{"id":11769,"date":"2024-02-12T10:29:21","date_gmt":"2024-02-12T10:29:21","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-317-amazon-q4-and-2023-results\/"},"modified":"2024-02-12T10:29:21","modified_gmt":"2024-02-12T10:29:21","slug":"jason-scot-show-episode-317-amazon-q4-and-2023-results","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/jason-scot-show-episode-317-amazon-q4-and-2023-results\/","title":{"rendered":"Jason &#038; Scot Show Episode 317 Amazon Q4 and 2023 Results"},"content":{"rendered":"<p> <p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/>\n<\/p>\n<div>\n<p>A weekly podcast with the latest e-commerce news and events. Episode 317 is deep dive into Amazons Q4 2023 results.<\/p>\n<p> <span id=\"more-33062\"\/><\/p>\n<p><meta charset=\"utf-8\"\/><strong>Subscribe<\/strong>:<\/p>\n<figure><iframe loading=\"lazy\" style=\"border: none;\" src=\"http:\/\/html5-player.libsyn.com\/embed\/episode\/id\/29860118\/height\/360\/width\/640\/theme\/standard-mini\/autoplay\/no\/autonext\/no\/thumbnail\/yes\/preload\/no\/no_addthis\/no\/direction\/backward\/no-cache\/true\/\" width=\"640\" height=\"360\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">?<\/span><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">?<\/span><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">?<\/span><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">?<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">?<\/span><\/iframe><\/figure>\n<h3 class=\"wp-block-heading\" id=\"episode-summary\">Episode Summary:<\/h3>\n<p>In this episode, Jason Goldberg and Scot Wingo dive deep into Amazon\u2019s fourth-quarter results for 2023, analyzing the company\u2019s performance in various segments such as retail, offline and online sales, marketplace, AWS, and advertising. They also explore the impact of AI on Amazon\u2019s business and provide insights into the company\u2019s future guidance for Q1 2024.<\/p>\n<p>Amazon had a strong Q4 earnings report, beating analyst expectations for revenue and income. In fact, it was Amazon\u2019s most profitable quarter ever.<\/p>\n<p>Retail sales were up 6%, which imputes a 2023 GMV of $515B \u2013 $660B in the US for all of 2023. The bottom end of that estimate would be a 9% growth over 2023, versus all of Core Retail in the US (x Gas and Auto) which grew 3.6% in 2023. This impressive growth was achieved while Amazon improved delivery times (6B packages delivered next day, and 1B delivered same day, same day offered in 110 metros) and reduced cost to serve by $0.45\/package in the US (the first reduction in cost to serve since 2018).<\/p>\n<p>AWS accelerated growth but slowly declined margins.<\/p>\n<p>Ad revenue was again the brightest spot, growing 27% to $14.7B, resulting in $47B in revenue the last 12 months, and a $58B run rate. The income generated from that ad revenue was likely more than $27B, far in excess of the $21B Amazon earned from AWS. Once again demonstrating that Ads are Amazons biggest income generator.<\/p>\n<p>Amazons total GMV in the US likely falls in-between Walmart\u2019s expected 2023 GMV of $442B and Walmart plus Sam\u2019s Club total US GMV of $519B. Walmart reports it\u2019s Q4 on Feb 20.<\/p>\n<p>Amazon probably represented 24% of ALL retail growth in the US in 2023. Amazon, Walmart, Temu, and Shein alone likely represented 49% of all 2023 Us retail growth (leaving mostly crumbs for the rest of retail).<\/p>\n<p>Amazon also announced Rufus, a new Gen AI based search amenity for the e-commerce site.<\/p>\n<p><strong>Don\u2019t forget to like our\u00a0facebook page, and if you enjoyed this episode please write us a review on itunes.<\/strong><\/p>\n<p>Episode 317 of the Jason &amp; Scot show was recorded on <span style=\"font-weight: 400;\">Wednesday,  February 7th, 2024.<\/span><\/p>\n<h2 id=\"chapterT\" class=\"chapter\">Transcript<\/h2>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[0:23]<\/small>\u00a0<span data-start=\"00:00:23.280\" data-end=\"00:00:31.300\" data-spk=\"0\" data-label=\"Jason\"><span title=\"0:23\">Welcome<\/span>\u00a0<span title=\"0:24\">to<\/span>\u00a0<span title=\"0:24\">the<\/span>\u00a0<span title=\"0:24\">Jason<\/span>\u00a0<span title=\"0:24\">and<\/span>\u00a0<span title=\"0:25\">Scott<\/span>\u00a0<span title=\"0:25\">Show.<\/span>\u00a0<span title=\"0:25\">This<\/span>\u00a0<span title=\"0:26\">is<\/span>\u00a0<span title=\"0:26\">episode<\/span>\u00a0<span title=\"0:27\">317<\/span>\u00a0<span title=\"0:27\">being<\/span>\u00a0<span title=\"0:28\">recorded<\/span>\u00a0<span title=\"0:29\">on<\/span>\u00a0<span title=\"0:29\">Wednesday,<\/span>\u00a0<span title=\"0:30\">February<\/span>\u00a0<span title=\"0:30\">7th,<\/span>\u00a0<span title=\"0:31\">2024.<\/span><\/span><br \/><span data-start=\"00:00:31.860\" data-end=\"00:00:37.440\" data-spk=\"0\" data-label=\"Jason\"><span title=\"0:32\">I\u2019m<\/span>\u00a0<span title=\"0:32\">your<\/span>\u00a0<span title=\"0:33\">host,<\/span>\u00a0<span title=\"0:33\">Jason<\/span>\u00a0<span title=\"0:33\">Retail<\/span>\u00a0<span title=\"0:34\">Geek<\/span>\u00a0<span title=\"0:34\">Goldberg,<\/span>\u00a0<span title=\"0:34\">and<\/span>\u00a0<span title=\"0:35\">as<\/span>\u00a0<span title=\"0:35\">usual,<\/span>\u00a0<span title=\"0:35\">I\u2019m<\/span>\u00a0<span title=\"0:36\">here<\/span>\u00a0<span title=\"0:36\">with<\/span>\u00a0<span title=\"0:36\">your<\/span>\u00a0<span title=\"0:36\">co-host,<\/span>\u00a0<span title=\"0:37\">Scott<\/span>\u00a0<span title=\"0:37\">Wingo.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[0:38]<\/small>\u00a0<span data-start=\"00:00:38.320\" data-end=\"00:00:42.100\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:38\">Hey,<\/span>\u00a0<span title=\"0:39\">Jason,<\/span>\u00a0<span title=\"0:39\">and<\/span>\u00a0<span title=\"0:40\">welcome<\/span>\u00a0<span title=\"0:40\">back,<\/span>\u00a0<span title=\"0:41\">Jason<\/span>\u00a0<span title=\"0:41\">and<\/span>\u00a0<span title=\"0:41\">Scott<\/span>\u00a0<span title=\"0:41\">Show<\/span>\u00a0<span title=\"0:42\">listeners.<\/span><\/span><br \/><span data-start=\"00:00:43.880\" data-end=\"00:00:51.720\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:44\">Jason,<\/span>\u00a0<span title=\"0:44\">we\u2019ve<\/span>\u00a0<span title=\"0:45\">been<\/span>\u00a0<span title=\"0:45\">talking<\/span>\u00a0<span title=\"0:45\">about<\/span>\u00a0<span title=\"0:46\">ARVR<\/span>\u00a0<span title=\"0:47\">since<\/span>\u00a0<span title=\"0:47\">before<\/span>\u00a0<span title=\"0:48\">shop.org<\/span>\u00a0<span title=\"0:51\">changed<\/span>\u00a0<span title=\"0:51\">its<\/span>\u00a0<span title=\"0:51\">name.<\/span><\/span><br \/><span data-start=\"00:00:51.720\" data-end=\"00:00:56.960\" data-spk=\"1\" data-label=\"Scot\"><span title=\"0:52\">And<\/span>\u00a0<span title=\"0:53\">did<\/span>\u00a0<span title=\"0:54\">you<\/span>\u00a0<span title=\"0:54\">get<\/span>\u00a0<span title=\"0:55\">a<\/span>\u00a0<span title=\"0:55\">vision<\/span>\u00a0<span title=\"0:55\">pro<\/span>\u00a0<span title=\"0:55\">and<\/span>\u00a0<span title=\"0:55\">how<\/span>\u00a0<span title=\"0:55\">is<\/span>\u00a0<span title=\"0:56\">it<\/span>\u00a0<span title=\"0:56\">i.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[0:57]<\/small>\u00a0<span data-start=\"00:00:56.960\" data-end=\"00:01:00.100\" data-spk=\"0\" data-label=\"Jason\"><span title=\"0:57\">Did<\/span>\u00a0<span title=\"0:57\">not<\/span>\u00a0<span title=\"0:58\">i<\/span>\u00a0<span title=\"0:58\">feel<\/span>\u00a0<span title=\"0:58\">like<\/span>\u00a0<span title=\"0:58\">i\u2019ve<\/span>\u00a0<span title=\"0:59\">let<\/span>\u00a0<span title=\"0:59\">you<\/span>\u00a0<span title=\"0:59\">and<\/span>\u00a0<span title=\"0:59\">our<\/span>\u00a0<span title=\"1:00\">listeners<\/span>\u00a0<\/span><span data-start=\"00:01:00.100\" data-end=\"00:01:03.720\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:00\">down<\/span>\u00a0<span title=\"1:00\">i<\/span>\u00a0<span title=\"1:01\">desperately<\/span>\u00a0<span title=\"1:01\">wanted<\/span>\u00a0<span title=\"1:01\">to<\/span>\u00a0<span title=\"1:01\">lie<\/span>\u00a0<span title=\"1:02\">and<\/span>\u00a0<span title=\"1:02\">say<\/span>\u00a0<span title=\"1:02\">that<\/span>\u00a0<span title=\"1:02\">we<\/span>\u00a0<span title=\"1:02\">were<\/span>\u00a0<span title=\"1:02\">recording<\/span>\u00a0<span title=\"1:03\">this<\/span>\u00a0<span title=\"1:03\">episode<\/span>\u00a0<\/span><span data-start=\"00:01:03.720\" data-end=\"00:01:11.540\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:04\">through<\/span>\u00a0<span title=\"1:05\">our<\/span>\u00a0<span title=\"1:05\">joint<\/span>\u00a0<span title=\"1:06\">vision<\/span>\u00a0<span title=\"1:06\">pros<\/span>\u00a0<span title=\"1:06\">i<\/span>\u00a0<span title=\"1:08\">did<\/span>\u00a0<span title=\"1:08\">i<\/span>\u00a0<span title=\"1:08\">did<\/span>\u00a0<span title=\"1:09\">go<\/span>\u00a0<span title=\"1:09\">do<\/span>\u00a0<span title=\"1:09\">a<\/span>\u00a0<span title=\"1:09\">demo<\/span>\u00a0<span title=\"1:10\">and<\/span>\u00a0<span title=\"1:10\">it<\/span>\u00a0<span title=\"1:10\">it<\/span>\u00a0<span title=\"1:11\">seems<\/span>\u00a0<span title=\"1:11\">super<\/span>\u00a0<\/span><span data-start=\"00:01:11.540\" data-end=\"00:01:18.300\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:12\">cool<\/span>\u00a0<span title=\"1:12\">i<\/span>\u00a0<span title=\"1:12\">am<\/span>\u00a0<span title=\"1:12\">sorting<\/span>\u00a0<span title=\"1:13\">through<\/span>\u00a0<span title=\"1:13\">my<\/span>\u00a0<span title=\"1:13\">my<\/span>\u00a0<span title=\"1:14\">highly<\/span>\u00a0<span title=\"1:15\">poor<\/span>\u00a0<span title=\"1:16\">vision<\/span>\u00a0<span title=\"1:17\">to<\/span>\u00a0<span title=\"1:17\">see<\/span>\u00a0<span title=\"1:17\">what<\/span>\u00a0<span title=\"1:18\">sort<\/span>\u00a0<span title=\"1:18\">of<\/span>\u00a0<span title=\"1:18\">corrective<\/span>\u00a0<\/span><span data-start=\"00:01:18.300\" data-end=\"00:01:19.760\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:18\">lenses<\/span>\u00a0<span title=\"1:19\">i\u2019ll<\/span>\u00a0<span title=\"1:19\">need<\/span>\u00a0<span title=\"1:19\">to<\/span>\u00a0<span title=\"1:19\">put<\/span>\u00a0<span title=\"1:19\">into<\/span>\u00a0<span title=\"1:19\">the<\/span>\u00a0<span title=\"1:20\">thing,<\/span>\u00a0<\/span><span data-start=\"00:01:20.560\" data-end=\"00:01:23.180\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:21\">to<\/span>\u00a0<span title=\"1:21\">pull<\/span>\u00a0<span title=\"1:21\">the<\/span>\u00a0<span title=\"1:21\">trigger.<\/span>\u00a0<span title=\"1:22\">I<\/span>\u00a0<span title=\"1:22\">heard<\/span>\u00a0<span title=\"1:22\">yours<\/span>\u00a0<span title=\"1:22\">has<\/span>\u00a0<span title=\"1:23\">arrived<\/span>\u00a0<span title=\"1:23\">though.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[1:24]<\/small>\u00a0<span data-start=\"00:01:23.640\" data-end=\"00:01:28.440\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:24\">Yes,<\/span>\u00a0<span title=\"1:24\">mine<\/span>\u00a0<span title=\"1:24\">actually<\/span>\u00a0<span title=\"1:25\">just<\/span>\u00a0<span title=\"1:25\">came<\/span>\u00a0<span title=\"1:25\">hours<\/span>\u00a0<span title=\"1:26\">ago<\/span>\u00a0<span title=\"1:26\">here<\/span>\u00a0<span title=\"1:26\">to<\/span>\u00a0<span title=\"1:27\">Jason<\/span>\u00a0<span title=\"1:28\">and<\/span>\u00a0<span title=\"1:28\">Scott,<\/span>\u00a0<\/span><span data-start=\"00:01:28.540\" data-end=\"00:01:29.440\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:29\">North<\/span>\u00a0<span title=\"1:29\">Carolina<\/span>\u00a0<span title=\"1:29\">headquarters.<\/span><\/span><br \/><span data-start=\"00:01:29.940\" data-end=\"00:01:35.060\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:30\">And<\/span>\u00a0<span title=\"1:30\">it<\/span>\u00a0<span title=\"1:31\">is<\/span>\u00a0<span title=\"1:31\">sitting<\/span>\u00a0<span title=\"1:31\">in<\/span>\u00a0<span title=\"1:31\">a<\/span>\u00a0<span title=\"1:31\">box<\/span>\u00a0<span title=\"1:32\">staring<\/span>\u00a0<span title=\"1:32\">at<\/span>\u00a0<span title=\"1:32\">me.<\/span>\u00a0<span title=\"1:33\">And<\/span>\u00a0<span title=\"1:33\">I<\/span>\u00a0<span title=\"1:34\">figured<\/span>\u00a0<span title=\"1:34\">I<\/span>\u00a0<span title=\"1:34\">would<\/span>\u00a0<span title=\"1:34\">not<\/span>\u00a0<span title=\"1:34\">get<\/span>\u00a0<span title=\"1:35\">the<\/span>\u00a0<\/span><span data-start=\"00:01:35.060\" data-end=\"00:01:36.980\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:35\">show<\/span>\u00a0<span title=\"1:35\">notes<\/span>\u00a0<span title=\"1:35\">done<\/span>\u00a0<span title=\"1:36\">if<\/span>\u00a0<span title=\"1:36\">I<\/span>\u00a0<span title=\"1:36\">started<\/span>\u00a0<span title=\"1:36\">playing<\/span>\u00a0<span title=\"1:37\">with<\/span>\u00a0<span title=\"1:37\">that.