TMTB Morning Wrap

May 31, 2024

∙ Paid

Good morning - QQQs +30bps as PCE came in inline this morning. Yields are ticking down and China is dn 2% on weaker mfg data. Some mixed prints overnight (DELL/MDB weaker, MRVL in line, ESTC/ZS better)…Let’s get to it…

Earnings Recaps

DELL -17%: AI server backlog and ISG margins disappoint significantly. Apr-Q AI server backlog of $3.8bn was below buyside…

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