Happy Sunday! We won’t spend too much time on the macro this week and hop straight into Thoughts/Positioning/Sentiment in TMT as we finish quite an action-packed Q1 of 2024. I have a feeling this won’t even be the most interesting q of the year. As you’ll see below, the main high-level theme we continue to see across all TMT sectors is one we’ve been writing about all year: the continued bi-furcation of winners vs. losers. As always, love to hear your feedback on individual names or high-level TMT thoughts. Let’s get to it…
TMT Landscape
Software sentiment remains mixed at best. We have been writing about the potential for AI-related spend to cause other areas of spend to slow down and the evidence seems to be pointing to an environment where that is happening. Over the last several weeks we’ve seen misses from a slew of companies: PANW, GTLB, ESTC, SNOW, FSLY, ZS, AKAM, and WDAY. Despite OCI strength, even ORCL guided for a squishy Q4 in the rest of their biz. To add fuel to the f…
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