Good morning - hope everyone had a good Thanksgiving.
QQQs +15bps; BTC -2.2%; yields ticking up 4-5bps across the curve.
Early BFCM datapoints look strong, AKAM/FSLY ug, Elon launching AI Game studio (U), SQ best idea at bernie, NVDA MSFT GB200 cancellation rumors, TSLA ug among other things so let’s get to it…
Black Friday data generally coming in pretty strong…
A few datapoints so far (h/t ISI for compiling):
SHOP: CEO Tobi said on X $5B (vs $4.1B last year) in GMV on BF. This is 22%, slightly below street at 23.8% and Q3 at 23.8%. However, Opco out with a note this morning saying that things got better on saturday and sunday (according to SHOP’s live clock), with all-in pace tracking to 25% y/y (30% of BFCM is Cyber Monday and still remaining)
Mastercard said online sales are +14.6%, ahead of last year’s 8.5%
ADBE Analytics said BF +10.2% vs their 8.1% estimate for holiday season and above 7.5% last BF
CRM said BF online was +7%, below 9% last year
Stripe saying about ~25% y/y growth
SQ: Bernstein raises target and makes new best idea for 2025
Keep reading with a 7-day free trial
Subscribe to TMT Breakout to keep reading this post and get 7 days of free access to the full post archives.