Bloomberg Intelligence Senior Analyst for E-Commerce Poonam Goyal discusses Amazon posting robust sales and profit growth as they indicated that its cloud unit is regaining momentum. Terrence Yang, Managing Director at Swan Bitcoin, shares his thoughts on Sam Bankman-Fried testifying at FTX fraud trial. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Social Media Reporter Aisha Counts provide the details Aisha's Businessweek story Elon Musk’s Year of Owning X Made a Mess of Twitter’s Business. And we Drive to the Close with Eric Clark, Portfolio Manager at Rational Dynamic Brands Fund.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

FULL TRANSCRIPT:
This is Bloomberg Business Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus gloom O Business Finance and tech news the Bloomberg Business Week Podcast with Carol Messer and Tim Stenebek from Bloomberg Radio. Just all right, folks, were staying with the markets, and actually really two particular names, because as we just talked about, we've got stocks near their lows, some nervousness, the S and P ten percent down from its peak in July. But if you look at something like an Amazon, which makes up about five and a half percent of the Nasdaq one hundred, nearly three point four percent of the S and P five hundred earlier, helping send stocks hire in the session, you've got Amazon really rallying in a big way and holding on to tim most of its gains today yep, seven percent as we speak, help sending stocks overall higher at least earlier. In this from Carol, although the broader market has slipped since then. Intel is also higher on the day today. The company in the midst of attempted to turn around, in which the CEO Pat Gelsinger commented on saying the chipmaker is quote clearly coming back. We're gonna spend this time right now taking a look at both of these two very closely washed companies in the tech world. Let's start with Amazon. Let's do that and with us right now is Punam Goyle. She is Bloomberg Intelligence Senior analyst for e commerce at Leisure, off Price Retail on Zoom from New Jersey. Punham, I'm so glad we have you here. As we always do when we want to talk to Amazon, you focus on the retail side of this company, but to be fair, you look at it holistically. What was the impressive or what impressed you about the earnings and the color on the business when it comes to Amazon. Yes, thanks Carol. So there were really two things. You know, Amazon has two really big businesses. One is the cloud business and one is the retail business. And let's start with the retail business. I think the retail business it particularly well built. On the one PE and three P side. Sales are much stronger than expect did and that's a really good sign going into holidays, because we know that the consumers are clearly stretched for their dollars, but they're finding value in Amazon. Amazon's able to push this value again to them through crime days and deal days that they'll have I think throughout the Christmas season with Black Friday, Cyber Monday, etc. So we think that's good going into holiday. And then on the AWUS side, the fact that they were more optimistic than their peers on the cloud business thing strength with stabilization was really encouraging to hear on the call, and we are very positive on the cloud business longer term. The margins there thirty percent plus were obviously nice to see too, and we do think that cloud business in the longer term with scale will be over forty percent. So put them Why did sales for AWS just missed expectations? And I was a little confused by this move yesterday I said it on air. I thought AWS was kind of everything, and that's you know what either it beat or missed was what moved the company's stock. Why are you optimistic and why are investors still pushing shares higher even if there was that miss on APUs? I mean, I guess it depends on how you look at this, right, So twelve percent versus the twelve point four percent estimate, in my eyes, isn't really a bigness it was in line with what they did last quarter, meaning the second quarter. So the twelve percent gains relative to what we heard at both Google and Microsoft wasn't that bad. And I think really the icing on the cake here is on the call when Andy Jazzy came on and he spoke about how that they're seeing stabilization from those trends even into the fourth quarter. I think that was just really encouraging. We all know that spending will pick up in a matter of time. Businesses have to move towards integrating more cloud into their network as well as they need to spend more on AI. So Amazon is very well positioned for AWS growth in the longer turn. And the fact that they are stabilizing was good news to us and I think that's how the market received it too. Can you make the Amazon Ai connection here? I think a lot of people might not be familiar with why you know boush and AI will help AWS. Yeah, so boost and AI helps not only a WS, but it also helps the retail text business. So when you think about what AI does, it basically helps build the models and interpret data and models for businesses. So the fact that AWI can lean on new AI technologies and embed that into its infrastructure. It's going to help companies use that and leverage that in their own businesses. The retails side, oh keep going, no, no, no, keep going, keep going. On the retail side, you know, AI has been doing phenomenal things, especially generative AI, where it's helping you predict demand, it's helping you streamline inventory, and it's helping you personalize, which