelerate 67 ppts from -22% y/y in Q2 to 45% y/y in Q3 which should alleviate backlog fears we had last quarter with AWS.

Crude is +2% on geopolitical worries in Middle East amid reports Iran could retaliate against Israel (sounds like a couple kids fighting). Yields are flattish. BTC is flat. China +75bps. Let’s get to it…


MRVL +4%: AMZN bullish comments on call yesterday on Tranium 2

Key quote: “Went back to our mfg partners to product much more than we’d originally planned.”


TEAM +20% posting a strong beat & raise with Cloud revenue at 31% (+400 bps vs guide) and Data Center at 38.1%, (+310 bps vs guide)

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