) have popped off for a second day after a well-known contributor to Reddit's"WallStreetBets" forum, Keith Gill , returned to social media.) kicked off its Google I/O Developer Conference with a keynote speech from CEO Sundar Pichai who helped usher in theWe are joined by Jared to get you up to speed on the action from today's session sponsored by Tasty Trade.
So tomorrow is a big day, the market could be volatile around it and we'll see what it has in store for us. The only thing that could maybe change that in my mind is the consumer weakening faster, putting pressure on GDP, putting pressure on the economy.I mean, that's what we've always heard from people over and over again.If it's cutting for quote unquote, bad reasons, there's too much slowing, they'll be judged not by what they do, but in which context they do it right.
So we're just gonna kind of trudge through and the way to trudge through it is focusing on what a company can control. So I would underweight discretionary right now and overweight consumer staples, consumer staples have been left behind valuation wise, I think for good reason because the consumer has been resilient because the economy is stronger than what we expected.
I have the luxury and the pleasure of traveling the world and some people in certain locations respond very quickly and sentiment drives that in other places that seem to be a little slower, more relaxed pace out of the Midwest is known for a lot of things and maybe on the investment side, maybe for that longer time horizon, right?And I think that's what differentiates maybe our Milwaukee presence versus some other coasts, but make no mistake, having the ability to work with people.
Similar sentiment he shared when speaking with Yahoo Finance earlier this month on our opening bid podcast, we're optimistic about the business outlook for Aws and I think it can continue to grow uh really rapidly.
Um You know, over the last week or so, I'd also say, um you know, definitely some disappointment as far as their e commerce business is concerned as well as their cloud business when you kind of look at those two businesses um over 50% of their revenue, that kind of being more their they're trying the ecommerce business.
So that continues to be, you know, disappointing in our view, the other side of things as far as the cloud business is concerned, that is a critical part of the valuation story. But um the fact that you are kind of, you know, shifting your primary listing out there also, I think kind of, you know, if something were to happen, um you know, from their US listing here, um you know, allows them to continue to have that um listing, you know, overseas Angela.
And then, you know, in the coming months you'll, you'll see it um on a global basis, but A I overviews essentially kind of A I powered summaries out there.So um they're throwing kind of more A I capabilities across their search business. So, um incremental improvements is how I would kind of look at what alphabet is doing here as far as A I is concerned.
But, um, you know, the way we look at it is alphabet continues to be that old to make consumer um company out there.So, could they potentially see some disruption across their business model?Um And in fact, we know we anticipate it to some extent, but in the same respect, they've also got a number of opportunities across other parts of their business specifically, you know, areas like the cloud.
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