is describing conversion higher and industry that typically, especially online, it's very low conversion rates. So does it make sense that I always think about, you know, when we first learned about AWS and they start breaking it out right because of all the streaming that was going on, and you're like, I don't really care who supplies the content. We're just making sure we have the pipe to get it to you basically, right, And that's what AWS was just so involved in the early days. Is that kind of akin to with AI that people are going to need the infrastructure, the backbone, and are they going to be involved in that part. So it's software, right, So AI basically it's software that's powered through AWUS and that they're integrating and embedding into the cloud platform. So as businesses need to become more agile and move on to the cloud. AI can only be done on the cloud, so you need that, you need that support. And for businesses that don't have it, which money don't, they will need to either tap into Amazon, Awus or Google or Microsoft in one of them. But keep in mind Amazon is the largest cloud rider of the thirty. All right, good stuff, as always, so appreciated, Have a great week and put them Goil Bloomberg Intelligence, Senior analyst for e Commerce at leisure and off price Retail on zoom from New Jersey. You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern Listen on Bloomberg dot com, the iHeartRadio app, and the Bloomberg Business App, or watch us live on YouTube. Well going on in the world of crypto this week Sam Bakman freed testifying at his own fraud trial. He says a lot of people got hurt over FTX, so that he's not entirely sure about the FTX. Alameda Fund flows. Alameda, of course, is the hedge fund, and then there's also the actual crypto market. Carol Bitcoin enjoying a solid week up roughly twelve percent, and you know you got you got to kind of throw that number out there with six two thousand one. Oops, that was Yeah, that was the past. You gotta throw that number out there with the understanding that it trades twenty four to seven. So if you say that number and you know you gotta, you ought to always be looking at it. It's all happening amid hopes of fresh demand from the possible approval in coming weeks of the first US ETF investing directly in bitcoin. Gotta tell you, we got a live blog that's tracking the testimony and what's going on in the courthouse today. Let's get to it though. We've got our weekly check on the world of crypto. We have with us Terrence Yang, managing director of Fintech, Law, Tech Privacy at Swan Bitcoin. It's a platform that allows people to buy bitcoin, including in iras, and he is joining us on Zoom from Los Angeles, California. Terran's nice to have you here with us. I feel like the world of crypto is focused and maybe rightfully so, on what's going on with SBF and FTX. What about the trial and the testimony are you watching very closely? And maybe what it means potentially for the crypto world going forward. I am watching closely. Great to see again, Carol. Bottom line, I think a couple of things. Defense finally present their case. When they do the cross examinations right, it's usually to create doubt about the credibility of the prosecution witnesses. It is not to present their case. And now they're doing that. I think Sam got very lucky and the defense countcil got very lucky to have sort of this mock trial profit yesterday with a judge, and now Sam seems to be doing a better job. He has a tendency to me under, but he's getting the point across. Do you know him, Terrence, You're you're kind of you're talking to You're using his first name and whereas a lot of people you know use his initials. Do you know Sam Bankman freed? No? No, I do not. But how are you following the trial? I follow through X They have a lot of goods, good information, but also at Bloomberg dot com and some other sites. I agree about Bloomberg dot com. There's some great stuff there. Our lifelog is really really good. Now I'm just curious because it's you know, we we're not getting We have to rely on you know, reporting from there, whereas in so many other instances we can actually watch live feeds from what's going on in the courtroom, and you know, we rely on court sketches and impressions Carol from our reporters who are there. So it's you know, it's a different experience I think for people who are observing you don't you know, you don't necessarily see the way he's feeling, at least according to our own interpretations. So talk more about about what you're seeing and what you're reading from the trial. Terrence. Yeah, sure, So based on what I'm reading and seeing, the defense is presenting a case since presenting the case that Caroline is basically the one to plane did not hedge he had doubts about her abilities right, and its thinking of shutting down Alameda and other things. So you just need really one juror to get a hung jury. One jur who thinks there's reasonable doubt does not cave. So someone who's a little bit strong minded, because it would be eleven to one. But that can happen, and then on retrial, what might happen with the black rock and fidelity ATF's happening. Arguably, we're in a bull market FTX with John Ray, who's excellent in my opinion, at this sort of thing, clawing back assets, maybe doing a turnaround and so forth. You could have a situation where maybe people don't care as much because, for example, the investment anthropic and other things mean that everybody gets paid, or at least the FTX investors get paid whole