Podcasts about amazon amazon

Cheesy and Fondue learn about different ways to store cheese. We're talking clay pots, caves, wax, brine, paper and cloth. We find some items you can buy. And of course, we tell a very cheesy joke!Find us at www.justcheesy.com and everywhere you enjoy social media! https://linktr.ee/JustCheesy***Newsly is the sponsor of this episode! Go to https://newsly.me to download the free app and listen to articles, podcasts and digital radio! Get a FREE 1-Month Premium Subscription by using promo code CHEESY. Start listening today! ***Why is cheddar the most dangerous of all the cheeses? Because it is very sharp! Show Notes Check out my list on Amazonamazon.com/hz/wishlist/ls/1J3I67AG511S8?ref_=wl_sharehttps://plyveneer.com/the-ultimate-guide-to-cheese-packaging-materials-and-solutions/#:~:text=Modified%20Atmosphere%20Packaging,-Modified%20atmosphere%20packaging&text=This%20innovative%20technology%20replaces%20the,products%20and%20maintains%20their%20qualityhttps://cheese-store.com/history-and-evolution-of-cheese-packaging/?utmhttps://www.rocketindustrial.com/blog/post/the-history-of-cheese-packaging?srsltid=AfmBOoqTnzx5IESJLovGoo95JhY16tK_pR_ZFyD1liD74Me2OOZ90gY-https://www.paciottisalumeria.it/en/prodotto/il-cocciuto-caciocavallo-in-argilla/https://academyofcheese.org/cloth-bound-cheddar/https://en.wikipedia.org/wiki/Banon_cheese#:~:text=Also%20known%20as%20Banon%20à,and%20weighing%20around%20100%20g.https://en.wikipedia.org/wiki/Valdeón_cheesehttps://www.frescaitalia.com/product/robiola-di-capra-en-foglie-di-ficohttps://www.cheese.com/ficaccio/https://www.thelaughingcow.com

As we start to prepare for the midterm elections in 2026 many are tempted to throw their hands up and say, “Why should I vote? My voice doesn't count for anything!” Many Christians and non-Christians espouse that voting is a waste of time and energy. However, for the believer we need to ask, “Is God please when we are faithful citizens? The Bible is filled with wisdom for living including in the are of voting. Dr. Woods shares some very important biblical principles on how we should fulfill our roles as citizens. He reminds us we are called to be salt and light in our sphere of influence. This book details how we choose prospective candidates as well as what should determine that vote. Woods shares the principles related to the climate, foreign affairs, economics, societal norms, and government. He speaks not only as a pastor, theologian, professor and seminary president but as a lawyer, The goal for all citizens is to apply wisdom to your vote!You can purchase the book Amazon: Amazon.com: The Bible and Your Vote: Equipping the American Christian to Stand for Righteousness at the Ballot Box: 9798991297004: Woods, Dr. Andy: BooksOr at Dr. Woods ministry page: Andy Woods Ministries - BooksWe, Scott and Gabe, need to know if you guys like the content. Honestly though, every like, subscribe, and follow shows us that our conversations are helping you. We are on YouTube, Facebook, Twitter, Instagram, Anchor, and any podcasting platform. Support us on every platform below! #hearthebookpodInstagram: @hearthebookpodBuy Me a Coffee: https://www.buymeacoffee.com/hearthebookpodYouTube: https://youtube.com/channel/UC8AAn7YxgYVoWa7RmeojyFQFacebook: https://www.facebook.com/hearthebookpod/Twitter: https://twitter.com/hearthebookpodAnchor: https://anchor.fm/hearthebookpodThank you to Brook Sprague and Michael Card for their music in our podcast!https://www.youtube.com/channel/UCvI-t0MK5kgMJw7REobBCbQSong: The BookID: 362574Writers: Michael CardPublishers: Mole End Music

In this episode, Scott Becker discusses Amazon's recent stock performance, its seven-week losing streak, and its latest venture into the used car business.

In this episode, Scott Becker discusses Amazon's recent stock performance, its seven-week losing streak, and its latest venture into the used car business.

-New Qualcom chip for Arm gaming: https://www.engadget.com/gaming/next-gen-snapdragon-g-series-chips-will-power-handhelds-from-ayaneo-onexsugar-and-retroid-pocket-131733930.html -5090 review -Palmer Luckey is making an FPGA n64? https://www.timeextension.com/news/2025/03/palmer-luckey-just-invoked-the-matrix-to-tease-a-new-nintendo-64-console -2 seasons of God of War at least at Amazon: Amazon's God of War TV series is already looking toward season 2 -Analogue 3D is delayed: Analogue's 4K Nintendo 64 retro console has been delayed, again -Xbox Copilot will help you cheat: Microsoft's new Xbox Copilot will act as an AI gaming coach -Half Life 2 RTX Demo available for download. https://www.reddit.com/r/Games/comments/1je4wtx/halflife_2_rtx_demo_available_now_for_download/ https://www.youtube.com/watch?v=bLxWqZy1U-8 -Maybe I DO need an xbox 360 https://www.theverge.com/news/631102/xbox-360-hack-homebrew-badupdate-exploit-usb

Hello, friends! Tanner Howsden joins me this week on The Picky Bookworm to talk books, life, and everything in between! Tons of book recommendations in this week's episode, so I hope you guys enjoy!--------------------------------------------Hang out with Tanner!Website: Tanner Howsden – Writer of stories that have wordsAuthor page on Amazon: Amazon.com: Tanner HowsdenBluesky: @tannerhowsden.bsky.socialTwitter: Tanner Howsden------------------------------I would list all the books we talked about, but trust me, there's a LOT, so listen and make notes! Until next time, friends!

On the Road to Aya.Cael becomes the Amazon's Unorthodox Global DiplomatBy FinalStand. Listen to the Podcast at Explicit Novels.For me, the diplomacy revolved around Delilah and Virginia, I had already fallen on my knees and begged Odette to let me go see Aya 'alone'. A few sexual-charged hours later, she agreed. That left four choices for the role of my two agents. They wanted to go 'as is'. Rachel informed them they would be murdered in-flight and their bodies tossed out over a convenient body of water.Rachel felt that the only reasonable course of action was for them to not come. That way the two could live a few more weeks. However, she would settle for stripping them down, doing a full body scan and then sealing them naked in airtight coffins (with a suitable amount of oxygen) for the journey. I suspected they might still slip out the baggage compartment somewhere between takeoff and landing.I cut through the clash of egos and made the final decision. Delilah and Virginia would be stripped and thoroughly examined. Initially I had the chore. Rachel was deeply suspicious of my true intentions. Freed of any electronic devices and with their weaponry in my keeping during the trip, they would be blindfolded as we made it to Aya without bloodshed.They applauded my wisdom by roundly refusing my decision. Pamela was of no help. Ten minutes into it, I informed them I was going alone, completely alone. They laughed, snorted and chuckled. Rachel reminded me that I didn't know where to go. I lied and told her that Katrina had given me the coordinates for the super-secret juvenile, all-feline [yes, I meant cats], survival training school.Fine, they would just keep me under constant surveillance. I responded by assuring them that despite my lack of spy-like abilities, I would escape and get to relive my Summer Camp experience with the only woman who respected my Demigod-like combat status. Their laughter hurt my feelings. Pamela stepped up and told the room they could either respect my compromise, or she would help me evade them.It was even more depressing to see the room full of women who had previously been mocking me suddenly 'snap to' and quickly agree to my earlier suggestions."It is okay," Pamela told me softly as the actual mechanics of my vacation were figured out by others. "I didn't want to play Bill Munny to your Ben Logan."Pamela's eyes flared brighter than any phoenix's rebirth. She'd stumped me."The Unforgiven, my Son," she patted my cheek. "It is a western made in 1992 starring Clint Eastwood, recast masterfully by 'Yours Truly' and, we need to work on you making a convincing Morgan Freeman.""Doesn't Freeman end up in a pinewood box in the first third of the movie?" Virginia mused."I didn't want to dishearten him," Pamela grinned. To me. "He ran off alone and got himself killed.""I was what, not even a year old when that movie came out," I responded with indignation."You've never heard of Block Busters, Netflix, Redbox, Dish, Hulu, or late night, Spanish language television?" Pamela snickered."I only watch Univision for their sports coverage," I countered."You mean for those sexy female sports announcers," Delilah chuckled. That earned her a 'well duh' look from all the other women."Before I consent to the strip search and inevitable follow-up anal probe, are we really going to be in a situation that requires us to fight this time?" Virginia asked."We should be perfectly safe," Rachel responded."Check, bring extra ammo," Virginia nodded."Good for you, Ms. Maddox," Pamela winked. "One day there is hope your life will have some meaning to me.""Great," Special Agent Maddox muttered, "now I have to think of what to get her for Christmas." We all laughed. Christmas was such a long way away.We packed up, rode to a private airfield near Doebridge, learned that SD was smarter than the rest of us, boarded our flight, and then finally entered US airspace from there. Around Ohio, a thought occurred to Maddox."If we were somehow forced to land and have the plane searched, how bad would it be?" she requested of Rachel."Bad enough that we have a better chance of fighting our way free than seeing freedom before dying in prison," Rachel answered calmly."Hmm, Rachel, if something like that happened, how many parachutes do we have?" Delilah joined in."Enough. Mona rides down with Cael because he's a virgin," Rachel stated."Oh! Come on Rachel," I fell down on my knees. "Can't I bungee jump it?""Luv," Delilah snorted. "If the drop didn't kill ya, the bounce back would snap you in two.""Cáel, we are at thirty thousand feet," Tiger Lily giggled. "You are more likely to end as a streamer than a pancake." An Amazon giggle, a most joyous noise."Rachel, I have been unkind," Virginia confessed. "Cáel is so personable and so dead set on getting himself killed. I had no idea your assignment was so herculean.""Acknowledged," Rachel said, "and we don't use 'that' word." Hercules was Greek too."We have it worse," Delilah patted Maddox on her shoulder. "We must obey some sort of legal code that doesn't allow us to preemptively save him.""We must too," Rachel gave a depressive sigh. "Her," she pointed at Pamela."Hey," Pamela pouted. "I'm more a force for vigilante justice than a team player. I ride alone.""Alone?" I took a quick headcount and added our Amazon pilot. "I count ten, Lone Phaser.""Am I included in that count?" Miyako yawned from under her blanket. "This jet lag is killing me.""Where did she come from?" Virginia hopped up."She was here when we boarded," I told her. "I searched her, I swear.""Yes he did," Miyako gave a sleepy, Hello Kitty smile. She'd 'searched' me too."I bet you did," Rachel glared at me, then Pamela, then me again since I was the titular boss.Thankfully we all 'bought a vowel', played a card in Clue, and shared an Inspector Clouseau moment. The gang settled down for a nap. Sleeping was not complicated. Rachel, as my bodyguard, slept beside me. The airplane's touchdown was so flawless I had to be shaken to alertness. Did I fall asleep? More on that later.It would have been better if Virginia hadn't figured out our pilot had violated numerous FAA regulations, like dropping below radar at one remote airport then sailing along for an unknown number of kilometers at nape of the Earth until we reached our final destination (This is great in date flicks, btw. It convinces the girl that we should 'live in the moment'/screw as much as possible.)We weren't there yet, of course. That level of un-convoluted thinking would have been an Amazon indicator of senility. Being a male Amazon, I was immune to such considerations, that meant I was always nuts in their regard, but they chose to humor me. Our plane had to park in a camouflaged hangar before we were allowed to disembark.I concluded we must be getting close to our desert gulag/re-education center as the sharp glare of sunlight was accompanied by an equally heartless glare of hostility rolling forth from our waiting all-terrain vehicle caravan. Thank goodness Rachel had the foresight to bring sunscreen for the passel of us. I swallowed the bitter realization I'd lost a $1000 bet concerning our landing zone with Virginia (a Temperate Rainforest) and Delilah (the American Southwest). In retrospect, betting on the site of 'Camp Rock' wasn't my smartest wager.The Brit made off with $2000 of our money and she wanted to be paid in Euros. That's €778 from me, you offspring of those who didn't have the courage to cross the Atlantic 100 years ago. Neither Virginia nor I really cared. With the level of violence about to escalate, it was all looking like 'funny' money to us. I didn't share my misery. Our Welcome Wagon ladies hardly looked sympathetic, or all that opposed to utilizing scalping as a valid debating tool.They didn't view this moment as just a bad thing, me showing up. My arrival was apocalyptic: #1, a man. #2, with a member of another secret society. #3, #2 was a professional assassin. #4 and #5, two more outsider women. #6, an unscheduled visit, as in 'the camp guardians hadn't been given six months to plan out all contingencies'. And you think your daycare takes its security seriously?"Cáel Ishara," the curt, mega-harsh bitch addressed me in English. As the other seven women dismounted from the four Jeep Wranglers (Delilah enlightened us), it was obvious they were well armed and armored, right and ready to provide some extra-curricular para-military fun. "Welcome," and 'oh please tear out one or two of my fingernails you Ginormous Pain in my ass' she greeted the exalted me. We spoke in Hittite;"I am”, then I used a phrase which I hoped meant 'I had shed blood in battle with sister Aya'. "No other name means more to me right now." Ah, the lovely jerk that full-blooded Amazons gave the first time they heard a male speak their tongue. The slot machine of her intellect kicked into high gear. No arm grasp was coming my way. I almost forgot."The outsiders are to remain armed as guests of House Ishara." That command was crucial. When/if I got my way with my first request, I was going to be rendered 'one of the girls'."If that is your wish. (Evil grin) Grab your bags and make it snappy," the woman ordered. "I don't like any extended activity at this airfield.""Ladies, let's hurry up and get our bags," Pamela barked in English. "You too, you hairless ape." That would be me, if there was any question. The Super-friendly camp counselors, with their slung FN P90's, didn't lift a finger to help us. Miyako flounced around without a care in the world. Pamela, eh, there were only eight of them. Three of my SD group were cautious while the pilot was already effecting her refueling and departure.Rachel shot one of the guardians a look I perceived to be friendly. A double-take elucidated things. She was Rachel's younger sister and had already been updated on my bona fides. Then in Hittite;"Male, you are agreeable to the eye," Rachel's sister fired off. Three whole seconds."Why thank you. I run faster than you would think, thankfully heal even faster and have the venerated outdoor skills of Bigfoot," I smiled.The seven other ladies weren't sure what to make of that jocularity."A very, very young Bigfoot," Rachel corrected."There is nothing wrong with the size of his feet," Tiger Lily added to the fun. And then all the homicidal fanatics chuckled.Pamela's whispered translation brought a subdued, yet similar reaction from the non-Amazon contingent. Sure, the new group knew about the New Directive, my fun encounters which I equated to my life and death struggle in those earlier days, my rise to house leadership, Constanza's blinding, the grenade launcher episode and the totality of my last confrontation with Hayden. Amazons are some hard-ass bitches.As we were loading up the jeeps, the leader tapped me on the shoulder with some force, in the same way a teacher catches an unruly student's attention."What was sex with an augur like? My name is Caprica Mielikki.""Out of respect for your authority, I will answer this personal question that is really none of your business," I looked down a good ten centimeters at her. No fear."It was beautiful, like every other woman I have had the treasured pleasure to have sex with," I continued. My reply's undercurrent was simple: I am not a House Head while I'm here. I am an Amazon, not a slave, or outsider male."Did you suffer stigmata?""Yes. To be fair, I was also having intercourse with her personal guardian at the same time. I'm not sure where to lay the blame, or importance," I inhaled her rugged fragrance."Both?" a different camp counselor questioned."As I told you, he has a really big and craftily-wielded foot," Tiger Lily teased, then Pamela said in Hittite;"And he is banned from having sex with any Amazon women for fifty more days," Pamela reminded them. Miyako, Delilah and Maddox weren't involved so were left uninformed of that detail. That bludgeoning innuendo dealt with, off to camp we went. Our journey was a pleasant diversion, punctuated by our trail, or lack thereof.The jeeps split up once we hit the aerial cover of the desert pines. At that point, every rock, shrub, tree and loose bit of debris revealed its God-given mission in life was to kill us. I kept telling myself that surely our Amazon driver abhorred suicide as much as I frowned on vehicular manslaughter as a means of me dying.Failing to believe that left me with tuck, duck and roll and that death-defying move would leave me lost and waterless, somewhere. I would have thought 'somewhere without cell reception', but none of our mobile devices had made the trip, despite a valiant effort at skullduggery by Special Agent Maddox and some highly creative types back at the Hoover Building.See, after we dutifully packed all our gear, the troupe got to watch Rachel's team toss everything into a cargo bin set to be loaded onto a flight to, the ticket said Banjul, Gambia. Woot! My ten ton armored long coat was going to Africa without me. It would have undoubtedly have tried to kill me in this heat. I was lured into acceptance by hoping this was going to be a 'birthday suit' flight.Yay! (Sarcasm) We got all new undies, shirts, shoes, pants, shorts, jackets, ponchos (I was beginning to suspect duplicity on that one), and a variety of other gear, including guns. They were nice enough to replace our weapons with the exact same production models. The sole exceptions were my trusty axes and I trembled at the scrutiny they must have endured.Meanwhile, back to my archaic, misogynistic inspiration that women shouldn't be allowed to drive: after the third skirting of what must have been a ten meter drop, I realized I was looking at this journey in the wrong light. I raised my hands over my head and began screaming like a fool. I was on the best rollercoaster ride ever!!The hobnail boot was on the other foot. My driver really wanted to know what the fuck I was up to, but couldn't take her concentration off the terrain. One massive lurch planted us in an arroyo (that's a dry riverbed for those of us who aren't freaked out every time it rains). Rachel and I were sitting in the back. Turning around in the front seat, Pamela grinned at me."I dare you to surf the hood," she laughed. Sweet Mother Ishara, that was the best mixing of 'you must be a redneck'/'immortal high schooler madness' I'd ever heard. I unbuckled milliseconds before Rachel could stop me. Her look said it all. 'Please, you Moron, don't do this to me. I've been a good little guardian and really don't deserve this, now do I?'I gave her a deep French kiss. She moaned, just not in a sexual manner. One of these days Rachel was going to start running around with a needle and fast acting sedative to keep me safe from myself. Understand, my driver was racing down this dirt, well, "pathway" was being generous. Her first warning that something wasn't right was me hand-standing on the roll bar and flipping onto the dashboard.Considering I was up against a 70 kilometer headwind, I felt I pulled off that maneuver rather well. She grabbed my closest ankle with one hand while keeping the other on the wheel. Our eyes were masked with goggles, but my smile said it all. No, I hadn't been thrown forward, and no, I wasn't running away from something in the back seat.I shook free, stepped over the windshield, braced my right heel against its base and leaned into the torrent of air. I was surfing a jeep. Then I was flying above the jeep, but only for a second. We'd hit a rock the size of an armadillo, or maybe it was an actual armadillo. I wasn't looking back to check. Why was I doing this? It was a tad complex. I gave Psych 101 a shot.My life was not where I had envisioned it would be when I kissed Dr. Kimberly Geisler, and my last two Bolingbrook girlfriends, who had been unaware of each other until that moment, good-bye before leaving college forever. I proudly considered myself amoral. No social contract would keep me from some good cunt, and since I found all cunt to be good if you worked at it, I slept with every girl I could, married, committed, bored, desperate, I didn't care.I held no relationship sacred. I had already proved I could do any girl's mother, daughter, aunt, roommate, childhood friend and total stranger. I hadn't cared. I knew I was going to cause multiple women emotional pain and I did it anyway. Sure, I regretted the agony I left in my wake.I never considered myself a sadist, but I had been a pretty horrible person by ignoring the inevitable consequences of my actions. Then Havenstone. Suddenly people were doing bad stuff to people I didn't know and it mattered to me. I was talking to women without the end goal being a sexual encounter.Hell, I had been honest to women without them using pain, or the threat of pain, on me. I didn't stop being me. I nailed four women at Loraine's, Europa's and Aya's school. I nailed Nicole while waiting for Trent to toss me his social table scraps, Libra. A whole army of women engaged in murder, slavery and infanticide on a regular basis, and I cared for them.I cared for them in a way that confronted damnation, not sexual adventurism. I had graduated from 'Dude, don't do that to the lady' at some bar to 'do this and I'll have you killed' and meaning it, and making it happen. I hadn't learned my lesson. I'd gone on to kill Hayden and Goddess-knows how many other women who Hayden had placed on that list.Yep, dead, dead, dead and it was all on me. Worse, I would do it all over again because deep down, tearing up my insides, was morality. To me that boiled down to caring about someone else without reward. And all that led me to surfing the hood of a jeep on my way to meet my lodestone of this transformation, Aya.My laughter was drowned out by the noises of the engine, tires, rocks, wind and sand. It resonated all the more. The driver didn't slow down. I sincerely doubted she understood my lunacy. That was okay. Pamela did and Aya would. She'd want to go jeep surfing too. Man, for a jackass and dastardly betrayer, I was accumulating a sizable heart-load of people I could honestly say I loved.Kimberly had once told me that the pain of knowledge is never being able to forget it. Good, or bad, it is an affliction for which there is no cure. That was where I was, pained by the creeping advancement of my soul and unable to turn back now that the door to familial affection had been opened.My thoughts of Dad dying and of a thunderstorm burst in my noggin weren't being terribly helpful to my mental state either. The horn blew and I snuck a quick peek back. The driver was making a sharp, forward jabbing motion with her right hand, then thrusting to the left. We were getting ready to exit the arroyo and that probably required some hellish footwork far beyond my ability.I made a hasty, less dignified, yet safer return to my seat. Rachel quickly buckled me in before a rapid turn up and over the bank of the river bed had us heading for another forested area."What was that all about?" Rachel asked once we were back into the tree cover. She'd have asked earlier but she was too busy clenching and unclenching her jaw in frustration.

