Our bullishness on tech and AI trade remains unchanged to own the winners on this multi year $3 trillion to $4 trillion spending theme over the coming years…those companies that show monetization and execution will be rewarded, but others penalty box @CNBCClosingBell

Our bullishness on tech and AI trade remains unchanged to own the winners on this multi year $3 trillion to $4 trillion spending theme over the coming years…those companies that show monetization and execution will be rewarded, but others penalty box @CNBCClosingBell

A very nervous week for tech investors with Big Tech earnings showing massive cloud and Capex spending…but disruption on advertising (Google), memory/PC (Intel) and software (ServiceNow, Fortinet) showing softness during this massive tech shift @CNBCClosingBell 🥊📺

A very nervous week for tech investors with Big Tech earnings showing massive cloud and Capex spending…but disruption on advertising (Google), memory/PC (Intel) and software (ServiceNow, Fortinet) showing softness during this massive tech shift @CNBCClosingBell 🥊📺

Great to be on @CNBCClosingBell with @TheJudgeCNBC discussing the Anthropic IPO and the tech sell-off today in the market with tech stocks under massive pressure. Great to be on with @AswathDamodaran 🏆🥊🐂📺🧱🥊👇 @CNBC @CNBCtech

Great to be on @CNBCClosingBell with @TheJudgeCNBC discussing the Anthropic IPO and the tech sell-off today in the market with tech stocks under massive pressure. Great to be on with @AswathDamodaran 🏆🥊🐂📺🧱🥊👇 @CNBC @CNBCtech

The disruption caused by AI is on full display during tech earnings and the uncertainty around which names and sectors will be the disruptors vs the disrupted. As we have said in this AI transformation it’s not a straight line upward, but winners remain and our bullish thesis unchanged

The disruption caused by AI is on full display during tech earnings and the uncertainty around which names and sectors will be the disruptors vs the disrupted. As we have said in this AI transformation it’s not a straight line upward, but winners remain and our bullish thesis unchanged

This AI Revolution will be very disruptive to many sectors of the tech food chain and monetization is not overnight….but we continue to believe 2027 is the major inflection year where AI monetization starts to justify the capex dollars. Cloud numbers and Capex strong…key piece

This AI Revolution will be very disruptive to many sectors of the tech food chain and monetization is not overnight….but we continue to believe 2027 is the major inflection year where AI monetization starts to justify the capex dollars. Cloud numbers and Capex strong…key piece

AMAZON $AMZN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $201.9B (Est. $202.3B) 🟡; +12% YoY 🔹 EPS: $1.89 (Est. $1.96) 🔴; w/ Anthropic gain 🔹 Operating Income: $28.1B (Est. $26.2B) 🟢 🔹 AWS Sales: $46.0B (Est. $45.4B) 🟢; +39% YoY 🔹 CapEx: $77.3B (Est. $57.47B) 🟢 Q4 Guide: 🔹 Revenue: $240.0B-$247.0B (Est. $244.5B) 🟡 🔹 Op. Income: $28.5B-$33.5B (Est. $33.1B) 🟡 🔹 Revenue Growth: +12%-+16% YoY Segment Net Sales: 🔹 North America: $112.9B (Est. $113.39B) 🔴 🔹 International: $43.1B (Est. $43.21B) 🔴 Other Q3 Metrics: 🔹 Advertising: $19.6B (Est. $20.87B) 🔴 🔹 Subscription: $14.0B (Est. $13.69B) 🟢 🔹 AWS Operating Income: $17.8B 🔹 Free Cash Flow (TTM): -$42.4B Key Updates: 🔹 Anthropic: $9.5B pre-tax gain in Q3’25 included in non-operating income 🔹 AWS: $184B annualized revenue run rate; over 39% YoY growth 🔹 AgentCore: Tens of thousands of customers; 2x more agents deployed in Q3 🔹 Alexa for Shopping: 400M+ customers; interactions up 570% YoY Comments: 🔸 “Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028”