TMTB: MSFT keynote; ChatGPT pauses new signsups; IFX beat and guide down; JD +ve; China up; AFRM bulled at Mizuho; WIX ug at Barclays; Citi cc data accels; SE defended at Barclays; NVDA bogey ~$20B
Good morning. QQQs are continuing their rally this morning up 60bps following a weaker PPI. Some good China eco data over night as retail sales and industrial production both came in better than expected and China is up 1.5%. Treasuries are down small after the massive rally on Tuesday with yields up 1-5bps across the curve. The dollar is up 20bps and BTC up 2%.
Pretty quiet morning but let’s get to it:
MSFT - Ignite opening keynote is at noon est.
Investors will be focused on 1) any color/commentary or deal wins around Copilot GA; 2) more details on MSFT’s internally developed AI chip (code named “Athena”)- watch MRVL AVGO or other Asia vendors if we get news about suppliers. Key question will be what % of AI workloads would be on each chip…3) color/commentary around Azure/AI, trends, AI tailwinds for next year, etc.
MSFT/Open AI - ChatGPT pausing signs up as surge in usage has made experience slower…
Another datapoint pointing to continued high demand for GPUs….Also hearing a 3p firm was also out with a note yesterday calling out a big ramp up in ChatGPT usage in Oct (before dev day and not driven by students) - impact to GOOGL so far negligible but something to watch going forward…
Initial NVDA bogeys landing around ~$20B for Jan rev guide.
3p Roundup:
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