Bom dia Tech, tudo bem? Hoje trago pra você: Mais informações sobre o novo Nintendo Switch 2; CTO da Meta afirma que empresa lidou mal com novas políticas de conteúdo; Threads testa recurso de músicas em postagem; Aplicativos do Microsoft 365 ficarão mais caros no Brasil; Gerenciador de senhas do Chrome no iOS e iPadOS passam a suportar chaves de acesso; Apple desabilita resumo das notificações do Apple Intelligence para apps de notícias e entretenimento. Quer patrocinar ou fazer uma parceria com o Bom dia Tech? Mande um e-mail para contato@bomdia.tech e vamos conversar!EpisódioReview Completo do Novo Kindle 2024!Promoção AmazonAmazon - promoções de informáticaNotícias00:00: Bom dia Tech! 00:37: Aplicativos do Microsoft 365 ficarão mais caros no Brasil01:32: Gerenciador de senhas do Chrome no iOS e iPadOS passam a suportar chaves de acesso02:20: Apple desabilita resumo das notificações do Apple Intelligence para apps de notícias e entretenimento03:35: Threads testa recurso de músicas em postagem04:20: CTO da Meta afirma que empresa lidou mal com novas políticas de conteúdo05:01: Mais informações sobre o novo Nintendo Switch 206:14: Inté a próxima! Produtos do EpisódioMicrofone Fifine utilizado na gravação do podcastPlayStation 5 SlimPlayStation DualSenseBundle Nintendo Switch OLED com Mario Kart 8Nintendo Switch OLEDApple iPhone 16 (128 GB) Apple iPhone 15 (128 GB) Apple iPhone 14 (128 GB) Apple iPhone 14 Plus (128 GB) Comprando qualquer produto com esses links, ou conferindo as promoções em destaque, o Bom dia Tech receberá uma pequena comissão e assim, você ajuda no crescimento do podcast.Redes sociais:InstagramThreadsMastodonImagem da capa:Nintendo

「【Amazonセール】【Amazonセール】SOUNDPEATSの「VGPアワード」金賞受賞モデルが8千円台に！」　Amazonのタイムセールに、VGP2025金賞を獲得したSOUNDPEATSの完全ワイヤレス「Air5」が登場。通常参考価格9,680円のところ、15%オフの8,228円で購入できる。

Bom dia Tech, tudo bem? Hoje trago pra você: Office sem suporte no Windows 10: Microsoft encerra suporte ao Office e Windows 10 em outubro de 2025. Alternativa ao Instagram: BlueSky ganha app de fotos chamado Flashes. Falha no macOS corrigida: Atualize seu sistema para evitar vulnerabilidades. Apple e Face ID oculto: Patente pode eliminar notch nos futuros iPhones. iPhone 17 Air ultrafino: Rumores apontam espessura de apenas 5,5 mm. Galaxy S25 vazado: Novas imagens revelam detalhes de câmeras e bateria. Quer patrocinar ou fazer uma parceria com o Bom dia Tech? Mande um e-mail para contato@bomdia.tech e vamos conversar!EpisódioReview Completo do Novo Kindle 2024!Promoção AmazonAmazon - promoções de informáticaNotícias00:00: Bom dia Tech! 00:22: Aplicativos do Office deixarão de ter suporte no Windows 1001:17: Uma alternativa ao Instagram está surgindo, dentro do BlueSky02:17: Microsoft identificou falha de segurança no macOS03:23: Amazon - promoções de informática03:55: Patente da Apple pode remover FaceID da tela04:44: Rumor: iPhone 17 Air será mais fino que o Galaxy S25 Slim05:46: Galaxy S25 vaza em fotos promocionais antes do lançamento07:37: Inté a próxima! Produtos do EpisódioMicrofone Fifine utilizado na gravação do podcastPlayStation 5 SlimPlayStation DualSenseBundle Nintendo Switch OLED com Mario Kart 8Nintendo Switch OLEDApple iPhone 16 (128 GB) Apple iPhone 15 (128 GB) Apple iPhone 14 (128 GB) Apple iPhone 14 Plus (128 GB) Comprando qualquer produto com esses links, ou conferindo as promoções em destaque, o Bom dia Tech receberá uma pequena comissão e assim, você ajuda no crescimento do podcast.Redes sociais:InstagramThreadsMastodonImagem da capa:TikTok

Bom dia Tech, tudo bem? Hoje trago pra você: TikTok desmente rumores de compra por Musk: A plataforma negou informações sobre uma possível venda das suas operações nos EUA para o bilionário Elon Musk. ChatGPT ganha função de tarefas inteligentes: Agora, o ChatGPT pode ajudar a criar e gerenciar lembretes e tarefas, tornando-se um assistente ainda mais útil. Meta corta 5% da força de trabalho: A empresa anunciou a demissão de cerca de 3.600 funcionários, focando em melhorar o desempenho do time. Elon Musk processado pela SEC: A Comissão de Valores Mobiliários dos EUA processou Musk por alegadamente atrasar a divulgação de compra de ações da antiga Twitter. Nintendo Alarmo chega globalmente em março: A Nintendo vai lançar seu despertador inteligente Alarmo em varejistas de todo o mundo. Quer patrocinar ou fazer uma parceria com o Bom dia Tech? Mande um e-mail para contato@bomdia.tech e vamos conversar!EpisódioReview Completo do Novo Kindle 2024!Promoção AmazonAmazon - promoções de informáticaNotícias00:00: Bom dia Tech! 00:22: Meta cortará 5% da sua força de trabalho01:28: Elon Musk está sendo processado pela SEC02:26: Marvel Rivals apresentará um novo herói a cada seis semanas03:12: Amazon - promoções de informática03:47: Alarmo ficará disponível mundialmente este ano04:27: Nova função do ChatGPT transforma o chatbot em um gerenciador de tarefas inteligente05:42: TikTok nega rumores de que Musk poderá comprar operações da plataforma nos EUA06:57: Inté a próxima! Produtos do EpisódioMicrofone Fifine utilizado na gravação do podcastPlayStation 5 SlimPlayStation DualSenseBundle Nintendo Switch OLED com Mario Kart 8Nintendo Switch OLEDComprando qualquer produto com esses links, ou conferindo as promoções em destaque, o Bom dia Tech receberá uma pequena comissão e assim, você ajuda no crescimento do podcast.Redes sociais:InstagramThreadsMastodonImagem da capa:TikTok

Bom dia Tech, tudo bem? Hoje trago pra você: Rumor: Nintendo Switch 2 pode ser revelado nesta quinta-feira, dia 16 de Janeiro, iPhone possui falha de segurança no Controlador USB-C, CEO da Sonos renuncia após desastre com aplicativo, App do Gemini ganha acesso ao modelo 2.0 Experimental Advanced, Vazam imagens do que será as Notas da Comunidade no Threads e Outra rede social chinesa começa a tomar o posto do TikTok!Quer patrocinar ou fazer uma parceria com o Bom dia Tech? Mande um e-mail para contato@bomdia.tech e vamos conversar!EpisódioReview Completo do Novo Kindle 2024!Promoção AmazonAmazon - promoções de informáticaNotícias00:00: Bom dia Tech! 00:23: Outra rede social chinesa começa a tomar o posto do TikTok01:48: Vazam imagens de como será as Notas da Comunidade no Threads02:44: App do Gemini ganha acesso ao modelo 2.0 Experimental Advanced03:26: Amazon - promoções de informática03:59: CEO da Sonos renuncia após desastre com aplicativo05:07: iPhone possui falha de segurança no Controlador USB-C06:13: Rumor: Nintendo Switch 2 pode ser revelado nesta quinta-feira, dia 16 de Janeiro!07:12: Inté a próxima! Produtos do EpisódioMicrofone Fifine utilizado na gravação do podcastPlayStation 5 SlimPlayStation DualSenseBundle Nintendo Switch OLED com Mario Kart 8Nintendo Switch OLEDApple iPhone 16 (128 GB) Apple iPhone 15 (128 GB) Comprando qualquer produto com esses links, ou conferindo as promoções em destaque, o Bom dia Tech receberá uma pequena comissão e assim, você ajuda no crescimento do podcast.Redes sociais:InstagramThreadsMastodonImagem da capa:Renders baseados em leaks - https://www.reddit.com/r/NintendoSwitch/comments/1i008os/nintendo_switch_2_mockup_renders_based_on_leaks/

Bom dia Tech, tudo bem? Hoje trago pra você: Novo HomePod com tela pode chegar mais tarde do que o esperado, Mac Studio deve chegar no primeiro semestre de 2025, Vision Pro 2 deve ficar para 2026, Anunciantes estariam preocupados com mudanças da Meta, AGU notifica Meta sobre mudanças no programa de checagem de fatos e Playstation ganha novos acessórios com o tema Midnight Black!Quer patrocinar ou fazer uma parceria com o Bom dia Tech? Mande um e-mail para contato@bomdia.tech e vamos conversar!EpisódioReview Completo do Novo Kindle 2024!Promoção AmazonAmazon - promoções de informáticaNotícias00:00: Bom dia Tech! 01:05: PlayStation ganha novos acessórios com o tema Midnight Black01:51: AGU notifica Meta sobre mudanças no programa de checagem de fatos02:51: Anunciantes estariam preocupados com mudanças da Meta04:02: Amazon - promoções de informática04:35: Vision Pro 2 deve ficar para 202605:21: Mac Studio deve chegar no primeiro semestre de 202506:07: Novo HomePod com tela pode chegar mais tarde do que o esperado07:05: Inté a próxima! Produtos do EpisódioMicrofone Fifine utilizado na gravação do podcastEcho Show 15PlayStation 5 SlimPlayStation DualSenseApple iPhone 16 (128 GB) Apple iPhone 15 (128 GB) Comprando qualquer produto com esses links, ou conferindo as promoções em destaque, o Bom dia Tech receberá uma pequena comissão e assim, você ajuda no crescimento do podcast.Redes sociais:InstagramThreadsMastodonImagem da capa:Apple

「Amazon初売りは1月3日9時から。何が安くなる？アップル製品は？準備すべきことまとめ」　Amazonは毎年恒例の年始セール「Amazon 初売り」を、1月3日（水）9時から1月7日（火）23時59分までの5日間にわたり開催する。いよいよ開催が迫ってきたので、改めて準備しておくことをまとめよう。

「Amazon初売りは1月3日9時スタート、福袋はもう販売中！セールで何が安くなる？ 準備すべきことは？」　Amazonは、毎年恒例の年始セール「Amazon 初売り」を、2025年1月3日（水）9時から1月7日（火）23時59分までの5日間にわたって開催する。本項では、初売りを楽しむための方法、先行されて公開されている情報などを整理しながら、初売りセールや福袋をよりおトクにゲットするための方法をお伝えしよう。

「「Amazon 初売り」2025年1月3日9時から。セールアイテムや“中身がわかる福袋”の一部を公開。」　Amazonは、毎年恒例の年始セール「Amazon 初売り」を、2025年1月3日（水）9時から1月7日（火）23時59分までの5日間にわたって開催する。

And for our final episode for this weekend...we are diving into some A24 horror!! That's right! We have teamed up with new friend of the show, horror/fantasy author S.K. Ehra, to talk about the 2018 masterpiece that is Hereditary!What did your co-hosts think of this movie? What were their initial reactions to this movie upon its release? Is this one of A24's movies that we recommend you see?? Find out now on episode 107 of The Midnight Terrors Podcast!Be sure to check out S.K.'s work on Amazon!Check out S.K.'s newest novel, "Minu", on Amazon:Amazon.com: Minu eBook : Ehra, S.K.: Kindle Store

Kelly Grayson is a very experienced paramedic, educator, speaker and author that serves the EMS community. You can follow him here: (10) Kelly Grayson (@AmboDriver) / X (20+) FacebookYou can find his books on AmazonAmazon.com: On Scene: More Stories of Life, Death and Everything In Between (A Paramedic's Stories of Life, Death and Everything In Between Book 2) eBook : Grayson, Steven "Kelly" : Kindle StoreEn Route: A Paramedic's Stories of Life, Death and Everything In Between: Grayson, Steven Kelly: 9781537770819: Amazon.com: BooksHow to compartmentalize and do our job without losing our humanity. This is a balance we are all trying to findKelly talks about how he had to detach in order to quickly triage on a scene and how this is necessary to do the job a lot of timesJoy and pain are different sides of the same coin; if you insulate from one you deny the enjoyment of the otherIf you don't let the failure to resuscitate a pediatric patient bother you, how can you feel the joy of delivering a baby?Often we are spending more time with the lowest of society rather than on our own health and well-being You have to be able to step away from EMS and leave work at work. But we all know this is very difficult. You need to share your feelings with your family. Holding it all inside is not helpfulKelly talks about how this lack of communication cost him aSupport the showFull show notes can be found here: Episodes - Practical EMS - Content for EMTs, PAs, ParamedicsMost efficient online EKG course here: Practical EKG Interpretation - Practical EMS earn 4 CME and learn the fundamentals through advanced EKG interpretation in under 4 hours. If you want to work on your nutrition, increase your energy, improve your physical and mental health, I highly recommend 1st Phorm. Check them out here so they know I sent you. 1st Phorm | The Foundation of High Performance Nutrition Everything you hear today from myself and my guests is opinion only and doesn't represent any organizations or companies that any of us are affiliated with. The stories you hear have been modified to protect patient privacy and any resemblance to real individuals is coincidental. This is for educational and entertainment purposes only and should not be taken as medical advice nor used to diagnose any medical or healthcare conditions.

Kelly Grayson is a very experienced paramedic, educator, speaker and author that serves the EMS community. You can follow him here: (10) Kelly Grayson (@AmboDriver) / X (20+) FacebookYou can find his books on AmazonAmazon.com: On Scene: More Stories of Life, Death and Everything In Between (A Paramedic's Stories of Life, Death and Everything In Between Book 2) eBook : Grayson, Steven "Kelly" : Kindle StoreEn Route: A Paramedic's Stories of Life, Death and Everything In Between: Grayson, Steven Kelly: 9781537770819: Amazon.com: BooksKelly talks about how he was cocky for many years when he first started as a paramedic. Paramedics often go one of two routes: God's gift to paramedicine or bringing their text books around in fear every dayKelly re published En route and On Scene the way he meant to release them in the first place in 2023A lot of us go through the “God's gift to paramedicine” phase of our career when we are overly-confident when we are newKelly tells a moving story about an elderly woman and how not everyone wants to be savedSupport the showIf you want to support the show, follow the links below for some great health and fitness products.My favorite protein:https://1stphorm.com/products/phormula-1/?a_aid=PracticalEMS My favorite 1ST Phorm Energy Drinks: https://1stphorm.com/products/1st-phorm-energy/?a_aid=PracticalEMS My favorite creatine supplement https://1stphorm.com/products/micronized-creatine-monohydrate/?a_aid=PracticalEMS My favorite pre-workout supplementhttps://1stphorm.com/products/project-1/?a_aid=PracticalEMS If you want to work on your nutrition, increase your energy, improve your physical and mental health, I highly recommend 1st Phorm. Check them out here so they know I sent you. 1st Phorm | The Foundation of High Performance Nutrition Everything you hear today from myself and my guests is opinion only and doesn't represent any organizations or companies that any of us are affiliated with. The stories you hear have been modified to protect patient privacy and any resemblance to real individuals is coincidental. This is for ed...

Welcome back to Roc Lifestyle Podcasts! Your hosts Vanessa and Amanda are back! Today we launch our new segment Roc headlines, chatting local Roc culinary news. We also are announcing our new virtual book club. Your favorite local ladies are back and better than ever

Download my free guided meditation audio bundle here: https://thewellnessengineer.com/audiobundle   Do you have the menopausal ‘blahs'? Join me and my guest Jana Danielson and discover how to bloom better in menopause and beyond by harnessing the magic power of mindset, movement, and metabolism to regain your vitality.   In this episode you'll learn: ⏰ 01:00 - Intro ⏰ 03:00 - Jana's story: On eleven medications and in pain at age 21 ⏰ 08:39 - The Cooch ball for pelvic floor health ⏰ 13:38  - The three pillars of blooming better  ⏰ 17:57 - Scale of Consciousness of emotions: shame is the lowest  ⏰ 24:25 -  Stress response vs. trauma response  ⏰ 29:13 -  The seven sacred women of Bloom Better ⏰ 37:14 - The ONE thing you can do to activate self-healing Check out Jana Danielson's Bio: Jana Danielson, an award-winning wellness entrepreneur, transformed her personal struggle with physical pain into a mission to elevate women through self-love and empowerment. As Founder & CEO of Bloom Better, she helps women discover their sacred selves by integrating physical wellness with mental and emotional health, focusing on mastering mindset, movement, and metabolism. A Pilates Master Instructor, Certified Pfilates Instructor, and Amazon International Best Selling Author, Jana created the Cooch Ball, the world's first pelvic floor fitness tool for women. She also founded Lead Pilates and Lead Integrated Health Therapies. Jana is a member of the Holistic Leadership Council and recipient of the 2023 Mindshare Leadership Summit Future of Health Award. Having coached hundreds of thousands of women globally, Jana continues to inspire and guide them towards enhanced quality of life, confidence, and impact. Her work proves that when women invest in their health, they invest in their power to change the world.    Jana Danielson's gift and link: For a limited time, get Jana's eBook for just $0.99 (US) or $1.09 (Canada) on Amazon:  Amazon.com Amazon.ca   Connect with Jana Danielson: Website: https://bloombetter.life/  Instagram: https://www.instagram.com/jana.danielson/  YouTube: https://www.youtube.com/@Jana.Danielson/    ***** Hi there! I am Jane Hogan, the Wellness Engineer, and the host of Wellness By Design. I spent 30 years designing foundations for buildings until the pain and inflammation of rheumatoid arthritis led me to hang up my hard hat and follow my heart. Now I blend my backgrounds in science and spirituality to teach people how to tap into the power of their mind, body and soul. I help them release pain naturally so they can become the best version of themselves.    Wellness By Design is a show dedicated to helping people achieve wellness not by reacting to the world around them but by intentionally designing a life based on what their own body needs. In this show we explore practices, methods and science that contribute to releasing pain and inflammation naturally.   Learn more at https://thewellnessengineer.com   Would you like to learn how to release pain by creating more peace and calm?  Download my free guided meditation audio bundle here: https://thewellnessengineer.com/audiobundle   Connect with Jane:  Facebook: https://www.facebook.com/JaneHoganHealth/ Instagram: https://www.instagram.com/janehoganhealth    