kind of cents on the dollar that's possible by the time they retry, and so that might be how he gets off. See it as kind of a two step process, just because there's so much evidence against him. Terrence. What's productive though for the crypto industry here in terms of the outcome of this trial specifically, so I part ways with my crypto friends, some of them are friends with in real life even today, but I am bitcoin only and I think that there needs to be and there will be massive cleanup in crypto. You see that with Senator Lummis and others kind of asking the government to the DOJ to the side kind of get off the block or not and just issue indictments or make a decision on CZ and finance. But also tether I think Tether's okay, but I don't want to get into that. I think the main point is we have massive tailwinds for bitcoin because of Blackrock, Fidelity and two other trillion dollar plus asset managers all applying for a spotpitcoin ETF and that looks like it's going well. On the other hand, you have crypto which has destroyed many Americans, especially poor and middle class, of their life savings through these pump and dumps, these digital penny stops, that these casinos are basically underregulated, casinos are basically shilling on the American public, and that does not looks so good. I think that's less promising because of all the securities violations and allegedly crimes against committed by SBF potentially as cz in Binance will see a fee. Actually, are you worried about the implications of people changing the way they're thinking about crypto because of SBF and other people who are in the crosshairs of law enforcement Terance that people are saying, Okay, I'm just gonna throw in the towel, because well, look look at the performance and two sure and two look at the people who we thought were reputable. I mean, they named stadiums and had Super Bowl ads. I am not. The reason is because I'm a long term believer in bitcoin. I think five to ten decades out bitcoin should be very valuable. There are other threats to it, with Finsen and other things that the government's doing that's not good. It's under reported for now. I'm sure Bloomberg will fix that and others. But bottom line, I'm not worried because look, there's been a mess, was a massive bubble in twenty twenty one and crypto and bitcoin and the fallout from the bear market and the destruction, and there needs to be a cleanup. I think it's really naive to think that, you know, this is bad for bitcoin, because bitcoin has enduring values and it doesn't have a CEO. It's not a security Hey, terms, forgive me for jumping in. We've just got a couple of minutes left here. But I'm thinking, you know, there might be people listening or watching are broadcast right now listening to you and say, yeah, I get it that there needs to be a cleaning out. That makes sense, right. We certainly saw that in the Internet, you know, in dot com bust, right, there were some things that really made sense and there are a lot of things that didn't. Having said that, you know, you're at SWAN Bitcoin and you're of course going to say bitcoin is the one to follow, and that has legs here. So what would you say to somebody like that that you're basically forgive me, for lack of better words, talking your book. No, no, I am talking my book. I think you do want people to talk their book and reveal it and explain it. I used to be in crypto. I was retired when Corey Klipston, our wonderful founder and CEO, pulled me like made a job offer to come out of retirement. So a lot of time, you're two younger. I was paid on Wall Street. I'm older than I look, and I was overpaid on Wall Street. And I was living frugally taking care of my aging parents. But anyway, so bottom line, I would say at SWON, we have people on a mission to help other people get bitcoin before Wall Street and government supply on the bitcoin. If we're right, and I think we are, that this is the ultimate hard money asset for the future because it's digital, it's bare, it's very hard to stop, very hard to confiscate and take away and incredibly finite at only twenty one million bitcoin. So in my view, it's okay to be have a view, but you have to reveal why and you have to justify it, like defend your position right. Transparency is going to be crucial. But I still try to get my head around this idea of the purity of what bitcoin and maybe blockchain are supposed to be. You know, but then are you opening up doors to a lack of oversight and then problems? So then how do you balance that with some kind of oversight that really makes it safe and secure. But that's going to be something we have to hold for next time and a future conversation because we do have to run. Terrence, thanks for spending time with us. Terrence yang Maaging director a fintech law tech at Privacy over at Swan Bitcoin, as we said, a platform that allows people to buy bitcoin, including their iras, which would really open it up to a lot of people. You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern on Bloomberg Radio, the Bloomberg Business app, and YouTube. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa playing Bloomberg eleven thirty. All right, it's hard to believe that a year has passed since Elon Musk bought Twitter. It seems like three years to be honest. Anyway, since then, he has made the social media service smaller in almost every way. About thirteen percent fewer users signed on each day in September compared with the last October. That's according to some data from aptopia. Yeah, also, Carol, I don't like it anymore? Can I just put it out there? Yeah, that's fair. I think that's fair to say. The company employs about fifteen hundred people yep, down from seventy five hundred days that Musk bought it. And this is probably perhaps most relevant in my life. I was relatively early on Twitter, and it was like such a place for journalists, such a place for media professionals, news junkies. And Elon has totally deprioritized news. It's like a place for I don't know what, the hustlers and I don't know. And then there's the name. Yeah it's called X now I guess yeah, I'm not going there, so let's get to it. Yeah, I should count as a social media reporter for Bloomberg News. He writes for Business Week about it. Elon Musk's year of owning X made a mess of Twitter's business. She joins us on Zoom from San Francisco. Check out her story. It's online at Blomberg dot com, slash business Week and also on the Bloomberg terminal. Also here is the editor of Bloomberg Business Week, Joel Webber. He's in our Bloomberg Interactive Broker studio. Joel. This was the longest year. That's definitely one way to describe it. So, yeah, this week, it's been one year since it became official and Elon walked into the place with the sink memorable way to begin. I remember that, Yeah, we didn't we didn't forget, and you know, look like this has been something It's been something right and there were many things about the Twitter business that weren't successful. But what we're looking at now is kind of a shell of itself. That doesn't mean that it won't change yet and that maybe he's cut so far to bone that there's a growth opportunity that remains, but that is you know, this has been a different experience than I think most people when they look at what Elon has built. You know that he builds things, and it doesn't feel like it's necessarily off to that start here I issue right, Yeah, as you mentioned, it's just a very different place. It's a very different feeling. I feel like the types of content that are promoted or at least that I see in my feet are different than they were, you know, a year ago. Right, Like there's more information. I feel like there's more hate, Like I get a lot more spam in my dms, and like people commenting hateful stuff on stories or posts that I put. So it's totally totally different. It's a totally different feel, which is kind of sad in a lot of ways. And then I honestly could never get used to calling it X. I feel like I still call it. I hate it. I can't or I'm like you really feel careful. It's just like because every time we do it like X, well you know we mean Twitter, Like it's just crazy. But I do you think like if you're if you're Elon and you've and you bought this thing and you want to change the conversation, not unlike you know, his cage mask match Nemesis over at that place Facebook or meta changed. Change the conversation. And one way that you can do that is to take the name. And you know, we still call Google Google, but you know, technically it's alphabet and like look again and again and again. There's a playbook for this, and you change the conversation. But you know, X is not Twitter, and you know we I think it's reflected, but I what I search for it on my phone. I can serve Twitter and it pops up still, right, Wow, that's maybe because I downloaded it recently. Yeah, yeah, because I try to always give it up a little bit. I'm just sorry you were you were going to jump in there, go ahead, please, I'm just going to say the same thing. Even on the web, right, you look up Twitter and it pops up, and even some of the links that they post to like their policies, it still says like Twitter dot com, slash whatever. So I feel like they're still sort of I mean that the name brand right of Twitter is just so strong and so powerful. Well, maybe there's a chance that it comes back still, so what is you look like the numbers there were staggering in terms of the number of employees. It's kind of cuts, right, yeah, and look like you remember the ones that remain, those fifteen hundred. I'm assuming they clicked that button that was like we promised to be hardcore, you know, like that whole incident. But but what do you what do we think? Are you sure? Like what does it look like when he gets on the other side of this? I mean that that is the big question, right. It could go a couple different ways. I mean, one the amount of debt right that that Twitter had when when must bought it, Like, well he actually he was a cause of a lot of that debt. He was like, Twitter's going to go into bankruptcyes, Well, yeah, you acquire the company and then put thirteen billion dollars of debt on the balance sheet. So part of that's kind of on you. So they have a big financial holding out of advertising revenue is down by sixty percent, like that was in September. A lot of big advertisers aren't back or they're spinning way less, and so they have this huge hole to climb out of. I think the chance they have now is if they can really take off with this whole everything app idea right now, some people have said, I don't know if I'm gonna trust X with my payment information, Like it's a very unstable place to maybe want to like do my banking. But there's their sort of vision is to like do banking and do audio and video calling and all these other things, and so I guess they have a chance to make money with that. It's really just people to play. I should your point. I'm getting like spam in my feed about bitcoin and buying different cryptos. Like, I don't know how someone would want to do banking