Beat, Raise, Down 18%: The Punishment Phase Is Back

The structural read behind today's Morning 10 — the software half of the night's damage, what the three different sell-offs have in common, and the memory test that is running in parallel.

What the pre-market is doing

As of late pre-market, Datadog trades near 232 against a 283.17 close — down about 18% — after beating on every line, raising its full-year outlook, growing revenue 36% year over year to $1.12 billion and printing $279 million of free cash flow. AppLovin is down about 19% at 338. HubSpot has deepened overnight’s fall to rough…