Building a Full-Funnel DSP Strategy For Amazon Sellers   Danny welcomes Sam Lee, an Amazon DSP expert with years of experience at companies like Thrasio. Sam provides insights into the Amazon DSP (Demand Side Platform), a less accessible yet powerful tool compared to Amazon's PPC. DSP allows for advanced targeting using Amazon's first-party data, perfect for those ready to expand beyond traditional ad methods. Danny and Sam dive into the essentials of DSP, covering campaign structures, targeting methods, and common pitfalls that many brands face when venturing into DSP.   What is Amazon DSP? Sam explains that Amazon DSP is different from traditional Amazon PPC in accessibility and functionality:   Barrier to Entry: DSP isn't as easy to access as Seller Central; it requires Amazon-approved agencies or meeting certain spend thresholds. Initial Challenges: Early misuse led to its reputation issues, as many advertisers applied blanket strategies, not optimizing DSP for unique brand/product needs.   Building the Full Funnel Sam emphasizes a strategic approach to DSP that adapts to product price points and buying cycles, avoiding a one-size-fits-all approach:   Understanding Customer Journey: Higher-priced products require longer consideration windows, so retargeting timelines should vary. Tailoring Campaigns by Product Type: A $10 product doesn't need a 30-day retargeting window, while a $200 product may need up to 45 days to properly engage the audience.   Key Metrics for Success in DSP To evaluate DSP campaign effectiveness, Sam discusses focusing on core metrics:   Return on Ad Spend (ROAS) and Total ROAS as primary performance indicators. Effective Cost Per Detail Page View: Lower costs (below $1) signal efficient DSP campaigns, with top performers achieving $0.50 or less. Percent of Purchases New-to-Brand: Indicates how well DSP attracts fresh customers, avoiding retargeting those already inclined to purchase.   Sam highlights Amazon Marketing Cloud (AMC) as a tool to monitor customer touchpoints in the purchase path, offering more transparency into DSP's role in converting new users.   DSP Budgeting Insights One misconception Sam dispels is that DSP requires excessive budgets to yield results:   Optimal Spend Range: While larger budgets provide more data for refinement, DSP can still be tested effectively at lower levels if PPC campaigns are fully maximized first. Synergy Between PPC and DSP: He advises investing as much as possible into PPC until returns diminish, then strategically layering DSP to further boost conversions.   Evaluating DSP Managers When hiring or assessing a DSP manager, Sam recommends looking for these critical skills:   Sales Deduplication Knowledge: A solid understanding of deduplicating sales between DSP and PPC, often through merchant tokens, which ensure accurate attribution. Customized Campaign Strategy: Effective DSP managers tailor retargeting windows and budgets based on product price points and sales cycles, avoiding generic settings. Expertise with Streaming and Video Ads: Familiarity with OLV (Online Video) and Streaming TV (OTT) can add value to campaigns, especially for brand awareness.   Streaming TV and Online Video (OLV) Advertising Sam and Danny discuss the advantages of Streaming TV (OTT) and Online Video (OLV) as part of DSP's offerings:   OTT vs. OLV: OTT, or Over-the-Top Media, is a more premium option, placing ads on streaming platforms like Hulu and Prime Video, while OLV covers a broader online space (e.g., ads between games or online content). Use Cases: Streaming ads are highly effective for certain brands but come with higher costs, while OLV offers a budget-friendly alternative for brands targeting broader, online-savvy audiences.   DSP for Non-Amazon Sellers One of the most forward-thinking DSP strategies involves leveraging Amazon's first-party data for external brands:   Application for Non-Amazon Sellers: Brands not selling on Amazon, like car companies or public services, can still use DSP to target potential customers based on Amazon's deep data insights. Geotargeting and Demographics: For example, public transit services like LA Metro have used DSP to target specific areas, showing the versatile applications of DSP data.   The Role of DSP in Amazon's Search and Ranking Algorithm Sam shares advanced insights on how DSP impacts Amazon's ranking system through behavioral targeting:   Bayesian Update System: Amazon's algorithm adapts based on live data (clicks, conversions), helping high-performing products “win” visibility quickly while demoting less successful items. Behavior-Driven Launch Strategy: For launches, a well-optimized DSP campaign can create significant early traction, contributing to better search rankings.   Common Pitfalls and Misconceptions in DSP Sam addresses frequent DSP errors that agencies and brands make:   Misleading Attribution: Lack of merchant tokens can lead to inflated success metrics, misleading clients on actual DSP effectiveness. Uniform Strategy Application: Applying the same retargeting window or budget across all campaigns, regardless of product type or target audience, can dilute DSP's impact.   Amazon as a Search Engine First Both Sam and Danny agree that Amazon's primary goal is search relevancy, driven by conversion rates and user experience:   SEO Principles on Amazon: Amazon prioritizes high-conversion products to ensure users find relevant, desirable items. Successful DSP campaigns enhance this by generating high-quality traffic. Cold Start Problem: New products face Amazon's cold-start challenges, where initial performance metrics determine future visibility. DSP's behavioral targeting can boost early sales velocity, easing this process.   Closing Thoughts Danny and Sam conclude by reinforcing Amazon's profit-centric nature, encouraging sellers to align with Amazon's goals to maximize DSP benefits. For sellers looking to experiment with DSP, Sam advises working with knowledgeable agencies or managers to avoid wasted spend and achieve incremental gains over PPC alone.   Reach Out to Sam Lee:   Company: Trivium Co. Contact: sam.lee@triviumco.com   Looking for a Free PPC Audit? https://www.databrill.com/

In this episode of Cult Film School, hosts Adrian and Dion reminisce on their relationships with film critic Robin Wood, and talk about his work on the horror film, culminating in the influential The American Nightmare film program (and book) in 1979. On its 45th anniversary, they discuss Robin Wood's contributions to the critical study of horror through two films he championed: Alfred Hitchcock's Psycho (1960) and Wes Craven's The Last House on the Left (1972). They discuss personal memories as well as themes and reactions to the films, and the critical perspectives Robin Wood brought to bear on the horror film genre.   Chapters: 0:00:12 - Welcome to Cult Film School 0:02:09 - Robin Wood Stories 0:09:28 - The American Nightmare (1979) 0:11:22 - Thanks for the Film Recommendation, Daniel! 0:12:36 - Psycho (1960): IMDb Plot Summary 0:13:34 - Robin Wood's "Psychoanalysis of Psycho" (1960) 0:15:15 - Psycho as Exploitation Horror Film Experiment 0:17:30 - Film Marketing and Hitchcock as Showman 0:19:36 - Psycho as Transitional (and Seminal) Film 0:25:35 - Families in Psycho 0:29:18 - Psycho (1960): Tagline 0:32:47 - The Last House on the Left (1972): IMDb Plot Summary 0:34:26 - Robin Wood's "Neglected Nightmares" (1980) 0:38:39 - Tonal Shifts in The Last House on the Left 0:43:19 - Empathy in The Last House on the Left 0:49:15 - Off-putting Imagery in The Last House on the Left 0:54:00 - The Last House on the Left (1972): Tagline 0:55:05 - Taking the Horror Film Seriously 0:58:30 - Curious to Read Robin Wood? 1:02:33 - Happy Halloween! 1:03:23 - Next Episode Preview   Robin Wood on the Horror Film: Collected Essays and Reviews (2018) is available via Amazon: Amazon.ca, Amazon.com, or Amazon.co.uk.   Connect with Adrian & Dion: Letterboxd ~ CultFilmSchool Instagram ~ @cultfilmschool  Threads ~ @cultfilmschool X ~ @cultfilmschool Facebook  ~ Follow Us! Send an Email ~ cultfilmschoolpodcast@gmail.com  Don't forget to leave a rating and review!

Send me a DM here (it doesn't let me respond), OR email me: imagineabetterworld2020@gmail.comToday I'm honored to introduce you all to: Loving mother, grandmother, foster parent, and devoted wife, ritualistic child abuse, sex trafficking, religious abuse, and incest survivor, published writer and author of the book “My Life Now: Essays by a Child Sex Trafficking Survivor”, podcast host and content creator on YouTube, psychotherapist, social worker, keynote speaker, writer and director of three feature-length films and numerous short films, and an absolute inspiration: Mary KnightI came across Mary's story and content about 2 years ago when I stumbled across a YouTube channel called ‘Real Women, Real Stories'. Premiering on that channel at the time I discovered it was a documentary featuring Mary where she took us on a journey of discovering if her memories were real by examining the False Memory Syndrome Foundation and its implications on the survivor movement and community through it's ‘false memory' doctrine. Also on this YouTube channel were some Q&A's where Mary spoke about and answered questions from the audience regarding her harrowing testimony as a child who was pimped out by her abusive, racist, pedophilic, and incestuous parents to church and community pedophiles or - as Mary puts it in her gut-wrenching and inspiring book she authored, “My Life Now”: she was “Rented by the Hour”Mary's work uncovering the myths and realities behind the False Memory Syndrome Foundation has been ground-breaking. Quoted from Wikipedia: “The False Memory Syndrome Foundation was created by Pamela and Peter Freyd, after their adult daughter Jennifer Freyd accused her father of sexual abuse when she was a child. The FMSF described its purpose as the examination of the concept of false memory syndrome and recovered memory therapy and advocacy on behalf of individuals believed to be falsely accused of child sexual abuse.” In Mary's documentary, she actually was able to get in-person interviews with FMSF founders as well as Elizabeth Loftus - who was involved with the FMSF and is an American psychologist who is best known in relation to the misinformation effect, false memory and criticism of recovered memory therapies. Loftus has testified on behalf of pedophiles and predators such as Ghislane Maxwell and Bill Cosby. In today's episode, Mary will be doing a deep dive with us into the FMSF, its history, founders and board members, her work uncovering the truth about memory, and the impact the ‘false memory' lies have had on survivors, therapists, and the progress being made to expose organized abuse to the masses. I ask you all to please put away whatever you're doing and give Mary your full attention as we go down the false memory rabbit hole and learn from an amazing woman who has bravely stepped up to use her voice for the voiceless and to be a light in the darkness. CLICK HERE FOR 15% OFF YOUR RIFE ORDER:Rife Technology – Real Rife TechnologyCODE: 420CLICK HERE FOR FREE SHIPPING ON CZTL'S METHYLENE BLUE:Buy ultra high purity Methylene Blue – CZTLCONNECT WITH MARY: YouTube: Mary Knight - YouTubeWebsite: Home (maryknightproductions.com)Purchase her book on Amazon: Amazon.com: My Life Now: Essays by a Child Sex Trafficking Survivor eBook : Knight, Mary: BooksSupport the show

There are trendy practices that take us out of the light of Jesus and into murky spiritual practices. Here is a simple explanation of how to tell the difference. Website drtonicooper.com Books on Amazonamazon.com/author/drtonicooper Video Podcasts channel youtube.com/@ChristianCounselingforaL-gz3mu/featured FB facebook.com/drtonicooper Instagram https://www.instagram.com/tonicooper777/

Midnight Terrors is back with an all new bonus episode! Our very own Roy, aka horror author R. Jacob Honeybrook, has just released a new novella as of a few weeks ago! It is entitled "When We Once Loved" and is now available for purchase! To celebrate the release of this new novella from our co-host, Kevin sits down with Roy to do a deep dive into Roy's writing and his work so far! The boys discuss how Roy got into writing, talk in depth about each book that Roy has released before the latest, and discuss what readers can expect when they dive into "When We Once Loved"! Minor alert for some of Roy's works! Be sure to listen to the episode and then go pick up a copy of Roy's new book on Amazon:Amazon.com: When We Once Loved eBook : Honeybrook, R. Jacob, Colby, Kelly Lynn: Kindle Store

I'm thrilled to share with you all a sit down with my good friend, Jamie Pennell. Jamie is a former member of the New Zealand Special Air Service (NZSAS), one of the many heroes from the hostage rescue operation in Kabul in 2011 and the author of a gripping new book about his military journey- Serviceman J: The Untold Story of an NZSAS Soldier. We delve into not only Jamie's military experiences, but also his transition to civilian life, family and how he met his wife Alia, and his motivations for writing a book about his journey.
 Jamies's decision to write a book was sparked by encouragement from peers and family, as well as a personal tragedy. The death of our comrade, Steve Askin, motivated James to share his story. He began writing a tribute for Steve's family, which ultimately led him to expand his writing into a full book. Jamie's book offers a raw and authentic look into the life of an NZSAS operator. He shares the gruelling selection process, intense training, and high-stakes operations. His stories highlight the physical and mental toll of serving in special forces.
 In a gripping recount of the Kabul Intercontinental Hotel siege, Jamie Pennell delves into the harrowing details of the operation that unfolded over ten intense hours. The siege began when a group of heavily armed terrorists stormed the hotel, taking numerous hostages and creating a chaotic and perilous environment.  Jamie describes the initial moments of the attack, highlighting the confusion and urgency that gripped both the hostages and the responding forces. The terrorists, equipped with automatic weapons and explosives, had meticulously planned their assault, aiming to maximise casualties and create a high-profile crisis. Jamie emphasises the critical importance of clear communication and coordination among the various responding units, including local Afghan forces and international special operations teams. He details the tactical decisions made in real-time, such as the strategic placement of snipers and the careful breaching of rooms to minimise harm to hostages.  The operation required not only physical bravery but also psychological resilience, as the rescuers had to navigate booby traps and potential suicide vests worn by the terrorists. Jamie's account underscores the complexity of urban combat and the necessity of maintaining composure under extreme pressure to ensure the safety of innocent lives. Jamie recounts the painstaking efforts to gather real-time information and adapt strategies accordingly.  Jamie's detailed narrative provides a vivid portrayal of the bravery and professionalism exhibited by the special forces, shedding light on the often unseen and under-appreciated complexities of Special Forces operations.

Jamie's book chronicles his journey through the rigorous selection process, intense training, and operational experiences in the NZSAS. He provides a realistic portrayal of what aspiring special forces candidates can expect, emphasizing the physical and mental toll of the training and the operational challenges faced during his 18 years in the regiment. This episode of the "Straight Talk Mind and Muscle Podcast" provides a candid and insightful look into Jamie's journey from a member of the NZSAS to a fulfilling civilian life. Through personal anecdotes and practical advice, James inspires listeners to embrace change, cultivate self-awareness, and seek support as they navigate their own transitions. His experiences serve as a testament to the resilience and dedication of those who serve in elite military units, offering valuable lessons for anyone facing challenges in their own lives. You can find Jamie at Linkedin - https://www.linkedin.com/in/jamie-p-189b71123/ And his book at Bookstore in NZ And on Kindle, Audible and Amazon  AMAZON - https://www.amazon.com.au/Serviceman-Untold-Story-NZSAS-Soldier/dp/1775542386 AUDIBLE - https://rb.gy/kn4hr6 I am Damian Porter , Former NZ Special Forces Operator, Subject Matter Expert from www.hownottodieguy.com  and www.eatwellmovewell.net And you are listening to my STRAIGHT TALK MIND AND MUSCLE PODCAST sponsored by www.mystait.com  - the ultimate daily formula for optimum hormone health, stress management, energy and performance.   100% natural and clinically proven ingredients, it provides everything you need to raise your game, in a convenient gut-friendly capsule. 

 And the Mason Survival Protocol    - https://www.carnivoreretreat.com/post/masonsurvival-protocol-carnivore-retreat

Links for my former shows are here-


 WATCH on YouTube- https://www.youtube.com/playlist?list=PLpt-Zy1jciVn7cWB0B-y5WATyzrzfwucZ LISTEN on:  spotify: https://open.spotify.com/show/1rlAGRXCwLIJfQCQ5B3PYB?si=UmgsMBFkRfelCAm1E4Pd3Q Itunes - https://podcasts.apple.com/us/podcast/straight-talk-mind-and-muscle-podcast/id1315986446?mt=2 


  
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Kathleen Rydel Tedsen is a published author on the paranormal and the unexplained, an investigator, and historical researcher. In 2006 Kat started her journey into the paranormal. History plays a vital role in Kathleen's investigastions. On her website, Kat has a place called "The Secret Room" I encourage you to check out. Please explore the many books Kathleen has available. The links are below:Kathleen Rydel Tedsen:Facebook (1) FacebookWebsite:Haunted Travels of Michigan (hauntedtravelsmi.com)AmazonAmazon.com : Kathleen Rydel TedsenArtwork: Cheryl HeathMusic: Energetic Music

Today we explore the transformative power of gratitude.Discover how taking just a few minutes each day to acknowledge the good in your life can shift your perspective, attract more abundance, and infuse your world with positive magick.Join us as we explore the art of crafting a daily gratitude practice that will leave you feeling uplifted, empowered, and connected to the wonders of the universe.Check out the Outrageous Gratitude Journal: Fuel Your Fire and Embody Your MagickAvailable on Amazon Amazon.co.uk Amazon.com-- -- -- -- -- -- -- --Deepen into Your Five-Minutes of Magick experiencewww.FiveMinutesOfMagick.com1: Get The Five-Minutes of Magick JournalA Daily Diary of Enchantment' to transform your world in just a few moments each day.Available on Amazon:Amazon UKAmazon US2: Download the A Pinch of Magick AppStep into the realm of the extraordinary with 'A Pinch of Magick', your pocket-sized portal to enchantment.Download for free at the App StoreDownload for free at the Play Store3: Join Our Magickal CommunityExplore your magick and power in a safe, fun and supportive space.Join us in our Facebook Community

Become a merchant:https://docs.google.com/forms/d/e/1FAIpQLSfhIe31ZRuQhugmgHbe98TASLMSV-1O4Z6nH6PFf2UZzhQZmQ/viewform?usp=pp_urlApply to join our private community: https://www.skool.com/youtubebusinessacademyIn this episode, George shares that his Amazon affiliate commissions have tripled to $1,000 in the past month. Ron reports steady progress with his YouTube channel and affiliate earnings. The hosts discuss how their relatable personalities attract an audience of middle-aged women. George explains how he connected a listener interested in becoming an affiliate merchant with his contact at ShareASale. Ron and George reveal they earn $7,000-$8,000 monthly from their various online income streams. George reads insights on intellect, teaching, and decision-making from the book "Models of Life" by Herbert Simon.Join us as we welcome industry experts, entrepreneurs, and YouTube business owners who open up about their strategies and successes on the platform.

How Corey Ganim Sold Over $12,000,000 on Amazon | Amazon Wholesale Step by Step John (https://www.instagram.com/sidehustleexperiment/) and Drew (https://www.instagram.com/realdrewd) discuss How Corey sold over $12 Million on Amazon FBA doing WholesaleCorey Ganim shares his journey from selling books on Amazon to transitioning into wholesale. He discusses the challenges, strategies, and humor involved in cold-calling suppliers and building successful relationships in the wholesale business model.#amazonfba #amazonfbatips #sidehustleexperimentpodcast Follow us on Instagram: https://www.instagram.com/sidehustleexperimentpodcast/ Listen on your favorite podcast platformYoutube: https://bit.ly/3HHklFOSpotify: https://spoti.fi/48RRKcPApple: https://apple.co/4bmaFOk Check out Drew's StuffInstagram: https://www.instagram.com/realdrewdTwitter: https://twitter.com/DrewFBACheck out John's StuffInstagram: https://www.instagram.com/sidehustleexperiment/Twitter: https://twitter.com/SideHustleExp FREE Resources✅ AVOID Price Tanking with The Tank Test Check List https://bit.ly/44FMt6M✅ 10 Questions to Ask A Prep Center Before Hiring Them: https://bit.ly/3K3HQK4 ✅ How to Make your first $500 Reselling: https://bit.ly/3UJS47g✅ Get the Discount Calculator: https://bit.ly/4dEhaNN ✅ The OA Tracking Spreadsheet: https://bit.ly/4bfqupO (the spreadsheet I use to run my Amazon Business)

