TMTB Morning Wrap
Good morning. Futures +75bps continue yesterday’s rally led by Semis +2% while Software dn 50bps lags early. INTC +5% leading the way higher following Lip Bu Tan’s bullish JPM Conference appearance yesterday (we sent out notes here in case you missed it). The rest of AI semis strong as well with MRVL +4%, MU +4%, ALAB +3% among others as we head into NVDA earnings this afternoon.
Yields down 2bps across the curve while Oil -2.3% after comments from Trump last night that US will end the war with Iran “very quick;y” and VP Vance said the two sides had made progress.
Lots to get to, so let’s get to it…
ADI -1%: Looks solid with Apr Q revs 3% better than street and slightly above bogeys
Apr Q GMs 73% vs street at 72.2%. July Q guided 8% q/q growth at midpoint vs 10 year seasonality of +3%, about in line with bogeys. Implied GMs 73%, 150bps above street. Strength driven by Autos, Industrials slightly missed.
JPM TMT Conference Day 3 Schedule:
Been a good one so far and we wrap with SNDK and MU today…