<\/span><\/span><br \/><span data-start=\"00:01:37.060\" data-end=\"00:01:42.000\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:37\">So<\/span>\u00a0<span title=\"1:37\">that\u2019s<\/span>\u00a0<span title=\"1:38\">gonna<\/span>\u00a0<span title=\"1:38\">be<\/span>\u00a0<span title=\"1:38\">my<\/span>\u00a0<span title=\"1:38\">weekend<\/span>\u00a0<span title=\"1:39\">fun<\/span>\u00a0<span title=\"1:39\">that<\/span>\u00a0<span title=\"1:40\">I\u2019m<\/span>\u00a0<span title=\"1:40\">gonna<\/span>\u00a0<span title=\"1:40\">work<\/span>\u00a0<span title=\"1:40\">on.<\/span>\u00a0<span title=\"1:41\">So<\/span>\u00a0<span title=\"1:41\">I\u2019ll<\/span>\u00a0<span title=\"1:41\">report<\/span>\u00a0<span title=\"1:41\">back<\/span>\u00a0<span title=\"1:42\">on<\/span>\u00a0<span title=\"1:42\">that.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[1:42]<\/small>\u00a0<span data-start=\"00:01:42.020\" data-end=\"00:01:46.620\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:42\">All<\/span>\u00a0<span title=\"1:42\">of<\/span>\u00a0<span title=\"1:42\">us<\/span>\u00a0<span title=\"1:42\">that<\/span>\u00a0<span title=\"1:42\">love<\/span>\u00a0<span title=\"1:43\">you<\/span>\u00a0<span title=\"1:43\">are<\/span>\u00a0<span title=\"1:43\">slightly<\/span>\u00a0<span title=\"1:44\">sad<\/span>\u00a0<span title=\"1:44\">because<\/span>\u00a0<span title=\"1:44\">we\u2019ve<\/span>\u00a0<span title=\"1:45\">seen<\/span>\u00a0<span title=\"1:45\">your<\/span>\u00a0<span title=\"1:45\">real<\/span>\u00a0<span title=\"1:46\">eyes<\/span>\u00a0<span title=\"1:46\">for<\/span>\u00a0<\/span><span data-start=\"00:01:46.620\" data-end=\"00:01:48.340\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:47\">probably<\/span>\u00a0<span title=\"1:47\">the<\/span>\u00a0<span title=\"1:47\">last<\/span>\u00a0<span title=\"1:47\">time<\/span>\u00a0<span title=\"1:48\">in<\/span>\u00a0<span title=\"1:48\">a<\/span>\u00a0<span title=\"1:48\">long<\/span>\u00a0<span title=\"1:48\">while.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[1:48]<\/small>\u00a0<span data-start=\"00:01:48.340\" data-end=\"00:01:53.520\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:48\">That<\/span>\u00a0<span title=\"1:49\">is<\/span>\u00a0<span title=\"1:50\">true<\/span>\u00a0<span title=\"1:50\">yep<\/span>\u00a0<span title=\"1:50\">yep<\/span>\u00a0<span title=\"1:51\">these<\/span>\u00a0<span title=\"1:51\">baby<\/span>\u00a0<span title=\"1:51\">blues<\/span>\u00a0<span title=\"1:51\">are<\/span>\u00a0<span title=\"1:52\">going<\/span>\u00a0<span title=\"1:52\">behind<\/span>\u00a0<span title=\"1:52\">the<\/span>\u00a0<span title=\"1:52\">goggles<\/span>\u00a0<span title=\"1:53\">and<\/span>\u00a0<span title=\"1:53\">i\u2019m<\/span>\u00a0<span title=\"1:53\">gonna<\/span>\u00a0<\/span><span data-start=\"00:01:53.520\" data-end=\"00:01:56.800\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:54\">drive<\/span>\u00a0<span title=\"1:54\">the<\/span>\u00a0<span title=\"1:54\">first<\/span>\u00a0<span title=\"1:54\">thing<\/span>\u00a0<span title=\"1:55\">i<\/span>\u00a0<span title=\"1:55\">do<\/span>\u00a0<span title=\"1:55\">is<\/span>\u00a0<span title=\"1:55\">get<\/span>\u00a0<span title=\"1:55\">in<\/span>\u00a0<span title=\"1:55\">my<\/span>\u00a0<span title=\"1:55\">car<\/span>\u00a0<span title=\"1:56\">and<\/span>\u00a0<span title=\"1:56\">drive<\/span>\u00a0<span title=\"1:56\">that<\/span>\u00a0<span title=\"1:56\">seems<\/span>\u00a0<span title=\"1:56\">to<\/span>\u00a0<span title=\"1:57\">be<\/span>\u00a0<span title=\"1:57\">what<\/span>\u00a0<\/span><span data-start=\"00:01:56.800\" data-end=\"00:01:59.280\" data-spk=\"1\" data-label=\"Scot\"><span title=\"1:57\">everyone<\/span>\u00a0<span title=\"1:57\">does<\/span>\u00a0<span title=\"1:57\">on<\/span>\u00a0<span title=\"1:58\">twitter<\/span>\u00a0<span title=\"1:58\">so<\/span>\u00a0<span title=\"1:58\">that\u2019ll<\/span>\u00a0<span title=\"1:58\">be<\/span>\u00a0<span title=\"1:58\">fun<\/span>\u00a0<span title=\"1:59\">yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[1:59]<\/small>\u00a0<span data-start=\"00:01:59.280\" data-end=\"00:02:00.680\" data-spk=\"0\" data-label=\"Jason\"><span title=\"1:59\">That<\/span>\u00a0<span title=\"1:59\">sounds<\/span>\u00a0<span title=\"2:00\">wildly<\/span>\u00a0<span title=\"2:00\">safe.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[2:01]<\/small>\u00a0<span data-start=\"00:02:00.680\" data-end=\"00:02:05.180\" data-spk=\"1\" data-label=\"Scot\"><span title=\"2:01\">Yeah<\/span>\u00a0<span title=\"2:02\">well<\/span>\u00a0<span title=\"2:02\">you<\/span>\u00a0<span title=\"2:03\">can<\/span>\u00a0<span title=\"2:03\">see<\/span>\u00a0<span title=\"2:03\">right<\/span>\u00a0<span title=\"2:03\">through<\/span>\u00a0<span title=\"2:03\">them<\/span>\u00a0<span title=\"2:04\">so<\/span>\u00a0<span title=\"2:04\">it\u2019s<\/span>\u00a0<span title=\"2:04\">totally<\/span>\u00a0<span title=\"2:04\">fun<\/span>\u00a0<span title=\"2:04\">yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[2:05]<\/small>\u00a0<span data-start=\"00:02:05.180\" data-end=\"00:02:06.080\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:05\">No<\/span>\u00a0<span title=\"2:06\">you<\/span>\u00a0<span title=\"2:06\">can\u2019t.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[2:09]<\/small>\u00a0<span data-start=\"00:02:09.080\" data-end=\"00:02:13.160\" data-spk=\"1\" data-label=\"Scot\"><span title=\"2:09\">Just<\/span>\u00a0<span title=\"2:10\">kidding<\/span>\u00a0<span title=\"2:10\">everyone<\/span>\u00a0<span title=\"2:10\">do<\/span>\u00a0<span title=\"2:10\">not<\/span>\u00a0<span title=\"2:10\">do<\/span>\u00a0<span title=\"2:11\">that<\/span>\u00a0<span title=\"2:11\">at<\/span>\u00a0<span title=\"2:11\">home<\/span>\u00a0<span title=\"2:11\">and<\/span>\u00a0<span title=\"2:12\">if<\/span>\u00a0<span title=\"2:12\">you<\/span>\u00a0<span title=\"2:12\">do<\/span>\u00a0<span title=\"2:12\">blame<\/span>\u00a0<span title=\"2:12\">jason<\/span>\u00a0<span title=\"2:12\">Yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[2:13]<\/small>\u00a0<span data-start=\"00:02:13.280\" data-end=\"00:02:16.360\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:13\">But<\/span>\u00a0<span title=\"2:14\">again,<\/span>\u00a0<span title=\"2:14\">the<\/span>\u00a0<span title=\"2:14\">Tesla<\/span>\u00a0<span title=\"2:15\">is<\/span>\u00a0<span title=\"2:15\">perfect<\/span>\u00a0<span title=\"2:15\">self-driving<\/span>\u00a0<span title=\"2:16\">anyway.<\/span><\/span><br \/><span data-start=\"00:02:16.500\" data-end=\"00:02:19.400\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:16\">So<\/span>\u00a0<span title=\"2:17\">what,<\/span>\u00a0<span title=\"2:17\">what<\/span>\u00a0<span title=\"2:17\">would<\/span>\u00a0<span title=\"2:18\">it<\/span>\u00a0<span title=\"2:18\">even<\/span>\u00a0<span title=\"2:18\">matter?<\/span>\u00a0<span title=\"2:18\">It\u2019s<\/span>\u00a0<span title=\"2:18\">like,<\/span>\u00a0<span title=\"2:19\">I<\/span>\u00a0<span title=\"2:19\">feel<\/span>\u00a0<span title=\"2:19\">like<\/span>\u00a0<span title=\"2:19\">you<\/span>\u00a0<span title=\"2:19\">have<\/span>\u00a0<span title=\"2:19\">multiple<\/span>\u00a0<\/span><span data-start=\"00:02:19.400\" data-end=\"00:02:24.340\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:19\">layers<\/span>\u00a0<span title=\"2:20\">of<\/span>\u00a0<span title=\"2:20\">AI<\/span>\u00a0<span title=\"2:21\">overlords<\/span>\u00a0<span title=\"2:22\">protecting<\/span>\u00a0<span title=\"2:22\">you,<\/span>\u00a0<span title=\"2:22\">Apple<\/span>\u00a0<span title=\"2:23\">and<\/span>\u00a0<span title=\"2:23\">Tesla.<\/span>\u00a0<span title=\"2:24\">What<\/span>\u00a0<span title=\"2:24\">could<\/span>\u00a0<span title=\"2:24\">go<\/span>\u00a0<span title=\"2:24\">wrong?<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[2:25]<\/small>\u00a0<span data-start=\"00:02:25.080\" data-end=\"00:02:27.060\" data-spk=\"1\" data-label=\"Scot\"><span title=\"2:25\">Yeah,<\/span>\u00a0<span title=\"2:26\">it<\/span>\u00a0<span title=\"2:26\">is<\/span>\u00a0<span title=\"2:26\">not<\/span>\u00a0<span title=\"2:26\">perfect<\/span>\u00a0<span title=\"2:26\">by<\/span>\u00a0<span title=\"2:27\">any<\/span>\u00a0<span title=\"2:27\">means.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[2:29]<\/small>\u00a0<span data-start=\"00:02:29.266\" data-end=\"00:02:33.546\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:29\">Yeah<\/span>\u00a0<span title=\"2:29\">i\u2019m<\/span>\u00a0<span title=\"2:30\">glad<\/span>\u00a0<span title=\"2:30\">we<\/span>\u00a0<span title=\"2:31\">caught<\/span>\u00a0<span title=\"2:31\">you<\/span>\u00a0<span title=\"2:31\">i<\/span>\u00a0<span title=\"2:31\">feel<\/span>\u00a0<span title=\"2:31\">like<\/span>\u00a0<span title=\"2:32\">there<\/span>\u00a0<span title=\"2:32\">there\u2019s<\/span>\u00a0<span title=\"2:32\">been<\/span>\u00a0<span title=\"2:32\">a<\/span>\u00a0<span title=\"2:33\">lot<\/span>\u00a0<span title=\"2:33\">of<\/span>\u00a0<span title=\"2:33\">travel<\/span>\u00a0<span title=\"2:33\">and<\/span>\u00a0<\/span><span data-start=\"00:02:33.546\" data-end=\"00:02:37.226\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:34\">it\u2019s<\/span>\u00a0<span title=\"2:34\">i<\/span>\u00a0<span title=\"2:34\">know<\/span>\u00a0<span title=\"2:34\">you<\/span>\u00a0<span title=\"2:35\">you<\/span>\u00a0<span title=\"2:35\">have<\/span>\u00a0<span title=\"2:35\">kind<\/span>\u00a0<span title=\"2:36\">of<\/span>\u00a0<span title=\"2:36\">stepped<\/span>\u00a0<span title=\"2:36\">away<\/span>\u00a0<span title=\"2:36\">from<\/span>\u00a0<span title=\"2:36\">the<\/span>\u00a0<span title=\"2:36\">hustle<\/span>\u00a0<span title=\"2:37\">bustle<\/span>\u00a0<span title=\"2:37\">but<\/span>\u00a0<span title=\"2:37\">i\u2019m<\/span>\u00a0<\/span><span data-start=\"00:02:37.226\" data-end=\"00:02:40.846\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:37\">right<\/span>\u00a0<span title=\"2:37\">in<\/span>\u00a0<span title=\"2:38\">the<\/span>\u00a0<span title=\"2:38\">middle<\/span>\u00a0<span title=\"2:38\">of<\/span>\u00a0<span title=\"2:38\">uh<\/span>\u00a0<span title=\"2:38\">retail<\/span>\u00a0<span title=\"2:39\">trade<\/span>\u00a0<span title=\"2:39\">quarter<\/span>\u00a0<span title=\"2:40\">trade<\/span>\u00a0<span title=\"2:40\">yeah<\/span>\u00a0<span title=\"2:40\">yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[2:41]<\/small>\u00a0<span data-start=\"00:02:40.846\" data-end=\"00:02:45.106\" data-spk=\"1\" data-label=\"Scot\"><span title=\"2:41\">How\u2019s<\/span>\u00a0<span title=\"2:41\">that<\/span>\u00a0<span title=\"2:41\">going<\/span>\u00a0<span title=\"2:41\">you<\/span>\u00a0<span title=\"2:42\">did<\/span>\u00a0<span title=\"2:42\">so<\/span>\u00a0<span title=\"2:42\">we<\/span>\u00a0<span title=\"2:42\">haven\u2019t<\/span>\u00a0<span title=\"2:43\">been<\/span>\u00a0<span title=\"2:43\">able<\/span>\u00a0<span title=\"2:43\">to<\/span>\u00a0<span title=\"2:43\">catch<\/span>\u00a0<span title=\"2:44\">up<\/span>\u00a0<span title=\"2:44\">since<\/span>\u00a0<span title=\"2:44\">you\u2019ve<\/span>\u00a0<span title=\"2:45\">done<\/span>\u00a0<\/span><span data-start=\"00:02:45.106\" data-end=\"00:02:50.666\" data-spk=\"1\" data-label=\"Scot\"><span title=\"2:45\">nrf<\/span>\u00a0<span title=\"2:46\">i<\/span>\u00a0<span title=\"2:46\">saw<\/span>\u00a0<span title=\"2:46\">you<\/span>\u00a0<span title=\"2:46\">were<\/span>\u00a0<span title=\"2:46\">like<\/span>\u00a0<span title=\"2:47\">posting<\/span>\u00a0<span title=\"2:48\">like<\/span>\u00a0<span title=\"2:48\">a<\/span>\u00a0<span title=\"2:48\">wild<\/span>\u00a0<span title=\"2:48\">man<\/span>\u00a0<span title=\"2:48\">seems<\/span>\u00a0<span title=\"2:49\">like<\/span>\u00a0<span title=\"2:49\">you<\/span>\u00a0<span title=\"2:49\">had<\/span>\u00a0<span title=\"2:49\">a<\/span>\u00a0<span title=\"2:49\">very<\/span>\u00a0<span title=\"2:49\">active<\/span>\u00a0<span title=\"2:50\">big<\/span>\u00a0<span title=\"2:50\">show<\/span>\u00a0<span title=\"2:50\">how<\/span>\u00a0<span title=\"2:50\">was<\/span>\u00a0<span title=\"2:51\">that.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[2:51]<\/small>\u00a0<span data-start=\"00:02:50.666\" data-end=\"00:02:55.526\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:51\">Yeah<\/span>\u00a0<span title=\"2:51\">it<\/span>\u00a0<span title=\"2:52\">was<\/span>\u00a0<span title=\"2:52\">pretty<\/span>\u00a0<span title=\"2:52\">good<\/span>\u00a0<span title=\"2:52\">i<\/span>\u00a0<span title=\"2:52\">would<\/span>\u00a0<span title=\"2:53\">big<\/span>\u00a0<span title=\"2:53\">show<\/span>\u00a0<span title=\"2:54\">is<\/span>\u00a0<span title=\"2:54\">definitely<\/span>\u00a0<span title=\"2:54\">back<\/span>\u00a0<span title=\"2:54\">it<\/span>\u00a0<span title=\"2:55\">was<\/span>\u00a0<span title=\"2:55\">the<\/span>\u00a0<span title=\"2:55\">largest<\/span>\u00a0<\/span><span data-start=\"00:02:55.526\" data-end=\"00:02:57.786\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:56\">attendance<\/span>\u00a0<span title=\"2:56\">ever.<\/span>\u00a0<span title=\"2:56\">There<\/span>\u00a0<span title=\"2:57\">were<\/span>\u00a0<span title=\"2:57\">over<\/span>\u00a0<span title=\"2:57\">40,000<\/span>\u00a0<span title=\"2:57\">people.