US TMT Quick Hits and Mag 7 Update

The report highlights a tech-led market rally driven by AI earnings (Cisco, Nvidia) amidst poor overall market breadth and high retail participation. It provides a detailed mark-to-market analysis of the 'Mag 7' stocks, noting specific catalysts like Apple's seasonality and Amazon's cloud-driven breakout.

Key Takeaways

• 1.AI-led earnings, specifically from companies like Cisco and Nvidia, continue to drive market indices higher despite macro headwinds like oil prices and interest rates.
• 2.The market is experiencing 'bad breadth,' with the S&P 500 up ~4% in May while only ~35% of stocks are in positive territory.
• 3.Retail trading activity remains high, recently accounting for approximately 20% of total US equity trading volumes.

Table of Contents

• Notables & inbound today
• Bad breadth
• EU Tech
• Retail
• Mag 7
• NVDA
• GOOGL
• AAPL
• MSFT
• META
• AMZN

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