EP319 - Amazon Q1 2024 Recap http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Episode Summary: In this episode, Jason "Retailgeek" Goldberg and Scot Wingo dive deep into Amazon's first quarter results for 2024, analyzing the company's performance in various segments such as retail, offline and online sales, marketplace, AWS, and advertising. They also explore the impact of AI on Amazon's business and provide insights into the company's future guidance for Q2 2024. Amazon Q1 2024 Earnings Release Amazon Q1 2024 Earnings Call Transcript In our latest episode, Jason and Scott cover a range of topics, starting with their reflections on recent events such as May the 4th and Cinco de Mayo. Jason shares intriguing stories from his extensive travels and interactions with listeners worldwide. Scott delves into the intersection of e-commerce and the auto industry, honing in on Carvana. The duo also delves into the U.S. Department of Commerce retail indicators data, shedding light on trends in retail sales and e-commerce growth. The conversation pivots towards Amazon's recent earnings report, contextualizing it within the realm of AI investments by tech giants like Meta and Alphabet, offering valuable industry insights and analysis. The discussion continues with a focus on Amazon's earnings report, zooming in on concerns around AWS amid heightened competition from Alphabet and Azure. The rising trend of AI investments, particularly in data training applications, is explored, alongside the growing popularity of open source AI models due to cost and privacy considerations. Despite a conservative Q2 guidance, Amazon impresses with robust revenue that surpasses Wall Street expectations, particularly in operating income. The retail segment shows exceptional growth, exceeding operating income estimates for both domestic and international divisions. Notably, Amazon's performance in brick-and-mortar stores, spearheaded by Whole Foods, demonstrates resilience with a 6.3% growth rate. AWS stands out with a 17% growth, dispelling market share concerns and showcasing accelerated revenue growth, illustrating Amazon's continuous growth potential and innovation prowess. Scott delves deeper into Amazon's positive quarterly earnings report, emphasizing the remarkable revenue performance, especially in operating income. Insights are shared on Amazon's successful agnostic approach to LLM models and the potential advancements in generative AI. The conversation shifts towards the burgeoning ads business at Amazon, underlining its profitability and future growth prospects. Scot also outlines Amazon's Q2 guidance and the potential impacts of consumer spending patterns on the retail sector, including concerns about changing consumer behaviors and economic pressures shaping market dynamics. Jason complements the discussion with additional perspectives on consumer behavior and economic influences reshaping the market landscape. Furthermore, we embark on a detailed exploration of supply chain logistics, with a spotlight on Amazon's expansion into third-party logistics services, revolutionizing traditional retail strategies by sharing proprietary capabilities for wider adoption. Insights from Andy Jassy shed light on Amazon's logistics business approach. The conversation expands to include how companies like Spiffy are embracing a similar model of sharing proprietary products to drive innovation and revenue growth, showcasing an evolving landscape of retail innovation. The podcast unpacks the complex world of grocery retail, highlighting Amazon's experimental forays like Just Walk Out technology and the Amazon Dash cart, while examining the challenges in delineating Amazon's grocery sector strategy. A comparison is drawn between Amazon's strategies and those of rivals like Walmart and Target, who are adapting their product offerings to match evolving consumer preferences, offering a comprehensive view of the dynamic retail and supply chain management sphere. Dive into our engaging discussion, explore retail dynamics, and keep a lookout for more insightful content. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 319 of the Jason & Scot show was recorded on Sunday, May 5th, 2024. Chapters 0:23 The Jason and Scott Show Begins 2:56 World Travel Adventures 5:53 Commerce Tools Elevate Show 6:53 Jason's World Tour Plans 7:22 Where in the World is Retail Geek? 20:43 Amazon's First Quarter Earnings 23:23 Sandbagging Strategy 26:45 Amazon's Dominance in E-commerce 27:44 Online Segment Growth Analysis 28:53 Offline Store Segment Analysis 31:35 Spotlight on AWS Performance 34:32 Data at AWS 42:02 Gen AI Revenue Growth 46:24 Consumer Pressure 49:56 Supply Chain Evolution 53:46 Leveraging Technology 58:08 Disruption in E-commerce 1:01:54 Amazon's Grocery Strategy 1:05:01 Retail Industry News Transcript Jason: [0:23] Welcome to the Jason and Scott Show. This is episode 319 being recorded on Sunday, May 5th, 2024. I'm your host, Jason Retail Guy Goldberg, and as usual, I'm here with your co-host, Scott Wingo. Scot: [0:37] Hey, Jason, and welcome back, Jason and Scott Show listeners. It's been a while, but first, happy Cinco de Mayo, and also a belated May the 4th, Jason. Did you have a good Star Wars day? Jason: [0:49] I did. I did. I feel like Star Wars Day always makes me think of the podcast because I feel like we have spent many of them in my latter life together. Scot: [1:01] Yeah, absolutely. Any exciting new Star Wars experiences or merch? Jason: [1:08] No, I understand you got some vintage merch. merch. Scot: [1:13] It's not, but they, back when I was a kid, you would go and if you went every week to, I think it was Burger King, you would for the, I think it was Empire. I have the Empire right here. So definitely Empire, but you would get a glass. Now it turns out these were full of lead paint, which would kill you, but that was the downside. Jason: [1:32] Not recommended for drinking. Scot: [1:33] You got a very, yes, I never, being a collector, I never drank out of them. So that's good. Jason: [1:37] Saved your life right there. Scot: [1:38] Yes, but I did drink out of the Tweety Bird. So that me, me. I'm sure I got some yellow lead paint from a twitty bird glass. Anyway, so they came out with a Mandalorian kind of homage to those glasses and they were at the Hallmark store of all places, not where I usually hang out, but I got to go to a Hallmark store and the little ladies that worked there were, I wish them all an awesome May the 4th. And they looked at me like I was from another planet and it was hilarious. My wife's like, stop, they don't know what you're doing. Jason: [2:07] Wait, they didn't have a big May 4th section in the Hallmark store? Scot: [2:11] They did. The little ladies didn't know. Jason: [2:13] The overlap of people that still buy Papyrus cards and celebrate May 4th is probably not great. Scot: [2:21] It was very humbling. It was a humble May the 4th, but I got my glasses and I was happy. I'm happy for you. And then tonight we had tacos for dinner, so I'm hitting all the holidays. Jason: [2:30] I feel like we should have tacos for dinner every night, whether it's Cinco de Mayo or not, but I'm i am happy for that. Scot: [2:35] We do have a lot of tacos but this was a special single denial edition. Jason: [2:42] Well, very well done, my friend. Scot: [2:44] Thanks. Well, listeners of the pod have been all over me. They're like, why aren't you recording? And I said, it's not me. It's Jason. It's Jason. Because you have been traveling Scot: [2:55] the earth, spreading retail geek goodness. Tell us, we are way far behind on trip updates and all the different countries. It's like you're playing, do you have like a little travel bingo where you're just like punching, what is it, 93 countries? Jason: [3:09] I do. They call it a passport. Oh, nice. Yes. Scot: [3:13] That, uh, little book that you get to carry. Yeah. Jason: [3:15] Yeah. Yeah. Yeah. I have been on a lot of trips and it sounds like you and I may be telling complimentary lies because I also, I've had an opportunity to meet a lot of listeners in the last, we'll call it seven weeks and which they're always super nice. And it's always super fun to talk to people. And obviously they're, you know, strangers recognize my voice in line at Starbucks at all these e-commerce shows. And then we strike up a conversation. And then the next question is always, where the heck is Scott? Because they're always disappointed to meet me and not you. And now the new thing is, and why aren't you producing more frequent shows? And my answer is always that you're dominating the world at Get Spiffy and that you're too busy. Scot: [4:00] Uh-huh. I see. Okay. Jason: [4:02] Well, we're both very busy. Scot: [4:05] You're traveling more than I am. I'm busy washing cars. Jason: [4:08] Yes. I think both are fairly true, but I did finish a grueling seven-week stint where I got to come home a couple of times on the weekends, but I basically had seven weeks of travel back to back. In my old life, that would not have been that atypical, but post-pandemic, The travel has been a little more moderate. And I have noticed that I have my travel muscles have atrophied and I don't really want to redevelop. Jason: [4:35] So the seven weeks was a lot. Please don't ask me for trip reports for all the commerce events because I kind of can't remember some of them. They're all a little bit of a blur. But I was at Shop Talks, I think, since the last time we talked, which is, of course, probably the biggest show in our industry. And that was a very good show. I did get to see a lot of our mutual friends and a lot of fans of the show there. So that was certainly fun. And maybe in another podcast, we can do a little recap of some of the interesting things that came out of Shop Talk. I did produce a couple of recaps in other formats for work clients, so we could certainly pull something together. I also went to a vendor show. One of the e-commerce platforms out there is called Commerce Tools, and they had their annual customer show, which is called Elevate in Miami. So I got a chance to go visit there. They're one of the commerce platforms that I would say is winning at the moment in the kind of pivot away from the old school monoliths to these new sort of SaaS-based solutions. And commerce tools in particular are kind of pioneers in pushing this actual certification around a more modern earned stack that they they coined mock. And I think I think we've had Kelly from from commerce tools on the on the podcast Jason: [5:51] in the past to talk about that. But that was a good show. I got to meet a lot of listeners there. And a funny one, several listeners were like. Jason: [5:59] I would apologize for the, the, our publishing schedule lately. And they're like, I'm cool with it. I like that. Like you don't do a show if there's not something worthwhile. And then, you know, when I do get a show, it's like a treat. So I don't know if they're being honest or not, but that made me feel a little better about some of our, our, our Tardis shows lately. So those, those were good events. I also spent a week in India with some clients and that super interesting, a lot of commerce activity going on there, a lot of different market dynamics than here. So that's kind of intellectually pretty fun to learn about and see what's working there that might be working here or what, you know, why things tend to play out differently there. So that's interesting. And then I have a lot more international trips booked right now. Jason: [6:48] So coming up, I'm going to Barcelona, London, Paris, and Sao Paulo. So if anyone either has any favorite retail experiences in any of of those cities, please send them my way. I'll be doing store visits in all those cities. And if you're based in any of those cities, also drop me a line. Hopefully we can do some meetups while I'm out there. Scot: [7:07] Cool. It's Jason's world tour. You can do a little pod while you're there. Jason: [7:12] We have done a bunch of international pods in the distant past. I remember hotel rooms in South Korea and all over the place, Jason: [7:19] Japan that we've, we've cut shows from. So, so totally could. Scot: [7:23] Yeah. We'll have to do it. Where in the world is retail geek? That could be the theme song. I just sampled that. Jason: [7:30] Yeah. So besides cleaning the world's cars, what have you been up to, Scott? Scot: [7:35] Well, it's kind of funny. My worlds are colliding. So a lot of the analysts that you and I know from the e-commerce world are creeping into the auto world and their gateway drug is Carvana. So in the world of retail, we have Amazon, obviously. Well, Carvana is kind of Amazonifying used cars. They had a bit of a drama kind of situation. They were the golden child of online cars. And then they totally pooped the bed. They did this acquisition. They loaded up with debt. And then after, I think it was 21. So they had a good COVID. They surged. And then the debt got in front of them. Used car prices bop around and they kind of like got in an open door situation where they had bought a lot of cars for more than they were worth suddenly. And then they plummeted and everyone thought they were going out of business, but they have had a resurgence. So it's causing a lot of the internet analysts to now pick up auto tech or mobility or whatever you want to call it. So it was fun. I got to do a live chat with Nick Jones. He's been a friend of the show. I don't think we've had him on due to some compliance stuff that his company has rules around, but he's at this firm JMP and it was kind of wild to talk about, with someone about both Amazon and what we're doing at Spiffy, which is basically a lot of Amazon principles applied to car care. So it was interesting to have someone reach out and say, hey, I think this is a thing. And everyone tells me I should talk to you about it. And I was like, oh, yeah, I would love to. So it's kind of fun. Jason: [9:01] That's very cool. And isn't it also a thing, I think half the vehicles on the road are now owned by Amazon. So I assume that's an overlap too. too? Scot: [9:09] Yeah, not half, but a lot are. The number of last mile delivery vehicles are very, very large. And we work with a lot of them, so it's kind of fun. I started spiffy somewhat to get away from Amazon and still all I can talk about. Nope. So embrace it. I love Amazon. Love me some Amazon, Jason. Jason: [9:29] I'm glad you do. I love them too, but I feel like I spend most of my career You're unsuccessfully helping people compete with them. Scot: [9:38] Hey, got to play one side of the coin. It's a gig. You're going to be more like them or how to fight them. Jason: [9:43] It's a gig. It is indeed. Yeah. Scot: [9:46] Cool. I thought we are going to talk about some Amazon news. But before we jump in, you have done your magic with your data analysis interns. And I'm sure there's an LLM and an AI thrown in there. Let's start with some of the things you're seeing in commerce trends from the data that's out there. Jason: [10:07] Yeah. So as everyone knows, I have a little bit too much of an infatuation with the U.S. Department of Commerce retail indicators data. And these guys, you know, publish monthly estimates of retail sales in a bunch of categories. And, you know, we've talked about this many times on the show, but broadly over the last several years have been really interesting in retail. 2020, 2021, and 2022 were the greatest three years in the history of retail. Like we mailed like $6 trillion in economic stimulus. People didn't travel or go to restaurants as much. And so we sold way more goods than ever before. And so those three years, retail grew respectively at like 8%, 14%, and 9%. The 20 years prior, retail averaged about 4% a year in growth. So normally pre-pandemic, you'd expect 4% growth. We had these three, you know, wildly pandemic influence years where we grew really fast. And then last year we finished a little below 4%. So, so we were around, I want to say it was like 3.6%. So it was growth. It would, it would have been in line with pre-pandemic growth, but it certainly felt like a significant deceleration from those heady pandemic years. And so, you know, people are super interested to see how does 2024 play out? Does it? Jason: [11:32] Kind of return to pre-pandemic levels, like what is the new normal? Jason: [11:37] And we now have the first quarter's data from the U.S. Department of Commerce, and I would call it kind of a mixed bag. If you just look at the raw retail data that the U.S. Department of Commerce publishes, they're going to tell you that retail grew in the first quarter 2.8%. So that's a little anemic, right? Compared to historical averages, that's not a great growth rate. Most of the practitioners that follow this podcast care about a particular subset of retail that the National Retail Federation has dubbed core retail. And so the National Retail Federation pulls gas and automobiles sales out of that number. And gas is a decent size number and it's very volatile based on the commodity prices of gas. And auto is a huge number that has, as you're well familiar, its own idiosyncrasies. And so that's how they justify taking those two out. And if you take those two out and you get this core retail number, retail in the first quarter grew 3.9%. So kind of to align with how the NRF talks about retail, we'll say Q1 overall was 3.9%, which is very in line with the pre-pandemic historic average. So disappointing by pandemic standards, but kind of traditionally what we would expect. Jason: [13:05] What is unique in that number is. Jason: [13:09] That it's very bifurcated. There are clear winners and losers, both by categories and specific practitioners. So if you break down the categories, e-commerce is the fastest growing chunk of retail. I'm sure we'll talk more about that. Restaurants were the next fastest growing categories. And categories like mass merchants and healthcare providers outperform that industry average, every other segment of retail underperformed the industry average. So things like furniture stores did the worst, building materials did really poorly, gas stations did very poorly, electronics did poorly, and side note, electronics have been the worst performer since the pandemic, which is kind of interesting and challenging. So you've had this weird couple categories doing really well, a bunch of categories doing really poorly. And then within the categories even, if you look at the public company's individual earnings calls, what you tend to see is a couple of big players performing really well in overall retail, that's Amazon and Walmart. And then a lot of other retailers really struggling. So that even that's like in general merchandise, it's Amazon and Walmart that are lifting the boats. And it's folks like Target traditionally that have performed really well are actually struggling at the moment. So the average is kind of hard to follow at the moment. Jason: [14:37] But that is kind of how things play out. And then we have some preliminary e-commerce data, but the actual Q1 e-commerce number that the U.S. Department of Commerce publishes will publish on May 17th. So that's 12 days from now. Jason: [14:53] And crunching the numbers that we have available at the moment, that growth is likely to come in at somewhere between 8% and 10%. I'm guessing more like 8% or 9% growth. And so that also is twice as good as overall retail, and it's more than twice as good as brick-and-mortar retail. But that is noticeably slower than the historic e-commerce growth rates pre-pandemic. So kind of file those two numbers away. The overall retail industry is growing at 3.9%. The overall e-commerce industry is growing at about 9%. And then we have our friends at Amazon that dropped their earnings announcement just before May 4th so that they could celebrate May 4th, I think. Scot: [15:39] Yeah, yes, that's a good setup. And without further ado, let's talk about Amazon's fourth quarter. It wouldn't be a Jason Scott show without a little bit of... Scot: [16:01] That's right. On April 30th, Amazon announced their first quarter results. And the setup coming into these, so you had the data you talked about, but like to drill in a little bit. We had Meta, the artist formerly known as Facebook, and Alphabet, the artist previously known as Google. They announced and they both basically told Wall Street, AI is the cat's pajamas and we're going to spend anywhere between $10 and $40 billion of capital expenditures on it, meaning NVIDIA chips. So it turns out the way to play all this is basically buying NVIDIA. So hopefully you bought some NVIDIA stock. Maybe this is not a stock recommendation or when it's too late, so... And also don't take stock recommendations from podcasters. Anyway, so there was all this angst and people were a little freaked out coming into the Amazon results because Meta was down like pretty substantially, 20 to 30 percent. And Alphabet was also up substantially. You also had Microsoft come in there and they really crushed it. Their Azure is really lighting it up with AI. And they announced that they were going to invest a lot. And there's this rumor that a $100 billion project, it's got a name like Starship or something, but it's not Starship. Spaceship? Stardust? I don't know what it is. But it's going to be this mega data center, and they literally can't find a place to put it because it's going to consume so much power. So they're going to have to maybe build a nuclear plant next to it or some wacky thing. Scot: [17:31] Anyway, that was the setup. up. So coming in, Wall Street was very, very concerned about Amazon's AWS division, which is their cloud computing. Because if Alphabet is building out their infrastructure, and so is Azure, that's the two biggest competitors for AWS. And is AWS getting its fair share? And is it going to announce that it's going to have to go build some $40 billion kind of a thing? Also, another Another thing, and I'm kind of curious on if you're seeing this with your clients, but in the, I follow this, you know, the AI, you can't do much without seeing AI everywhere. But the part I'm most interested in is what are big enterprises spending money on? This is like your Fortune 500s. They're all experimenting and really getting into it. And where they're finding a lot of good use cases is training on their data. So they'll say, you know, hey, I'm Publisys. How many documents do you think are inside of Publisys? I don't know, 8 trillion documents. Documents and you know wouldn't it be helpful just the ones I created and who is this retail geek and he's he's created uh you know 90 of those and you know so you know imagine you're starting new at publicists you're gonna be like where do I start going through some of these documents for us and if you had a chat bot that was like hey I've read all that you know I can navigate you through everything that's been published or you know whatever I'm certainly you. Scot: [18:50] Providing a very big metaphor, certainly be more divisional and all this kind of stuff. But that's where big companies are spending the bulk is they're taking their data in whatever format it's in, be it a relational database, a PDF, whatever it is, they're trying to train it. They don't want it to go up into the, they don't want to train the LLM so that other people get the benefit of that and can see any confidential data. So that's really important. So it needs to be gated in these types of things. Because of that use case, open AI is not great because people are very worried. A, it's very expensive and it's only an API. So OpenAI hosts itself and you call it through an API. Scot: [19:25] Those API calls are very expensive. They're getting, as OpenAI has gotten more popular, there's more latency. It's taking forever to get answers out of this thing. And a lot of people are very concerned that even though there's ways to call the API such that it's in a window and not being trained, that maybe it leaks in there. So because of all these elements, the open source models are becoming very popular. And right around the time Meta announced, they announced their Llama, which has become quite popular. And what's nice is you can host it wherever you want. And it's kind of like WordPress, where if you are a serious WordPresser, you can host it somewhere yourself, and you can kind of understand that. Otherwise, there's other people that will host it for you. But it has the nice feature of you're just getting the weights and whatnot, and it's it's pretty clear, it's pretty obvious, it's not training itself on your data. So a lot of people like it because it's quote unquote free. It's not an API usage based. It's a pay once to set it up, pay for some resources type thing and you're done. And it's also not going to train on the data. That's one of many. There's probably 10 or 20 pretty commercial grade open AIs out there. Scot: [20:38] Okay. So that's kind of the setup to get to the earnings. things. So from a big picture, this was a really good quarter. Asterix, the guide made Wall Street a little bit nervous. So- Scot: [20:53] And one of our research analysts just said it's Stargate, which is also a sci-fi series. They must have that on Prime Video or something. There's probably some callback there. Scot: [21:01] So they beat for the quarter Q1, but then they also kind of tell you what's going on the next quarter. Amazon doesn't provide fully your guidance. They just kind of give you a snippet. So when they report one quarter, a quarter, they then tell you what they think the next quarter is going to do. So Wall Street got a little bit ahead of its skis, and the guide for Q2 was below what Wall Street wants. So it wasn't what we'd call a beat and a raise, which is the current quarter was a beat and the next one they increased. It was a beat and a guide down. So that probably tampered Wall Street. But ever since Jassy came in, Andy Jassy, this has been his MO is to be pretty conservative because Wall Street's very much an expectation engine. And the more, if you can beat and tamp down expectations, it makes it, it's a little bit rougher in the short term from a stock price, but it makes next quarter better and then so on and so forth. So it's a smart way to manage the long-term vibe of the stock, the mindset, the expectations around your stock. Okay. So revenue came in at $143 billion versus Wall Street at $142. So pretty much in line. But most importantly, where Amazon really threw people off was on operating income. Yes, Amazon is profitable. This is the proxy for operating income. True Amazonians would tell you, no, it's cashflow. We can go into that, but this is kind of the way they report to Wall Street. So this is kind of the standard operating system, if you will. So this is what we're going to use, but it's a proxy for cashflow. Scot: [22:28] That was 15 billion for the quarter and Wall Street expected 11. Well, you know, 4 billion on a world of 143 doesn't sound like much, but between 11 and 15, that's a very material beat. What is that? Like 38%, something like that. Scot: [22:44] So that was a really nice surprise. And, you know, Amazon goes through these invest and harvest periods and everyone's been feeling like they're going to be back in investing which would mean they're going to start lowering operating income as they invest but it's actually kind of beating expectations, also this is the fifth quarter amazon has come in at the high end of its guidance or above its guidance since basically you know on operating income and that corresponds with when jassy came in so this is his mo right now is to kind of like beat and lower beat and lower you know exceed expectations tamp them down not get not get ahead of his skis and it's working really well. Jason: [23:24] Sandbagging for the win. I like it. Scot: [23:26] Yes, it is. Having run a public company, this is a lesson I learned painfully. So that's something we can talk about over beer sometime. Jason: [23:33] I will book that date. Yeah. And the retail business sort of followed in line with that. They had like some nice growth, but like the real standout number was the improvement in margins and the significant positive operating income from the retail segment. So I think the actual operating income from U.S. Retail was like $5 billion and the Wall Street expectations were 4.3. So again, that was another strong beat. Total revenue, which revenue is not the same thing as retail sales, as we've talked about on the show many times, that we would use GMV as a proxy for that. But revenue was $86.3 billion for the quarter, which I think was in line with the analyst expectations. Jason: [24:27] And I think this was the largest operating income that Amazon has ever reported for the retail business. So that was super interesting on the domestic side. Traditionally, domestic has done pretty well and international has been a money loser because, you know, they've been less mature. they've been investing a lot in growing international and they haven't had the same kind of margins. This was the first quarter that they reported positive operating income for the international division. So that's another super encouraging sign for investors that maybe they've kind of passed that inflection point on a lot of their international investments that they've made in the EU and Japan and the UK, which reminds me is not part of the EU anymore. Jason: [25:13] So so they kind of beat beat international expectations across the board on income. Revenues were lower. So revenues were like thirty one billion dollars, which was below expectation. Jason: [25:25] But they they earned like nine hundred million in operating income. And I want to say the the the Wall Street expectation was like six hundred million. So so again, like a 30 percent beat, which is pretty, pretty darn good. Good. They also, a bunch of analysts have, you know, taken these revenue numbers and they try to back into a GMV number. And I would say the bummer at the moment is there's a fair amount of variance in the estimates, like different analysts have different models. So I have kind of been putting to a model of the models together and trying to kind of find a midpoint. And like Like based on that, the Amazon's GMV globally probably went up 11.5% for the quarter. So if you're comparing this to other retailers or the U.S. Department of Commerce number, overall GMV went up 11.5%. The U.S. was stronger. So the U.S. probably went up at 12.2%. So again, we talked about core retail was up 3.9%. Well, Amazon U.S. GMV was up 12.2%. So, you know, three times faster growth than the retail industry overall. Jason: [26:39] And again, Amazon is mostly e-commerce, very little brick and mortar, Jason: [26:44] which we'll talk about in just a minute. But even if you're comparing Amazon to that e-commerce number, if e-commerce comes in at 8% or 9% and Amazon's at 12%, they're by far the largest e-commerce player out there and they're still substantially outgrowing the average, which, you know, is very impressive and should be very scary to every other competitor out there. Jason: [27:08] One analyst kind of put together an estimate of what they thought the earned income contribution from Amazon was for retail and ads together, pulling AWS out. And they had it at $27 billion in earned income if Amazon was just a retail with no AWS. And that puts them right in the ballpark of Walmart that spent off about $29 billion in earned income or operating income. I keep saying earned, but I mean operating income. So, so that is all pretty impressive and simultaneously super scary. Jason: [27:45] Scott, did you drill down into the online segment at all? Scot: [27:49] Yeah. And, you know, what I would tell listeners is picture a block diagram where you have this big, big rectangle, that's the whole Amazon entity. And, you know, so what we're going to do is talk about the segments. And the first segment is the biggest one, which is the retail business. And that, that's what you just. Jason: [28:04] Biggest and best. Wouldn't you say? Scot: [28:06] Coolest. Jason: [28:07] Coolest. All right. Scot: [28:08] Cool. Okay. Yeah. Yeah. Okay. I'll, you know, I don't know. Jason: [28:11] It is for you. Scot: [28:14] Um, I think the whole