"This Isn't A Mean Reversion Market": 10 Observations From Goldman's Top Tech Trader On Today's Meltup

Some thoughts on today's tech juggernaut by Goldman TMT specialist, Peter Callahan

1. META: wow; tactical positioning had cleaned up into print given ‘expense’ concerns (this writer was also worried about the set-up) - against that backdrop: Ad revs accel (2pts to 22% y/y cc) + core biz’ momentum (Instagram video watch time +20% y/y globally) + catalysts ahead