on an app that doesn't have that type of control a jol you don't want to get into crypto. It's an amazing opportunity. So that's a documentary call me back. It's called Ruin. That's the problem. The documentary is called Ruin. But you know, look like there if you bought this thing and you've changed the name and you're changing the story, there's this other opportunity that you have to you know, the only option here for him is to try and take it to a different place. I think, right, So he's going to try and do that, and you know we will be back in a year, no doubt, probably before to talk about how it's going. But I usually when you just think about I mean even just this week some of the other things that have come out, like do you what does he have to do? You know, everything at beside? What does he have to do to make this thing work? And when we meet again, how are we going to be talking about it? I mean, he has to get people to pay for it, Like so they have the subscription service now and it's less than one percent of people that Lava on a monthly basis or using it. So somehow you have to get people to pay. And people don't like to pay for social media. I don't like to pay for social media. I don't know other people do. So that's gonna be the biggest thing. And then you exactly, and then you have to make it work. So cool all these features are being launched, but like you think about some of his live streaming stuff, like he did this big event with Ronda Santis and it was glitchy the whole time. So you have to have things actually work otherwise people are not going to want to know, like he's sending rockets up out of the air or anything and has figured that one out. Yeah, just saying electric cars thing, Joel, I've said it once, I'll say it again, I would pay a monthly fee to not be allowed on on X. Well, you know that would help you can you can x that at and see what he says. I kind of miss it because it was a really great thing when news was happening, like it was incredib right. That to me is a huge part of this is like a reminder of like when there was a moment that you could get news and it was easy to access and like that. This is not that moment. It's killer. It's where everybody went. It was just happening in front of you. Joe Webber, of course, the editor of Bloomberg business Week, Thank you so much. Asha co On, social media reporter for Bloomberg News. Find this at Bloomberg dot com, Slash BusinessWeek and of course always on the Bloomberg terminal. Elon um brother Marco a journal. How about you let me drive? Oh no, no, no no, no, please going to drive, honey, please, I'll do the riding gravels. Let's wait. I want to try. It's a good question. Good try. This is the drive to the clothes dot com. I think we'll buy your should it on Bloomberg Radio right just about seventeen and a half minutes left in today's trading session, getting ready to wrap up the day. The week, it's been a little crazy. What a week. Good that the S and P five hundred down almost three percent this week. Same at the NASDAK composite. Yeah, that's some sa right, Yeah, Yeah, it's kind of interesting in a week where we got certainly some strong economic news, some earnings that were mixed bag. Yeah, some earnings that were mixed bag. Hot inflation, consumers still spending. Yeah, Taylor still a billionaire, she is, She's going to be fine. I'm not worried about Taylor. All right. Let's see, though, how investors can maybe be kind of fine when it comes to their investments. Let's get to Eric Clark. He's portfolio manager at Rational Dynamic Brands Fund on Zoom and San Diego. By the way, the Rational Dynamic Brands Fund is up this year by nearly sixteen percent, so out forming about ninety six percent of its peers. According to our own Bloomberg data. On a five year basis, though, it's in the twenty first percentile, with a return of about eight point four percent on average annually. Hey, Eric, nice to have you back with us this year, though, turning out to be pretty good for you guys. You guys focus on a bunch of names. I always I think Tim and I always like to ask you, though, big macro, how is it determining those names that you want to focus on? Well? How are you guys? Nice to talk again? I mean, there's a lot of macro cross currents, isn't there. I mean, between geopolitics and interest rates and the worry about a recession and a consumer that might be tapped out, which I don't agree with. You know, there's a lot to consider, and so when there's a lot to consider, it means volatility is probably going to be higher than normal, and that gives you some opportunities to trade around your core positions. And we're being a little more concentrated in what we own. We're being very laser focused rather than being a little more broad based. And that's helped this year certainly with some good exposure to the you know, the megacap let's call them the Magnificent seven that since that I don't know who coined that phrase, but you know that's the one that we're all running with. But seventy five percent of the fund is non magnificent seven, and some of those names are having a great year too, even though the overall market has been a little sluggish in the average stock is actually flatted down on the year, So it's been a very interesting year indeed. Well, you guys, in addition to Apple and Amazon, you also have kkur Live Nation, Draft Kings, you also have Microsoft, and they're speaking to Magnificent seven. But I want to go back to something you said, Eric, that you don't agree that the consumer is