00:00So I see their fourth quarter physical stores net sales came in at $5.86 billion, just light of
00:06expectations. I know you've had maybe 60 seconds to take a look at these results, Poonam, but
00:11what's your first read here? I think just as you said it, the results are largely in line.
00:17But what I would say is AWS did come in ahead of expectations at 24%. The expectations were for 21%.
00:23So that continues to be encouraging. One thing that I think stood out to me just quickly looking
00:28at this was a $200 billion in CapEx that they guided across Amazon in 2026. That's a step up from where
00:35they were in 2025. So continuing to invest is a positive sign here. On the retail side, I would
00:42say, once again, things were in line, 10% online sales growth, really good numbers continue to show
00:48that they are gaining market share. Yeah. Well, I'm glad you brought that CapEx number and great
00:52timing, Poonam. That redhead just crossing the wire right now, $200 billion in CapEx. The street was
00:57looking for about 146, 147. What's the narrative, though, going forward? Because when we saw these numbers
01:03yesterday, these eye-popping numbers out of alphabet, I mean, some people said the same thing. Your
01:07colleague, Mandeep Singh, you know, great. That's great. But again, at the end of the day, investors wanted to
01:14kind of hear some sort of articulation, not just of how much they're spending, but what they're spending on and what the
01:20return's going to be. Yeah. So I think we'll hear that on the call shortly. So it'll be interesting to see
01:25that. I would say, look, the incremental spend that you're seeing from the $140 to the $200, it's got to be
01:33on AI. I mean, that is where these tech retailers are spending, and that's where we expect the spending
01:38to shift to on AI, on AWS more so. But what I would say here is the quarter at Amazon was a good quarter.
01:46You know, when you look at Amazon against some of the other companies, you have to understand that
01:50it's a conglomerate. It's not just a tech company. It's also a retailer. And on the retailer side,
01:55they did pretty well from my perspective. I think they're continuing to show share gains.
02:01And on the AWS side, I think they're not going to be one of those players that are going to show
02:06you exponential growth at any point in time. It's going to be steady growth, and that's what we've
02:11been calling for for years now.
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