TMTB: Earnings Read-throughs; GOOGL MSFT AMD SWKS recaps, CHKP ug at WB; PLUG ug at Roth; Piper likes NTNX; TSLA Baird bears up; VZ ug at Barclays

Good morning. Not a lot out of news flow out there other than recaps of the EPS reports last night. We have some read-through thoughts below then some updated thoughts on the prints - for more detail, revisit our “post-call thoughts” post from last night.

IWM is up 35 bps while QQQs are down 90bps so we might see some rotation into mid caps today given large-cap weakness. BTC is dn 2.5%, yields are slightly down, and Crude is down 1%.

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Read-throughs: AMZN, Capex, Semis, Cloud Consumption Stocks, Digital Ad players

AMZN AWS /SW Consumption: What to make of the Azure # and guidance/GCP acceleration? While tough to have a great read-through to AWS, I came away feeling slightly better. I liked Natella’s comment about optimizations being done, and although that raises the bar for Jassy’s commentary, it points to headwinds abating going forward. The higher numbers also raise the bar for AMZN, however; if we see softer numbers from them, investors might latch on the share loss narrative.