RUSH TRANSCRIPT Come back ░░░░░░░░ s still going to ░░░░░░░░ soft here Wow Alex ░░░░░░░░ of the top analysts ░░░░░░░░ it outperforming at 155 ░░░░░░░░ have the shareholder not ░░░░░░░░ that excited about the ░░░░░░░░ term mark says it ░░░░░░░░ the most challenging time ░░░░░░░░ do you see it ░░░░░░░░ m with Malcolm and ░░░░░░░░ on this you have ░░░░░░░░ for Amazon on two ░░░░░░░░ The consumer is not ░░░░░░░░ as much in the ░░░░░░░░ of the pandemic that ░░░░░░░░ the retail side small ░░░░░░░░ businesses are pulling back ░░░░░░░░ they can find costs ░░░░░░░░ cut they re finding ░░░░░░░░ cuts You re looking ░░░░░░░░ cloud services now that ░░░░░░░░ being pulled back like ░░░░░░░░ said 18 months it ░░░░░░░░ going to be bumpy ░░░░░░░░ Amazon they have to ░░░░░░░░ out of this infrastructure ░░░░░░░░ the Fed moderates a ░░░░░░░░ bit maybe rates go ░░░░░░░░ you have predictability in ░░░░░░░░ economy great times for ░░░░░░░░ What about the pressure ░░░░░░░░ any I m presuming ░░░░░░░░ has to be some ░░░░░░░░ jaffy whether he was ░░░░░░░░ a shiny automobile or ░░░░░░░░ beautiful automobile with a ░░░░░░░░ in the tire what ░░░░░░░░ the issue I think ░░░░░░░░ s fashionable to be ░░░░░░░░ jaffy for the year ░░░░░░░░ see Bezos hanging out ░░░░░░░░ fun Bring Bezos back ░░░░░░░░ reason why you bring ░░░░░░░░ in is he s ░░░░░░░░ for the future Jeff ░░░░░░░░ is smart He knew ░░░░░░░░ company needed the most ░░░░░░░░ in retail but long ░░░░░░░░ the future was cloud ░░░░░░░░ re trying to even ░░░░░░░░ out in retail they ░░░░░░░░ announcement on AI That ░░░░░░░░ why you have jaffy ░░░░░░░░ a company like this ░░░░░░░░ through the tough part ░░░░░░░░ retail it s the ░░░░░░░░ there the cloud It ░░░░░░░░ to fend off Microsoft ░░░░░░░░ is in a better ░░░░░░░░ to do the job ░░░░░░░░ I don t see ░░░░░░░░ coming back Malcolm when ░░░░░░░░ talk about the competitors ░░░░░░░░ they have the most ░░░░░░░░ share in terms of ░░░░░░░░ but Microsoft is the ░░░░░░░░ that seems to be ░░░░░░░░ the mega cap thunder ░░░░░░░░ it s AI or ░░░░░░░░ else they continue to ░░░░░░░░ the cover off the ░░░░░░░░ and leave a lot ░░░░░░░░ people in the dust ░░░░░░░░ also have the largest ░░░░░░░░ have the highest accelerated ░░░░░░░░ in the cloud space ░░░░░░░░ re taking away the ░░░░░░░░ market share from aws ░░░░░░░░ all the other competitors ░░░░░░░░ cloud and everybody else ░░░░░░░░ agree there are challenges ░░░░░░░░ there to that They ░░░░░░░░ like a 34 35 ░░░░░░░░ share It s not ░░░░░░░░ It s not 93 ░░░░░░░░ searches I think it ░░░░░░░░ a important that Amazon ░░░░░░░░ out ways to divest ░░░░░░░░ from its nedediness from ░░░░░░░░ That s what I ░░░░░░░░ most interested in hearing ░░░░░░░░ s Their biggest competitor ░░░░░░░░ cloud is Microsoft you ░░░░░░░░ t argue that Microsoft ░░░░░░░░ t seen any benefit ░░░░░░░░ cloud with this AI ░░░░░░░░ They re on the ░░░░░░░░ edge