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AWS on Track for a Trillion, and the Situational Awareness Blowup
Big tech and the semis are continuing Thursday's huge bounce, which some call a dead cat and others the next leg up. Microsoft was the turning point, noting most of its growing cloud base is not OpenAI or Anthropic while keeping CapEx roughly flat, and Amazon followed with a strong AWS quarter. Part of the bounce likely traces to a Bank of Japan yen intervention easing the carry trade, which is likely why we saw such a hard reversal in the KOSPI. The Wednesday afternoon plunge now looks more like the leverage unwind from Situational Awareness hedge fund getting margin called.
On the AWS call…
The skinny
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