enchilada, I like the, the way they do this and I'm trying to replicate it. It's 50. We'll talk about that in a second. The, so then the, you know, so then another segment is AWS, another segment, I think marketplace should be in some segment, but they don't break it out. So it's just kind of in kind of hidden inside of the blob that is retail. So we tease some of that out here on the show. They purposely hide it in there. So no one knows how awesome it is, I think. And then they've got AWS ads and a couple other things, but we'll talk about this. So as you dig into the retail business, there's a couple of ways to look at it. You can look at it by domestic and international, which Jason just did, Scot: [28:50] or you can look at it by online and physical store. So the online biz grew 7% year over year, which if I remember your stats, well, you don't have it until may 17th so on may 17th we'll be able to know how that compared but probably the one you can compare is the offline biz which is the the store comp that they have, And Jason, you saw on that one, what'd you see? Jason: [29:16] Yeah, so physical stores grew 6.3%. So again, like, you know, when we say all of retail grew 3.9%, a big chunk of that's e-commerce. Brick and mortar probably grew at like two to 3%. So Amazon's brick and mortar growing at 6.3% is actually super impressive. And it's kind of interesting, you know, for several years, Amazon has had experiments in a bunch of retail formats. So they've had these Amazon Go stores, stores. They had Amazon five-star stores. They had bookstores. They had a fashion store. They're trying all these things. And of course, the biggest chunk of their stores is they own Whole Foods. And so offline stores for Amazon was kind of a mix of all these different concepts. In the last couple of years, they've kind of cleaned house and gotten rid of all those concepts. And so, you know, nominally there's a few of their own grocery stores called Amazon Amazon fresh open, but the vast majority of online offline retail for Amazon is, is Whole Foods. And for it to be growing at 6.3% in the current climate is, is a really good sign for Amazon. And, and I would say somewhat impressive, you know, on the earnings call, they, they announced that they're working up a new format for Whole Foods, which is a smaller format store that's It's going to open in Manhattan. So I have that on my ticker file to go visit when that's open. Jason: [30:38] You know, the whole grocery space for Amazon is super interesting, but maybe we'll talk about that a little bit more later. But I will call out, they did launch a service that there's been some controversy over. They launched a $9.99 a month grocery delivery service, which essentially lets you have all you can eat free grocery delivery to your home for an incremental fee of $9.99. And they're spinning that as, you know, a cool new grocery service and enable more people to shop for groceries online. And there are a lot of articles about it, like. Jason: [31:13] They used to have free grocery delivery included in your Prime membership, right? And so they've kind of like, I look at the big arc of all this and say, there used to be a lot more free services in Prime that they've kind of peeled out. Then they started charging for, and now they'll let you get it free again for another $120 a year. Jason: [31:32] So interesting things happening with grocery that we could probably talk more about later. But I'm kind of eager to dive into some of these other businesses like AWS. Scot: [31:42] Yeah. So that's the one that everyone was really waiting on the call to hear how it went. And good news, AWS exceeded expectations. Everyone thought it was going to grow 14% and it came in at 17%. And if Wall Street likes, they like a lot of things, they like beating expectations, that's important to them. But their favorite thing is ARG. And that is not a pirate day thing, ARG. It is Accelerating Revenue Growth. Wall Street loves that more than anything. And that's what they delivered for both the ads and the AWS part of the business. And what that means is that as the law of numbers kicks in, so back on the retail business, the only time we see that accelerate is in the fourth quarter and that seasonal acceleration, right? We've gotten used to that for decades now. It always happens in the fourth quarter and whatnot. So it's what you would expect. But this is quite unusual for a relatively mature business. This thing's $25 billion a quarter. So this is a $100 billion business that accelerated. And so that tells us that there is a lot more wood to chop here. It has not gotten near its addressable market. And it really allayed fears that they were losing massive market share because they're, quote unquote, behind on AI to Azure, which is Microsoft offering, and then the Google hosting solution as well. Scot: [33:05] That does not seem to be the case. So they did very well. So they came in at $25 billion and Wall Street was expecting $24.6. So that was really, that accelerating is what really made everyone very happy. And then the operating income came in at $9.5, way ahead of Wall Street at $7.5. So another pretty material 20% beat on this component at the bottom line. And this is really interesting. There was some really good language around this. And this has been Jassy's statement all along, and it's coming true. His early Amazon's early play was we're going to be agnostic on models and it's kind of like bring your own model we'll work with anything now with open AI they're not going to ever host open AI but they'll they're not going to stop you from working with it and then they for these open source ones they've made it very easy for you to spin up an AWS instance throw a little llama in there and I would make a llama noise if I I knew what they said I guess they make like a sheep sound. So you throw a little alarm in there and it does its thing. And, you know, the benefit of them being agnostic on these LLMs is most likely they have some or all of your data, right? Because they've been at this so long that if you're doing cloud computing versus on-prem, most likely a lot of, if not all of your data is in AWS. Extracting that data, you know, imagine you had terabytes or or what's the biggest, Scot: [34:31] bigger than terabytes? I always forget this one. Jason: [34:33] Petabytes. Scot: [34:34] Petabytes of data at AWS. They literally have a product that they can send a truckload of hard drives around and get your data. That's how much data there is that you could never push it across the internet, that there's so much data. So if they have that data and that's what you want to train on, you don't want to have the latency of the internet between your data and the training. So you'd really need the LLM to operate near your data. And this is what they predicted two or three years ago, kind of around the, the, the launch of chat gpt when all this stuff really started to accelerate and it's coming true so everyone feels a lot better about that then their body language this time a lot of times they were kind of like this is what we're doing and we're pretty sure it's going to work now they're like it's working and people really felt relief around this because everyone there was a set of people that believed it but then you know open ai's pitches nope our lm is going to be we're spending, billions of dollars we're going to be so far ahead none of these open source things are going to keep up. If you don't have us, you're going to be so far behind, you'll be like playing with crayons and everyone's going to be playing with quill pens. Scot: [35:42] So it was really good to see that this is not what's happening, that people are embracing, enterprises are embracing these open source models. They are in the same zip code performance-wise from results and much cheaper than OpenAI's offerings. And what Amazon said specifically was very positive around what is It's kind of abbreviated Gen AI for generative AI. And it's kind of a way to encapsulate this. And they said that it already is a multi-billion dollar run rate business. And you always have to parse what they say. So multi-billion can be anywhere between 1 and 9.9, right? And you'll see why I drew 9.9 there. Scot: [36:25] And inside, as part of that big AWS number, and they believe it can be rapidly tens of billions. Billions so they're basically saying it's not double digit billions so it's a single digit million which is where i get one to nine point nine but they basically hinted that that it is growing so rapidly inside of there that it's gonna be tens of billions and this is why they saw accelerating revenue growth which made everyone happy it wasn't just people you know moving some more you know loads on or something boring loads around relational databases or something it was the juicy ai stuff so this got everyone so lathered up that three analysts did price increases and they cited that this was one of the reasons the biggest price increase was from sig susquehanna and they put the price up to 220. At the time all this happened the stock was at 175 and today it's around 185 so it's been up nicely but 220 is a pretty big big you know even. Scot: [37:20] From where they expect that's where they're thinking i think most these guys look at a year to two years as a time horizon on these prices so and that's the the high i have you know again there's a wide range some people think it's going to go down some people think it's over price so go do your research this is not a stock recommendation but i just thought it was interesting that people get really really excited by by this whole gen ai largely the body language that, and it's, Amazon doesn't pound their chest much. So the fact they were, was kind of a new, new way of managing Amazon and Jassy's pretty conservative. So he must've felt pretty good about it, but also that they needed to ally, allay, allay, allay, whatever the right word is, get rid of these competitive concerns everyone's been talking about. Jason: [38:05] Yeah. It feels like a pretty big prize out there. Jassy and the whole team always talk, Just AWS, even before you get to Gen AI, they always remind everyone, hey, 85% of the workloads are still on-prem. So like this, as big as AWS looks, if the long-term future is 85% of the workloads are on the cloud and only 15% are on-prem, there's a lot of headroom still in AWS. And then, you know, you add this new huge demand for AI on top of all that. And like this, it's almost a limitless opportunity. And I want to tie the AI back to retail, though, for just a second, because there's another bit of news that I haven't seen covered very much, but is super interesting to me. Jason: [38:51] There's a particular flavor of AI out there, a subset of generative AI that's now being called agentic AI. And that's sort of a clever amalgamation of agent-based AI. And there's a very famous AI researcher, this guy, Andrew Ng. He's the founder of Coursera. He's done a bunch of things. He was the head of Google Big Think, which was one of the first significant AI efforts. And I want to say he was like on People Magazine's 100 most interesting people list in like 2013 as an AI researcher. So the dude's been around for a long time. He is one of the biggest advocates for this agentic AI. And the premise is that if you just ask an LLM, you take the best LLM in the world, and you ask it to do something for you, that's called zero shot. You give it an assignment, and you take the first result you get. It's a zero shot. You get pretty good results. But if you... Jason: [39:53] Turn that, that LLM into multiple agents and break the task up amongst those agents and potentially agents even running on different LLMs, you get wildly better results. Jason: [40:05] And so his, his research kind of showed that, Hey, if, if Jason goes write a PowerPoint presentation for his client, explaining what's going on in commerce. And I just give that to the turbo version of ChatGBT 4, I'll get a pretty good deck. But if I say, hey, I want to create four agents. I want to create a consultant to write the deck and a copywriter to edit the deck and an editor to improve the deck and three people to pretend to be mock customers to poke holes in the deck and have all those agents work on this assignment. I could give that assignment to chat gbt 3.5 and it would actually output a better work product than the the newer more advanced model was by by breaking the job into these chunks and so in retail you think about like this is the idea of assigning higher level jobs to shopping right so instead of saying like going to amazon and saying oh now it's a ai-based search engine and i'm going to type a long form query into search and get a better result. Jason: [41:09] The agentic AI approach is I'm just going to say to Amazon, never let me run out of ingredients for my kids' school lunches. And the agent's going to figure out what is in my school lunches and what my use rate is for those things and what weeks I have off from school and don't need a school lunch. And it's just going to do all those things and magically have the food show up. And this is a long diatribe, but the reason it's relevant is is this dude, Andrew Ng, was named the newest board member at Amazon three weeks ago. Scot: [41:40] Very cool. Jason: [41:40] I did not see that myself. Yeah. And so if you're wondering where Amazon thinks this is going, like this, in my mind, ties all this tremendous opportunity in generative AI and the financial opportunity in AWS directly to the huge and growing retail business that Amazon runs. Scot: [42:02] Very cool. Oh yeah. I had not seen that. So maybe Wall Street picked up on that. I'm sure. And maybe that was another part of the excitement. Jason: [42:09] Yeah. But all of that is just peanuts compared to the real good business in Amazon, which is the ads business. So again, you know, Amazon used to, to obfuscate their ads business. They've for a number of quarters now had to report it as earnings because it's in their earnings separately, because it's so material. And it was another good quarter for the ads business. It's hard to say whether it's actually accelerating growth or not, because the ads business is very seasonal. So the ad business grew 24.3% for the quarter versus Q1 of 2023. Q4 grew faster. So Q4 grew at 27%, but the 24% growth is much faster growth than other... Q1 year-over-year growth rate. So however you slice it, it's a good, robust growth rate. If you add the last four quarters together, you get $29 billion worth of ad sales. There's lots of estimates for how profitable ad sales are, but there's no cost of goods for an ad, right? Jason: [43:13] And so it's very high margin. So if you just assume, I think 60% gross margins is a very conservative estimate. But if you assume 60% gross margins, that means the ad business spun off $29.5 billion of operating income over the last 12 months. And to put that in comparison, AWS is big and profitable as it is, twice as much revenue at over $100 billion now, but it spun off like $23 billion in operating income. So the ad business is a much more meaningful contributor to Amazon's profits than even AWS. Jason: [43:51] And another way I've been starting to think about this is what percentage of the total GMV on the Amazon platform are the ads? And they are now 6.5%. So that's a very significant new tax. You know, as Amazon has hundreds of millions of SKUs available for sale, no one's ever going to find your SKU or buy it if you don't do some marketing on the platform for that SKU. And that's this 6.5% tax that Amazon's charging. And in the same way we said, hey, AWS is a really robust business. And then there's this thing called generative AI that can make it even huger. All of this ad revenue we're talking about is really coming from their sponsored product listings, which is like basic search advertising on the retail platform. Last quarter, Amazon said, by the way, we have this huge viewership streaming video service called Amazon Prime. And we're going to start putting ads in the lowest tier version of Amazon Prime. So unless you want to pay more, you're going to start seeing ads on Amazon Prime. And that's another huge advertising opportunity that hasn't been very heavily tapped yet. So the analysts are pretty excited about the upside of Amazon potentially tacking on another $6.5 billion in Prime video ads onto the $50 billion of search ads that they already have. Jason: [45:11] And so ads are a pretty good business to be in, which is why every other retailer is trying to follow suit with their own sort of version of a retail media network. Scot: [45:22] Cool. I imagine you get a lot of calls to talk about that. Jason: [45:25] Oh, yeah. I actually, I'm sick of talking about it. So one nice thing about working at an ad agency is there are now thousands of other experts. You know, I was one of the early guys in retail media networks. Now there are thousands of other experts that are way more credible than me. So I don't have to talk about it quite as much, but it still, still comes up in every conversation. Scot: [45:43] Very cool. All right. So then that was the basic gist of the corridor from a high level. And then it came to the what's going on in Q2. So that did come in lighter than folks expected, as I said, and they guided the top line to 144 versus 149. Let's call it 146 and change at the midpoint. They always do this range kind of thing when they're doing their guide. And Wall Street was at 150 consensus. So, you know, a tidge below two or three percent below where they wanted. But the operating income guide was above Wall Street. So they're kind of, we'll take it. Como si, como sa. Scot: [46:21] So that was, you know, I think Amazon tapping things down. Yeah. Now they did talk a lot about consumers being under pressure. So they said in the, it wasn't in a Q and a, it was in the prepared remarks and Jassy said it, which is kind of like the more important stuff. And I will say it's really nice to have the CEO of Amazon back on these calls because Bezos basically ditched them after, I don't know if, I think he came the first two quarters back in 97 but i honestly can't remember but he has not gone to the calls and jassy's been to them all so it's really nice to hear from the ceo and he answers very candidly i feel you know he doesn't feel as kind of like robotic as many ceos when they get on here because it is a stressful thing that you're going to say something wrong, but there was this exchange well first of all he he in his prepared remarks he talked about. Scot: [47:12] I forgot to put the exact language, but he said, we're seeing a lot of consumers trade down. So they're seeing, you know, we're seeing this in the auto industry. Tires is this huge thing where it's under a lot of pressure right now because people are just waiting. So there's a lot of this, you know, it's not showing up in the data that I've seen, but there's, you know, maybe the inflation data, but not the GDP and some of the other unemployment data. But it feels like the consumer is under a bit of pressure here, and they talk about that a lot in the prepared remarks. So I thought our listeners would find that interesting. Jason, before I go into this longish little thing that I wanted to just cover, what do you, did you pick up on any of that consumer stuff? Are you hearing that? Jason: [47:55] Oh, yeah, that's very common. And remember, in the beginning, I mentioned that there's this weird bifurcation that some retailers, even in categories, are doing well and others aren't. And some categories are doing well and others aren't. That's super complicated to get to the why. But the most obvious why is that consumers feel like they're under a lot of economic pressure and are trading down and are deferring certain types of purchases. The easiest way to see this is own brands and private label sales going up and, you know, national brand sales stagnating, see things like chicken protein going up and beef protein going down. You know, there's lots of examples out there, but the retailers that are best able to follow the consumer as she trades down are tending to do well. And the retailers that only cater to the luxury consumer, the super luxury is still doing fine. They're somewhat insulated. But the folks that haven't been as able to cater to the value consumer as much have struggled more. And the non-mandatory categories have struggled more. So Andy's comments exactly mirror what we're seeing going on in market dynamics and what other retailers are saying in their earnings. It is slightly weird because if you just look at the macros. Jason: [49:18] It's objectively, the consumer is doing pretty well. There's actually a lot of favorable things, but there's a ton of evidence that the consumer sentiment is that they're really worried about their household budget and are making, you know, hard, hard financial decisions. Scot: [49:36] Yeah. Yeah. It's tough out there. Well, hopefully it'll get better. So one of the questions I want to just kind of pull out some tidbits, because this has been a theme on our pod for a long time and I thought it was really, really interesting. And this is going to get into the weeds of supply chain and this kind of thing. So sorry if that's not your jam. We like to talk about logistics. Scot: [49:56] Side note to you, Jason, I saw that deep dive we did on Amazon logistics is still like our number one show and all the stats and stuff, which is kind of fun. So someone cares about it. Anyway, one of the friends of the podcast, Yusuf Squally asked a question. He's one of the analysts and he said, as it relates to logistics, so he's talking to andy on the call back in september you launched amazon supply chain can you help us understand the opportunity you see there where are you in the journey to build logistics as a service on a global basis and does that require a huge increase in capex a function increase in capex which means huge so jesse said this was a very long answer so i'm going to pull out two snippets you can go read the transcripts can you put a link to that in the show notes absolutely yep yeah so so i'm just gonna give you the the snippet the whole thing is worth reading but it would be like another 20 minutes to do that. But so Jassy starts out and says, I think that it's interesting what's happening with the business we're building in third party logistics. And it's really kind of in some ways mirror some of the other businesses we've gotten involved in AWS being an example. And even though they're very different businesses, and that we realized that we had our own internal need to build and launch these capabilities. Scot: [51:01] We figured that there were probably others out there who had the same needs we did and decided to build the services out of them so this is this model that really blows the minds of traditional retailers where you know so walmart has this huge data you know capability there's this this urban legend that they know when people are pregnant before they do they can see changes in their habits or they know who all is on weight loss drugs they they see your buying habits so intricately that they can do that that's a neat capability but they view it as proprietary and And that's old school thinking. Scot: [51:32] What Amazon does is says, well, that's a cool capability. Let's certainly someone else needs it. Let's open it up. This is one of my favorite things at Amazon. And it's so counterintuitive that in my current car world, I talk about this and everyone's like, why are you, we're doing it a lot at Spiffy. And they're like, well, why are you doing that? That's like your proprietary thing. And we're like, well, that's just how it should be. And like, this is a better way to do it. And it's really interesting that still today, Amazon's built what I say, $100 billion business out of AWS, which has used this and people are, are befuzzled by the whole thing. So I, I thought that was an interesting use case. And then he, he goes into some details there that are pretty obvious for our listeners, like how this is gonna work. But then he basically kind of brings it back around and then he says he wraps up and says, I would say that supply chain with Amazon is really an abstraction on top of each individual block services. And in those services, he talked about all the things that, that, you know, FBA and last mile delivery and buy with a prime. He talks about each of those kind of and how awesome they are. So he's basically saying Amazon supply chain wraps a bow around all that. And it gives this collective set of business services is growing significantly. Scot: [52:43] It's already what I would consider a reasonable size business. I think it's early days. It's not something we anticipate being a giant capital expense driver. So it's because they've already invested in all this that doesn't require additional capex. And then he finishes and says, we have to build a lot of the capabilities anyway to handle our own business. And we think it will be a modest increase on top of that to accommodate third-party sellers. Scot: [53:05] But our, there's a typo in the thing. Our third-party sellers find very high value in us being able to manage these components for them versus having to do it themselves. And they save money in the process. So I thought that was a really interesting, interesting. So they're really leaning into this supply chain. I think that ultimately they'll open this up to more consumers where you can send Aunt Gertrude in Detroit something from Chicago for three bucks a package and just throw it in an Amazon box, maybe a return box, and it kind of makes it way cheaper than you can FedEx it. I think that's coming, but it's really interesting to see. The way they think about things and his articulation of it was very crisp, Scot: [53:45] and I really enjoyed that. I was geeking out on that when I was listening to the call. Jason: [53:50] Yeah, for sure. That actually came up in some of the conferences I was at that he, you know, Jeff Bezos famously wrote this memo a long time ago about kind of being an object oriented, company and having all these building blocks that people could easily access and use internally and externally. And, and that this was kind of Andy Jassy doubling down on that. Yeah. It's Biffy is an example of that. Like you inventing some cool products that make it your jobs easier. And then you're selling those products to, to your potential competitors. Scot: [54:20] Yeah. So two examples, we have some devices we've developed for ourselves. One is a tire tread scanner. So it does 2D and 3D tires, tire tread scans. It's called Easy Tread. And we developed it for ourselves because we touch 3,000 cars a day right now and we wanted to measure the tire treads. And the state of the art is a Bluetooth needle. And it's, you know, you have to lay on your back. The cars are on the ground for us most of the time. So you have to like get underneath there, measure three things, and then it Bluetooths to a phone. Then you have to take it, the data entry, it doesn't have an API. Then you have to like take what it measured and then now cut and paste it into something else. It's kind of, kind of redonkulous in our world. So we developed a solution for that and we're selling it externally. And then the big, the big one is from day one, this has been the plan is we've built a ton of software for Spiffy. So we're, you know, we've got 400 technicians, 250 vans doing all kinds of services across the US and there's no operating system for that. So we, there's no like Salesforce for that or Shopify. So we had to go build our own. And so we've built, you know, route optimization specific to this parts integration, fitment integration, VIN lookup, all these things that are required integration with tire suppliers, oil filter suppliers, oil suppliers, parts suppliers, all these things. So we have like 150 things we've integrated with and pulled in from all over the place. Scot: [55:44] And then labor management, all the reporting that comes along with it, all that stuff. And we're starting to license that out as its own platform to anyone that wants to do auto services. And so these dealerships and large auto service companies are coming to us and finally saying, this seems kind of obvious now that we need to provide the ability to go to our customers. They call it at their curb. They use a different language than we do. But basically what you and I would call mobile, you know, last mile delivery of the service. And we're starting to license that out. And it's a lot like AWS, right? So we had to build this for our retail business, which is doing the services and now we're licensing it out a lot AWS and we have this device business. So it's been, I would not have, it comes intuitively to me now. Cause I've been, you know, basically living this lifestyle for 20 years and watching Amazon do it, But it's been fun to kind of build a company with this mindset of we're going to take these things we build and give them to other, not give them, but sell them to other people. And then that makes them better. And they help us pay for all the R&D that we've done on it. Jason: [56:48] Yeah, that's very cool. And that gives listeners a very tangible example of why we haven't been able to podcast quite as frequently as we'd like. Scot: [56:56] Yes. Jason: [56:56] I do, at the risk of making this the world's longest episode of our show, I do have a geeky add-on to the supply chain conversation. Yeah. So a lot of these services that they're adding to specifically what they call supply chain with Amazon are around importing services, because an increasingly high percentage of all the stuff Amazon sells is. Jason: [57:20] Amazon is taking care of importing it, right? And most often from China, but from all over the world and taking care of all that logistics and getting it ready to sell and deliver via the world's most impressive last mile to consumers in America. And there's tons of complicated, high friction touch points and processes to flow all those goods. Well, the big competitors out there to Amazon at the moment that we've talked about ad nauseum on the show, like Shein and Timu, had this kind of direct from China model where they're putting all the goods on 747s, flying them over, and they're taking advantage of this loophole in the postal treaty called the de minimis provision to not pay taxes or duties or have all these goods inspected that they ship into the U.S. and U.S. Jason: [58:07] Businesses have been complaining it's unfair. There's like all kinds of talk about it. We've done shows on this and I'm sure we'll do others. So here's the new thing in supply chain. Jason: [58:15] All the people that have been complaining about this are now doing it because guess what's happened? A bunch of these companies have been born that now help every other brand in the world take advantage of the de minimis provisions to near shore their goods. So you're a footwear manufacturer, you make your shoes in Vietnam, Instead of shipping them to the U.S. On a pallet and paying taxes and duties, you ship them on a pallet to Mexico, and then you send them individual parcels across the border from Mexico into the U.S. and never have to pay taxes or duties on the stuff. So I don't know if that will last in the long run, but that's a very disruptive, significant change happening in the whole world of e-commerce supply chains as we speak. That's pretty interesting. Interesting. Had you gotten wind of that yet? Scot: [59:07] No, no. That's all new to me. Thanks for sharing. Jason: [59:09] Yeah. That's probably how you're going to have to start getting your spiffy stuff into the country now too. I won't, I won't, we won't go there. But the one other piece that did not come up in the earnings call, but a controversy around Amazon since our last show is news articles came out that Amazon was de-installing its Just Walk Out technology from its grocery stores. So Amazon had built Just Walk Out into several of these Amazon Fresh stores and they built it into Whole Foods. And if you know the history of Just Walk Out, this was the original intention of Just Walk Out was was to do it for grocery stor