<\/span><\/span><br \/><span data-start=\"00:02:57.926\" data-end=\"00:03:00.326\" data-spk=\"0\" data-label=\"Jason\"><span title=\"2:58\">So<\/span>\u00a0<span title=\"2:58\">it<\/span>\u00a0<span title=\"2:59\">was<\/span>\u00a0<span title=\"2:59\">very<\/span>\u00a0<span title=\"2:59\">robust.<\/span><\/span><br \/><span data-start=\"00:03:00.586\" data-end=\"00:03:02.106\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:01\">A<\/span>\u00a0<span title=\"3:01\">lot<\/span>\u00a0<span title=\"3:01\">of<\/span>\u00a0<span title=\"3:01\">good,<\/span>\u00a0<span title=\"3:01\">good<\/span>\u00a0<span title=\"3:01\">conversations.<\/span><\/span><br \/><span data-start=\"00:03:03.066\" data-end=\"00:03:06.846\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:03\">I<\/span>\u00a0<span title=\"3:04\">do<\/span>\u00a0<span title=\"3:04\">have<\/span>\u00a0<span title=\"3:04\">a<\/span>\u00a0<span title=\"3:04\">lot<\/span>\u00a0<span title=\"3:04\">of<\/span>\u00a0<span title=\"3:04\">content<\/span>\u00a0<span title=\"3:05\">out<\/span>\u00a0<span title=\"3:05\">there.<\/span>\u00a0<span title=\"3:05\">If<\/span>\u00a0<span title=\"3:05\">anyone<\/span>\u00a0<span title=\"3:05\">wants<\/span>\u00a0<span title=\"3:06\">a<\/span>\u00a0<span title=\"3:06\">deep<\/span>\u00a0<span title=\"3:06\">dive<\/span>\u00a0<span title=\"3:06\">recap,<\/span>\u00a0<\/span><span data-start=\"00:03:07.106\" data-end=\"00:03:13.066\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:07\">you<\/span>\u00a0<span title=\"3:07\">can<\/span>\u00a0<span title=\"3:08\">go<\/span>\u00a0<span title=\"3:09\">find<\/span>\u00a0<span title=\"3:09\">my<\/span>\u00a0<span title=\"3:10\">recap<\/span>\u00a0<span title=\"3:10\">on<\/span>\u00a0<span title=\"3:10\">YouTube,<\/span>\u00a0<span title=\"3:11\">but<\/span>\u00a0<span title=\"3:11\">maybe<\/span>\u00a0<span title=\"3:11\">we\u2019ll<\/span>\u00a0<span title=\"3:11\">talk<\/span>\u00a0<span title=\"3:12\">more<\/span>\u00a0<span title=\"3:12\">about<\/span>\u00a0<span title=\"3:13\">it<\/span>\u00a0<span title=\"3:13\">later<\/span>\u00a0<\/span><span data-start=\"00:03:13.066\" data-end=\"00:03:16.866\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:13\">because<\/span>\u00a0<span title=\"3:13\">we<\/span>\u00a0<span title=\"3:14\">have<\/span>\u00a0<span title=\"3:14\">such<\/span>\u00a0<span title=\"3:14\">a<\/span>\u00a0<span title=\"3:14\">meaty<\/span>\u00a0<span title=\"3:14\">episode<\/span>\u00a0<span title=\"3:15\">just<\/span>\u00a0<span title=\"3:16\">talking<\/span>\u00a0<span title=\"3:16\">about<\/span>\u00a0<span title=\"3:16\">Amazon.<\/span><\/span><br \/><span data-start=\"00:03:17.126\" data-end=\"00:03:21.366\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:17\">But<\/span>\u00a0<span title=\"3:18\">last<\/span>\u00a0<span title=\"3:18\">week<\/span>\u00a0<span title=\"3:18\">I<\/span>\u00a0<span title=\"3:18\">got<\/span>\u00a0<span title=\"3:18\">back<\/span>\u00a0<span title=\"3:19\">from<\/span>\u00a0<span title=\"3:19\">like,<\/span>\u00a0<span title=\"3:20\">frankly,<\/span>\u00a0<span title=\"3:20\">a<\/span>\u00a0<span title=\"3:20\">more<\/span>\u00a0<span title=\"3:20\">fun<\/span>\u00a0<span title=\"3:20\">event<\/span>\u00a0<span title=\"3:21\">then<\/span>\u00a0<span title=\"3:21\">big<\/span>\u00a0<span title=\"3:21\">show.<\/span><\/span><br \/><span data-start=\"00:03:21.886\" data-end=\"00:03:28.906\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:22\">Our<\/span>\u00a0<span title=\"3:22\">friends<\/span>\u00a0<span title=\"3:23\">at<\/span>\u00a0<span title=\"3:24\">Commerce<\/span>\u00a0<span title=\"3:24\">Next<\/span>\u00a0<span title=\"3:25\">have<\/span>\u00a0<span title=\"3:25\">a<\/span>\u00a0<span title=\"3:25\">new<\/span>\u00a0<span title=\"3:26\">show<\/span>\u00a0<span title=\"3:26\">that<\/span>\u00a0<span title=\"3:27\">they<\/span>\u00a0<span title=\"3:27\">call<\/span>\u00a0<span title=\"3:27\">their<\/span>\u00a0<span title=\"3:27\">Digital<\/span>\u00a0<span title=\"3:28\">Leader<\/span>\u00a0<span title=\"3:29\">Conference.<\/span><\/span><br \/><span data-start=\"00:03:29.126\" data-end=\"00:03:34.686\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:29\">And<\/span>\u00a0<span title=\"3:29\">it\u2019s<\/span>\u00a0<span title=\"3:29\">kind<\/span>\u00a0<span title=\"3:30\">of<\/span>\u00a0<span title=\"3:30\">a<\/span>\u00a0<span title=\"3:30\">small<\/span>\u00a0<span title=\"3:30\">little<\/span>\u00a0<span title=\"3:31\">gathering<\/span>\u00a0<span title=\"3:31\">of<\/span>\u00a0<span title=\"3:32\">like<\/span>\u00a0<span title=\"3:32\">50<\/span>\u00a0<span title=\"3:32\">digital<\/span>\u00a0<span title=\"3:34\">leaders<\/span>\u00a0<span title=\"3:34\">at<\/span>\u00a0<span title=\"3:34\">a<\/span>\u00a0<span title=\"3:34\">resort<\/span>\u00a0<\/span><span data-start=\"00:03:34.686\" data-end=\"00:03:38.346\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:35\">in<\/span>\u00a0<span title=\"3:35\">Del<\/span>\u00a0<span title=\"3:35\">Mar,<\/span>\u00a0<span title=\"3:36\">California,<\/span>\u00a0<span title=\"3:36\">exactly<\/span>\u00a0<span title=\"3:37\">where<\/span>\u00a0<span title=\"3:38\">I<\/span>\u00a0<span title=\"3:38\">grew<\/span>\u00a0<span title=\"3:38\">up.<\/span><\/span><br \/><span data-start=\"00:03:38.466\" data-end=\"00:03:45.526\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:38\">So<\/span>\u00a0<span title=\"3:39\">I<\/span>\u00a0<span title=\"3:39\">went<\/span>\u00a0<span title=\"3:40\">and<\/span>\u00a0<span title=\"3:40\">drank<\/span>\u00a0<span title=\"3:41\">wine<\/span>\u00a0<span title=\"3:41\">and<\/span>\u00a0<span title=\"3:42\">talk<\/span>\u00a0<span title=\"3:42\">shop<\/span>\u00a0<span title=\"3:42\">with<\/span>\u00a0<span title=\"3:42\">a<\/span>\u00a0<span title=\"3:43\">bunch<\/span>\u00a0<span title=\"3:44\">of<\/span>\u00a0<span title=\"3:44\">folks<\/span>\u00a0<span title=\"3:44\">and<\/span>\u00a0<span title=\"3:44\">the<\/span>\u00a0<span title=\"3:45\">Commerce<\/span>\u00a0<\/span><span data-start=\"00:03:45.526\" data-end=\"00:03:48.726\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:46\">Next<\/span>\u00a0<span title=\"3:46\">team<\/span>\u00a0<span title=\"3:46\">in<\/span>\u00a0<span title=\"3:47\">San<\/span>\u00a0<span title=\"3:47\">Diego<\/span>\u00a0<span title=\"3:47\">and<\/span>\u00a0<span title=\"3:47\">had<\/span>\u00a0<span title=\"3:47\">a<\/span>\u00a0<span title=\"3:47\">great<\/span>\u00a0<span title=\"3:48\">time<\/span>\u00a0<span title=\"3:48\">nice.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[3:49]<\/small>\u00a0<span data-start=\"00:03:48.726\" data-end=\"00:03:51.686\" data-spk=\"1\" data-label=\"Scot\"><span title=\"3:49\">Did<\/span>\u00a0<span title=\"3:49\">you<\/span>\u00a0<span title=\"3:49\">have<\/span>\u00a0<span title=\"3:49\">some<\/span>\u00a0<span title=\"3:50\">say<\/span>\u00a0<span title=\"3:50\">in<\/span>\u00a0<span title=\"3:50\">where<\/span>\u00a0<span title=\"3:50\">it<\/span>\u00a0<span title=\"3:50\">was<\/span>\u00a0<span title=\"3:50\">hosted<\/span>\u00a0<span title=\"3:51\">you\u2019re<\/span>\u00a0<span title=\"3:51\">okay<\/span>\u00a0<span title=\"3:51\">i.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[3:52]<\/small>\u00a0<span data-start=\"00:03:51.686\" data-end=\"00:03:54.486\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:52\">Did<\/span>\u00a0<span title=\"3:52\">not<\/span>\u00a0<span title=\"3:52\">um<\/span>\u00a0<span title=\"3:53\">i<\/span>\u00a0<span title=\"3:53\">think<\/span>\u00a0<span title=\"3:53\">people<\/span>\u00a0<span title=\"3:54\">were<\/span>\u00a0<span title=\"3:54\">tired<\/span>\u00a0<span title=\"3:54\">of<\/span>\u00a0<span title=\"3:54\">hearing<\/span>\u00a0<span title=\"3:54\">me<\/span>\u00a0<\/span><span data-start=\"00:03:54.486\" data-end=\"00:04:00.046\" data-spk=\"0\" data-label=\"Jason\"><span title=\"3:54\">say<\/span>\u00a0<span title=\"3:55\">this<\/span>\u00a0<span title=\"3:55\">but<\/span>\u00a0<span title=\"3:55\">this<\/span>\u00a0<span title=\"3:55\">is<\/span>\u00a0<span title=\"3:55\">like<\/span>\u00a0<span title=\"3:56\">a<\/span>\u00a0<span title=\"3:56\">fairmont<\/span>\u00a0<span title=\"3:57\">resort<\/span>\u00a0<span title=\"3:58\">it\u2019s<\/span>\u00a0<span title=\"3:58\">gorgeous<\/span>\u00a0<span title=\"3:58\">but<\/span>\u00a0<span title=\"3:59\">it<\/span>\u00a0<span title=\"3:59\">was<\/span>\u00a0<span title=\"4:00\">built<\/span>\u00a0<span title=\"4:00\">on<\/span>\u00a0<\/span><span data-start=\"00:04:00.046\" data-end=\"00:04:05.586\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:00\">like<\/span>\u00a0<span title=\"4:00\">what<\/span>\u00a0<span title=\"4:01\">used<\/span>\u00a0<span title=\"4:01\">to<\/span>\u00a0<span title=\"4:01\">be<\/span>\u00a0<span title=\"4:01\">like<\/span>\u00a0<span title=\"4:02\">these<\/span>\u00a0<span title=\"4:03\">trails<\/span>\u00a0<span title=\"4:03\">behind<\/span>\u00a0<span title=\"4:04\">my<\/span>\u00a0<span title=\"4:04\">high<\/span>\u00a0<span title=\"4:04\">school<\/span>\u00a0<span title=\"4:05\">and<\/span>\u00a0<span title=\"4:05\">i<\/span>\u00a0<span title=\"4:05\">kept<\/span>\u00a0<span title=\"4:05\">you<\/span>\u00a0<\/span><span data-start=\"00:04:05.586\" data-end=\"00:04:10.826\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:06\">know<\/span>\u00a0<span title=\"4:06\">regaling<\/span>\u00a0<span title=\"4:07\">everyone<\/span>\u00a0<span title=\"4:07\">with<\/span>\u00a0<span title=\"4:07\">how<\/span>\u00a0<span title=\"4:07\">i<\/span>\u00a0<span title=\"4:08\">probably<\/span>\u00a0<span title=\"4:08\">thrown<\/span>\u00a0<span title=\"4:08\">up<\/span>\u00a0<span title=\"4:09\">all<\/span>\u00a0<span title=\"4:09\">over<\/span>\u00a0<span title=\"4:09\">this<\/span>\u00a0<span title=\"4:09\">this<\/span>\u00a0<span title=\"4:10\">facility<\/span>\u00a0<\/span><span data-start=\"00:04:10.826\" data-end=\"00:04:13.886\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:11\">from<\/span>\u00a0<span title=\"4:11\">all<\/span>\u00a0<span title=\"4:11\">the<\/span>\u00a0<span title=\"4:11\">the<\/span>\u00a0<span title=\"4:12\">runs<\/span>\u00a0<span title=\"4:12\">our<\/span>\u00a0<span title=\"4:12\">soccer<\/span>\u00a0<span title=\"4:12\">coaches<\/span>\u00a0<span title=\"4:13\">used<\/span>\u00a0<span title=\"4:13\">to<\/span>\u00a0<span title=\"4:13\">make<\/span>\u00a0<span title=\"4:13\">us<\/span>\u00a0<span title=\"4:14\">do<\/span>\u00a0<span title=\"4:14\">there.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[4:14]<\/small>\u00a0<span data-start=\"00:04:13.886\" data-end=\"00:04:16.066\" data-spk=\"1\" data-label=\"Scot\"><span title=\"4:14\">Nice<\/span>\u00a0<span title=\"4:15\">that\u2019s<\/span>\u00a0<span title=\"4:15\">a<\/span>\u00a0<span title=\"4:15\">good<\/span>\u00a0<span title=\"4:15\">pitch<\/span>\u00a0<span title=\"4:15\">yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[4:16]<\/small>\u00a0<span data-start=\"00:04:16.066\" data-end=\"00:04:19.506\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:16\">Nice<\/span>\u00a0<span title=\"4:17\">visual<\/span>\u00a0<span title=\"4:17\">for<\/span>\u00a0<span title=\"4:17\">all<\/span>\u00a0<span title=\"4:17\">our<\/span>\u00a0<span title=\"4:18\">good<\/span>\u00a0<span title=\"4:18\">uh<\/span>\u00a0<span title=\"4:18\">good<\/span>\u00a0<span title=\"4:18\">podcast<\/span>\u00a0<span title=\"4:19\">listeners<\/span>\u00a0<\/span><span data-start=\"00:04:19.506\" data-end=\"00:04:22.826\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:20\">uh<\/span>\u00a0<span title=\"4:22\">and<\/span>\u00a0<span title=\"4:23\">then<\/span>\u00a0<\/span><span data-start=\"00:04:22.826\" data-end=\"00:04:25.966\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:23\">i<\/span>\u00a0<span title=\"4:23\">have<\/span>\u00a0<span title=\"4:23\">two<\/span>\u00a0<span title=\"4:23\">shows<\/span>\u00a0<span title=\"4:23\">coming<\/span>\u00a0<span title=\"4:24\">up<\/span>\u00a0<span title=\"4:24\">so<\/span>\u00a0<span title=\"4:24\">the<\/span>\u00a0<span title=\"4:25\">end<\/span>\u00a0<span title=\"4:26\">of<\/span>\u00a0<\/span><span data-start=\"00:04:25.966\" data-end=\"00:04:29.766\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:26\">this<\/span>\u00a0<span title=\"4:26\">month<\/span>\u00a0<span title=\"4:27\">is<\/span>\u00a0<span title=\"4:27\">etail<\/span>\u00a0<span title=\"4:28\">west<\/span>\u00a0<span title=\"4:28\">which<\/span>\u00a0<span title=\"4:30\">is<\/span>\u00a0<\/span><span data-start=\"00:04:29.766\" data-end=\"00:04:33.666\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:30\">usually<\/span>\u00a0<span title=\"4:30\">a<\/span>\u00a0<span title=\"4:30\">pretty<\/span>\u00a0<span title=\"4:30\">good<\/span>\u00a0<span title=\"4:30\">show<\/span>\u00a0<span title=\"4:31\">in<\/span>\u00a0<span title=\"4:31\">palm<\/span>\u00a0<span title=\"4:31\">springs<\/span>\u00a0<span title=\"4:31\">we\u2019ll<\/span>\u00a0<span title=\"4:32\">probably<\/span>\u00a0<span title=\"4:32\">be<\/span>\u00a0<span