Message from earnings is rather constructive compared to current macro fears. Most big tech names Apple, Amazon, Microsoft, Tesla, Google, ASML, TSMC just to quote a few, came with strong numbers and constructive comments. ASML and Tesla have no problem with demand but with supply. However, bottlenecks issues seem have been unwinding in the last two weeks. We were positively impressed by Apple overall resilience despite a marked slow-down in demand for Macs and wearables. Both Tesla and Apple are doing an outstanding job maintaining supply opened and beating their production targets in a difficult environment.

On the negative side, Meta was hit again by a fall in advertising revenues. Intel came with quite ugly numbers caused by high exposure to PCs. Underinvestment for the last 5 years compared to competitors is burdening the pace of the turnaround engineered by the new CEO. Interestingly, bad results did not cause a share price collapse, indicating a lot of the bad news was in the price.