The boys uncover the hottest new way to rake in profits on Amazon with the Amazon Influencer Program, featuring none other than Joe Parpheniuk!

All of a sudden - mood swing The bloom is off the Rate-Cut-Rose Leaking Data - Another breach More AI - lots of $$ committed to this... PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm Up - All of a sudden - mood swing - Bloom is off the Rate Cut Rose - Leaking Data - Another breach - More AI - lots of $$ committed to this... Market Update - Oil prices moving through key resistance - Apple back to Oct 2023 support -watch out below? - Gold/Silver Soaring - into higher rates and higher USD??? - Oil on the rise CTP for Rumble Update - Marcus G - In the top spot right now.... - - Thatch House dude HCD: Donations - Need a new Shirt Prize and Design - Plus Contracted Devs prices inflation.  Analyzing Apple's Chart - Key levels of support - Down-trend Apple Chart Powell on Good Friday - PCE report (on day the markets are closed for Good Friday) -- Showed 2.8% YoY and 0.3% MoM - Powell tried to talk down market expectations for rate cuts like several other recent speakers - - Market still hoping for MAYBE 3 - but it looks like June is off the table. Stronger Economy than Thought - ISM comes in above 50 for the first time in nearly 18 months - Economic strength + good employment + Inflation = Rate CUT????? - Market is finally getting the hint --- 10-Yr rate spiked to 4.38% today ISM Chart Global Economic Trends - China finally saw its manufacturing number gain some traction last month --- China's manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday. - South Korea - Sticky inflation (Consumer prices advanced 3.1% in March from a year earlier) USA Strong Commodities on the rise - Cocoa futures for May delivery were up 3.9% at $10,030 per metric ton, marking the first time the commodity breaks above the $10,000 mark. Cocoa has been on a tear this year, soaring nearly 39%. - Ivory Coast, the biggest coca producer in the world, is facing hotter-than-normal temperatures — which have led to dryer-than-usual conditions and crop yields. TSLA - Q1 deliveries declined by 8.5% yr/yr to 433,000, representing TSLA's first yr/yr decline since the pandemic-impacted year of 2020. Importantly, that decrease is partly due to extraordinary events that were out of TSLA's control. -- Berlin fire factory shutdown, Red Sea passage issues etch. - Competition in China is really heating up and cost of EVs from many Chinese manufacturers are much lower. M&A - Amazon - Amazon.com Inc. says it's investing an additional $2.75 billion into Anthropic, an artificial intelligence startup. - The infusion brings Amazon's total investment in the company, a well-regarded builder of so-called generative AI tools able to generate text and analysis, to $4 billion, following an earlier investment announced in September. -  As part of that deal, Amazon had the right to contribute the additional funds in the form of a convertible note, provided it did so before the end of March. AI NEWS - Microsoft and OpenAI are in discussions regarding Stargate, a new AI super-computer data center project to be headquartered in the U.S. may cost over $115 billion and is planned for launch in 2028. - $$$$$$115 BILLION - That is like 115,000 $1,000,000 homes.... - Stargate's power requirements, estimated to be several gigawatts (5) may require Microsoft and OpenAI to explore alternative power sources, like nuclear power. Enough to power 3,750,000 for a year!!!!!!!!!!!!!!!!! ----- Hoover Dam X2 Meanwhile - Microsoft will sell its chat and video app Teams s...

Dean Maciuba, Managing Partner (USA) for Crossroads Parcel Consulting, analyses the major trends in the US last mile over the past 12 months. Observations on 2023 peak season parcel volumes Technology allowing shipper diversifications and managing multiple carriers Surcharges pushing shippers to find alternatives to UPS or FedEx UPS and FedEx being aggressive in discounting Retailers taking delivery in-house Local delivery services allowing retailers to offer fast delivery Using local stores as delivery centres Retailers setting up sortation centres Walmart GoLocal delivery service delivering for other companies Delivery allowing Walmart and Target to compete with Amazon Amazon shipping more parcels than UPS and FedEx Amazon's B2B e-commerce business Amazon up-selling to businesses Economic conditions impacting e-commerce and delivery  

Windows Tiny11 2311 arrives, is even tinier and even 23H2er ... or something Beta channel: Teams integration with Share (Entra ID only), new language support for Ink Anywhere Dev: Copilot icon moves (!), more Copilot, Share, Ink, Android in Nearby Sharing (!) Canary: Energy Saver (new feature), more Samsung brings its browser to the Microsoft Store AI/Microsoft Microsoft and Meta reportedly receiving 3x as many NVIDIA GPUs for AI as Amazon Amazon introduces it's own AI chatbot for the enterprise, and it does have one useful and unique feature Microsoft is retiring its Microsoft 365 browser extension Evernote is still a thing and now it wants to charge everyone Amazon takes a Fire TV Cube and turns it into a remote desktop thin client Antitrust UK CMA provisionally rules against Adobe acquisition of Figma EU formally objects to Amazon acquisition of iRobot because the robot vacuum cleaner market is so important Xbox Xbox Series X and S are still on sale. Just saying The November Update for Xbox is here with rewards redemption, Xbox app gets compact mode Microsoft is reportedly deprecating the Microsoft Rewards app on Xbox Netflix is bringing GTA trilogy to the service The current Call of Duty is awash in bad reviews, so let's talk about the next Call of Duty! Tips and Picks Tip of the week: Microsoft's new ugly Christmas sweater is here App pick of the week: DuckDuckGo RunAs Radio this week: Zero Trust Adoption Guidance with Nicolas Blank Brown liquor pick of the week: Pendleton Rye 12 Year Hosts: Paul Thurrott, Richard Campbell, and Mikah Sargent Download or subscribe to this show at https://twit.tv/shows/windows-weekly Get episodes ad-free with Club TWiT at https://twit.tv/clubtwit Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Sponsors: GO.ACILEARNING.COM/TWIT Traceroute Podcast

On this episode, Mikah, Paul, and Richard discuss the lean tiny11 2311 project, Windows 11 updates like the new Energy Saver feature, Amazon's AI chatbot for enterprises, and Netflix's gaming service additions like GTA. Other topics covered include Xbox console deals, DuckDuckGo vs Google Search, and European antitrust issues. Windows Tiny11 2311 arrives, is even tinier and even 23H2er ... or something Beta channel: Teams integration with Share (Entra ID only), new language support for Ink Anywhere Dev: Copilot icon moves (!), more Copilot, Share, Ink, Android in Nearby Sharing (!) Canary: Energy Saver (new feature), more Samsung brings its browser to the Microsoft Store AI/Microsoft Microsoft and Meta reportedly receiving 3x as many NVIDIA GPUs for AI as Amazon Amazon introduces it's own AI chatbot for the enterprise, and it does have one useful and unique feature Microsoft is retiring its Microsoft 365 browser extension Evernote is still a thing and now it wants to charge everyone Amazon takes a Fire TV Cube and turns it into a remote desktop thin client Antitrust UK CMA provisionally rules against Adobe acquisition of Figma EU formally objects to Amazon acquisition of iRobot because the robot vacuum cleaner market is so important Xbox Xbox Series X and S are still on sale. Just saying The November Update for Xbox is here with rewards redemption, Xbox app gets compact mode Microsoft is reportedly deprecating the Microsoft Rewards app on Xbox Netflix is bringing GTA trilogy to the service The current Call of Duty is awash in bad reviews, so let's talk about the next Call of Duty! Tips and Picks Tip of the week: Microsoft's new ugly Christmas sweater is here App pick of the week: DuckDuckGo RunAs Radio this week: Zero Trust Adoption Guidance with Nicolas Blank Brown liquor pick of the week: Pendleton Rye 12 Year Hosts: Paul Thurrott, Richard Campbell, and Mikah Sargent Download or subscribe to this show at https://twit.tv/shows/windows-weekly Get episodes ad-free with Club TWiT at https://twit.tv/clubtwit Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Sponsors: GO.ACILEARNING.COM/TWIT Traceroute Podcast

Windows Tiny11 2311 arrives, is even tinier and even 23H2er ... or something Beta channel: Teams integration with Share (Entra ID only), new language support for Ink Anywhere Dev: Copilot icon moves (!), more Copilot, Share, Ink, Android in Nearby Sharing (!) Canary: Energy Saver (new feature), more Samsung brings its browser to the Microsoft Store AI/Microsoft Microsoft and Meta reportedly receiving 3x as many NVIDIA GPUs for AI as Amazon Amazon introduces it's own AI chatbot for the enterprise, and it does have one useful and unique feature Microsoft is retiring its Microsoft 365 browser extension Evernote is still a thing and now it wants to charge everyone Amazon takes a Fire TV Cube and turns it into a remote desktop thin client Antitrust UK CMA provisionally rules against Adobe acquisition of Figma EU formally objects to Amazon acquisition of iRobot because the robot vacuum cleaner market is so important Xbox Xbox Series X and S are still on sale. Just saying The November Update for Xbox is here with rewards redemption, Xbox app gets compact mode Microsoft is reportedly deprecating the Microsoft Rewards app on Xbox Netflix is bringing GTA trilogy to the service The current Call of Duty is awash in bad reviews, so let's talk about the next Call of Duty! Tips and Picks Tip of the week: Microsoft's new ugly Christmas sweater is here App pick of the week: DuckDuckGo RunAs Radio this week: Zero Trust Adoption Guidance with Nicolas Blank Brown liquor pick of the week: Pendleton Rye 12 Year Hosts: Paul Thurrott, Richard Campbell, and Mikah Sargent Download or subscribe to this show at https://twit.tv/shows/windows-weekly Get episodes ad-free with Club TWiT at https://twit.tv/clubtwit Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Sponsors: GO.ACILEARNING.COM/TWIT Traceroute Podcast

TikTok is launching its Shop feature in the U.S. after mixed success in other countries. Meanwhile, Amazon's Inspire feature brings short-form video to its shopping app. WSJ's Meghan Bobrowsky on why the two companies are taking pages from each other's playbooks.  Further Listening: -How TikTok Became the World's Favorite App  -The Billionaire Keeping TikTok on Your Phone  Further Reading: -Amazon Confronts a New Rival: TikTok  Learn more about your ad choices. Visit megaphone.fm/adchoices