title=\"4:33\">uh<\/span>\u00a0<span title=\"4:33\">corralling<\/span>\u00a0<span title=\"4:33\">a<\/span>\u00a0<\/span><span data-start=\"00:04:33.666\" data-end=\"00:04:40.606\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:34\">couple<\/span>\u00a0<span title=\"4:34\">interesting<\/span>\u00a0<span title=\"4:34\">podcast<\/span>\u00a0<span title=\"4:35\">guests<\/span>\u00a0<span title=\"4:35\">uh<\/span>\u00a0<span title=\"4:36\">from<\/span>\u00a0<span title=\"4:36\">that<\/span>\u00a0<span title=\"4:36\">show<\/span>\u00a0<span title=\"4:37\">and<\/span>\u00a0<span title=\"4:38\">there\u2019s<\/span>\u00a0<span title=\"4:38\">kind<\/span>\u00a0<span title=\"4:39\">of<\/span>\u00a0<span title=\"4:39\">a<\/span>\u00a0<span title=\"4:39\">shop.org<\/span>\u00a0<\/span><span data-start=\"00:04:40.606\" data-end=\"00:04:47.946\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:41\">board<\/span>\u00a0<span title=\"4:41\">reunion<\/span>\u00a0<span title=\"4:41\">There<\/span>\u00a0<span title=\"4:42\">was<\/span>\u00a0<span title=\"4:42\">an<\/span>\u00a0<span title=\"4:43\">actual<\/span>\u00a0<span title=\"4:44\">shop.org<\/span>\u00a0<span title=\"4:44\">board<\/span>\u00a0<span title=\"4:45\">reunion<\/span>\u00a0<span title=\"4:45\">that<\/span>\u00a0<span title=\"4:46\">you<\/span>\u00a0<span title=\"4:46\">and<\/span>\u00a0<span title=\"4:46\">I<\/span>\u00a0<span title=\"4:46\">missed<\/span>\u00a0<span title=\"4:46\">that<\/span>\u00a0<span title=\"4:47\">was<\/span>\u00a0<span title=\"4:47\">last<\/span>\u00a0<span title=\"4:48\">month,<\/span>\u00a0<\/span><span data-start=\"00:04:48.046\" data-end=\"00:04:51.146\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:48\">but<\/span>\u00a0<span title=\"4:48\">there\u2019s<\/span>\u00a0<span title=\"4:48\">like<\/span>\u00a0<span title=\"4:49\">six<\/span>\u00a0<span title=\"4:49\">former<\/span>\u00a0<span title=\"4:50\">board<\/span>\u00a0<span title=\"4:50\">members<\/span>\u00a0<span title=\"4:50\">will<\/span>\u00a0<span title=\"4:50\">be<\/span>\u00a0<span title=\"4:51\">at<\/span>\u00a0<span title=\"4:51\">ETL<\/span>\u00a0<span title=\"4:51\">West.<\/span><\/span><br \/><span data-start=\"00:04:51.246\" data-end=\"00:04:54.406\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:51\">So<\/span>\u00a0<span title=\"4:51\">we\u2019re<\/span>\u00a0<span title=\"4:51\">going<\/span>\u00a0<span title=\"4:52\">to<\/span>\u00a0<span title=\"4:52\">get<\/span>\u00a0<span title=\"4:52\">together<\/span>\u00a0<span title=\"4:53\">and<\/span>\u00a0<span title=\"4:53\">have<\/span>\u00a0<span title=\"4:53\">a<\/span>\u00a0<span title=\"4:53\">little<\/span>\u00a0<span title=\"4:53\">catch<\/span>\u00a0<span title=\"4:54\">up<\/span>\u00a0<span title=\"4:54\">there.<\/span><\/span><br \/><span data-start=\"00:04:54.586\" data-end=\"00:04:58.566\" data-spk=\"0\" data-label=\"Jason\"><span title=\"4:55\">And<\/span>\u00a0<span title=\"4:55\">then<\/span>\u00a0<span title=\"4:55\">less<\/span>\u00a0<span title=\"4:55\">than<\/span>\u00a0<span title=\"4:56\">a<\/span>\u00a0<span title=\"4:56\">month<\/span>\u00a0<span title=\"4:56\">after<\/span>\u00a0<span title=\"4:56\">that<\/span>\u00a0<span title=\"4:57\">is<\/span>\u00a0<span title=\"4:57\">our<\/span>\u00a0<span title=\"4:57\">Shop<\/span>\u00a0<span title=\"4:58\">Talk<\/span>\u00a0<span title=\"4:58\">in<\/span>\u00a0<span title=\"4:58\">Las<\/span>\u00a0<span title=\"4:58\">Vegas.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[4:59]<\/small>\u00a0<span data-start=\"00:04:59.426\" data-end=\"00:05:03.866\" data-spk=\"1\" data-label=\"Scot\"><span title=\"4:59\">Fun.<\/span>\u00a0<span title=\"5:00\">Yeah.<\/span>\u00a0<span title=\"5:00\">Have<\/span>\u00a0<span title=\"5:01\">you<\/span>\u00a0<span title=\"5:01\">had<\/span>\u00a0<span title=\"5:01\">an<\/span>\u00a0<span title=\"5:01\">opportunity<\/span>\u00a0<span title=\"5:02\">to<\/span>\u00a0<span title=\"5:02\">see<\/span>\u00a0<span title=\"5:02\">the<\/span>\u00a0<span title=\"5:02\">Sphere?<\/span>\u00a0<span title=\"5:03\">Yeah,<\/span>\u00a0<span title=\"5:03\">I<\/span>\u00a0<span title=\"5:04\">have.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[5:04]<\/small>\u00a0<span data-start=\"00:05:03.906\" data-end=\"00:05:08.566\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:04\">I<\/span>\u00a0<span title=\"5:04\">have.<\/span>\u00a0<span title=\"5:04\">I<\/span>\u00a0<span title=\"5:05\">have<\/span>\u00a0<span title=\"5:05\">not<\/span>\u00a0<span title=\"5:05\">been<\/span>\u00a0<span title=\"5:05\">in<\/span>\u00a0<span title=\"5:05\">the<\/span>\u00a0<span title=\"5:05\">Sphere,<\/span>\u00a0<span title=\"5:06\">but<\/span>\u00a0<span title=\"5:06\">I<\/span>\u00a0<span title=\"5:06\">have<\/span>\u00a0<span title=\"5:06\">gone<\/span>\u00a0<span title=\"5:08\">by<\/span>\u00a0<span title=\"5:08\">it.<\/span><\/span><br \/><span data-start=\"00:05:08.566\" data-end=\"00:05:11.086\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:09\">Hopefully,<\/span>\u00a0<span title=\"5:09\">I\u2019ll<\/span>\u00a0<span title=\"5:09\">be<\/span>\u00a0<span title=\"5:09\">prominently<\/span>\u00a0<span title=\"5:10\">featured<\/span>\u00a0<span title=\"5:10\">on<\/span>\u00a0<span title=\"5:10\">it<\/span>\u00a0<span title=\"5:10\">for<\/span>\u00a0<span title=\"5:11\">Shop<\/span>\u00a0<span title=\"5:11\">Talk.<\/span><\/span><br \/><span data-start=\"00:05:11.246\" data-end=\"00:05:12.966\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:11\">Seems<\/span>\u00a0<span title=\"5:11\">like<\/span>\u00a0<span title=\"5:12\">that<\/span>\u00a0<span title=\"5:12\">would<\/span>\u00a0<span title=\"5:13\">be<\/span>\u00a0<span title=\"5:13\">appropriate.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[5:14]<\/small>\u00a0<span data-start=\"00:05:13.746\" data-end=\"00:05:17.186\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:14\">Yeah,<\/span>\u00a0<span title=\"5:14\">yeah.<\/span>\u00a0<span title=\"5:14\">That<\/span>\u00a0<span title=\"5:15\">would<\/span>\u00a0<span title=\"5:15\">be<\/span>\u00a0<span title=\"5:15\">fun.<\/span>\u00a0<span title=\"5:15\">Get<\/span>\u00a0<span title=\"5:16\">a<\/span>\u00a0<span title=\"5:16\">picture<\/span>\u00a0<span title=\"5:16\">of<\/span>\u00a0<span title=\"5:16\">you<\/span>\u00a0<span title=\"5:16\">on<\/span>\u00a0<span title=\"5:16\">this<\/span>\u00a0<span title=\"5:17\">here<\/span>\u00a0<span title=\"5:17\">and<\/span>\u00a0<span title=\"5:17\">then<\/span>\u00a0<span title=\"5:17\">go<\/span>\u00a0<\/span><span data-start=\"00:05:17.186\" data-end=\"00:05:19.306\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:17\">inside.<\/span>\u00a0<span title=\"5:18\">Everyone<\/span>\u00a0<span title=\"5:18\">says<\/span>\u00a0<span title=\"5:18\">it\u2019s<\/span>\u00a0<span title=\"5:18\">an<\/span>\u00a0<span title=\"5:18\">amazing<\/span>\u00a0<span title=\"5:19\">show<\/span>\u00a0<span title=\"5:19\">inside<\/span>\u00a0<span title=\"5:19\">of<\/span>\u00a0<span title=\"5:19\">there.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[5:20]<\/small>\u00a0<span data-start=\"00:05:19.526\" data-end=\"00:05:21.906\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:20\">Yeah,<\/span>\u00a0<span title=\"5:20\">yeah,<\/span>\u00a0<span title=\"5:20\">yeah.<\/span>\u00a0<span title=\"5:20\">I<\/span>\u00a0<span title=\"5:20\">definitely<\/span>\u00a0<span title=\"5:21\">want<\/span>\u00a0<span title=\"5:21\">to<\/span>\u00a0<span title=\"5:21\">check<\/span>\u00a0<span title=\"5:21\">it<\/span>\u00a0<span title=\"5:21\">out<\/span>\u00a0<span title=\"5:21\">when<\/span>\u00a0<span title=\"5:21\">time<\/span>\u00a0<span title=\"5:22\">permits.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[5:23]<\/small>\u00a0<span data-start=\"00:05:23.168\" data-end=\"00:05:27.268\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:23\">Cool.<\/span>\u00a0<span title=\"5:24\">Are<\/span>\u00a0<span title=\"5:24\">you<\/span>\u00a0<span title=\"5:24\">speaking<\/span>\u00a0<span title=\"5:24\">at<\/span>\u00a0<span title=\"5:24\">either<\/span>\u00a0<span title=\"5:25\">of<\/span>\u00a0<span title=\"5:25\">those<\/span>\u00a0<span title=\"5:25\">or<\/span>\u00a0<span title=\"5:25\">just<\/span>\u00a0<span title=\"5:25\">all<\/span>\u00a0<span title=\"5:26\">of<\/span>\u00a0<span title=\"5:26\">you?<\/span>\u00a0<span title=\"5:26\">Oh,<\/span>\u00a0<span title=\"5:27\">wow.<\/span><\/span><br \/><span data-start=\"00:05:27.808\" data-end=\"00:05:35.008\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:28\">Are<\/span>\u00a0<span title=\"5:28\">you<\/span>\u00a0<span title=\"5:29\">seems<\/span>\u00a0<span title=\"5:29\">like<\/span>\u00a0<span title=\"5:29\">a<\/span>\u00a0<span title=\"5:29\">part<\/span>\u00a0<span title=\"5:30\">of<\/span>\u00a0<span title=\"5:30\">your<\/span>\u00a0<span title=\"5:30\">your<\/span>\u00a0<span title=\"5:31\">2024<\/span>\u00a0<span title=\"5:31\">New<\/span>\u00a0<span title=\"5:32\">Year\u2019s<\/span>\u00a0<span title=\"5:33\">resolution<\/span>\u00a0<span title=\"5:33\">is<\/span>\u00a0<span title=\"5:33\">to<\/span>\u00a0<span title=\"5:33\">talk<\/span>\u00a0<span title=\"5:34\">about<\/span>\u00a0<span title=\"5:34\">Sheehan<\/span>\u00a0<span title=\"5:34\">and<\/span>\u00a0<span title=\"5:35\">Timu.<\/span><\/span><br \/><span data-start=\"00:05:35.048\" data-end=\"00:05:38.948\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:35\">Are<\/span>\u00a0<span title=\"5:35\">you<\/span>\u00a0<span title=\"5:35\">going<\/span>\u00a0<span title=\"5:35\">to<\/span>\u00a0<span title=\"5:36\">be<\/span>\u00a0<span title=\"5:36\">doing<\/span>\u00a0<span title=\"5:36\">that<\/span>\u00a0<span title=\"5:37\">that<\/span>\u00a0<span title=\"5:37\">whole<\/span>\u00a0<span title=\"5:37\">dog<\/span>\u00a0<span title=\"5:38\">and<\/span>\u00a0<span title=\"5:38\">pony<\/span>\u00a0<span title=\"5:38\">over<\/span>\u00a0<span title=\"5:39\">there?<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[5:39]<\/small>\u00a0<span data-start=\"00:05:39.328\" data-end=\"00:05:47.128\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:39\">Neither<\/span>\u00a0<span title=\"5:40\">of<\/span>\u00a0<span title=\"5:40\">my<\/span>\u00a0<span title=\"5:41\">sessions<\/span>\u00a0<span title=\"5:41\">are<\/span>\u00a0<span title=\"5:42\">specifically<\/span>\u00a0<span title=\"5:42\">on<\/span>\u00a0<span title=\"5:43\">that.<\/span>\u00a0<span title=\"5:43\">I\u2019m<\/span>\u00a0<span title=\"5:44\">sure<\/span>\u00a0<span title=\"5:44\">I\u2019m<\/span>\u00a0<span title=\"5:44\">talking<\/span>\u00a0<span title=\"5:45\">about<\/span>\u00a0<span title=\"5:45\">it<\/span>\u00a0<span title=\"5:46\">a<\/span>\u00a0<span title=\"5:46\">lot<\/span>\u00a0<span title=\"5:46\">in<\/span>\u00a0<span title=\"5:47\">the<\/span>\u00a0<span title=\"5:47\">hallways.<\/span><\/span><br \/><span data-start=\"00:05:47.248\" data-end=\"00:05:50.668\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:47\">It\u2019s<\/span>\u00a0<span title=\"5:47\">coming<\/span>\u00a0<span title=\"5:48\">up<\/span>\u00a0<span title=\"5:48\">a<\/span>\u00a0<span title=\"5:48\">lot.<\/span>\u00a0<span title=\"5:48\">It\u2019s<\/span>\u00a0<span title=\"5:48\">probably<\/span>\u00a0<span title=\"5:49\">spoiler<\/span>\u00a0<span title=\"5:49\">alert<\/span>\u00a0<span title=\"5:50\">going<\/span>\u00a0<span title=\"5:50\">to<\/span>\u00a0<span title=\"5:50\">come<\/span>\u00a0<span title=\"5:50\">up<\/span>\u00a0<span title=\"5:50\">again<\/span>\u00a0<span title=\"5:50\">in<\/span>\u00a0<\/span><span data-start=\"00:05:50.668\" data-end=\"00:05:51.748\" data-spk=\"0\" data-label=\"Jason\"><span title=\"5:51\">this<\/span>\u00a0<span title=\"5:51\">Amazon<\/span>\u00a0<span title=\"5:51\">earnings<\/span>\u00a0<span title=\"5:51\">call.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[5:52]<\/small>\u00a0<span data-start=\"00:05:52.488\" data-end=\"00:05:56.328\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:52\">Yeah<\/span>\u00a0<span title=\"5:53\">and<\/span>\u00a0<span title=\"5:53\">we\u2019ve<\/span>\u00a0<span title=\"5:53\">got<\/span>\u00a0<span title=\"5:53\">the<\/span>\u00a0<span title=\"5:54\">super<\/span>\u00a0<span title=\"5:54\">bowl<\/span>\u00a0<span title=\"5:54\">this<\/span>\u00a0<span title=\"5:54\">is<\/span>\u00a0<span title=\"5:55\">like<\/span>\u00a0<span title=\"5:55\">we\u2019re<\/span>\u00a0<span title=\"5:55\">annualizing<\/span>\u00a0<span title=\"5:56\">the<\/span>\u00a0<span title=\"5:56\">big<\/span>\u00a0<span title=\"5:56\">timu<\/span>\u00a0<\/span><span data-start=\"00:05:56.328\" data-end=\"00:05:59.988\" data-spk=\"1\" data-label=\"Scot\"><span title=\"5:56\">reveal<\/span>\u00a0<span title=\"5:57\">and<\/span>\u00a0<span title=\"5:57\">so<\/span>\u00a0<span title=\"5:58\">it\u2019ll<\/span>\u00a0<span title=\"5:58\">be<\/span>\u00a0<span title=\"5:58\">interesting<\/span>\u00a0<span title=\"5:58\">to<\/span>\u00a0<span title=\"5:58\">see<\/span>\u00a0<span title=\"5:58\">if<\/span>\u00a0<span title=\"5:58\">they<\/span>\u00a0<span title=\"5:59\">i<\/span>\u00a0<span title=\"5:59\">guess<\/span>\u00a0<span title=\"5:59\">they\u2019ve<\/span>\u00a0<span title=\"5:59\">actually<\/span>\u00a0<span title=\"6:00\">said<\/span>\u00a0<\/span><span data-start=\"00:05:59.988\" data-end=\"00:06:02.828\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:00\">i<\/span>\u00a0<span title=\"6:00\">think<\/span>\u00a0<span title=\"6:00\">it\u2019s<\/span>\u00a0<span title=\"6:00\">an<\/span>\u00a0<span title=\"6:00\">article<\/span>\u00a0<span title=\"6:01\">that<\/span>\u00a0<span title=\"6:01\">said<\/span>\u00a0<span title=\"6:01\">they\u2019re<\/span>\u00a0<span title=\"6:01\">coming<\/span>\u00a0<span title=\"6:02\">back<\/span>\u00a0<span title=\"6:02\">in<\/span>\u00a0<span title=\"6:02\">a<\/span>\u00a0<span title=\"6:02\">big<\/span>\u00a0<span title=\"6:02\">way<\/span>\u00a0<span title=\"6:02\">so<\/span>\u00a0<span title=\"6:03\">yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[6:03]<\/small>\u00a0<span data-start=\"00:06:02.828\" data-end=\"00:06:04.048\" data-spk=\"0\" data-label=\"Jason\"><span title=\"6:03\">They<\/span>\u00a0<span title=\"6:03\">bought<\/span>\u00a0<span title=\"6:03\">a<\/span>\u00a0<span title=\"6:03\">second<\/span>\u00a0<span title=\"6:04\">ad<\/span>\u00a0<span title=\"6:04\">so.