TMTB: AMZN AAPL TEAM Recaps

AMZN +8%: Very Solid hitting all the bogeys we wanted - AWS in line 13%; Big OI beat at $13.2B vs street at 10.5B and slightly higher than bogeys. OI guide looks very solid as well

Not as exciting as META, but they hit all the bogeys we wanted so a very solid print. Up 6-8% feels right tomorrow as bulls gain confidence in the bear case and AWS accel’ing (good commentary + big backlog increase). Jittery sentiment heading into the print should help.

Importantly, OI guide $8-$12B, in line with bogeys and above street at $9B, supporting the margin bull case we all love.
Rev guide at $143.5B at the top end in line with expects
”Capex will rise but not giving out numbers yet” mainly driven by Gen AI investments. Some incremental investments for logistics, same day delivery, etc.

AWS: “optimizations attenuated very significantly” “migrations are starting to pick up again” “deals are signing more quickly” vs environment in 2023. Bulls pointing to $155.7B AWS backlog, which is +44% y/y vs 28% in Q…