tapped out. What evidence do you have to show that make the case for us, for our listeners, for of yours. Yeah, sure, I mean listen, for two years, we've all been over paying for everything, right. First we started to do it and we just did it without caring, and then we started to get mad, but we still did it, and for most cases we're still doing it. But we're finally making choices and we're doing a lot of trade downs, which is why we love Amazon and a few other en Costco and a few others. But you know, the consumer, I don't think. I think some part of the consumer retail is certainly tapped out, because if you're on a fixed budget and everything that you have to buy is going up in price, then of course your discretionary spend what's left over isn't as robust, and so you really start making choices and you and you tighten your belt. But for the most part, there's also seven trillion in money markets that nobody talks about. And our savings, yes, have been dwindling, but that that formula is just doesn't take into consideration. You know your household, Well, aren't the people who have the seven trillion dollars in money markets? People at the highest end of the income spectrum anyway, Well, I think generally speaking, but that you know, I mean, I people in my own family and friends have just said, you know, I'm getting I'm getting zero or less, you know, not much in my savings account at Chase. So I'm going to move that money over to my Schwab brokerage, and I'm going to put in the money market. You know that that how long that sits is anybody's guest, But sentiment is certainly poor. I'm just saying that, you know, as long as people have jobs, then then even if we moan and groan about things, you know, listen to what we do, not as much as what we say. Because the retail sales numbers have been super strong, right, and yet the narrative is that the consumers tapped out and very and very you know, kind of dire. Eric want to ask you. It's something we just talked about with our colleagues over on the TV side on air, and we talked about a call by b of A on their way to play this market, and they say, buy boomers, sell millennials, And basically they're saying, you know, boomers are flushed with high interest rates fattening their savings accounts. Young Americans are struggling with debt, sky high rents and mortgage rates that are putting home ownership for their out of reach. So you forgot childcare? Is that too? So go look it, Tucks and then avoid those whose fortunes ride on cash strap millennials. So American Express and cruise ship lines are in out of something like Revolve Group, which is a self styled next gen fashion retailer. So any of that play into what you are owning in your fund Well, sure, certainly demographics play a big role. I mean, you know, the goal is if you are a brand that is operating in an important spending category and you appeal to kids, all the way up to older adults, and you have global sales opportunities through with that demographic. That makes a very interesting setup. But we're certainly focused on the parts of spending where you either have to spend like going to Costco or spending using your visa card and spending on Amazon, or you really want to spend because you've made a choice that this particular product or service is really important. So concerts through Live Nation they report next week. I think the stock has come down way too far for the stable business that they have. Spotify wouldn't necessarily ring for a baby boomer, but it does. I'm a gen X millennials and gen Z are fiercely loyal to a Spotify and they just turned profitable and they said they're going to stay that way. So we're definitely focused on the demographics of what we have to spend on and what we just absolutely love to spend on. And we do have some Lily Lily's the only healthcare name that we have in there, and that's certainly is part of the obesity. The trade, which you know is kind of a democrat to they have their own GLP one Indiana. What about Nike down sixteen point three percent this year. Concerns over China, concerns over the consumer. Are those concerns not in the right place? Well, No, I think Shana is a concern in general. I think Nike's one of the biggest holdings now because it came down. So we like to add to great businesses when they're on sale. And their latest quarter was really strong. You saw Deckers today with Hoka. Don't bet against Hoka right now. There you go. The athleisure trade, I think is lu Lu's had a very strong number in their latest report and still has great growth in Asia coming. So I think there's a lot of places to be where the spending category and the brand love is really is really important, and we're ignoring the for now. I know we're running out of time, but from the notes that you shared with our producer Paul Brennan, you're excited to add on further. DIP's, Apple, Google, Meta, Blackstone and KKR Tencent also a favorite. So interesting. Hey, we'll have to get you back real soon. Eric Clark, have a good weekend, portfolio manager at Rational Dynamic Brands Fund on Steam in San Diego. Yeah, Little Alman Brothers, this is the Bloomberg Business Week podcast, all available on Apple, Spotify, and anywhere else you get your podcast. Listen live weekday afternoons from three to six Eastern on Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg journyalone

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Amazon Rises as AWS Unit Shows Signs of Stabilizing

Bloomberg Businessweek

Amazon Rises as AWS Unit Shows Signs of Stabilizing