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[6:04]<\/small>\u00a0<span data-start=\"00:06:04.048\" data-end=\"00:06:09.608\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:04\">They<\/span>\u00a0<span title=\"6:05\">will<\/span>\u00a0<span title=\"6:05\">they<\/span>\u00a0<span title=\"6:05\">will<\/span>\u00a0<span title=\"6:05\">be<\/span>\u00a0<span title=\"6:05\">back<\/span>\u00a0<span title=\"6:06\">on<\/span>\u00a0<span title=\"6:06\">a<\/span>\u00a0<span title=\"6:06\">few<\/span>\u00a0<span title=\"6:06\">have<\/span>\u00a0<span title=\"6:07\">you<\/span>\u00a0<span title=\"6:08\">seen<\/span>\u00a0<span title=\"6:08\">like<\/span>\u00a0<span title=\"6:08\">a<\/span>\u00a0<span title=\"6:09\">super<\/span>\u00a0<span title=\"6:09\">secret<\/span>\u00a0<span title=\"6:09\">version,<\/span>\u00a0<\/span><span data-start=\"00:06:10.748\" data-end=\"00:06:18.728\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:11\">uh<\/span>\u00a0<span title=\"6:11\">i<\/span>\u00a0<span title=\"6:12\">cannot<\/span>\u00a0<span title=\"6:12\">say<\/span>\u00a0<span title=\"6:13\">oh<\/span>\u00a0<span title=\"6:13\">okay<\/span>\u00a0<span title=\"6:13\">oh<\/span>\u00a0<span title=\"6:14\">okay<\/span>\u00a0<span title=\"6:15\">oh<\/span>\u00a0<span title=\"6:15\">all<\/span>\u00a0<span title=\"6:16\">right<\/span>\u00a0<span title=\"6:16\">exciting<\/span>\u00a0<span title=\"6:16\">well<\/span>\u00a0<span title=\"6:17\">it<\/span>\u00a0<span title=\"6:18\">would<\/span>\u00a0<span title=\"6:18\">not<\/span>\u00a0<span title=\"6:18\">be<\/span>\u00a0<span title=\"6:19\">a<\/span>\u00a0<\/span><span data-start=\"00:06:18.728\" data-end=\"00:06:20.788\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:19\">jason<\/span>\u00a0<span title=\"6:19\">scott<\/span>\u00a0<span title=\"6:19\">show<\/span>\u00a0<span title=\"6:20\">without<\/span>\u00a0<span title=\"6:20\">some<\/span>\u00a0<span title=\"6:20\">Amazon<\/span>\u00a0<span title=\"6:20\">news.<\/span><\/span><br \/><span data-start=\"00:06:21.008\" data-end=\"00:06:24.908\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:21\">And<\/span>\u00a0<span title=\"6:21\">this<\/span>\u00a0<span title=\"6:21\">whole<\/span>\u00a0<span title=\"6:22\">episode<\/span>\u00a0<span title=\"6:22\">is<\/span>\u00a0<span title=\"6:23\">essentially<\/span>\u00a0<span title=\"6:23\">Amazon<\/span>\u00a0<span title=\"6:23\">news.<\/span>\u00a0<span title=\"6:24\">We<\/span>\u00a0<span title=\"6:24\">are<\/span>\u00a0<span title=\"6:24\">going<\/span>\u00a0<span title=\"6:24\">to<\/span>\u00a0<span title=\"6:24\">do<\/span>\u00a0<span title=\"6:24\">a<\/span>\u00a0<span title=\"6:24\">Amazon<\/span>\u00a0<\/span><span data-start=\"00:06:24.908\" data-end=\"00:06:27.968\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:25\">fourth<\/span>\u00a0<span title=\"6:25\">quarter<\/span>\u00a0<span title=\"6:26\">earnings<\/span>\u00a0<span title=\"6:27\">deep<\/span>\u00a0<span title=\"6:28\">dive.<\/span><\/span><br \/><span data-start=\"00:06:40.168\" data-end=\"00:06:44.608\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:40\">That\u2019s<\/span>\u00a0<span title=\"6:41\">right.<\/span>\u00a0<span title=\"6:41\">On<\/span>\u00a0<span title=\"6:41\">February<\/span>\u00a0<span title=\"6:41\">1st,<\/span>\u00a0<span title=\"6:42\">Amazon<\/span>\u00a0<span title=\"6:42\">announced<\/span>\u00a0<span title=\"6:42\">their<\/span>\u00a0<span title=\"6:43\">fourth<\/span>\u00a0<span title=\"6:43\">quarter<\/span>\u00a0<span title=\"6:43\">2023<\/span>\u00a0<span title=\"6:44\">results.<\/span><\/span><br \/><span data-start=\"00:06:44.908\" data-end=\"00:06:49.328\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:45\">The<\/span>\u00a0<span title=\"6:45\">setup<\/span>\u00a0<span title=\"6:46\">coming<\/span>\u00a0<span title=\"6:46\">into<\/span>\u00a0<span title=\"6:46\">this<\/span>\u00a0<span title=\"6:47\">one<\/span>\u00a0<span title=\"6:47\">was<\/span>\u00a0<span title=\"6:47\">we<\/span>\u00a0<span title=\"6:47\">had<\/span>\u00a0<span title=\"6:47\">Microsoft<\/span>\u00a0<span title=\"6:48\">announce<\/span>\u00a0<span title=\"6:48\">really<\/span>\u00a0<span title=\"6:49\">solid<\/span>\u00a0<span title=\"6:49\">cloud<\/span>\u00a0<\/span><span data-start=\"00:06:49.328\" data-end=\"00:06:51.548\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:49\">results<\/span>\u00a0<span title=\"6:50\">that<\/span>\u00a0<span title=\"6:50\">was<\/span>\u00a0<span title=\"6:50\">largely<\/span>\u00a0<span title=\"6:51\">driven<\/span>\u00a0<span title=\"6:51\">by<\/span>\u00a0<span title=\"6:51\">AI.<\/span><\/span><br \/><span data-start=\"00:06:51.848\" data-end=\"00:06:57.868\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:52\">People<\/span>\u00a0<span title=\"6:52\">are<\/span>\u00a0<span title=\"6:53\">moving<\/span>\u00a0<span title=\"6:53\">their<\/span>\u00a0<span title=\"6:53\">workloads<\/span>\u00a0<span title=\"6:54\">to<\/span>\u00a0<span title=\"6:54\">Azure<\/span>\u00a0<span title=\"6:55\">and<\/span>\u00a0<span title=\"6:55\">they<\/span>\u00a0<span title=\"6:56\">are<\/span>\u00a0<span title=\"6:56\">doing<\/span>\u00a0<span title=\"6:56\">that<\/span>\u00a0<span title=\"6:57\">to<\/span>\u00a0<span title=\"6:57\">get<\/span>\u00a0<span title=\"6:57\">their<\/span>\u00a0<span title=\"6:57\">data<\/span>\u00a0<span title=\"6:57\">over.<\/span><\/span><br \/><span data-start=\"00:06:58.028\" data-end=\"00:07:02.948\" data-spk=\"1\" data-label=\"Scot\"><span title=\"6:58\">And<\/span>\u00a0<span title=\"6:58\">due<\/span>\u00a0<span title=\"6:59\">to<\/span>\u00a0<span title=\"6:59\">Microsoft\u2019s<\/span>\u00a0<span title=\"7:00\">partnership<\/span>\u00a0<span title=\"7:00\">with<\/span>\u00a0<span title=\"7:01\">OpenAI,<\/span>\u00a0<span title=\"7:01\">that<\/span>\u00a0<span title=\"7:02\">has<\/span>\u00a0<span title=\"7:02\">been<\/span>\u00a0<span title=\"7:02\">a<\/span>\u00a0<span title=\"7:02\">really<\/span>\u00a0<span title=\"7:03\">nice<\/span>\u00a0<\/span><span data-start=\"00:07:02.948\" data-end=\"00:07:04.668\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:03\">big<\/span>\u00a0<span title=\"7:03\">draw<\/span>\u00a0<span title=\"7:04\">for<\/span>\u00a0<span title=\"7:04\">their<\/span>\u00a0<span title=\"7:04\">cloud<\/span>\u00a0<span title=\"7:04\">offering.<\/span><\/span><br \/><span data-start=\"00:07:05.028\" data-end=\"00:07:08.908\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:05\">Then<\/span>\u00a0<span title=\"7:06\">we<\/span>\u00a0<span title=\"7:06\">had<\/span>\u00a0<span title=\"7:06\">Meta<\/span>\u00a0<span title=\"7:07\">announced,<\/span>\u00a0<span title=\"7:07\">the<\/span>\u00a0<span title=\"7:08\">artist<\/span>\u00a0<span title=\"7:08\">previously<\/span>\u00a0<span title=\"7:08\">known<\/span>\u00a0<span title=\"7:08\">as<\/span>\u00a0<span title=\"7:09\">Facebook,<\/span>\u00a0<\/span><span data-start=\"00:07:09.068\" data-end=\"00:07:12.748\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:09\">and<\/span>\u00a0<span title=\"7:10\">they<\/span>\u00a0<span title=\"7:10\">had<\/span>\u00a0<span title=\"7:10\">tremendous<\/span>\u00a0<span title=\"7:11\">ad<\/span>\u00a0<span title=\"7:11\">performance,<\/span>\u00a0<span title=\"7:12\">largely<\/span>\u00a0<span title=\"7:12\">driven<\/span>\u00a0<span title=\"7:12\">by<\/span>\u00a0<span title=\"7:13\">AI.<\/span><\/span><br \/><span data-start=\"00:07:13.028\" data-end=\"00:07:16.968\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:13\">Long-term<\/span>\u00a0<span title=\"7:14\">listeners<\/span>\u00a0<span title=\"7:14\">will<\/span>\u00a0<span title=\"7:14\">remember<\/span>\u00a0<span title=\"7:15\">Jason<\/span>\u00a0<span title=\"7:15\">and<\/span>\u00a0<span title=\"7:15\">I,<\/span>\u00a0<span title=\"7:16\">I\u2019m<\/span>\u00a0<span title=\"7:16\">pretty<\/span>\u00a0<span title=\"7:16\">sure<\/span>\u00a0<span title=\"7:17\">we\u2019re<\/span>\u00a0<span title=\"7:17\">some<\/span>\u00a0<span title=\"7:17\">of<\/span>\u00a0<\/span><span data-start=\"00:07:16.968\" data-end=\"00:07:21.268\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:17\">the<\/span>\u00a0<span title=\"7:17\">first<\/span>\u00a0<span title=\"7:17\">to<\/span>\u00a0<span title=\"7:17\">call<\/span>\u00a0<span title=\"7:18\">the<\/span>\u00a0<span title=\"7:18\">impact<\/span>\u00a0<span title=\"7:18\">of<\/span>\u00a0<span title=\"7:19\">this<\/span>\u00a0<span title=\"7:19\">thing<\/span>\u00a0<span title=\"7:19\">called<\/span>\u00a0<span title=\"7:19\">ATT<\/span>\u00a0<span title=\"7:20\">and<\/span>\u00a0<span title=\"7:20\">IDFA,<\/span>\u00a0<\/span><span data-start=\"00:07:22.226\" data-end=\"00:07:23.966\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:22\">Am<\/span>\u00a0<span title=\"7:22\">I<\/span>\u00a0<span title=\"7:22\">remembering<\/span>\u00a0<span title=\"7:23\">that?<\/span>\u00a0<span title=\"7:23\">You<\/span>\u00a0<span title=\"7:23\">nailed<\/span>\u00a0<span title=\"7:24\">them.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[7:24]<\/small>\u00a0<span data-start=\"00:07:24.026\" data-end=\"00:07:24.086\" data-spk=\"0\" data-label=\"Jason\"><span title=\"7:24\">Yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[7:25]<\/small>\u00a0<span data-start=\"00:07:24.566\" data-end=\"00:07:28.926\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:25\">Yep.<\/span>\u00a0<span title=\"7:25\">And<\/span>\u00a0<span title=\"7:26\">that<\/span>\u00a0<span title=\"7:26\">just<\/span>\u00a0<span title=\"7:26\">really,<\/span>\u00a0<span title=\"7:27\">that<\/span>\u00a0<span title=\"7:27\">was<\/span>\u00a0<span title=\"7:27\">like,<\/span>\u00a0<span title=\"7:28\">what,<\/span>\u00a0<span title=\"7:28\">four<\/span>\u00a0<span title=\"7:28\">years<\/span>\u00a0<span title=\"7:28\">ago,<\/span>\u00a0<span title=\"7:28\">three<\/span>\u00a0<span title=\"7:29\">years<\/span>\u00a0<span title=\"7:29\">ago?<\/span><\/span><br \/><span data-start=\"00:07:28.986\" data-end=\"00:07:33.806\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:29\">That<\/span>\u00a0<span title=\"7:29\">walloped<\/span>\u00a0<span title=\"7:30\">Facebook,<\/span>\u00a0<span title=\"7:30\">Snap,<\/span>\u00a0<span title=\"7:31\">and<\/span>\u00a0<span title=\"7:31\">all<\/span>\u00a0<span title=\"7:31\">these<\/span>\u00a0<span title=\"7:31\">companies<\/span>\u00a0<span title=\"7:32\">that<\/span>\u00a0<span title=\"7:32\">their<\/span>\u00a0<span title=\"7:33\">ad<\/span>\u00a0<span title=\"7:33\">system<\/span>\u00a0<span title=\"7:33\">relied<\/span>\u00a0<\/span><span data-start=\"00:07:33.806\" data-end=\"00:07:35.486\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:34\">on<\/span>\u00a0<span title=\"7:34\">cookies<\/span>\u00a0<span title=\"7:34\">and<\/span>\u00a0<span title=\"7:35\">third-party<\/span>\u00a0<span title=\"7:35\">data.<\/span>\u00a0<span title=\"7:35\">data.