That makes people ░░░░░░░░ hey should I be ░░░░░░░░ of azure Maybe jaff ░░░░░░░░ say AI on the ░░░░░░░░ I ve been telling ░░░░░░░░ for months that I ░░░░░░░░ if there was a ░░░░░░░░ rally that tech was ░░░░░░░░ to have to participate ░░░░░░░░ a meaningful way to ░░░░░░░░ that bull market I ░░░░░░░░ that could be what ░░░░░░░░ re seeing a lot ░░░░░░░░ people want to get ░░░░░░░░ properly so once the ░░░░░░░░ starts to rage they ░░░░░░░░ t miss out on ░░░░░░░░ and Amazon I also ░░░░░░░░ it s too soon ░░░░░░░░ the data we ve ░░░░░░░░ getting from earnings from ░░░░░░░░ Tech hasn t been ░░░░░░░░ impressive It s earnings ░░░░░░░░ that were on the ░░░░░░░░ or above it They ░░░░░░░░ expectations that were guided ░░░░░░░░ low as they could ░░░░░░░░ there s nothing impressive ░░░░░░░░ that would tell me ░░░░░░░░ should be piling into ░░░░░░░░ over the next couple ░░░░░░░░ we ll see some ░░░░░░░░ the air let out ░░░░░░░░ the balloon Wow he ░░░░░░░░ hard to please Microsoft ░░░░░░░░ Meta would tell you ░░░░░░░░ would they not They ░░░░░░░░ The cool thing about ░░░░░░░░ Tech there s stuff ░░░░░░░░ believe in Think about ░░░░░░░░ moves or going to ░░░░░░░░ after spending a lot ░░░░░░░░ time They had work ░░░░░░░░ do to please the ░░░░░░░░ and they started to ░░░░░░░░ it Can this momentum ░░░░░░░░ that s the big ░░░░░░░░ A lot will depend ░░░░░░░░ where the Fed goes ░░░░░░░░ the next few months ░░░░░░░░ week before I let ░░░░░░░░ go I don t ░░░░░░░░ to forget that snap ░░░░░░░░ reports too Maybe they ░░░░░░░░ the benefit of not ░░░░░░░░ the first mover They ░░░░░░░░ been the first ones ░░░░░░░░ Meta and before alphabet ░░░░░░░░ report generally speaking at ░░░░░░░░ of late which wasn ░░░░░░░░ the greatest position to ░░░░░░░░ in because they got ░░░░░░░░ the last couple times ░░░░░░░░ about the softness in ░░░░░░░░ business what do you ░░░░░░░░ here Look if they ░░░░░░░░ looking to be in ░░░░░░░░ position because they re ░░░░░░░░ Meta now whoops I ░░░░░░░░ t know why I ░░░░░░░░ brought it up Now ░░░░░░░░ will work against them ░░░░░░░░ have high expectations right ░░░░░░░░ advertisers need an advertising ░░░░░░░░ they can bring to ░░░░░░░░ executive teams and show ░░░░░░░░ Meta can do that ░░░░░░░░ snap do that I ░░░░░░░░ t think so it ░░░░░░░░ t proven it Now ░░░░░░░░ re going to try ░░░░░░░░ say we ll get ░░░░░░░░ after what Meta turned ░░░░░░░░ Good luck We ll ░░░░░░░░ I appreciate it That ░░░░░░░░ alexander Malcolm both CNBC ░░░░░░░░ Let s get to ░░░░░░░░ up now down 22 ░░░░░░░░ for its worst day ░░░░░░░░ 10 years they specialize ░░░░░░░░ chips used in electric ░░░░░░░░ They fell short of ░░░░░░░░ Stock downgraded by oppenheimer ░░░░░░░░ ll see you in ░░░░░░░░ bit That s Kristina ░░░░░░░░ We re just getting ░░░░░░░░ on closing bell we ░░░░░░░░ in rally mode Look ░░░░░░░░ what we re doing ░░░░░░░░ We re off the ░░░░░░░░ of the day