TMTB: AMZN fee impact to OI; TSLA dg at Wells; INTC less funding; AVGO Citi bulls; NVDA +ve ahead of GTC; SMCI BAML +ve; Samsung shifts in response to MU; TSLA 3p; First AW sw engineer

Good morning. QQQs are down 10bps this morning while BTC +3% to new highs. Oil is up 1.5% and yields are ticking up slightly. Tiktok Ban bill gets a house vote at 10am est today (needs 2/3s to pass). You can watch live here. Fyi, there will be no end of note today. Let’s get to it…

AMZN: Wells Fargo says fee changes could add $5B in OI (100bps in OPM)

Wells Fargo says AMZn significant reconfigured teh FBA fee structure at the beginning of March, shifting sellers towards “Seller Fulfilled Prime", which allows mechnats to earn Prime badging & w/o shipping via FBA. Wells Fargo thinks the impact will be $5.2B in OI accretion, or 100bps of margin expansion by itself suggesting street estimates of 160bps margin expansion are way too low.