TMTB Morning Wrap
Good morning. Futures +47bps as not much on the macro front this morning. Crude +1%. Yields downticking 1-3bps across the board.
Asia generally up: TPX +1%, NKY +2.68%, Hang Seng +0.86%, HSCEI +0.89%, SHCOMP +0.87%, Shenzhen +2.23%, Taiwan TAIEX +2.17%, Korea KOSPI +0.41%. Softbank +12%.
Software and Semis both leading the way higher this morning.
Will send out TTWO/WDAY/ZM Recaps shortly — still finishing up there as there was a lot to get to this morning.
So let’s get to it…
SPOT
Stock +13% after analyst day yesterday announcing the rumored product launches bulls wants and giving solid 2030 Guide: Mid-teens rev CAGR, 35-40% GMs, 20%+ op margins, ahead of street. SPOT’s landmark licensing agreement with UMG recorded music & music publishing enables SPOT to launch a tool for users to create covers and remixes, which will launch as a paid add on for premium subs and be margin neutral to accretive. Bulls coming out of this event very happy and saying this shifts SPOT into “AI winner bucket”. Bulls sitting at ~$35 for 2030. Here’s their framing on valuation: