TMTB: PINS GOOGL ad units ramping; STX MS ug to Buy; MSFT PT to $500 at Wedbush; 3P Roundup (Cloud, CVNA, VMEO, LYFT/UBER); DKNG +ve initiation; TSLA FSD free-trial/Bernstein lowers #s; ADBE summit;

Good morning. QQQs are bid +50bps this morning as BTC flat, China +1% and yields ticking down slightly. ADBE Digital summit today and OFC continues. Let’s get straight to it….

PINS +3%: Piper says that new ad units suggest GOOGL partnership may be testing in the US

Piper says they’ve observed multiple new GOOGL ad units on the PINS app, which they think is being tested in the US. They find this to be notable given 1) this is a faster rollout than the AMZN partnership and 2) GOOGL was initially mentioned as an international partner so seeing the US rollout is impt.

TMTB: As we called out in our EOD note yesterday, this was rumored mid day given an MS call with Ben Legg calling this out. PINS has been a laggard intra-q and funding short for pods, but a faster than expected GOOGL rollout is a big deal and we don’t think investors will want to stay short for the print. We continue to like the medium-term story here.