00:00 Amazon e-commerce giant is making significant strides
00:04 in the world of AI
00:05 and their groundbreaking move announced on Monday.
00:08 Amazon revealed its plans to invest up to 4 billion
00:12 in AI firm Anthropic
00:14 and acquire a minority ownership stake in the company.
00:18 This move underscores Amazon's determination
00:20 to keep pace with industry rivals
00:23 such as Microsoft and Alphabet Google.
00:26 The two firms have entered in its strategic collaboration
00:29 here to advance generative AI
00:32 with Amazon web service as its primary cloud provider.
00:37 What do you think about this move, Dennis?
00:38 Is it just too late to the party on AI?
00:41 None of it matters.
00:42 I get the little AI pop here this morning
00:44 and people are like, "Oh, the bots are all excited."
00:46 And there's just gonna be more sellers.
00:47 There's overhead supply everywhere here.
00:49 Now I do have this in my long-term portfolio,
00:51 my wife's RRSP, which is her registered money
00:54 and her long-term account,
00:56 probably because she buys from Amazon every day.
00:59 And I feel like she's just paying herself.
01:00 I jokingly say that.
01:02 We picked it up at like 107, 108,
01:04 and it's been a good one.
01:05 Probably should have sold it.
01:07 I mean, this is down significantly here now.
01:09 And I think if you're trying to buy it here,
01:10 you're catching a falling knife.
01:11 So completely talking against my wife's book here,
01:14 but if this was on for a trade,
01:16 I'd be selling it in all rallies.
01:18 Again, I don't wanna go 100% cash.
01:21 Like I own something.
01:22 I was looking, I think I own like 20 stocks
01:25 over all my long-term portfolio.
01:26 Here's some perspective for you.
01:28 In 2020, like during the COVID madness,
01:33 at one point in time, I believe I own 93 stocks,
01:38 my long-term portfolio, 93.
01:41 I believe I am down to 20.
01:44 And I'm not talking about like, you know,
01:46 like it's all like my overall dollars invested
01:49 is probably, you know, down like 70%
01:53 from what I had invested to what I have now in stocks.
01:57 So I'm like, I have significant,
01:58 it's not like I've just taken those 93
02:00 and consolidated them to 29.
02:01 I just sold, I didn't buy more stuff.
02:03 You know, I owned Google.
02:05 I owned Microsoft.
02:06 I owned Apple.
02:08 I owned Amazon.
02:09 I owned all these stocks, my long-term portfolio.
02:12 I don't, the only one I have is the Amazon,
02:14 which is the position my wife's account,
02:16 she wanted to own it.
02:17 And you know what?
02:18 I don't mind owning something.
02:20 But I mean, I'm concerned.
02:23 It's not a lot of points in time.
02:24 I've never, I'll say this.
02:26 I don't think I've ever had this little stock exposure
02:30 probably in 20 years from a dollar's perspective.
02:32 I've probably never had this little of exposure.
02:35 So even though I'm like 50% cash
02:37 only in that long-term account,
02:39 what I didn't say is like,
02:40 I've been taking money out of that long-term account.
02:43 So I'm like, when I look at it,
02:44 it's kind of, you know,
02:46 well not taking money out of the RSP,
02:47 but I had like money invested
02:49 in other long-term accounts too.
02:51 And I've liquidated those.
02:52 And they're all sitting just with like 5% GICs,
02:55 5.5% GICs, which is the money.
02:59 And the reason for that is all these Mike Wilson concerns
03:02 that we've been talking about.
03:03 And you know what?
03:04 I've been dead wrong on this.
03:05 I've been dead wrong on this
03:06 because I should have been in the market
03:08 in March and April and May and June and July.
03:11 And the market went way up,
03:12 but I still think it's coming.
03:14 And I feel like if I'm just coming in here now
03:16 and saying, oh, I missed it.
03:17 This is my big opportunity to get back in.
03:19 I think there's a lot more pain ahead here.
03:21 And it's all risk reward for me.
03:22 I just don't want to take the risk.
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