EP309 - Instacart IPO Filing  Warning: Given the complexity and breadth of topics, this is a longer than usual episode with a runtime of 90 minutes (if we had more time, we'd produce a shorter podcast). Update: In this episode Jason mentioned that he didn't think Instacart accepted SNAP payments. It turns out that Instacart did start accepting SNAP earlier this month. On Friday, August 25th 2023 Instacart filled its S-1 IPO form with the SEC, in advance of its intention to make an initial public offering. The complete filing is almost 400 pages. In this episode we summarize all the key points, including a number of surprises, in the filing. If you want to follow along with the actual S-1, you can download it here. Scot suggests you focus on pages 101-124. Topics Covered: Cover Page and Entry Level Items Overall Growth Trends 25:50 Unit economics 42:90 Cohort Analysis 48:10 Instacart Ads 56:30 The Big Risk/Concern 1:00:11 Other observations (Instacart+, Carrot Services, Generative AI) 1:22:50 Other episodes mentioned: Episode 255 - Instacart Chief Revenue Officer Seth Dallaire and Episode 224 Customer Cohort Analysis and CLV with Dr. Daniel McCarthy. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 309 of the Jason & Scot show was recorded on Tuesday, August 29, 2023. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Jason: [0:23] Welcome to the Jason and Scot show this is episode 309 being recorded on Tuesday August 29th I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scot Wingo. Scot: [0:38] Hey Jason and welcome back Jason and Scot show listeners. We are going to jump into the talk tonight because one of our most popular shows as you know Jason the format is a deep dive and we have got a great Deep dive for you guys this episode. Last Friday August 25th there was a very big event not only in our favorite world's grocery which is Jason's favorite world and my favorite world of e-commerce and then Jason's favorite world of. But also in my favorite world of startups so this is this is a pretty big event and we wanted to dedicate a complete episode to it. I mean it is the filing of the S14 instacart. [1:24] And just to set it up the you know in my world of start-up land it has been very hard to get an IPO done so there's been a couple post coated and like late 2020. And then summon 21 and then there's been a dry spell there's been something called a dese back so you have this spec which is this. [1:44] Special-purpose acquisition thing and you can kind of go public through this kind of complicated convoluted thing. Tends not to go very well so there's been some of that like in My World Mobility there is one called get around and there's been a couple others and those typically have not. Gone so well they're down like 95% bird the scooter company did this as well. So it's been a very dry IPO market for startups and thus of interior backed investors. So there has been a lot of anticipation around when is that a PO when they're going to open who's going to be brave enough to kind of stick their foot out there first. And you know a lot of people have been rooming that instacart would be out there there's a couple other companies in this kind of unicorn Stratosphere stripe is another one that we cover a lot on the show from the payments world. There's also the others you can think of Jason there's this one. There's a software one that is just doing really well in AI that's been mentioned a lot not not open AI it'll come to me in a minute. So you know so this is kind of the real. Bang the Big Bang of here's a company that is being brave enough they're gonna go first and we're going to see what happens so it's going to be really interesting and we thought because it hits this Venn diagram of all of our favorite things that we would spend a fair amount of time on. [3:10] So first of all this is a 400 page document so our value add to the listeners is we have distilled it down into what we think are the most interesting little tidbits and some of the things we've learned from instacart it is nice because there's been a lot of rumors about how instacart Economics work and Jason has been tracking their ad piece which is you know cpgs have really seen some really nice results from that so we know that's been active and the areas we picked apart we thought we would cover tonight is I wanted to kind of give you a quick and dirty Scott's guide to reading an s-1 and we'll start at the cover page that's there's actually a lot that happens on the cover page so I want to spend a little time there and kind of give you a little I haven't taken a company poet behind the scenes of what's going on on there and then we're going to talk about some of the overall growth things that just kind of help you understand. [4:07] How to think about instacart how they're growing and what they do and what role they play and then unit economics one of the things that is happening more and more in these s1's is they're doing a more comprehensive cohort analysis and this is basically showing hey if if I car to a customer in a certain period how are they doing now and what are those Trends so that this this had a lot going on there of course we want to talk about the ad business and then little bit of a catch-all for other observations, Jason anything I missed before we jump into the cover page. Jason: [4:42] No I think you mostly covered it just one slight correction it's four of our five favorite things for those listeners that tuned in to hear us talk about Ahsoka we're going to do that on an upcoming episode so that Star Wars would be our fifth. Scot: [4:56] Yes sadly there was no Star Wars in this one so it's that one little part of the over the Venn diagram was left is its own little circle out in space. Jason: [5:06] That's a we call that a teaser for a future episode. Scot: [5:09] Yeah yeah we're we're Pros were 300-plus episodes into this thing and this is the kind of you know Pro level that we deliver on the pod. So you guys missed it Jason forgot to plug in his microphone earlier so that's a yeah we're still still learning every day, so when you open an s-1 the first thing you see is the cover page and it you know a lot of people just Breeze by it because it's a cover page but it has a lot of really valuable information so first of all the first thing that I noticed is I was searching for this on Edgar and I kept typing in instacart and it wouldn't show up and I was like WTH I know this s1's out there why can I not find it and then I saw an article and it said oh the company's real name is maple bear so that's the first thing you see on the cover is the company we all refer to as instacart its actual Corporation name is maple bear and it does business as instacart so I thought I did not know that prior so that was the first thing I learned right there on the cover so that's interesting so if you do go to the will put a link to the s-1 in the show notes but if you do Brave the Edgar SEC database yourself throwing a little Maple bear there and not instacart. Jason: [6:22] Not to be confused with Amazon's house brand Mama Bear. Scot: [6:26] Yeah yeah and I'm sure there's a honey bear and brown bears there's a there's a lot of a lot of bear things going on. The other thing that I was like to see is what symbol are they using I think it's fun to kind of you know as an entrepreneur to kind of think about what symbol you're going to use that best personifies your brand Channel Bowser we had ecom's so that was an exciting one so we captured e-commerce Shopify go. Jason: [6:52] The best ticker symbol of all times by the way. Scot: [6:55] Thank you thanks thanks I appreciate it. Shopify head shop and that was a good one and instacart / Maple bear is going with cart so I think that's a that's a that's a pretty nice one you know it kind of there a multi grocer chart cart and we all think about instacart I'm sure they hate being called Instagram so this kind of like really punches on the cart so maybe they get away from everyone mistakenly calm Instagram. Jason: [7:19] I think it's solid. Scot: [7:20] Yeah A-Plus on the symbol and then in the you'll notice that a lot of the evaluations and how many shares they're selling are blank and that's you know in this draft of this one which is the first kind of public one that they're dropping out there they'll they'll iterate a couple more times they'll do their Roadshow and then write one that, it prices they'll update the S12 include all that information so they'll make kind of literally a game day decision the night before IPO of how much based on the order book how much they want to sell and at what price so that, that's going to be blank through probably several more iterations as we go on then this is did you want to do something in. Jason: [8:04] No I was just I was just thinking that they I assume they left it blank because the underwriters were out of practice. Scot: [8:10] Yeah no no they they are there waiting and that's a good point because when you go public the the companies that take you public in this context they're all investment banks on Wall Street. But they they filled this role of Underwriters and basically what they're doing is they're acting as market makers they're going to cover your stock when it's public and they're also going to be basically pounding the pavement to sell your stock to buy side by side analysts and firms on Wall Street. Which there's two buckets of there's mutual funds and hedge funds there's also retail that I guess there's three buckets, retail would be you log into Schwab or Robin Hood and the diet of the IPO you try to buy some chairs that's retail and they all allocate a little bit of that for the IPO so they like retail to come in and get a little taste. [9:04] A lot of folks that if you're an accredited investor at an institution and you have a wealth manager, sometimes you can get a little bit of access to an IPO before it prices you don't get a special price or anything but you can if you're really excited and you're a retail customer you and you're in this kind of wealthy bucket then you can you can get some allocated shares I think is what they call it these call this friends and family they don't call that, that anymore that's called a allocated shares but what's important about the underwriters is there's actually a signal there several signals here and I didn't know this time went through the process. First of all they have lined up a who's who of investors so even before you get to Underwriters they have this really interesting note right before right underneath before they get in the underwriters and they say oh by the way we have lined up these investors already that have committed to buying and they have committed Asterix and then they kind of like take away the committed but. [10:05] I think that's a legality I think I think it's a pretty hard commitment is my reading of them and they basically say these guys are already these guys have lined up to buy at least 400 million in this offering. Regardless of the price and there's some big names in there there what I would call. Public-private so they have invested in instacart already as a private entity and then they have another side of there. Firm that invest in public entities and they have said that side is going to support the private side and that's nor just Bank tcv. [10:38] Sequoia and a couple others this is very unusual but I think it's an interesting play because it basically says to the market. Hey you don't have to worry about this thing you know taking on the first day because we're going to were signaling to you we're going to place a chunk of this with these folks that are long-term holders and they're going to backstop this thing I think of it as a adding a floor to the IPO basically saying we know it's been a while we know there's risk out there we're going to have a floor on this so so there's built-in demand for this IPO so that's quite unusual and this is the first time I've ever seen anything like that sometimes you'll see tiro price is a big one a big mutual fund that likes to do this or they'll have a private-public and they'll say you know they'll kind of suggests that, they're interested in buying more and they'll come out and say they don't plan to sell or they've accepted a lock up for a year or something like that I've never seen such a strong message as this one so I thought that was interesting. Okay then we move to the bottom of the cover and that's where you have the list of the underwriters and what's really interesting is the way this works is the bigger your font the bigger a role you play in the IPO so on this one the biggest font is Goldman Sachs and JP Morgan and you know they have I don't know what would you say Jason like a 40 Point font. Your. Jason: [12:03] Yeah I had to read it with my my PDF zoomed way up so I feel like I yeah but it was a big font. Scot: [12:11] Yeah yeah so those guys get like a you know they're kind of really big and then what's also interesting is where you show up on the page is important so your importance starts at the left and goes down to the right so the most important what we would call the vernacular is the lead left which is the biggest font on the left side of the cover is the lead Investment Bank and as Goldman Sachs and they're they're The Bluest of Blue Chips everyone wants Goldman Sachs if they come out. [12:37] And then usually you want either JP Morgan or Morgan Stanley now JPMorgan has increased greatly and stature over the last three years because they have weathered coded and they have basically absorbed most of Silicon Valley Bank's deposits and a lot of these other riskier Banks and their CEO is pretty famous Jamie dimon so they've this is kind of you know two blue tips on the top of the book here which is pretty interesting and then, then you kind of go down a bit and you end up with 18 more Underwriters and there's like three levels of them there's like the font gets smaller so you go from 40 point to 20 point then you go to like kind of like 15 point and you go to seven point and you know what's interesting is I have never seen this many Underwriters either so they basically have said we want everyone on Wall Street lined to go and help us sell this we will turn no Rock no Rock will be unturned looking for buyers of instacart stock with the institutional investors. There's some International Players so they've basically if you kind of said if you if you. [13:53] Few War Room doubt what are some things a company could do 2D risk an IPO they have done things I've never seen before times like three and then the last thing that's interesting is the economics each of these Banks gets kind of depends on where they are on the page so you know if it all this gets him to like, there's all this Machinery but these guys do it because they make money so Goldman will make their kind of highest percentage and then JPMorgan and so on and so on based on how much they contribute to the book and all this kind of calculus that goes on behind the scenes so I thought that was kind of a really interesting just on the cover some things that were very unusual from other IPOs I've seen Jason anything that you found on the cover that was riveting. Jason: [14:43] We'll know I did. I have a question for you though I got I guess I when I saw all of those Underwriters I kind of and perhaps erroneously assumed that part of what was going on here is, it's been a while since there were in any IPOs that went through an underwriter and that all of the underwriters are out there. Desperate for four deals and that therefore. Instacart had more more leverage to get more Underwriters like is it. Is it literally instacart just agreed to pay more for these two more Underwriters 2D risk the IPO is that. Scot: [15:23] Yeah I think. So human nature is that the lead laughed and Lead right want to absorb a lot of the deal and don't want to share too much so so typically there's some friction there right so they'll be like yeah you could add a couple and they use this tearing language I don't you know this is just kind of how I don't know who how they know what who's what dear, but tier one is Goldman Morgan and JP Morgan Morgan Stanley and then tier 2 is you get kind of Stiefel, a couple others in there then you go tier 3 and then you kind of have like an international kind of tearing as well so usually you get like two from Tier 1 Maybe two or three from tier 2 and then that's kind of it and then if you've if the company feels strongly like another consideration is when you go public one of the things that helps you long term is to have analysts that follow your stock and we've had many of these analysts on our show Mark mahaney Collin Sebastian these are and then Scott Devitt he was at stifel and he's moved on to another shop these are these are famous people in the internet marketing world so you want take Mark sets, I wasn't even as Fern was he ever green but that's not it. [16:40] Ever Quorum so so you as the company can say the Goldman hey I know you guys want to keep a lot of Economics but I want mahaney on this and we got to get ever Cora so some of those on the bottom are probably International distribution retail or something the company wanted kind of specific to add them on and you know that was all pre-negotiated with Goldman getting lead left they had they kind of had to acquiesce to having a bit of a large number of Underwriters on there so I don't yeah I don't think I'm sure they all wanted to be to your point like there certainly wasn't even saying no to being invited to this and they probably you know you just bake off in this was I came to imagine if they ended up with 18 like, mr. started with 80 I don't know it's crazy that was probably like a. Six week bake off just to hear from all the bankers so yes I think there's more around the analyst going on with with the large number on some of those. Jason: [17:39] Got it and then I want to hear your speculation about where the price might come in but I'm trying to remember the details there's been a lot of interesting things going on with the private placements before we got to this point right so I think the some of the valuations of the private placements were at some point disclosed and then I want to say instacart reset there. Their valuation at a lower number while they were still private like presumably to make the equity appealing for employees. Scot: [18:17] Yeah the sequence of events and this is all you know they don't disclose all this in this one because it's kind of like. Jason: [18:25] Sure I'm just trying to get the the Run. Scot: [18:27] The Whispers And if you read some of these you know I subscribe to a lot of things that talk about some of this kind of rumors and so take it with a grain of salt but there was some sequins like they were chugging along and then Covent hit and it was like Off to the Races vertical and I think the wheels kind of came off the bus and they started to lose money because the unit economics weren't weren't ready for for like a surge like that and then right around 21 they replace the CEO and they had to kind of emergency raise some Capital which is kind of like one of the worst times to do it because even though their revenue was surging the rest of the market was in the toilet basically so I think they had to do a Down Round And what I've heard is their bed raised money as high as 39 billion and then they took this haircut at with this new CEO in this kind of re leaning down the company at about 13 billion so. [19:19] So I think that's kind of like the watermark is kind of where they've last raised money and if you look at their revenue that's actually not that's a very reasonable Place given where you know they've grown since then but now what's the revenue like four billion ish yeah so they're like 3 billion and 22 in revs so that's like a four times Revenue which is pretty reasonable for a company growing the way they are with with good profitability so I would be I would not be surprised we don't we won't know this per share price until we see the denominator and they didn't have the denominator which is market cap divided by number of shares equals share price we don't know the number of shares so I would I would suspect. I'll guess, four billion I'm gonna guess 20 billion would be a low like I think it will price they're on the low end and it could go as high as 25 30 depends on you know. Retail and how much momentum it gets with with buyers. Jason: [20:26] And part of the art here is you don't you don't want to price it too low because that means you you have money on the table when you sold your Equity but you also don't want to price too high and have the, the stock like go down from the offering price and get below water right away right so. Scot: [20:49] Yeah it's very common we kind of had this situation at Channel visor we went public right after you know cortical right after in a longer time window of 08 09 and you know they strongly we had golden lead left and they strongly encouraged us to think long-term and not get obsessed about that pricing and leave a little bit of money on the table and yeah and then over time you could do a secondary at a higher price and you really want to you don't want to tank especially in a tepid market so I'm sure this was all part of the um you know Goldman would counter negotiate this to be lead left and say look we we need your commitment that your yep part of the pitch is they give you what they think it's worth and how it's going to price and they also discuss the strategy and that's part of the selection processes and you would think it would be. Okay whoever says they're gonna give me the highest price but you actually kind of they really stand out a lot because the Goldman people can talk about Dave, they've got like a lot of data to back up their strategy and you know there's like Watson there that that are. It would make your head spin and so they do a really good job of talking about why it makes sense to price the way they think and how how they see it over a longer Arc of time. Jason: [22:12] Gotcha so the guys with all the money have really good justification for why you shouldn't worry so much about the money. Scot: [22:18] And then the other thing to know though is what typically happens is you are not sharing you're not selling any one shares so the company so as part of this IPO the company will issue new shares so so you as the founder and the other investors you still have your shares you're not actually selling them at this moment so you know in a way now you get diluted right so the flip of that is your percent ownership goes down but you know it's kind of the would you take a little bit smaller. Of that and long term when you can sell your shares as the investor and the founder and the team and the people that bet on you now you know can you execute and deliver and then earn your way into a higher price and then that's when you can kind of like get some equipment sir. Jason: [23:08] Do you want a little bit of a grapefruit or all of a grape. Scot: [23:11] Yes exactly yep that is a good description. [23:17] Okay so here's here's the other part of the quick and dirty guide to reading the S1 you can take so that's cover is really good and then you take the literally the next let's see what is it. 100 pages and you can toss them so this is where the lawyers come in and they love to make sure you understand all the risk factors you know a meteor could hit the Earth people could stop needing groceries cybersecurity I could be no one wants to shop for them it could be they'll compete with a bunch of people Amazon is always a risk factor Google Microsoft. So all that really doesn't add value and then there's a little bit of financial stuff but it's it's pretty dry and it's kind of like from the Auditors almost so it's like super drive so it always do is you skip to the part of this one we're finally the lawyers have earned their large fees and they vomited forth 100 pages of risk you know stuff. And then you get to write your story and that's called the Management's discussion and Analysis in the industry it's called the md&a. [24:27] It's confusing I thought for a long time it was md&a because Aaron says mdna really fast and they're saying the word A and D and it sounds like an end to me and I kept saying what the heck does md&a stand for they're like what do you mean what's up what are you saying. It's like a who's I first got a thing but it's md&a so Management's discussion and Analysis and this is where you. Jason: [24:49] Because I read all 100 pages and and I'm super depressed and one of the risk factors is the way I could become sentient and take over the Earth. Scot: [25:00] Mmm yep that is a risk factor and then it will bring our groceries to us I guess as we are batteries for its consumption. Jason: [25:08] The computers won't eat. Scot: [25:10] So if you really want you know so what you can do is you can get the gist of 95% of this by printing out the s-1 pages 1012 124 that's it's only 23 pages and it's really dense but it is actually this is actually a very good read they did a very good job of making this so you know. It's very approachable and they go into a level of detail that's really handy into problem so we're going to give you some of the highlights from that but if you want to go deep on your own we will give you all you need to go to the next level just by looking at those 23 pages. Okay so what did you see and them DNA and that got your attention. Jason: [25:55] Well I mean a number of things so maybe just super high level what's exciting to me like obviously a lot of this information about the business was not, publicly available so in the process of going public in issuing S1 they suddenly reveal a lot of things and they reveal things about. Their own business but they also have to paint a pretty good picture of what they think is happening and could happen in the digital grocery business so it's kind of like getting a whole class of really smart people to sort of, write a thesis about the the digital grocery business that we get to read and interpret and you know we they reveal things that we didn't know like how valuable customers are over time and how much consumers spend on a given order at instacart and what percent share of wallet they think digital gets versus brick and mortar and all these sorts of things and we'll get into a bunch of them in the in the individual sessions but my my takeaway from the beginning of that management discussion was that it's a. [27:08] A pretty robust business that the aggregate amount of. GTV that they that they have is pretty significant its twenty eight point eight billion dollars in groceries that they sold in 2022. Scot: [27:27] Yeah and GTV is gross transaction volume so instacart it's basically a Marketplace like eBay or Amazon where parts of parts of Amazon all of you back where you have in the marketplace of product Marketplace use GMB a lot of payment systems like PayPal use tpv gross merchandising value total payment volume they have chosen to use this term for the gross figure of GTV and at first I thought it was going to be groceries to do but it's gross transaction value I thought for sure it was like grocery, I was trying to decode it without looking it up and I was like that can't be grocery because then I don't know what a TV is doing there and you know so then their revenue is a derivative of that meaning of some percentage then of that big number Falls to them as Revenue after they pay the grocer The Shopper and then instacart the business has the leftovers and which ends up, we'll go through the unique and I'll mix it ends up being being pretty small because the grocery business does not have huge merchants. Jason: [28:26] Yeah so kind of looking at those business fundamentals that you know in 2022 they sold 28.8, billion dollars worth of stuff which for them generated 2.5 billion dollars in revenue and they were profitable on that Revenue they they net 428. Million dollars which like back in the a couple years ago when there were more IPOs happening there were there were IPOs in the space they were happening with companies that still weren't profitable so so that was interesting that they they were meaningfully profitable and then the, you know you're super interested in what the growth trajectory is and. [29:13] 20:19 was a very small year so going from 2019 to 2020 you know and then the pandemic app in the middle 2020 and urban was ordering groceries from, from instacart so the growth in 2020 was astronomical like 300% or something like that. But then the growth in 2021 over 2020 was 24%. On revenue and the growth in 2022 over 2021 was 39% in Revenue so. The revenue growth is Meaningful and accelerating. Which would be exciting they were not profitable in 2020 or 2021 so 2022 is the First full year that they were profitable. The GTD is a little different though they had significant growth three hundred percent in 2020 20 percent in 20 21 and 16 percent in 2022 so, well they have a track record of growth it's the top on GTV growth is decelerating. And then of course we're halfway through 2023 so they have to disclose. [30:23] How the well they've done in the first six months of this year and they compared to that to last year and the revenue and GTV are both essentially flat in the first six months of this year. Versus last year so I don't know you'll have to tell me but I look at that and you go man there's some robust stuff here there's a great growth story. I should have mentioned that that's on an annual basis on a quarterly basis they have five consecutive quarters of profitability which also seems. Impressive him pretty favorable but it's probably a slight worry that the. A lot of that growth seems like it's it's leveling off in 2023 I don't know if. That the most recent performance gets gets over weighted or underweighted and sort of evaluating the the prospects for the company. Scot: [31:19] Yeah the buyers will you know what every everyone has a different way they value things and they they're going to build their own models and the company will give them some guidance that's some of the stuff we did it we're not going to go over and but you have to be careful because you don't want to make forward-looking statements so this is this weird dance you do of you. You try to get people excited by not saying anything about the future which is which is a little tricky so you know what I imagine instacart s' just reading the tea leaves again they talked a lot about how they don't really do much sales and marketing which I kind of read to say, look we really hunkered down on our unique economic sand we've got it dialed in right now and spoiler will get to adds a lot of a lot of that has come from this ad piece. And I think now. [32:07] Because investor and I was the bullish scenario is you know they're going to raise at least 400 million they'll probably raise a lot of money from this they could start doing some advertising and you pick up some new customers that again I'm going to kind of hope they look at the cohorts those cohorts look like with what this in the here and they have at least the same unique anomic so if not better and I'm going to look at this growth accelerating wow what Wall Street loves their favorite favorite favorite kind of the top quadrant is accelerating Revenue growth an accelerating profitability and you know I could see a scenario the light has to go their way but I could see a scenario where that works here you know if they could if they could start spending some really careful sales and marketing dollars building the brand where they've been kind of under the radar for the most part and then. That works those cohorts stick and then they can work on the economics because that's gonna bring more advertisers per order because the more average more orders and more. GTV is going to bring more cpgs in that want to advertise against that then you could argue accelerating Revenue growth accelerating profitable unit economics. So I think that's the bull case the bear case is they've hit saturation they've got all the stores. 