<\/span><\/span><br \/><span data-start=\"00:07:36.146\" data-end=\"00:07:41.006\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:36\">Facebook<\/span>\u00a0<span title=\"7:37\">slash<\/span>\u00a0<span title=\"7:38\">Meta<\/span>\u00a0<span title=\"7:38\">has<\/span>\u00a0<span title=\"7:38\">kind<\/span>\u00a0<span title=\"7:38\">of<\/span>\u00a0<span title=\"7:38\">come<\/span>\u00a0<span title=\"7:39\">back<\/span>\u00a0<span title=\"7:39\">from<\/span>\u00a0<span title=\"7:39\">that<\/span>\u00a0<span title=\"7:39\">and<\/span>\u00a0<span title=\"7:39\">they<\/span>\u00a0<span title=\"7:40\">credit<\/span>\u00a0<span title=\"7:40\">it<\/span>\u00a0<span title=\"7:40\">to<\/span>\u00a0<span title=\"7:41\">AI<\/span>\u00a0<\/span><span data-start=\"00:07:41.006\" data-end=\"00:07:47.126\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:41\">systems<\/span>\u00a0<span title=\"7:41\">they\u2019ve<\/span>\u00a0<span title=\"7:42\">used<\/span>\u00a0<span title=\"7:42\">that<\/span>\u00a0<span title=\"7:42\">have<\/span>\u00a0<span title=\"7:42\">really<\/span>\u00a0<span title=\"7:43\">driven<\/span>\u00a0<span title=\"7:44\">the<\/span>\u00a0<span title=\"7:44\">optimization<\/span>\u00a0<span title=\"7:45\">of<\/span>\u00a0<span title=\"7:46\">their<\/span>\u00a0<span title=\"7:46\">advertising<\/span>\u00a0<\/span><span data-start=\"00:07:47.126\" data-end=\"00:07:52.326\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:47\">products<\/span>\u00a0<span title=\"7:48\">and<\/span>\u00a0<span title=\"7:48\">made<\/span>\u00a0<span title=\"7:49\">the<\/span>\u00a0<span title=\"7:49\">targeting<\/span>\u00a0<span title=\"7:49\">basically<\/span>\u00a0<span title=\"7:50\">nearly<\/span>\u00a0<span title=\"7:51\">as<\/span>\u00a0<span title=\"7:51\">good<\/span>\u00a0<span title=\"7:51\">as<\/span>\u00a0<span title=\"7:52\">it<\/span>\u00a0<span title=\"7:52\">was<\/span>\u00a0<span title=\"7:52\">when<\/span>\u00a0<span title=\"7:52\">they<\/span>\u00a0<\/span><span data-start=\"00:07:52.326\" data-end=\"00:07:53.606\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:52\">had<\/span>\u00a0<span title=\"7:53\">more<\/span>\u00a0<span title=\"7:53\">precise<\/span>\u00a0<span title=\"7:53\">targeting.<\/span><\/span><br \/><span data-start=\"00:07:55.946\" data-end=\"00:07:59.686\" data-spk=\"1\" data-label=\"Scot\"><span title=\"7:56\">Then<\/span>\u00a0<span title=\"7:56\">Google<\/span>\u00a0<span title=\"7:57\">was<\/span>\u00a0<span title=\"7:57\">kind<\/span>\u00a0<span title=\"7:57\">of<\/span>\u00a0<span title=\"7:58\">like<\/span>\u00a0<span title=\"7:58\">had<\/span>\u00a0<span title=\"7:58\">a<\/span>\u00a0<span title=\"7:58\">bit<\/span>\u00a0<span title=\"7:59\">of<\/span>\u00a0<span title=\"7:59\">a<\/span>\u00a0<span title=\"7:59\">rough<\/span>\u00a0<span title=\"7:59\">patch<\/span>\u00a0<span title=\"7:59\">there.<\/span><\/span><br \/><span data-start=\"00:07:59.966\" data-end=\"00:08:02.946\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:00\">I<\/span>\u00a0<span title=\"8:00\">think<\/span>\u00a0<span title=\"8:01\">it\u2019s<\/span>\u00a0<span title=\"8:02\">hurting<\/span>\u00a0<span title=\"8:02\">them.<\/span>\u00a0<span title=\"8:02\">They<\/span>\u00a0<span title=\"8:02\">don\u2019t<\/span>\u00a0<span title=\"8:02\">really<\/span>\u00a0<span title=\"8:02\">disclose<\/span>\u00a0<span title=\"8:03\">much<\/span>\u00a0<\/span><span data-start=\"00:08:02.946\" data-end=\"00:08:06.446\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:03\">about<\/span>\u00a0<span title=\"8:03\">youtube<\/span>\u00a0<span title=\"8:03\">and<\/span>\u00a0<span title=\"8:04\">it<\/span>\u00a0<span title=\"8:04\">probably<\/span>\u00a0<span title=\"8:04\">did<\/span>\u00a0<span title=\"8:04\">okay<\/span>\u00a0<span title=\"8:05\">but<\/span>\u00a0<span title=\"8:06\">their<\/span>\u00a0<\/span><span data-start=\"00:08:06.446\" data-end=\"00:08:09.846\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:06\">ads<\/span>\u00a0<span title=\"8:07\">were<\/span>\u00a0<span title=\"8:07\">kind<\/span>\u00a0<span title=\"8:07\">of<\/span>\u00a0<span title=\"8:07\">flat<\/span>\u00a0<span title=\"8:08\">and<\/span>\u00a0<span title=\"8:08\">their<\/span>\u00a0<span title=\"8:09\">cloud<\/span>\u00a0<span title=\"8:09\">computing<\/span>\u00a0<span title=\"8:09\">did<\/span>\u00a0<\/span><span data-start=\"00:08:09.846\" data-end=\"00:08:13.346\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:10\">not<\/span>\u00a0<span title=\"8:10\">see<\/span>\u00a0<span title=\"8:10\">the<\/span>\u00a0<span title=\"8:11\">benefit<\/span>\u00a0<span title=\"8:12\">that<\/span>\u00a0<span title=\"8:12\">that<\/span>\u00a0<span title=\"8:13\">microsoft<\/span>\u00a0<\/span><span data-start=\"00:08:13.346\" data-end=\"00:08:17.866\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:13\">did<\/span>\u00a0<span title=\"8:14\">and<\/span>\u00a0<span title=\"8:14\">there\u2019s<\/span>\u00a0<span title=\"8:15\">a<\/span>\u00a0<span title=\"8:15\">growing<\/span>\u00a0<span title=\"8:15\">concern<\/span>\u00a0<span title=\"8:15\">there\u2019s<\/span>\u00a0<span title=\"8:16\">more<\/span>\u00a0<span title=\"8:16\">and<\/span>\u00a0<span title=\"8:16\">more<\/span>\u00a0<span title=\"8:16\">folks<\/span>\u00a0<span title=\"8:17\">and<\/span>\u00a0<span title=\"8:17\">some<\/span>\u00a0<span title=\"8:18\">data<\/span>\u00a0<\/span><span data-start=\"00:08:17.866\" data-end=\"00:08:22.466\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:18\">coming<\/span>\u00a0<span title=\"8:18\">out<\/span>\u00a0<span title=\"8:19\">that<\/span>\u00a0<span title=\"8:19\">shows<\/span>\u00a0<span title=\"8:19\">that<\/span>\u00a0<span title=\"8:20\">people<\/span>\u00a0<span title=\"8:20\">are<\/span>\u00a0<span title=\"8:20\">starting<\/span>\u00a0<span title=\"8:20\">to<\/span>\u00a0<span title=\"8:20\">use<\/span>\u00a0<span title=\"8:21\">ais<\/span>\u00a0<span title=\"8:21\">for<\/span>\u00a0<span title=\"8:22\">interesting<\/span>\u00a0<span title=\"8:22\">searches<\/span>\u00a0<\/span><span data-start=\"00:08:22.466\" data-end=\"00:08:28.286\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:22\">versus<\/span>\u00a0<span title=\"8:23\">google<\/span>\u00a0<span title=\"8:24\">i<\/span>\u00a0<span title=\"8:24\">do<\/span>\u00a0<span title=\"8:25\">find<\/span>\u00a0<span title=\"8:25\">we<\/span>\u00a0<span title=\"8:25\">were<\/span>\u00a0<span title=\"8:26\">talking<\/span>\u00a0<span title=\"8:26\">about<\/span>\u00a0<span title=\"8:26\">it<\/span>\u00a0<span title=\"8:26\">before<\/span>\u00a0<span title=\"8:26\">we<\/span>\u00a0<span title=\"8:27\">got<\/span>\u00a0<span title=\"8:27\">got<\/span>\u00a0<span title=\"8:27\">on<\/span>\u00a0<span title=\"8:28\">here,<\/span>\u00a0<\/span><span data-start=\"00:08:28.406\" data-end=\"00:08:30.166\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:28\">I<\/span>\u00a0<span title=\"8:29\">am<\/span>\u00a0<span title=\"8:29\">using<\/span>\u00a0<span title=\"8:29\">it<\/span>\u00a0<span title=\"8:30\">more<\/span>\u00a0<span title=\"8:30\">and<\/span>\u00a0<span title=\"8:30\">more.<\/span><\/span><br \/><span data-start=\"00:08:30.386\" data-end=\"00:08:35.966\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:30\">For<\/span>\u00a0<span title=\"8:31\">example,<\/span>\u00a0<span title=\"8:31\">I<\/span>\u00a0<span title=\"8:31\">was<\/span>\u00a0<span title=\"8:31\">telling<\/span>\u00a0<span title=\"8:32\">Jason,<\/span>\u00a0<span title=\"8:32\">I<\/span>\u00a0<span title=\"8:32\">found<\/span>\u00a0<span title=\"8:33\">OpenAI<\/span>\u00a0<span title=\"8:34\">slash<\/span>\u00a0<span title=\"8:34\">ChatGPT<\/span>\u00a0<span title=\"8:35\">announced<\/span>\u00a0<span title=\"8:36\">this<\/span>\u00a0<\/span><span data-start=\"00:08:35.966\" data-end=\"00:08:37.566\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:36\">little,<\/span>\u00a0<span title=\"8:36\">it\u2019s<\/span>\u00a0<span title=\"8:37\">not<\/span>\u00a0<span title=\"8:37\">a<\/span>\u00a0<span title=\"8:37\">store,<\/span>\u00a0<span title=\"8:37\">but<\/span>\u00a0<span title=\"8:37\">a\u2026<\/span><\/span><\/p>\n<p><small>[8:39]<\/small>\u00a0<span data-start=\"00:08:38.914\" data-end=\"00:08:41.614\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:39\">Add-ons<\/span>\u00a0<span title=\"8:40\">or<\/span>\u00a0<span title=\"8:40\">like<\/span>\u00a0<span title=\"8:40\">almost<\/span>\u00a0<span title=\"8:40\">like<\/span>\u00a0<span title=\"8:40\">an<\/span>\u00a0<span title=\"8:40\">app<\/span>\u00a0<span title=\"8:41\">store<\/span>\u00a0<span title=\"8:41\">but<\/span>\u00a0<span title=\"8:41\">it\u2019s<\/span>\u00a0<\/span><span data-start=\"00:08:41.614\" data-end=\"00:08:44.914\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:42\">called<\/span>\u00a0<span title=\"8:42\">gpts<\/span>\u00a0<span title=\"8:42\">and<\/span>\u00a0<span title=\"8:43\">i<\/span>\u00a0<span title=\"8:44\">found<\/span>\u00a0<span title=\"8:45\">one<\/span>\u00a0<\/span><span data-start=\"00:08:44.914\" data-end=\"00:08:47.754\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:45\">that<\/span>\u00a0<span title=\"8:45\">enables<\/span>\u00a0<span title=\"8:46\">me<\/span>\u00a0<span title=\"8:46\">to<\/span>\u00a0<span title=\"8:46\">load<\/span>\u00a0<span title=\"8:46\">a<\/span>\u00a0<span title=\"8:47\">bunch<\/span>\u00a0<span title=\"8:47\">of<\/span>\u00a0<span title=\"8:47\">pdfs<\/span>\u00a0<span title=\"8:48\">on<\/span>\u00a0<\/span><span data-start=\"00:08:47.754\" data-end=\"00:08:51.354\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:48\">a<\/span>\u00a0<span title=\"8:48\">common<\/span>\u00a0<span title=\"8:48\">topic<\/span>\u00a0<span title=\"8:48\">and<\/span>\u00a0<span title=\"8:49\">then<\/span>\u00a0<span title=\"8:49\">just<\/span>\u00a0<span title=\"8:49\">like<\/span>\u00a0<span title=\"8:49\">ask<\/span>\u00a0<span title=\"8:49\">chat<\/span>\u00a0<span title=\"8:50\">gpt<\/span>\u00a0<span title=\"8:50\">about<\/span>\u00a0<span title=\"8:50\">it<\/span>\u00a0<span title=\"8:50\">and<\/span>\u00a0<\/span><span data-start=\"00:08:51.354\" data-end=\"00:08:55.414\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:51\">yeah<\/span>\u00a0<span title=\"8:52\">so<\/span>\u00a0<span title=\"8:52\">so<\/span>\u00a0<span title=\"8:52\">i<\/span>\u00a0<span title=\"8:53\">found<\/span>\u00a0<span title=\"8:53\">i\u2019m<\/span>\u00a0<span title=\"8:53\">using<\/span>\u00a0<span title=\"8:53\">it<\/span>\u00a0<span title=\"8:53\">more<\/span>\u00a0<span title=\"8:54\">and<\/span>\u00a0<span title=\"8:54\">more<\/span>\u00a0<span title=\"8:54\">for<\/span>\u00a0<span title=\"8:54\">informational<\/span>\u00a0<span title=\"8:54\">queries<\/span>\u00a0<span title=\"8:55\">just<\/span>\u00a0<\/span><span data-start=\"00:08:55.414\" data-end=\"00:08:59.434\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:55\">generally<\/span>\u00a0<span title=\"8:56\">and<\/span>\u00a0<span title=\"8:56\">then<\/span>\u00a0<span title=\"8:56\">also<\/span>\u00a0<span title=\"8:56\">for<\/span>\u00a0<span title=\"8:57\">things<\/span>\u00a0<span title=\"8:57\">like<\/span>\u00a0<span title=\"8:58\">that<\/span>\u00a0<span title=\"8:58\">like<\/span>\u00a0<span title=\"8:58\">research<\/span>\u00a0<span title=\"8:58\">for<\/span>\u00a0<span title=\"8:59\">work<\/span>\u00a0<span title=\"8:59\">and<\/span>\u00a0<span title=\"8:59\">and<\/span>\u00a0<\/span><span data-start=\"00:08:59.434\" data-end=\"00:09:04.194\" data-spk=\"1\" data-label=\"Scot\"><span title=\"8:59\">for<\/span>\u00a0<span title=\"9:00\">the<\/span>\u00a0<span title=\"9:00\">pod<\/span>\u00a0<span title=\"9:00\">and<\/span>\u00a0<span title=\"9:01\">so<\/span>\u00a0<span title=\"9:01\">i<\/span>\u00a0<span title=\"9:01\">think<\/span>\u00a0<span title=\"9:01\">i<\/span>\u00a0<span title=\"9:02\">think<\/span>\u00a0<span title=\"9:02\">there\u2019s<\/span>\u00a0<span title=\"9:02\">a<\/span>\u00a0<span title=\"9:02\">growing<\/span>\u00a0<span title=\"9:02\">concern<\/span>\u00a0<span title=\"9:03\">that<\/span>\u00a0<span title=\"9:04\">google<\/span>\u00a0<span title=\"9:04\">is<\/span>\u00a0<\/span><span data-start=\"00:09:04.194\" data-end=\"00:09:08.614\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:04\">watching<\/span>\u00a0<span title=\"9:05\">this<\/span>\u00a0<span title=\"9:05\">ai<\/span>\u00a0<span title=\"9:05\">thing<\/span>\u00a0<span title=\"9:05\">kind<\/span>\u00a0<span title=\"9:06\">of<\/span>\u00a0<span title=\"9:06\">like<\/span>\u00a0<span title=\"9:06\">run<\/span>\u00a0<span title=\"9:06\">away<\/span>\u00a0<span title=\"9:07\">from<\/span>\u00a0<span title=\"9:07\">them<\/span>\u00a0<span title=\"9:07\">and<\/span>\u00a0<span title=\"9:07\">there\u2019s<\/span>\u00a0<span title=\"9:08\">There\u2019s<\/span>\u00a0<span title=\"9:08\">growing<\/span>\u00a0<\/span><span data-start=\"00:09:08.614\" data-end=\"00:09:10.334\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:09\">talk<\/span>\u00a0<span title=\"9:09\">that<\/span>\u00a0<span title=\"9:09\">they\u2019re<\/span>\u00a0<span title=\"9:09\">stuck<\/span>\u00a0<span title=\"9:09\">in<\/span>\u00a0<span title=\"9:10\">an<\/span>\u00a0<span title=\"9:10\">innovator\u2019s<\/span>\u00a0<span title=\"9:10\">dilemma.<\/span><\/span><br \/><span data-start=\"00:09:10.814\" data-end=\"00:09:14.594\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:11\">So<\/span>\u00a0<span title=\"9:11\">that<\/span>\u00a0<span title=\"9:12\">was<\/span>\u00a0<span title=\"9:12\">the<\/span>\u00a0<span title=\"9:12\">setup.