TMTB: MRVL AVGO MDB DOCU Recaps; CVNA ug at RBC; COIN ug at GS; TSM sales; RIVN +ve shift; AMD mini NVDA; Huawei relies on U.S.; PLTR +ve; 3P roundup (W, LYFT, UBER, EXPE, BKNG)

Good morning. QQQs are trading +25bps after a stronger than expected NFP print (275k vs 200k) but higher unemployment (3.9% vs 3.7%). Yields are falling 1-3bps

A couple of not so exciting prints in AI land after the fireworks NVDA provided a couple of weeks ago. Last night, it reminded us of earlier this earnings season:

NVDA up another 3%+ early this morning as investors look at their NVDA sizing and ask why those can’t be bigger vs. less cleaner stories like MRVL. The opposite side of that argument: as we move through a potential bottom in MRVL in Q1 and past the GTC catalyst no one wants to sell in front of, one could argue from a narrative perspective MRVL/AVGO/AMD begin to look relatively more attractive as we begin to head into tougher NVDA comps. But that’s a story for another time…for now, $1k top of mind.

A nice ug to CVNA by RBC and we don’t think they’re the last sell-sider to do so.

Let’s get to it…

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MRVL -6% AI continues while legacy weaker pointing to Q1 trough

Overall, while legacy was weaker than expected, don’t think this changes much in bulls hopes and now we can see a line of sight to non-AI revs bottoming. Stock -5-6% but now just where it was 2 days ago. Bull will say: let’s not lose sight of bigger picture.