AAPL shares are up about 12% over the past month on little concrete news, as analysts looked to brighten the narrative. We remain skeptical. Today’s big AAPL event was underwhelming, with no product likely to spark significant new demand. Meanwhile,
January was hard on high-multiple TMT stocks, and thus, our model long portfolio, which underperformed the tech elements of the S&P 500 by -690 bp since our last update. In particular, the market reaction to signs of deceleration in demand
Cybersecurity attacks have been growing more sophisticated in recent years, making headlines with major breaches that have compromised the personal information of millions. However, beefed up spending on security hardware and software have done little to stop cybercrime, as more
TWTR remains in a jail of its own making, languishing at multiples incongruous with its torrid sales growth and expanding margins. Given GOOGL and FB’s very strong ad growth, and press reports of sales well above plan, we expect a
No one said it would be a smooth ride. The SaaS subsector hit a massive speedbump on Thursday night, as a sharp deceleration in contract signings by DATA and soft guidance by LNKD took 40%+ off of their market caps
Of the top 10 US TMT companies by market cap today, just 5 were on the list a decade ago. AAPL, AMZN and FB were nowhere to be seen, and GOOG had just edged onto the list at #10. Meanwhile,
We have strong conviction on the near-term opportunities created by paradigmatic changes across the TMT landscape – i.e. Web scale cloud data centers, streaming on-demand media, native digital advertising, increasingly fast and efficient mobile commerce, falling competitive barriers in wireless
With ~$250B in annual gross merchandise volume (GMV) and more than 250M active customers, AMZN, already 3x the size of its closest US online rival Ebay, is responsible for nearly 20% of global e-tail sales and is on a trajectory
3Q15 earnings season played out mostly, but not entirely, along the lines that we saw in 2Q and highlighted in our preview note from Oct 13. 1. Linear TV metrics were bad, but perhaps, not as bad as had been
QCOM traded off 9.4% on Wednesday after revealing that the South Korean government had opened an antitrust inquiry into the company’s patent licensing practices in the country. As we have seen with Qualcomm’s protracted negotiations with the Chinese government, even
