Liontree Weekly Update
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Liontree Weekly Update
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202620252024

The tech landslide continued this week with Nasdaq falling -1% (the S&P 500 fell -0.4%). February was Nasdaq’s worst month since March of 2025 and the carnage on Monday was of particular note (see Theme #2). Earnings was a focal point yet again (Week 6!) with all eyes on Nvidia’s print in particular (see Theme #3). We also had key updates out of Media Entertainment, Ad Tech, Live Events, among others. See below for what we focused on in this edition.

This was Week 5 of the TMT earnings storm. In total, 17 stocks in our LionTree Universe reported. Unlike the last 2 weeks, stock reactions skewed positive this week, with 9 stocks trading up and 8 trading down. The best performer in reaction to earnings was Omnicom, which was up +15.4% (see Theme #7), while the worst performer was Wayfair, which fell -13.0% (see Theme #7).

It was another week where concerns about AI disruption reverberated through the markets and dominated many of the earnings call across the sector. In most cases it has been a shoot and ask questions later mentality for investors and it can be difficult for many mgmt teams to disprove an AI bear thesis given we are at the very early stages of even understanding all the upstream and downstream implications.