TMTB: ORCL First takes; EOD Wrap

Good afternoon. QQQs +70bps as the big story today was the massive move in AAPL through $200 to all time highs as investors got excited about potential upgrade cycle given AI features won’t work on iPhones previous to IP15. Despite the run up in WWDC, expectations are still muted for what an upgrade cycle will look like and stock is still majorly under-owned. Also talk that XLK re-balancing now less likely to happen as the spread between NVDA and AAPL getting tighter. The chart breaking out from a 1 year consolidation and gotta say it looks pretty good.

ORCL revs/eps a little light but key is RPO +44% and guiding F25 revs above street on strong AI demand (dd growth vs street at 9%). IaaS/cloud revs a little light but fwd looking commentary will outweigh. This will be looked at favorably — we wrote in our weekly if mgmt delivered a 2nd consecutive AI beat, they would be assured a seat at the very rare SW AI winners table where MSFT dines alone (PLTR maybe at the kids table). Despite…