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#ai is likely to alter this $300 Billion market significantly and increase problems for #google #openai #perplexity #amazon #siri

FedEx misses Q1FY25 est. on lower than expected volumes and mix shift to lower margin shipments. More disappointing was the miss on cost reductions, the main pillar of our positive thesis. Mgmt. lowered EPS guidance only slightly which makes the estimates vulnerable to further cuts. $500 MM headwind from the loss of #usps contract will also start getting visible in 2QFY25. The outlook continues to hold some risk as volumes are guided to grow in the remaining quarters even as the global economy remains sluggish. Cost cuts ($2B in FY25) expectations would have cushioned that risk, but this quarter's miss on costs lowers confidence. However, we remain positive on the story as: 1) Mgmt. reiterated intention to look at strategic options for #fedexfreight (Less than Truckload) business. With publicly traded LTL peers trading at ~10-13x EV/EBITDA and hashtag #fedex trading ~6x, a LTL spinoff or sale would certainly unlock value. 2) Cost discipline should be back on track and support the margins until volumes inflict higher. 3) When volumes do return, the high operating leverage thru cost cuts could result in huge earnings upside. #ups #dhl

Oracle posted solid Q1FY24 numbers with #oraclecloudinfrastructure business accelerating 3% points to 46% YoY. Stock reacts positively with >10% gain. With #cerner acquisition lapping a year, growth rates are now normalized. FY2024 capex guidance raised to $15B from $10B and on track to more than double from FY2023. While these investments will pressure margins, #oracle can ill afford to fall behind in the cloud race given its tiny market share (3%) against other #hyperscalers : #azure ~33%, #aws ~45%, and #googlecloud ~ 19% High profile partnership announcements continued with Amazon Web Services (AWS) and Google Cloud now becoming hosting partners. Recall, #OpenAI and #nvidia partnership announcements over the previous two quarters generated positive momentum and we expect the same post Q1FY24 as Oracle's #AI relevance grows.

Marvell Technology data center business (primarily #ai driven) nearly doubled from last year and non-data center segments finally see some respite from their freefall over the last 2 years. The exciting part of guidance was the expected resumption of growth (mid single digits) in non-data center businesses in 3Q24 with mgmt. confirming that 1Q24 was the bottom. #marvell story should get supercharged now as a cyclical rebound in non-data center businesses combines with secular growth of data center... looking forward to it! #artificialintelligence #enterprisenetworking #carriernetworking

NVIDIA beats and guides slightly higher than consensus for 3FQ25. While the magnitude of the beat and guidance raise is the smallest in 5 quarters, market seems to have digested the change quite well. We continue to view #nvidia as a long term play on our high-conviction #ai theme. With ~ 80% market share and 3-5 year indispensable investment cycle from enterprise still ahead, this story is likely only pausing if at all. It's new #blackwell chip is reportedly 3-4x more powerful than previous version and next-gen #artificialintelligence models are likely to need ~10x more compute power. Not over yet! Nvidia Revenue performance 👇

CAVA sizzles with Same Restaurant Sales (SRS) up a stunning 14% for 2Q24 and raises 2024 guidance on all major metrics! #fastcasual segment continues to broaden appeal with #cava offerings being received very well. While we expect this story to continue gaining strength over the long-term, the meaningful raising of 2H24 SRS guidance does present short term risks that investors will have to navigate through... #healthyeating #mediterraneanfood

Connected TV (CTV) is gaining share and growing its total addressable market (TAM) - huge opportunities for #streamers and platforms still to come... #roku #tradedesk #firetv #androidtv

Topgolf Callaway Brands again disappoints big with Same Venue Sales (SVS) for #topgolf getting worse at -8%. Given that growth at Topgolf was central to our buy thesis, the continued deterioration in that business essentially breaks our thesis. While there is always a chance that business may rebound, our conviction is low. Game over...no mulligans left! #callaway #pgatour #livgolf

Roku beats 2Q24 est. and shows initial signs of a recovery in the advertising market. While platform revenue growth for 3Q24 is guided to slow to 9% vs 11% in the current qtr., growth is expected to pick up again in 4Q24 and beyond. For the 4th consecutive quarter, EBITDA and FCF growth was positive. Other highlights include: 1) Continued expense discipline (- 2% on +14% rev growth) 2) Continued active accounts growth; 83.6 M globally now 3) Share gains in #smarttv continued; Ytd U.S. unit share > next 3 operating systems combined ( #firetv #androidtv ) 4) Expanded #roku branded TVs availability - at #target now 5) Mgmt. reiterated that spending on #originalcontent will stay secondary to third-party licensing Although #streaming continues to take share from #cable and #broadcastmedia , #advertising environment is still challenging. While we expect the nascent recovery to gain speed, patience will likely be needed for the story to play out. Meanwhile, cost discipline and continued engagement growth should provide support to the stock at current depressed levels.