4% is anemic and nowhere to go but down. So that's the end of it is it is going to be interesting to see there's a little bit of A Tale of Two Cities in those possible outcomes. Jason: [33:36] Yeah what else jumped out at you in the management discussion. Scot: [33:43] They made a big point of talking about they have 7.7 million monthly active users which is a good number but they point out that in the u.s. there's 330 million consumers or I guess population so they use that and this is kind of one of those hints I was talking about the basically said hey we're. We've done good to get here but these are like the early adopters we still have a long way to go there's a lot of people you know I don't think they'll get all of them and I'll talk about that in a second but there's a lot more people that you should be using our service that aren't is so they kind of paint that 7.7 million and say that's teeny tiny compared to where we should be. And then you know the other thing they talked about that I thought was interesting I wanted to get your opinion on is they talk about, per user per month they get three hundred and Seventeen dollars and I was wondering I know you probably know this off the top of your head. What is if you look at the average US consumer and you probably look at the. Population of the convenience store that's like a kind of probably like that 100K and up household you know what is their monthly and is this like half of it a quarter what is your spidey sense tells you on that. Jason: [35:00] Yeah so real rough numbers the average American family and you know people shop for groceries in households versus people so it's almost better to talk in household so there's like 131 million households in the US and sin they've got. Seven million of them as customers the average household shops for groceries 1.6 times a week and they spend a hundred dollars per visit so you kind of you know rough that up and you get. Get what is that I'll have the intern do in turn do the math one point six times. 100 times, 4.5 is 720 total grocery spin which I don't have the census numbers in front of me but but that passes the smell test that so. Households are spending six seven hundred bucks a month and instacart saying that they're getting less than half of that. Scot: [36:12] Yeah and I saw some people speculate on this that, what their inferring is Davin they have an average order of 110 so this is like 2.6 instacart some month instacart orders per user per month that's another kind of interesting metric and then people are speculating in the saying the pattern is probably people are doing a big shop once a month and they're kind of going and getting you know, a lot of like maybe canned goods and things like that and then they supplement it with two or three instacart has to bring maybe a refresh of the the replenishable is like the cheese the milk the veggies and the fruits kind of thing. Again this is everyone just kind of like taking data and kind of going out for data point so the cone of uncertainty is pretty big out there but it kind of passed my sniff test that's how we've used it before, at our house with exception of wizard a lot at work to fill our snack area at work and we're probably like we're probably like top one quartile of this whole thing that's the number of snacks we get from Instagram. There's a deep does that that analysis of the one big shop yourself and then supplement does that. Jason: [37:26] No exact yeah I mean I think the Grocer's talk and I hesitate to bring this up because I don't think I remember I'll for off the top my head but there's like four typical types of shopping missions right so there is that like Pantry stocking shop there's like a weekly shop there's a. Occasion Bay shop where your your it's date night or it's Christmas or whatever and you make a special shop and then there's those, top off shops and I think it's generally agreed like there's not a big cohort of consumers that have just said I'm never using a grocery store again then I'm exclusive we gonna, I have all of my my calories show up at my doorstep so digital grocery ends up being one of the tools in the family's tool kit for, procuring their their calories and so it makes. Total sense that they would have a share that one of the ways they could grow is to increase that share presumably by. Being the best choice for more of those different kinds of missions. Scot: [38:34] Yeah and then the md&a they talk a lot about how they have these new offerings where you can get a weekly Monday thing and they're definitely poking around at this experimenting on how to grow the sand again they're kind of signaling we think we've got some room to go on this we can get that. [38:51] Bridge order up and we can get the ma use way up the second thing I noticed was you know they use this they use this phrase, several times you can tell it's kind of like must be tied to company values and they talk about we believe people want selection quality value and convenience if that sounds familiar to you the this is infamously brought up in the Amazon Jeff Bezos first shareholder letter in 1997 where he talks about the mark you know what Amazon believes and they believe that a multi-decade trend is people will not get tired of selection quality value and when value he uses kind of free shipping like versus product value is pretty specific on it and then convenience and then what got me thinking about this is. [39:38] Value inconvenience her you know they're often in conflict and this is the whole point of we've had, Casey on the show from the Lloyd there bifurcation kind of model which shows this was this I think a lot about this because this is the whole one of the whole reasons I started spiffy and we decided early on if we're going to be convenient we can't be the cheapest and I don't think people look at instacart as the cheapest you know whenever we use it it's kind of like, holy cow this is this is a pretty expensive treat in you know I really kind of need to be able to justify this to myself that I can't just pop over the grocery store and do this myself it needs to be yeah some some reason I'm going to miss a kid event or something that I'm getting a really good bang for the buck here so I thought that was interesting that at some point I wonder do they value part kind of struggle with you know how. Jason: [40:31] I think they have to have a. A more liberal definition of value because I think you're exactly right right and obviously you know value means different things to different people like they disclosed later in the S1 that they not surprisingly that they skew disproportionately to households that make over 100,000 a year compared to a traditional retail and particularly a traditional grocer like give I've no idea what it looked like when they actually did it but when Kroger went public or certainly when Walmart went public they would have talked about the top of their tree that we think the consumer really values price and and Walmart probably said price not value and you know they built a business around very aggressively maintaining those low prices because they thought that was the beginning of their flywheel and and you know Amazon talked about value but they when they said value a lot of what they meant was and we're going to you know have the very competitive or the lowest price on a lot of these goods and, the the business model of instacart makes it unlikely that that can be their positioning so they have to kind of, find a a valid but alternative definition of value to hang their hat on. Scot: [41:50] Yeah and I thought was interesting they put convenience a lot you know last you may say oh you're reading too much into it but you know I've been in rooms you spend so much time on every word there's a purpose to this order of selection quality value and convenience and and they mentioned this exact phrase like several times so this is a this seems to be an yeah a pretty important phrase in their their world to I just thought that was I want to get your take on you know at some point they may cross this road where they have to pick a lane and it'll be if it ain't going to be the value late you know I don't see a path there but you know maybe they think they can and you know they also talked about selling to the grocer some software so maybe that's kind of like how they're squeaking that in I don't know. Jason: [42:36] Yeah yeah and there's I think we'll talk about this and in our final conclusion but the there's multiple ways you could see this going over time and depending on which path it took like value could mean something different. So what will come back to that. I heard you like dissected all of the the disclose data and put together unit economic model for for instacart. Scot: [43:07] Yeah so it starts at the top so the GTV per order so every order that comes in they get the GTV as $110 and then there here's how they slice the onion so the biggest chunk goes to the grocer for the groceries and they get 83 percent which is $91 so right off the top we're left with $19 but now the grocer they have to go make all their money so instacart is that's what you would basically get I think if you and I went to the grocery store you know maybe they're getting a little bit of a discount but they're they're taking that $91 and they're adding $19 on top of it and this is all X tip there's a there's there is a delivery fee and what not so then the Shopper gets 8.2% or nine dollars in order and that's in that delivery fee and then they get the tips. Jason: [43:58] Clarification on shopper because like in most contact Shopper would mean the consumer that's buying the goods The Shopper in this case is is a instacart gig worker that goes to the store and gets Aggregates the order for the customer. Scot: [44:14] Exactly the gig worker is the Shopper so they get nine dollars and they get 100% of the tip so whenever you you know whenever you what what they don't say some of these gay places in this bothers me because we fell out on this they say the gig worker gets 100% but then they take a transaction fee of 3%, now I can't find they say 100% I can't see any little asterisks that says there's going to skim 3% or something so. [44:44] So to the hopefully they're being super up front and they the gig worker does get 100% of the tips but the tips aren't in the economic the kind of sit over on the side to go to kind of bypass instacart all together and they go straight to the shopper. Who also gets nine dollars from instacart so if you gave a 20 dollar tip the the Shoppers going to get 20 plus 9 or 22, then at this point we are finally at instacart Revenue which is ten dollars and that's into pieces seven dollars is the transaction revenue and three is ads. So almost half their margin you know so 30% I guess yeah. I say half because the line is going so fast it will become half probably by 2024 you know half the. Profit the margin the revenue that they get and probably disproportionate part of margin is from the ad piece which we're going to talk about in detail so that is. That's pretty important to this whole enchilada and until they figure that out this didn't really work I do. [45:48] So they get so 110 dollar order $91 goes the grocer that leaves us with 19 Shopper gets nine we're left with 10 7 of that, is the transaction Revenue three is ADS then their costs come out they have three dollars of cost per order. And this is this is things like you know their entire some allocation of all their website hosting the engineering team developed the app. I don't know if they would put sales and marketing in there and they weren't very specific about what they do and don't put in cogs so that was a question mark. And they're left with seven dollars of gross profit for that order. My bet is marketing is not in there and they kind of take that up later but again the didn't really. Disclose that I saw what all was and not in Cox so basically that 110 boils down to seven dollars a profit from them and if we looked at it you know. I bet that three of that seven is basically from the ads and you know because there's almost no cost to serve an ad and so so I thought that was pretty interesting that like you know around half of the Prophet basically is from the ad system. Jason: [47:00] Yeah I think I think it's for sure interesting and like you know two possibilities there there there, average value of an order is 110 bucks traditional brick-and-mortar grocer is a hundred bucks and so one question like did instacart wasn't totally clear I mean they tried to take credit for having a higher order value but it wasn't clear like do we think. There's something unique about our experience that causes people to spend more or. Is our service just more expensive and so therefore you know if I got the same 60 items from from Walmart it would cost me $100 but if I got it from instacart Cassandra and ten dollars. But if it's the latter and I'm sure the real answer somewhere in between but but if it's the latter then you go you know all of the, The Profit that instacart is potentially taking is kind of from the. The convenient spread where they're you know getting consumers to pay more for the extra convenience of this grocery delivery. Scot: [48:08] So that was the unique nanak's what did you discover from the cohorts. Jason: [48:12] Yeah well I think we both we both noticed that they had a pretty detailed cohort analysis in the s-1 and by cohort analysis what we mean is they. They break down all the revenue they get from every. Group of customers on the first year they acquire those customers and then they track the spending for that group of customers in each, subsequent year and so you have a cohort that you acquired in 2017 you have a cohort you acquired in 2018, so on and so forth through this 20:22 cohort and there's. Other dimensions you could do Court analysis on but this this tenure cohort is most common and loyal listeners of the show will know we've certainly talked about it before no most notably with a guest Professor Dan McCarthy. From Emory University who spends a lot of time. [49:13] Talking about and thinking about cohort analysis so I my first thought when I saw this cohort analysis is I'll bet you Dan McCarthy's really happy right now and is probably. Deep deep into these numbers and he has a phrase that he calls a super annuities which is for the circumstances. The older cohorts get more valuable over time and keep contributing more Revenue to your business which is, you know that if you think about it that's that's the ideal state right you want those kind of six-year-old cohorts to be. [49:51] Growing and be your most valuable and if they're you know significantly tailing off over time then like you know you start to question the core value proposition of the business like maybe customers get fatigued with your business or decide it's not a good value in the long run or something else so um the the big takeaway for me of the cohort analysis is the cohorts grow over time the if you look at like the year one value of this cohort it averages $226 and then it goes up 33 percent in year two to three hundred dollars and then up 16%, to 350 dollars in year three and then another up another 16% to 4:00 in your for and then up 10% $445 in year 5 and up another 8% to 480 dollars in year 6 and so like fundamentally. That is a very good picture of. The value of the cohorts and I'm certain why they chose to include the cohort analysis in there as one because I don't believe there's any. Any filing requirement to do that and certainly lots of companies don't include any cohort cohort analysis but then my kind of secondary take is. [51:12] You know not every year is the same and so some of those cohorts like started before Cove it and then they're their behavior, was slightly impacted by their maturity but also impacted by covet and some of these cohorts started after Cove ID and so one of the things you would look for in that cohort analysis is did these guys just get a big spike from Cova da, when people are afraid to go to grocery stores and you know has that worn off right and that's kind of a comment common narrative out there like I argue. [51:45] It's mostly misunderstood when people give that narrative about digital but it's. It's even more likely that is misunderstood if you have that narrative and grocery because grocery appears like on the surface to be the one category where hey we're at three percent e-commerce penetration before covet and now we're 12% e-commerce penetration and so this, these cohort analysis if if there was a spike that dip back down you would expect to see some of the later cohorts underperforming versus the the precoded cohorts and we don't see that right that like all the cohorts grow and they grow over time the rate of growth slows down over time which is like I think pretty pretty typical and not surprising um so all that was super favorable the one thing and one will have to have Dan on the show but the one thing that I think wasn't in here that you'd really want to understand how valuable the customer bases and and again guys like Dan kind of pioneered this idea of how you value a company based on their customer base. [52:53] And kind of set the price based on on this type of data but I think they would also want to see some churn data and understand. How many people are each in each of these cohorts and whether there's the same people or lots of defectors and new people coming and all those sorts of things and none of that was was disclosed and assess. Scot: [53:22] Yeah you're right the I think they're making the argument that the swamps turn but because they don't disclose it you kind of. You have to trust him and he would he would want that data because you know the whole Begin Again the the bull case here is all right if you got super annuities than spending ad dollars to bring super annuities in this smart right because everyone you bring in the door is going to follow this cohort and start of it you know you and I looking at a table that the says you're one they start at 2:26 and then by year 60 at 500 bucks so they they double over their life cycle in their GTV so over six years so if you know if you can go buy them for a hundred bucks a pop then you would just go and, and spend all that money in it should be we have a super annuity on one side you can spend a lot of money acquiring customers on the other. Jason: [54:15] For sure true what. Scot: [54:17] You turn there's something that they could hide in there. Jason: [54:19] Yeah so you have to worry about that you also side note like a thing that drives CFOs crazy about marketers is you also have to have this argument about correlation and causation right that like if I went out and bought a bunch of customers would they maintain this the same level of performance or with those those. Purchase customers through higher advertising and through greater sales and marketing a activities be less oil less valuable customers by. The answer varies depending on the business. Scot: [54:53] Yeah that's where I this kind of come back to that bifurcation thinks I think would you say 120 million households. Jason: [54:59] Yeah 131. Scot: [55:00] Yeah so there's probably I think it's probably a pretty evenly split between convenience and value so call it 60 and they've got 7.7 so there's actually good I think they've got a 10% share of, what does the actual dress for Market because I don't think they're going to get any of the value or in a consumers because yeah the valuing consumer does not pay for convenience they'll just go to grocery store. Jason: [55:23] Yeah and again in the bottom quartile a lot of people are shopping for for groceries with government assistance and I don't actually think instacart should double-check this but I don't believe instacart has a way to accept Snap payments. Scot: [55:36] Yeah I don't think the government is going to subsidize the food delivered. Jason: [55:39] Well they just you know they do in other great white white guy like you can order groceries online from Walmart and pay with SNAP but I don't think you can with instacart. Scot: [55:49] Yes that's another factor and then at some point yeah I'm sure you'll bring this up but the. The if you're if you're a grocer you know a lot of ours opt out of the sand to themselves and they like we have a Harris Teeter that they don't accept instacart yeah they're not on there and they want to do their own they want to own the customer themselves. Jason: [56:12] Yeah I save that discussion for other but I think that's a super important one. Scot: [56:16] Forget I said that that's a teaser that's it's a teaser was what we call a tease. Jason: [56:19] Excellent teaser yeah because I feel like we've gone to the add segment of the breakdown of is there anything else you wanted to cover before that Scott. Scot: [56:28] No I'm on the edge of my seat to hear what you thought about that specific. Jason: [56:31] Yeah so it turns out instacart sanad Essence and probably shouldn't surprise anyone you know Scott you alluded to the change in CEO the the current CEO for this IPO is fidge Asuma Seema who formerly was VP of advertising at Facebook so they brought in a Facebook. Exact to run this business and shoot I should have looked up what episode he was on but Seth Dallaire was a past guest on this show when he was the chief Revenue officer. For instacart which was right around the time that that fidget joined. [57:19] Instacart so we actually had a discussion about their aspirations to become an advertising business and spoiler alert, it worked at instacart which we're going to break into and that guess set the layer subsequently was hired as the chief Revenue officer at Walmart where he's. Building Walmart connect which is also working so turns out ads are becoming an increasingly important part of the ecosystem for retailers but the basic ad math at instacart is that in 2022 the last full year of data instacart generated 470 million dollars in ads so 470 million on 28 billion in GTV, means that that's about 2.6 percent of the spin. That went to ads it's thirty percent of their revenue today and. [58:20] It's growing at 29 percent so it went up 29% from 2022 to from 21 to 20 22. Um it's grown another twenty four percent in the first months of six months of 2023 so, a lot of the unit economics of their transactions have kind of stabilized and are flat the one thing that's still growing at a very fast double-digit pace, is the ad business and at seven and twenty million dollars it's already reasonably robust and they don't. Ads are not a line item on the income statement that they included like you know and presumably like it's not. You could argue it's not Material against the three billion in in Revenue. But the so we don't we don't really know exactly how profitable, Those ads are but in general we would call these ads or retail media Network and the you know people argue about how profitable these retail media networks are people particularly argue about Amazon's but kind of the middle of the range when people estimate how what how profitable these things are is that they're about 75 percent gross right so in theory they should be near 99% gross margin because like you don't have to make anything to sell an ad. [59:46] You know you do need some technology you need an ad server you need Administration and salespeople you need brand safety people you know there is. Some infrastructure some of which has to scale with the ad business and so the the kind of. Most common estimate that that I see out there is like 75% of that revenue from ad business is profit. So that implies that the ad business contributed seven 555 million to the. To the income statement for 2022. Um and they were only profitable 428 million in 2022 so that the ad business contribute like by that sort of slice the ad business contributed. [1:00:33] You know covered all of their losses and and was essentially all of their their profit. In in 2022 and it's growing faster than anything else so it's very clear that the ad business is a key. Tenant of this instacart model and they in the management can section they it was kind of funny working for a big, advertising agency because they had to spend a fair amount of time like justifying that ads are valuable good thing and that people are spending money on ads so they kind of you know paint paint this picture that consumer packaged Goods companies which are you know most of the goods that instacart cells that. [1:01:20] Cpgs in the u.s. spend about 200 billion dollars a year on advertising and currently about a quarter of that is digital. And so the. The you know a typical cpg spends like about thirty percent of their gross sales on advertising and you know at the moment instacart is collecting about less than three percent of its sales in advertising so I think they're saying like hey. Advertising is super effective it's an important part of our economic model and there's a ton of. Of potential growth for us in this market and that cpgs need us and they amongst their claims about the size of their business, there are 50 500 brands that are advertising on instacart today and those are. At the moment all brands that sell. [1:02:18] Whose Goods get sold on instacart so we call that endemic advertisers right so it's it's Mondelez selling cookies and folks like that a lot of advertising companies. Sell ads to people that aren't necessarily selling through the. The the platform we call those non-endemic advertisers and we I don't think there are any non-endemic advertisers on instacart as of yet. But so at the Top Line like these are these are solid fundamentals for an ad business you like. [1:02:54] From my perspective retail media networks are super important evolution in the space they are very important I actually think for a lot of smaller retailers they get overhyped and that there's a problem with scale with a lot of these but instacart appears to be one of the companies. That has enough scale to build a real. A real business around this there is a unique problem that instacart has with ads that you know I think they've only been partially able to remediate so far who's paying for the ads. [1:03:25] Right so they talked about the brands paying for the ad right it's Procter & Gamble about the ad but there's a lot of stakeholders with budgets at Procter & Gamble, there's Mark Pritchard that buys Super Bowl ads and tries to build the brand and make people love tied but there are also account teams, that are trying to Goose the sales at their account so there's a Walmart account team and a Kroger account team and an Albertsons account team and all of those guys have an ad budget, that they want to use to sell more stuff at Walmart Kroger and Albertsons respectively. And so the big problem you have with instacart is you spend that ad dollar with instacart and you don't actually know. Which retailer it's going to impact. Right and so it's kind of like it has to come out of the top of funnel ad budget but it's bottom of the funnel Performance Marketing, type ads mostly search ads and so not saying that model can't work but it's. [1:04:33] The the guys with budgets that are used to buying ads are used to a slightly different structure so I will say that at the moment instacart causes a lot of consternation because it's a it's an unusual Beast that people don't exactly know how to budget for or how to spend their money on and you know I would assume if instacart wants to grow a lot they have to make that, easier for for the brands to do. Scot: [1:05:00] Yeah so what do you think. They're so this is a relatively good chunk of Revenue where do you think they're getting it from is it online going offline I mean offline going online are they taking it from Google are they taking it from couponing or. Two Brands even do like newspaper inserts are still a thing like I know that back in the day. Jason: [1:05:22] So I know I yeah I think. Brands are pretty pretty rapidly shifting their their dollars to digital vehicles and so two things like there's you know traditional kind of, newspaper magazine advertising that's atrophying and and the brands are replacing that with digital there's a slight misnomer the whole privacy thing and Facebook is a real thing but you know who wasn't buying a huge amounts of Facebook ads are like National cpgs with huge brand recall so so you know those tended to be smaller Brands and longer tail things so it's less like oh. [1:06:05] The these guys are shifting from Facebook it's more they're shifting from old-school marketing and over are television to to these digital vehicles but a big chunk of it is still coming out of these trade budgets right and so there may have been a pool of money that was allocated to spend at Kroger and it used to get spend on newspaper circulars that were like Kroger ads that fell out of the newspaper and that's an increasingly ineffective vehicle or maybe they even got spent on floor decals in the aisle at Kroger right you know like Shopper marketing tactics or trade tactics and so increasingly the retail media networks are getting a chunk of those trade dollars and I do think instacart is getting some of those even though it's trickier to do because you know it's not allocated exactly 21 specific retailer at the moment. Scot: [1:07:07] Yeah the so what did the ad formats I've seen is I always get this one that's like you through some Quaker Oats granola bars in there if you add these six things will give you a five bucks or something I've seen a coupon and I've seen a you know an upsell hey you've previously bought this or you may like this are there those are the three main add units or am I missing something. Jason: [1:07:33] Yeah so I am not going to speak specifically about the variation in ad units but as a general rule like probably I'm assuming the most predominant ads on the platform are search ads right so people search for products like always and you know above all the organic results are a bunch of sponsored ads right and so off very often those don't have a special offer in them they're just premium. [1:08:00] And so a big chunk is probably those those search ads you know then they're there are like Banner type ads that that land either on like the homepage of a particular retailer or on a category page or subcategory page and more often those are likely to have some call-to-action offer in them so they might have a promotion or a discount of some kind and then in the digital space um there's a lot of what we call like top off and impulse ads which are what you were just talking about right and you know one of the big problems we have with digital grocery is when you go shopping at the grocery store your wife sends you to the store with a list of 10 items and you buy all those 10 items but then you walk by the ice cream aisle on your way to the cash wrap and you add ice cream even though you didn't plan to buy ice cream and then when you're standing in the cash wrap, you're sneering at that Snickers bar or that Wrigley gum and you add that to the car and maybe a cold Coke to drink on the way home from the grocery store so a big chunk of a traditional grocer sales are all these unplanned impulse purchases and that. [1:09:16] By default happens a lot less in digital Grocery and so a lot of these ad formats are kind of are, our Industries early efforts to try to reinvent digital impulse and I would I would call it pretty imperfect at the moment. Scot: [1:09:35] Don't you get a nursing inside about gum or something like because self-checkout smelled the gum that serendipity. Jason: [1:09:42] Yeah the the that that cash wrap used to be the most valuable real estate in a grocery store like the most Revenue per square foot was that what we call the cash wrap which is the. The conveyor belt that you stand in line and actually the first thing that killed the cash wrap was not any of this digital shopping or any of these things it was. Facebook and the mobile phone and simply because you now had something else to do when you are standing