would imagine this is a top quartile QQQ > RSP spread day

feels like a long #$NVDA / short #$AMD pair trade gets a bit more compelling by the day

#$UBER has been straight line down from its earnings print jump

Employment increased in warehouse clubs, supercenters, and other general merchandise retailers (+18k) and in building material and garden equipment and supplies dealers (+13k). These gains were partially offset by job losses in department stores (-7k) and in electronics and appliance retailers (-2k)

#$DASH has completely faded a 10% earnings pop on what I assume is the downbeat earnings call from #$MCD ??

somewhat misleading article here as the "other income" line is not 1) mysterious nor is it 2) impactful to overall equity performance as its adjusted out / looked through by investors Driven by mark-to-market adjustments for Anthropic, OpenAI, and SpaceX ... #$GOOGL sitting on big paper gains

#$WHR bouncing off support from the 1986 summer highs

It was only a handful of years ago that a random company named #$NVDA tried to buy a random company named #$ARM

When #$ARM last reported the stock fell and bounced off the $100 per share level .. it comes into earnings today (3 months later) above $230 per share

A growing disconnect in the valuations between #$NVDA / #$AVGO and the rest of the semi complex (not including memory)

surprised #$ARM is not up more (again), but I suppose with earnings tonight some are taking profits ahead of the print

#$MSFT separating itself from the broader software sell off once again is something to monitor ... there are buyers back in the name

#$AVGO underperforming the broader semis move today as they don't have the CPU tailwind behind their backs

remarkable stat from #$UBER earnings this morning ... "Over the past three years, Gross Bookings have grown at a ~20% CAGR (i.e. 1.7x), while trailing twelve month FCF has grown at a ~115% CAGR (i.e. 10x)"

ANTHROPIC TO SPEND ~$200 BLN WITH GOOGLE OVER 5 YEARS - THE INFORMATION This has #$GOOGL flirting with $400 a share right now

very, very weak close in #$UBER ahead of tomorrow morning's earnings

To really get the #$SPY rolling like #$QQQ you probably need to get the banks ramping again

Real possibility we exit this week with #$GOOGL over #$NVDA as the largest market cap

will be interesting to see how the mkt reacts to tonight's print from #$PLTR .. will likely be a strong beat and raise, but not sure if that is enough (unchanged over 10 months). Public markets will obv pay up for growth, but #$PLTR's growth looks miniscule to what Anthropic and OpenAI are coming with

It is somewhat comforting that now, whenever I see a post about “here’s the thing that keeps me up at night” I know that there is absolutely no chance that this is being written by a human who is staying up all night.

JPM takes #$GOOGL capex to $293bn in 2027 (+54% YoY)

All about the hardware as they shift gears from a supply chain person to a hardware person at the helm

This assume ~$120bn in capex over the last two quarters of 2026

Amy Hood, CFO of #$MSFT, gives an apples to apples comp for capex ... they expect $190bn in capex in CY2026 (their fiscal year ends in June)

Bedrock comes in at 170% QoQ ...

#$GOOGL raises capex for 2026 to 180-190bn (up from 175 - 185bn) Anet Ashkenazi (CFO) also flags that 2027 capex will "significantly increase compared to 2026"

Meanwhile ... 30Y yields back to 5.00%

#$AMZN clearly paying up on capex but services boom has led to margin surge. Well understood but quantum is still shocking. Less talked about? On sales +15% sales, inventory barely +2% but payables +40%. Payables now record 3.4X inventory driving huge cashflow for #$AMZN

#$GOOGL ... incredible Search print 19% ... this time last year there were fears of this moving into the single digits Last year this quarter Search was sitting at 10% YoY

☁️ Google Cloud visualized. $GOOG

Surprised #$META is down as much as it is despite the $10bn capex increase ... Keeping total expenses for the year unchanged ... Last year's Q1 print saw Ad Impressions +5% YoY ... today they are printing +19% YoY

#$SBUX holding steady up 9%+ ... meanwhile #$EAT sitting at 15%+

Powell indicates he will continue to serve as a Governor after his term as Chair ends

An interesting comment from #$SBUX mgmt last night as they highlighted they are seeing spend growth across all income cohorts, including low income cohorts ... which is a segment that has given many fast food or QSE concepts some challenges

Heading into tonight’s blockbuster earnings prints I expect some fireworks between the three cloud players as the battle for customers and more specifically inference workloads ratchets up … we got a preview of that last night from the team at AWS

I expect #$MSFT to catch some people offsides on their guide for FY27 capex ... important to remember the end of their Fiscal Year is after June. They sometimes hint on the call after the March qrt (Q3) the directional expectations of the next FY capex

On the other hand, I expect positive headlines from the OpenAI camp later today at this AWS event with Matt Garman (hinted at by Andy Jassy yesterday) aws.amazon.com/events/whats...

One could argue it's a good thing that more people have say on OpenAI's commitments / spending. This article confirms why OpenAI pulled out of a few DC's (which #$MSFT scooped up) However, I think this is the 3rd article in not too long discussing Sarah Friar's disconnect with others in the company

I think the market is now getting this right with #$MSFT slightly in the green

#$MSFT getting hit hard on this press release. Not sure if that is the correct read tbh ... #$MSFT no longer paying a revenue share to OpenAI should be viewed as bullish

Intriguing piece out this morning from Vivek Arya at BofA pushing for #$NVDA to increase shareholder returns. The thesis argues that this will broaden stock ownership across div/income oriented funds, alleviate unexpected M&A concerns, and support a multiple re-rating

👑

#$ARM and #$NVDA making new highs as #$INTC and #$AMD settle in ... I am surprised #$ARM is not up more tbh

#$AMZN all time high

well that didn't take long ... www.aboutamazon.com/news/aws/met...

up again this morning post yesterday's print ... one of the best charts I've ever seen

Given what we are hearing from multiple CPU players, I expect commentary from #$AMZN about their Graviton chip next week to be extremely bullish. This ties into the strength I mentioned recently about their Bedrock platform on AWS

Here’s my view on GPT-5.5, which I have been testing for a couple of weeks. It conducted not-bad social science research on its own, developed a novel RPG & more. There is still jaggedness but GPT-5.5 Pro is (for today) the best model for hard problems. open.substack.com/pub/oneusefu...

#$INTC ripping on massive beats / guide

Copilot finally works in the office apps ... what a day #$MSFT