Gas stations are convenience stores Auto dealers are lenders Ecommerce sites are advertising networks Restaurants are alcohol distributors

Maybe I'm being obtuse, but idea every company is going to code their own ERP, ITSM, CRM, Slack, etc reminds me of cloud repatriation. Maybe you save money but now you're locked in to internal teams building and maintaining those products, which does nothing for your customers.

This should go over well

in today’s issue of “time is a circle”, @andrewrsorkin reminds us that Hoover fired the BLS chair

"big change in who is setting prices in US market the last 15 years, retail investors and high-frequency quants now majority of directional trading, primarily at expense of traditional fundamental investors... new leaders are price-trend-sensitive players, who lean on momentum"

Based on current estimates, big 4 capital intensity will reach 50% of capex to gross profit in 2026, up from 24% in 2023. META will now be the most capital intensive of the group despite not having a 3rd party cloud business.

AWS capex was only up 25% y/y and was down 20% sequentially. The majority of the increase in capex in Q2 at Amazon was in NA Retail. Guessing thats same day delivery buildout and some automation.

Same chart I always post. Private employment (+155K) ex Private education and health services (+201K) is shrinking over the last 3 months.

Misses/guide downs from rate sensitive companies like VMC, BLDR, CSL et al are the flipside of META and MSFT. There is no equilibrium rate right now because there are two distinct economies at odds with each other.

Genius Makers by Cade Metz is a great read. Not only is it a good history of some key people who pushed neural nets/deep learning through AI winters, but because it was published in 2021, it's an amazing window into the world of AI as scaling is working but pre ChatGPT release.