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THIS WENT PRETTY BAD🔴 $AMZN + $INTC Earnings summarized... One of them looks TERRIBLE $AMZN Notes✍️ • Revenue $201.9B, below expectations around $202.2B–$202.3B • EPS $1.89, below expectations • Trailing 12-month free cash flow NEGATIVE $42.4B, versus POSITIVE $14.8B a year ago • Q3 infrastructure spending $77.3B gross, or $75.9B after sales and incentives • Full-year cash capex outlook still approximately $220B What you need to know 1. The cash bill is growing faster than the cash coming in Amazon generated $42.4B of operating cash this quarter, but spent $75.9B on property and equipment after sales and incentives. That leaves roughly NEGATIVE $33.5B of quarterly free cash flow. The negative $42.4B headline is for the last 12 months, not this quarter alone. 2. The holiday outlook didn’t give investors much reassurance Q4 revenue guidance is $240B–$247B. The $243.5B midpoint falls below published consensus estimates around $244B–$244.6B. Those estimates are still inside the range, but the midpoint didn’t clear the bar. 3. Advertising slowed sharply Ad revenue growth excluding currency fell to 12% from 26% in Q2. Management points partly to timing, including Prime Day moving into Q2, and expects improvement in Q4. But investors now have to wait for that recovery. My read: the market isn’t just asking whether AI creates revenue. It wants to know how much cash shareholders get AFTER paying for the infrastructure. $INTC Notes✍️ • Q4 revenue guide $15B–$16B • Midpoint $15.5B, roughly 6% below Q3 • Adjusted EPS guide $0.25 versus $0.52 in Q3 • Adjusted gross margin guide 38% versus 44.1% in Q3 • PC/client revenue down 5% YoY • Foundry operating loss approximately $1.85B What you need to know 1. The next quarter looks weaker Intel’s guidance points to lower revenue, lower earnings per share and lower profit on each dollar of sales. Adjusted EPS is guided down roughly 52% from Q3. Adjusted gross margin falls 6.1 percentage points. These are quarter-to-quarter comparisons, not year-over-year declines. 2. The PC weakness isn’t expected to end quickly The CFO expects the PC slowdown to continue through at least the first half of 2027. That leaves the server business carrying more of the recovery. 3. Foundry is still losing money Intel’s manufacturing business lost about $1.85B this quarter. Its $6.7B segment revenue includes internal business, not just paying outside customers. Technology milestones aren’t the same thing as a profitable external foundry business. 4. The recovery comes with dilution Intel completed a $23B stock offering. That strengthens funding, but spreads future profits across more shares. Diluted weighted-average shares were roughly 17% higher than a year ago. My takeaway $AMZN: the problem is how long does enormous infrastructure spending keeps free cash flow negative. $INTC: the concern is whether the recovery can hold up through weaker PCs, lower forward margins and continued foundry losses.

I’m tellin you.. The best part about success is that the main key/secret is just being consistent. Anyone can do it but 99.99% refuse to be consistent for long periods of time. Especially when you aren’t seeing results or benefits. Thank god I never quit. Shoutout 2019-2020

THIS COULD GET UGLY🚫 $NVDA Dropped over $10 from highs and still has room on the downside from here into the 100ma/gapfill. Names like $AMD + $AVGO are also on the brink of a more significant drop if this doesnt hold... BIG Setups heading into next week👇