00:00 Amazon, it's doubling down on its Prime Day events,
00:02 announcing today that it will hold its second sales
00:05 bonanza of the year in just a couple weeks.
00:07 The Prime Early Access sale will take place
00:09 October 11th and 12th, giving the company a jumpstart
00:12 on the holiday season.
00:13 It comes as Amazon is more than 38% off its year high
00:17 as the e-commerce giant grapples with soaring inflation
00:19 and slowing e-commerce sales.
00:21 So is Prime Day encore the answer to a slower consumer?
00:26 Bono and I don't know.
00:27 I mean, if you're telling consumers in October
00:29 you can start holiday shopping and save money,
00:33 maybe they'll spend on Amazon and not other places.
00:36 - Well, that's the thing.
00:37 I think Amazon is trying to be the first out of the door.
00:40 I think, so for them, on the margins, it's a positive,
00:43 but I think generally speaking, what this says
00:46 about the consumer and their perception,
00:48 their read through of the consumer,
00:50 I don't think is a very positive one.
00:52 I also think this is the way for them to kind of bolster
00:54 their Prime sales, and you've seen it kind of trickle down
00:56 with the NFL Thursday night football.
00:59 So I do applaud them for kind of taking steps,
01:03 but I think, again, we've talked about looking through
01:05 and seeing what does the end look like?
01:07 And clearly to me, Amazon is telling you,
01:10 okay, we've burnt a ton of cash.
01:12 CapEx spending, I believe, was something like $40 billion,
01:14 $60 billion, and they're trying to kind of shore that up.
01:18 But the reason why they're doing it
01:19 is because their core constituency
01:22 is going to suffer going forward.
01:24 - Seems like a nice time, though, also,
01:25 to put out sales and get the consumer shopping.
01:27 I mean, if you are a believer that things in the economy
01:31 will get worse as the year progresses, Guy,
01:34 maybe unemployment ticks higher, et cetera,
01:36 get the consumer to spend early.
01:38 - Mm-hmm, but what do they see?
01:41 So, I mean, I totally get it, and I'm with Bono 100%,
01:44 but what do they see that the rest of us
01:45 seemingly don't want to see?
01:47 I mean, they're concerned.
01:48 They want to get ahead of something
01:49 that they probably see coming this winter,
01:51 and it makes a lot of sense.
01:53 So, to me, although it makes a lot of sense
01:55 and it's probably a smart business move,
01:58 it speaks to something I think far more sinister
02:01 that we're facing this winter.
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