<\/span>\u00a0<span title=\"9:13\">And<\/span>\u00a0<span title=\"9:13\">the<\/span>\u00a0<span title=\"9:13\">market<\/span>\u00a0<span title=\"9:13\">was<\/span>\u00a0<span title=\"9:13\">kind<\/span>\u00a0<span title=\"9:13\">of<\/span>\u00a0<span title=\"9:14\">nervous<\/span>\u00a0<span title=\"9:14\">coming<\/span>\u00a0<span title=\"9:14\">into<\/span>\u00a0<span title=\"9:14\">Amazon<\/span>\u00a0<\/span><span data-start=\"00:09:14.594\" data-end=\"00:09:20.114\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:15\">earnings<\/span>\u00a0<span title=\"9:15\">because<\/span>\u00a0<span title=\"9:15\">a<\/span>\u00a0<span title=\"9:16\">big<\/span>\u00a0<span title=\"9:17\">chunk<\/span>\u00a0<span title=\"9:17\">of<\/span>\u00a0<span title=\"9:17\">Amazon<\/span>\u00a0<span title=\"9:17\">is<\/span>\u00a0<span title=\"9:18\">the<\/span>\u00a0<span title=\"9:18\">cloud,<\/span>\u00a0<span title=\"9:18\">which<\/span>\u00a0<span title=\"9:19\">is<\/span>\u00a0<span title=\"9:19\">their<\/span>\u00a0<span title=\"9:19\">AWS<\/span>\u00a0<span title=\"9:19\">segment.<\/span><\/span><br \/><span data-start=\"00:09:20.454\" data-end=\"00:09:25.954\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:20\">And<\/span>\u00a0<span title=\"9:21\">then<\/span>\u00a0<span title=\"9:21\">folks,<\/span>\u00a0<span title=\"9:22\">we<\/span>\u00a0<span title=\"9:23\">really<\/span>\u00a0<span title=\"9:23\">didn\u2019t<\/span>\u00a0<span title=\"9:23\">have<\/span>\u00a0<span title=\"9:23\">any<\/span>\u00a0<span title=\"9:24\">great<\/span>\u00a0<span title=\"9:24\">idea<\/span>\u00a0<span title=\"9:25\">how<\/span>\u00a0<span title=\"9:25\">their<\/span>\u00a0<span title=\"9:25\">holiday<\/span>\u00a0<span title=\"9:25\">sales<\/span>\u00a0<span title=\"9:26\">were.<\/span><\/span><br \/><span data-start=\"00:09:26.214\" data-end=\"00:09:31.054\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:26\">And<\/span>\u00a0<span title=\"9:27\">then<\/span>\u00a0<span title=\"9:27\">last,<\/span>\u00a0<span title=\"9:27\">that<\/span>\u00a0<span title=\"9:28\">Google<\/span>\u00a0<span title=\"9:28\">piece<\/span>\u00a0<span title=\"9:29\">made<\/span>\u00a0<span title=\"9:29\">people<\/span>\u00a0<span title=\"9:30\">a<\/span>\u00a0<span title=\"9:30\">little<\/span>\u00a0<span title=\"9:30\">nervous<\/span>\u00a0<span title=\"9:30\">about<\/span>\u00a0<span title=\"9:31\">the<\/span>\u00a0<span title=\"9:31\">ad<\/span>\u00a0<span title=\"9:31\">business,<\/span>\u00a0<\/span><span data-start=\"00:09:31.194\" data-end=\"00:09:33.894\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:31\">which<\/span>\u00a0<span title=\"9:31\">has<\/span>\u00a0<span title=\"9:31\">become<\/span>\u00a0<span title=\"9:32\">almost<\/span>\u00a0<span title=\"9:32\">a<\/span>\u00a0<span title=\"9:32\">third<\/span>\u00a0<span title=\"9:32\">leg<\/span>\u00a0<span title=\"9:33\">to<\/span>\u00a0<span title=\"9:33\">the<\/span>\u00a0<span title=\"9:33\">Amazon<\/span>\u00a0<span title=\"9:33\">stool.<\/span>\u00a0<span title=\"9:34\">tool.<\/span><\/span><br \/><span data-start=\"00:09:35.174\" data-end=\"00:09:40.374\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:35\">So,<\/span>\u00a0<span title=\"9:36\">and<\/span>\u00a0<span title=\"9:36\">then<\/span>\u00a0<span title=\"9:36\">as<\/span>\u00a0<span title=\"9:37\">you<\/span>\u00a0<span title=\"9:37\">keep<\/span>\u00a0<span title=\"9:37\">kind<\/span>\u00a0<span title=\"9:37\">of<\/span>\u00a0<span title=\"9:38\">pointing<\/span>\u00a0<span title=\"9:38\">out,<\/span>\u00a0<span title=\"9:39\">Timu<\/span>\u00a0<span title=\"9:39\">and<\/span>\u00a0<span title=\"9:39\">Sheehan<\/span>\u00a0<span title=\"9:40\">are<\/span>\u00a0<span title=\"9:40\">just<\/span>\u00a0<span title=\"9:40\">like<\/span>\u00a0<\/span><span data-start=\"00:09:40.374\" data-end=\"00:09:43.754\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:40\">really<\/span>\u00a0<span title=\"9:41\">on<\/span>\u00a0<span title=\"9:41\">the<\/span>\u00a0<span title=\"9:41\">rise<\/span>\u00a0<span title=\"9:42\">and<\/span>\u00a0<span title=\"9:42\">could<\/span>\u00a0<span title=\"9:42\">they,<\/span>\u00a0<span title=\"9:42\">you<\/span>\u00a0<span title=\"9:43\">know,<\/span>\u00a0<span title=\"9:43\">you<\/span>\u00a0<span title=\"9:43\">also<\/span>\u00a0<span title=\"9:43\">have<\/span>\u00a0<span title=\"9:44\">said,<\/span>\u00a0<\/span><span data-start=\"00:09:43.774\" data-end=\"00:09:45.974\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:44\">I<\/span>\u00a0<span title=\"9:44\">don\u2019t<\/span>\u00a0<span title=\"9:44\">want<\/span>\u00a0<span title=\"9:44\">to<\/span>\u00a0<span title=\"9:44\">put<\/span>\u00a0<span title=\"9:44\">words<\/span>\u00a0<span title=\"9:44\">in<\/span>\u00a0<span title=\"9:45\">your<\/span>\u00a0<span title=\"9:45\">mouth,<\/span>\u00a0<span title=\"9:45\">but<\/span>\u00a0<span title=\"9:45\">you\u2019ve<\/span>\u00a0<span title=\"9:45\">said,<\/span>\u00a0<span title=\"9:46\">you<\/span>\u00a0<span title=\"9:46\">know,<\/span>\u00a0<\/span><span data-start=\"00:09:45.974\" data-end=\"00:09:49.174\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:46\">you<\/span>\u00a0<span title=\"9:46\">don\u2019t<\/span>\u00a0<span title=\"9:46\">think<\/span>\u00a0<span title=\"9:46\">they\u2019re<\/span>\u00a0<span title=\"9:47\">being<\/span>\u00a0<span title=\"9:47\">impacted<\/span>\u00a0<span title=\"9:47\">by<\/span>\u00a0<span title=\"9:48\">it<\/span>\u00a0<span title=\"9:48\">too<\/span>\u00a0<span title=\"9:48\">much.<\/span>\u00a0<span title=\"9:48\">That<\/span>\u00a0<span title=\"9:48\">is<\/span>\u00a0<span title=\"9:48\">some<\/span>\u00a0<span title=\"9:49\">other<\/span>\u00a0<span title=\"9:49\">folks.<\/span><\/span><br \/><span data-start=\"00:09:49.394\" data-end=\"00:09:52.934\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:49\">But,<\/span>\u00a0<span title=\"9:50\">you<\/span>\u00a0<span title=\"9:50\">know,<\/span>\u00a0<span title=\"9:50\">there\u2019s<\/span>\u00a0<span title=\"9:51\">definitely<\/span>\u00a0<span title=\"9:51\">overlap<\/span>\u00a0<span title=\"9:51\">there.<\/span>\u00a0<span title=\"9:52\">So<\/span>\u00a0<span title=\"9:52\">people<\/span>\u00a0<span title=\"9:52\">worried,<\/span>\u00a0<\/span><span data-start=\"00:09:53.094\" data-end=\"00:09:55.774\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:53\">are<\/span>\u00a0<span title=\"9:53\">those<\/span>\u00a0<span title=\"9:53\">up<\/span>\u00a0<span title=\"9:54\">and<\/span>\u00a0<span title=\"9:54\">rising<\/span>\u00a0<span title=\"9:55\">stars<\/span>\u00a0<span title=\"9:55\">going<\/span>\u00a0<span title=\"9:55\">to<\/span>\u00a0<span title=\"9:55\">be<\/span>\u00a0<span title=\"9:55\">the<\/span>\u00a0<span title=\"9:56\">Grinch?<\/span><\/span><br \/><span data-start=\"00:09:56.394\" data-end=\"00:09:59.234\" data-spk=\"1\" data-label=\"Scot\"><span title=\"9:56\">So<\/span>\u00a0<span title=\"9:57\">we\u2019re<\/span>\u00a0<span title=\"9:57\">going<\/span>\u00a0<span title=\"9:57\">to<\/span>\u00a0<span title=\"9:57\">walk<\/span>\u00a0<span title=\"9:58\">you<\/span>\u00a0<span title=\"9:58\">through<\/span>\u00a0<span title=\"9:58\">that<\/span>\u00a0<span title=\"9:58\">and<\/span>\u00a0<span title=\"9:59\">peel<\/span>\u00a0<span title=\"9:59\">the<\/span>\u00a0<span title=\"9:59\">onion.<\/span><\/span><\/p>\n<p><small>[10:01]<\/small>\u00a0<span data-start=\"00:10:00.654\" data-end=\"00:10:06.514\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:01\">We\u2019re<\/span>\u00a0<span title=\"10:01\">then<\/span>\u00a0<span title=\"10:01\">we\u2019re<\/span>\u00a0<span title=\"10:01\">going<\/span>\u00a0<span title=\"10:01\">to<\/span>\u00a0<span title=\"10:02\">go<\/span>\u00a0<span title=\"10:02\">into<\/span>\u00a0<span title=\"10:02\">how<\/span>\u00a0<span title=\"10:03\">the<\/span>\u00a0<span title=\"10:03\">retail<\/span>\u00a0<span title=\"10:04\">offline<\/span>\u00a0<span title=\"10:05\">and<\/span>\u00a0<span title=\"10:05\">online<\/span>\u00a0<span title=\"10:05\">did<\/span>\u00a0<span title=\"10:06\">and<\/span>\u00a0<\/span><span data-start=\"00:10:06.514\" data-end=\"00:10:08.494\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:07\">then<\/span>\u00a0<span title=\"10:07\">marketplaces<\/span>\u00a0<span title=\"10:07\">cloud<\/span>\u00a0<span title=\"10:08\">AWS.<\/span><\/span><br \/><span data-start=\"00:10:09.434\" data-end=\"00:10:13.894\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:09\">And<\/span>\u00a0<span title=\"10:10\">that\u2019s<\/span>\u00a0<span title=\"10:10\">where<\/span>\u00a0<span title=\"10:11\">we\u2019ll<\/span>\u00a0<span title=\"10:11\">talk<\/span>\u00a0<span title=\"10:11\">about<\/span>\u00a0<span title=\"10:11\">AI.<\/span>\u00a0<span title=\"10:12\">You<\/span>\u00a0<span title=\"10:12\">can\u2019t<\/span>\u00a0<span title=\"10:12\">talk<\/span>\u00a0<span title=\"10:12\">about<\/span>\u00a0<span title=\"10:12\">anything<\/span>\u00a0<span title=\"10:13\">now<\/span>\u00a0<span title=\"10:13\">without<\/span>\u00a0<span title=\"10:13\">talking<\/span>\u00a0<span title=\"10:14\">about<\/span>\u00a0<span title=\"10:14\">AI.<\/span><\/span><br \/><span data-start=\"00:10:14.014\" data-end=\"00:10:18.574\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:14\">So<\/span>\u00a0<span title=\"10:14\">we\u2019ll<\/span>\u00a0<span title=\"10:15\">hit<\/span>\u00a0<span title=\"10:15\">that<\/span>\u00a0<span title=\"10:15\">and<\/span>\u00a0<span title=\"10:15\">then<\/span>\u00a0<span title=\"10:16\">Amazon<\/span>\u00a0<span title=\"10:16\">ads<\/span>\u00a0<span title=\"10:16\">and<\/span>\u00a0<span title=\"10:17\">then<\/span>\u00a0<span title=\"10:17\">kind<\/span>\u00a0<span title=\"10:17\">of<\/span>\u00a0<span title=\"10:17\">finish<\/span>\u00a0<span title=\"10:17\">up<\/span>\u00a0<span title=\"10:18\">with<\/span>\u00a0<span title=\"10:18\">how<\/span>\u00a0<span title=\"10:18\">Amazon<\/span>\u00a0<\/span><span data-start=\"00:10:18.574\" data-end=\"00:10:23.414\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:19\">guided<\/span>\u00a0<span title=\"10:19\">to<\/span>\u00a0<span title=\"10:20\">next<\/span>\u00a0<span title=\"10:20\">quarter,<\/span>\u00a0<span title=\"10:21\">which<\/span>\u00a0<span title=\"10:21\">will<\/span>\u00a0<span title=\"10:21\">be<\/span>\u00a0<span title=\"10:21\">Q2<\/span>\u00a0<span title=\"10:22\">Q1<\/span>\u00a0<span title=\"10:23\">of<\/span>\u00a0<span title=\"10:23\">2024.<\/span><\/span><br \/><span data-start=\"00:10:24.986\" data-end=\"00:10:27.266\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:25\">Anything<\/span>\u00a0<span title=\"10:25\">you<\/span>\u00a0<span title=\"10:25\">want<\/span>\u00a0<span title=\"10:26\">to<\/span>\u00a0<span title=\"10:26\">add<\/span>\u00a0<span title=\"10:26\">in<\/span>\u00a0<span title=\"10:26\">that<\/span>\u00a0<span title=\"10:26\">setup<\/span>\u00a0<span title=\"10:26\">before<\/span>\u00a0<span title=\"10:27\">we<\/span>\u00a0<span title=\"10:27\">jump<\/span>\u00a0<span title=\"10:27\">in?<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[10:28]<\/small>\u00a0<span data-start=\"00:10:27.906\" data-end=\"00:10:31.266\" data-spk=\"0\" data-label=\"Jason\"><span title=\"10:28\">No,<\/span>\u00a0<span title=\"10:28\">I<\/span>\u00a0<span title=\"10:28\">think<\/span>\u00a0<span title=\"10:29\">you\u2019ve<\/span>\u00a0<span title=\"10:29\">queued<\/span>\u00a0<span title=\"10:29\">it<\/span>\u00a0<span title=\"10:30\">up<\/span>\u00a0<span title=\"10:30\">well.<\/span>\u00a0<span title=\"10:30\">I\u2019m<\/span>\u00a0<span title=\"10:30\">eager<\/span>\u00a0<span title=\"10:30\">to<\/span>\u00a0<span title=\"10:30\">hear<\/span>\u00a0<span title=\"10:31\">how<\/span>\u00a0<span title=\"10:31\">Amazon<\/span>\u00a0<span title=\"10:31\">did.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[10:32]<\/small>\u00a0<span data-start=\"00:10:32.126\" data-end=\"00:10:35.286\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:32\">Yeah,<\/span>\u00a0<span title=\"10:33\">well,<\/span>\u00a0<span title=\"10:33\">it<\/span>\u00a0<span title=\"10:33\">is<\/span>\u00a0<span title=\"10:33\">what<\/span>\u00a0<span title=\"10:33\">in<\/span>\u00a0<span title=\"10:33\">the<\/span>\u00a0<span title=\"10:34\">Wall<\/span>\u00a0<span title=\"10:34\">Street<\/span>\u00a0<span title=\"10:34\">world<\/span>\u00a0<span title=\"10:34\">we<\/span>\u00a0<span title=\"10:35\">would<\/span>\u00a0<span title=\"10:35\">call<\/span>\u00a0<span title=\"10:35\">a<\/span>\u00a0<span title=\"10:35\">beat.<\/span><\/span><br \/><span data-start=\"00:10:35.406\" data-end=\"00:10:40.646\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:35\">So<\/span>\u00a0<span title=\"10:36\">they,<\/span>\u00a0<span title=\"10:36\">you<\/span>\u00a0<span title=\"10:36\">know,<\/span>\u00a0<span title=\"10:36\">back<\/span>\u00a0<span title=\"10:36\">in<\/span>\u00a0<span title=\"10:37\">Q3,<\/span>\u00a0<span title=\"10:37\">they<\/span>\u00a0<span title=\"10:37\">set<\/span>\u00a0<span title=\"10:38\">some<\/span>\u00a0<span title=\"10:38\">guidance<\/span>\u00a0<span title=\"10:39\">and<\/span>\u00a0<span title=\"10:39\">they<\/span>\u00a0<span title=\"10:39\">beat<\/span>\u00a0<span title=\"10:40\">that<\/span>\u00a0<span title=\"10:40\">on<\/span>\u00a0<\/span><span data-start=\"00:10:40.646\" data-end=\"00:10:42.506\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:41\">the<\/span>\u00a0<span title=\"10:41\">top<\/span>\u00a0<span title=\"10:41\">and<\/span>\u00a0<span title=\"10:41\">bottom<\/span>\u00a0<span title=\"10:42\">line<\/span>\u00a0<span title=\"10:42\">very<\/span>\u00a0<span title=\"10:42\">handily.