Happy Sunday! Quite a week with QQQs +6% and SOX +8% as AI names got their groove fully back following a busy week of talks at GS TMT conf and OpenAI’s o1 release. While things slow down a bit this week, we still have MSFT’s Co-pilot event tomorrow, and analyst days from CRM (Tues), WDAY (Tues), CRWD (Wed), HUBS (Wed) and GLW (Thurs). On top of all that, it’s Fed cut week.
We’ll dive into Bigger Picture thoughts first then get into some thoughts on TMT Landscape/names…
Bigger Picture - where do we stand?
Despite the rally, not a lot changed for us on the bigger picture as we continue to expect a choppy, but upwards trending market, and continue to gain confidence that good longs can work well in this market, which means we now feel more comfortable continuing to let our gross climb selectively. We continue to think the bulls narrative is “stronger and a good one.” Last week we outlined the bull case vs bear’s main case of weakening data/weaker consumer datapts/elevated valuation:
Bull…
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