QQQs -70bps after a poor showing from GOOGL -8%, UBER -5% and AMD -8% along with more trade war fears (China saying they could open antitrust probe into AAPL, EU saying they could target Big Tech in retaliation for any Tariffs). USPS out saying they are suspending shipments of parcels from China/HK. Yields ticking down 3-5bps across the curve. China -1%. BTC +2%.
In terms of read-throughs from prints last night:
NVDA/AVGO/CLS good read-through from GOOGL’s higher capex #. Weaker NT AMD GPU revs also +ve for NVDA.
Cloud: GCP miss comes on the heels of Azure’s miss. We’ll have to see where AWS comes in at tomorrow (bogey 19-19.5%). The upside: expects have come down and if AWS beats at the same time GCP/Azure missed, will help cement the burgeoning narrative of AWS as an AI leader.
SNAP called out weaker brand advertising (-1% y/y) - exposed names here are RDDT, TTD, ROKU
We’ll hit up earnings takes first (UBER, DIS, GOOGL, AMD, SNAP) then move onto research/news.
UBER -4%: Decent Q4 but Q1 Gross bookings/EBITDA guide on the low end of what buyside was expecting.
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