TMTB Morning Wrap

Good afternoon. Futures -1% to start the day as investors conversations overnight around XYZ’s 40% workforce reduction tied to AI (Dorsey’s post here) all of which is hitting software and other stocks this morning, especially as it comes soon after the market got Citrini’d. Definitely not a good look and vibes not great this morning in Tech land. Here’s Jack Dorsey:

But something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly.

Glass half empty vs. Glass half full arguments making the rounds

Just out: AMZN to invest $50B in OpenAI as part of strategic pact, expanding AWS pact by $100B over 8 years. Pact spans Trn 3 and Trn 4. Trn 4 expected to begin delivery in 2027. Link here

Asia mixed overnight: TPX +1.5%, NKY +0.16%, Hang Seng +0.95%, HSCEI +0.51%, SHCOMP +0.39%, Korea KOSPI -1%

Let’s get straight to it. Earnings first, then the usual…