QQQs +1% as semis are ripping on the first day of CES, Altman getting bulled up on AGI, and news that Trump tariffs less onerous as well as some positive HonHai #s.
Busy week ahead…
CES: Jensen has the main keynote on Monday at 9:30pm est.(link) Sell-siders will be hosting meetings with most semi companies (First one - JPM has fireside chat with MRVL CEO a 9am est. and NVDA CFO at 11am est on Tuesday) NVDA Investor Q&A with Jensen at 3:30est on Tuesday. Also have SNAP’s CEO Evan Spiegel at 7:05est on Tuesday. Investors also expecting to hear some sort of ad-tier MAU update at CES from NFLX this week (last was 70M in Nov 24 up from 40M in May). 90M would be a good number. Waymo Co-Co keynote on Wednesday evening (watch UBER/LYFT)
Also get several sell-side software bus tours this week: JPM, BAML, Jefferies, ISI which should give us some color on how Dec finished up.
Friday we get DOJ and Tiktok presenting oral arguments to the Supreme Court. On macro front, we get NFP on Friday as well.
BTC +1%; yields flat to down; China +1%. Small thematic stocks (robotics, space, drones, etc. ) on the move again this morning (just check out ARBE +85% on an NVDA partnership).
Lot’s to get to so let’s dive in…
Trump Team Mulls Narrowing Universal Tariffs, Post Reports
Aides to President-elect Donald Trump are considering a tariff plan that would apply to all countries but be limited to specific critical imports, the Washington Post reported, citing three people familiar with the discussions who it didn’t identify.
If implemented, the plan would mark a significant narrowing of the universal tariffs of 10% to 20% that Trump had proposed during his campaign, a move economists expect to drive up consumer prices and distort patterns of global trade.
GS was out Friday mid day talking about Q1 better seasonal only down 2% vs st down 7% good
MSFT: Had a blog post noting $80B in AI spend for FY25. UBS confirmed with IR this was just annualizing $20B Q1 #, and not updated guidance.
3p Roundup:
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