<\/span><\/span><br \/><span data-start=\"00:10:42.746\" data-end=\"00:10:46.986\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:43\">And<\/span>\u00a0<span title=\"10:43\">then<\/span>\u00a0<span title=\"10:43\">I<\/span>\u00a0<span title=\"10:44\">would<\/span>\u00a0<span title=\"10:44\">call<\/span>\u00a0<span title=\"10:44\">it<\/span>\u00a0<span title=\"10:44\">a<\/span>\u00a0<span title=\"10:44\">raise.<\/span>\u00a0<span title=\"10:45\">It<\/span>\u00a0<span title=\"10:45\">was<\/span>\u00a0<span title=\"10:45\">kind<\/span>\u00a0<span title=\"10:45\">of<\/span>\u00a0<span title=\"10:45\">a<\/span>\u00a0<span title=\"10:45\">slight<\/span>\u00a0<span title=\"10:46\">raise.<\/span>\u00a0<span title=\"10:46\">They<\/span>\u00a0<span title=\"10:46\">raised<\/span>\u00a0<span title=\"10:47\">the<\/span>\u00a0<span title=\"10:47\">range.<\/span><\/span><br \/><span data-start=\"00:10:47.666\" data-end=\"00:10:52.266\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:48\">Amazon<\/span>\u00a0<span title=\"10:48\">has<\/span>\u00a0<span title=\"10:48\">gotten<\/span>\u00a0<span title=\"10:49\">very<\/span>\u00a0<span title=\"10:49\">good,<\/span>\u00a0<span title=\"10:49\">especially<\/span>\u00a0<span title=\"10:49\">in<\/span>\u00a0<span title=\"10:50\">the<\/span>\u00a0<span title=\"10:50\">Jassy<\/span>\u00a0<span title=\"10:50\">era<\/span>\u00a0<span title=\"10:51\">of<\/span>\u00a0<span title=\"10:52\">not<\/span>\u00a0<span title=\"10:52\">getting<\/span>\u00a0<span title=\"10:52\">too<\/span>\u00a0<\/span><span data-start=\"00:10:52.266\" data-end=\"00:10:54.026\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:52\">ahead<\/span>\u00a0<span title=\"10:53\">of<\/span>\u00a0<span title=\"10:53\">their<\/span>\u00a0<span title=\"10:53\">skis<\/span>\u00a0<span title=\"10:54\">on<\/span>\u00a0<span title=\"10:54\">expectations.<\/span><\/span><br \/><span data-start=\"00:10:54.026\" data-end=\"00:10:57.046\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:54\">Expectations<\/span>\u00a0<span title=\"10:54\">so<\/span>\u00a0<span title=\"10:55\">but<\/span>\u00a0<span title=\"10:55\">now<\/span>\u00a0<span title=\"10:56\">that<\/span>\u00a0<span title=\"10:57\">we\u2019re<\/span>\u00a0<\/span><span data-start=\"00:10:57.046\" data-end=\"00:10:59.946\" data-spk=\"1\" data-label=\"Scot\"><span title=\"10:57\">you<\/span>\u00a0<span title=\"10:57\">know<\/span>\u00a0<span title=\"10:58\">a<\/span>\u00a0<span title=\"10:58\">fair<\/span>\u00a0<span title=\"10:58\">amount<\/span>\u00a0<span title=\"10:58\">into<\/span>\u00a0<span title=\"10:59\">the<\/span>\u00a0<span title=\"10:59\">Jassy<\/span>\u00a0<span title=\"11:00\">area<\/span>\u00a0<\/span><span data-start=\"00:10:59.946\" data-end=\"00:11:02.706\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:00\">Wall<\/span>\u00a0<span title=\"11:00\">Street\u2019s<\/span>\u00a0<span title=\"11:01\">starting<\/span>\u00a0<span title=\"11:01\">to<\/span>\u00a0<span title=\"11:01\">get<\/span>\u00a0<span title=\"11:01\">his<\/span>\u00a0<span title=\"11:01\">number<\/span>\u00a0<span title=\"11:02\">so<\/span>\u00a0<span title=\"11:02\">now<\/span>\u00a0<span title=\"11:02\">Wall<\/span>\u00a0<span title=\"11:02\">Street\u2019s<\/span>\u00a0<span title=\"11:03\">not<\/span>\u00a0<\/span><span data-start=\"00:11:02.706\" data-end=\"00:11:05.466\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:03\">really<\/span>\u00a0<span title=\"11:03\">believing<\/span>\u00a0<span title=\"11:03\">the<\/span>\u00a0<span title=\"11:04\">guidance<\/span>\u00a0<span title=\"11:04\">it\u2019s<\/span>\u00a0<span title=\"11:04\">kind<\/span>\u00a0<span title=\"11:04\">of<\/span>\u00a0<span title=\"11:04\">interesting<\/span>\u00a0<span title=\"11:05\">phenomena<\/span>\u00a0<span title=\"11:05\">that<\/span>\u00a0<span title=\"11:05\">we\u2019ll<\/span>\u00a0<\/span><span data-start=\"00:11:05.466\" data-end=\"00:11:08.166\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:05\">talk<\/span>\u00a0<span title=\"11:06\">about<\/span>\u00a0<span title=\"11:06\">when<\/span>\u00a0<span title=\"11:06\">we<\/span>\u00a0<span title=\"11:06\">get<\/span>\u00a0<span title=\"11:06\">to<\/span>\u00a0<span title=\"11:06\">that<\/span>\u00a0<span title=\"11:06\">part<\/span>\u00a0<span title=\"11:07\">but<\/span>\u00a0<span title=\"11:07\">that\u2019s<\/span>\u00a0<span title=\"11:08\">you<\/span>\u00a0<span title=\"11:08\">know<\/span>\u00a0<span title=\"11:08\">if<\/span>\u00a0<\/span><span data-start=\"00:11:08.166\" data-end=\"00:11:10.986\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:08\">we\u2019re<\/span>\u00a0<span title=\"11:08\">going<\/span>\u00a0<span title=\"11:08\">to<\/span>\u00a0<span title=\"11:08\">characterize<\/span>\u00a0<span title=\"11:09\">it<\/span>\u00a0<span title=\"11:09\">it<\/span>\u00a0<span title=\"11:09\">was<\/span>\u00a0<span title=\"11:09\">a<\/span>\u00a0<span title=\"11:09\">win<\/span>\u00a0<span title=\"11:10\">and<\/span>\u00a0<span title=\"11:10\">a<\/span>\u00a0<span title=\"11:10\">win<\/span>\u00a0<span title=\"11:10\">so<\/span>\u00a0<span title=\"11:10\">it<\/span>\u00a0<span title=\"11:10\">was<\/span>\u00a0<span title=\"11:11\">a<\/span>\u00a0<span title=\"11:11\">win<\/span>\u00a0<span title=\"11:11\">on<\/span>\u00a0<\/span><span data-start=\"00:11:10.986\" data-end=\"00:11:13.846\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:11\">the<\/span>\u00a0<span title=\"11:11\">pass<\/span>\u00a0<span title=\"11:12\">quarter<\/span>\u00a0<span title=\"11:12\">which<\/span>\u00a0<span title=\"11:12\">is<\/span>\u00a0<span title=\"11:12\">Q4<\/span>\u00a0<span title=\"11:13\">and<\/span>\u00a0<span title=\"11:13\">it<\/span>\u00a0<span title=\"11:13\">was<\/span>\u00a0<span title=\"11:13\">a<\/span>\u00a0<span title=\"11:13\">win<\/span>\u00a0<span title=\"11:13\">going<\/span>\u00a0<span title=\"11:14\">into<\/span>\u00a0<\/span><span data-start=\"00:11:13.846\" data-end=\"00:11:17.346\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:14\">Q1<\/span>\u00a0<span title=\"11:14\">and<\/span>\u00a0<span title=\"11:15\">you<\/span>\u00a0<span title=\"11:16\">know<\/span>\u00a0<span title=\"11:16\">Amazon<\/span>\u00a0<span title=\"11:16\">historically<\/span>\u00a0<span title=\"11:17\">if<\/span>\u00a0<\/span><span data-start=\"00:11:17.346\" data-end=\"00:11:20.506\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:17\">you\u2019ve<\/span>\u00a0<span title=\"11:18\">been<\/span>\u00a0<span title=\"11:18\">following<\/span>\u00a0<span title=\"11:18\">it<\/span>\u00a0<span title=\"11:18\">as<\/span>\u00a0<span title=\"11:18\">long<\/span>\u00a0<span title=\"11:18\">as<\/span>\u00a0<span title=\"11:19\">jason<\/span>\u00a0<span title=\"11:19\">i<\/span>\u00a0<span title=\"11:19\">have<\/span>\u00a0<span title=\"11:19\">they<\/span>\u00a0<span title=\"11:20\">go<\/span>\u00a0<\/span><span data-start=\"00:11:20.506\" data-end=\"00:11:23.566\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:21\">through<\/span>\u00a0<span title=\"11:21\">these<\/span>\u00a0<span title=\"11:21\">periods<\/span>\u00a0<span title=\"11:21\">of<\/span>\u00a0<span title=\"11:22\">what<\/span>\u00a0<span title=\"11:23\">i<\/span>\u00a0<span title=\"11:23\">call<\/span>\u00a0<span title=\"11:23\">invest<\/span>\u00a0<span title=\"11:23\">and<\/span>\u00a0<\/span><span data-start=\"00:11:23.566\" data-end=\"00:11:26.826\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:24\">harvest<\/span>\u00a0<span title=\"11:24\">so<\/span>\u00a0<span title=\"11:24\">they\u2019ll<\/span>\u00a0<span title=\"11:24\">invest<\/span>\u00a0<span title=\"11:25\">and<\/span>\u00a0<span title=\"11:25\">invest<\/span>\u00a0<span title=\"11:26\">and<\/span>\u00a0<span title=\"11:26\">invest<\/span>\u00a0<span title=\"11:26\">everyone\u2019s<\/span>\u00a0<\/span><span data-start=\"00:11:26.826\" data-end=\"00:11:29.646\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:27\">like<\/span>\u00a0<span title=\"11:27\">gosh<\/span>\u00a0<span title=\"11:27\">and<\/span>\u00a0<span title=\"11:28\">then<\/span>\u00a0<span title=\"11:28\">people<\/span>\u00a0<span title=\"11:28\">think<\/span>\u00a0<span title=\"11:29\">all<\/span>\u00a0<span title=\"11:29\">right<\/span>\u00a0<\/span><span data-start=\"00:11:29.646\" data-end=\"00:11:33.846\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:30\">there\u2019s<\/span>\u00a0<span title=\"11:30\">no<\/span>\u00a0<span title=\"11:30\">way<\/span>\u00a0<span title=\"11:30\">this<\/span>\u00a0<span title=\"11:31\">thing\u2019s<\/span>\u00a0<span title=\"11:31\">going<\/span>\u00a0<span title=\"11:31\">to<\/span>\u00a0<span title=\"11:31\">be<\/span>\u00a0<span title=\"11:31\">either<\/span>\u00a0<span title=\"11:32\">profitable<\/span>\u00a0<span title=\"11:32\">at<\/span>\u00a0<span title=\"11:33\">all<\/span>\u00a0<span title=\"11:33\">or<\/span>\u00a0<span title=\"11:33\">as<\/span>\u00a0<span title=\"11:33\">profitable<\/span>\u00a0<\/span><span data-start=\"00:11:33.846\" data-end=\"00:11:38.146\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:34\">as<\/span>\u00a0<span title=\"11:34\">it<\/span>\u00a0<span title=\"11:34\">once<\/span>\u00a0<span title=\"11:34\">was<\/span>\u00a0<span title=\"11:35\">or<\/span>\u00a0<span title=\"11:35\">whatever<\/span>\u00a0<span title=\"11:35\">it<\/span>\u00a0<span title=\"11:35\">is<\/span>\u00a0<span title=\"11:35\">they<\/span>\u00a0<span title=\"11:36\">start<\/span>\u00a0<span title=\"11:36\">to<\/span>\u00a0<span title=\"11:36\">lose<\/span>\u00a0<span title=\"11:36\">faith<\/span>\u00a0<span title=\"11:36\">and<\/span>\u00a0<span title=\"11:37\">then<\/span>\u00a0<span title=\"11:37\">amazon<\/span>\u00a0<span title=\"11:38\">goes<\/span>\u00a0<\/span><span data-start=\"00:11:38.146\" data-end=\"00:11:42.486\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:38\">into<\/span>\u00a0<span title=\"11:38\">a<\/span>\u00a0<span title=\"11:39\">harvest<\/span>\u00a0<span title=\"11:39\">phase<\/span>\u00a0<span title=\"11:39\">and<\/span>\u00a0<span title=\"11:40\">then<\/span>\u00a0<span title=\"11:40\">they<\/span>\u00a0<span title=\"11:40\">just<\/span>\u00a0<span title=\"11:40\">print<\/span>\u00a0<span title=\"11:41\">money<\/span>\u00a0<span title=\"11:41\">and<\/span>\u00a0<span title=\"11:41\">it<\/span>\u00a0<span title=\"11:42\">always<\/span>\u00a0<span title=\"11:42\">surprises<\/span>\u00a0<\/span><span data-start=\"00:11:42.486\" data-end=\"00:11:47.546\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:42\">people<\/span>\u00a0<span title=\"11:43\">and<\/span>\u00a0<span title=\"11:43\">they\u2019re<\/span>\u00a0<span title=\"11:43\">able<\/span>\u00a0<span title=\"11:43\">to<\/span>\u00a0<span title=\"11:43\">do<\/span>\u00a0<span title=\"11:44\">that<\/span>\u00a0<span title=\"11:44\">and<\/span>\u00a0<span title=\"11:44\">that\u2019s<\/span>\u00a0<span title=\"11:45\">what<\/span>\u00a0<span title=\"11:45\">what<\/span>\u00a0<span title=\"11:45\">But<\/span>\u00a0<span title=\"11:46\">this<\/span>\u00a0<span title=\"11:46\">quarter<\/span>\u00a0<span title=\"11:46\">really<\/span>\u00a0<span title=\"11:47\">is<\/span>\u00a0<span title=\"11:47\">kind<\/span>\u00a0<span title=\"11:47\">of<\/span>\u00a0<span title=\"11:47\">the<\/span>\u00a0<span title=\"11:47\">\u2013.<\/span><\/span><\/p>\n<p><small>[11:49]<\/small>\u00a0<span data-start=\"00:11:49.293\" data-end=\"00:11:52.673\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:49\">Output<\/span>\u00a0<span title=\"11:50\">of<\/span>\u00a0<span title=\"11:50\">focusing<\/span>\u00a0<span title=\"11:50\">on<\/span>\u00a0<span title=\"11:51\">that<\/span>\u00a0<span title=\"11:51\">a<\/span>\u00a0<span title=\"11:51\">lot<\/span>\u00a0<span title=\"11:51\">in<\/span>\u00a0<span title=\"11:52\">2023<\/span>\u00a0<span title=\"11:52\">where<\/span>\u00a0<\/span><span data-start=\"00:11:52.673\" data-end=\"00:11:55.453\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:53\">they<\/span>\u00a0<span title=\"11:53\">kind<\/span>\u00a0<span title=\"11:53\">of<\/span>\u00a0<span title=\"11:53\">had<\/span>\u00a0<span title=\"11:53\">this<\/span>\u00a0<span title=\"11:54\">post-coveted<\/span>\u00a0<span title=\"11:55\">hangover<\/span>\u00a0<span title=\"11:55\">they<\/span>\u00a0<span title=\"11:55\">had<\/span>\u00a0<\/span><span data-start=\"00:11:55.453\" data-end=\"00:11:58.873\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:55\">overbuilt<\/span>\u00a0<span title=\"11:56\">a<\/span>\u00a0<span title=\"11:56\">bunch<\/span>\u00a0<span title=\"11:56\">of<\/span>\u00a0<span title=\"11:56\">stuff<\/span>\u00a0<span title=\"11:56\">and<\/span>\u00a0<span title=\"11:57\">now<\/span>\u00a0<span title=\"11:57\">it<\/span>\u00a0<span title=\"11:57\">feels<\/span>\u00a0<span title=\"11:57\">like<\/span>\u00a0<span title=\"11:58\">they<\/span>\u00a0<span title=\"11:58\">have<\/span>\u00a0<span title=\"11:58\">righted<\/span>\u00a0<\/span><span data-start=\"00:11:58.873\" data-end=\"00:12:01.813\" data-spk=\"1\" data-label=\"Scot\"><span title=\"11:59\">that<\/span>\u00a0<span title=\"11:59\">they\u2019ve<\/span>\u00a0<span title=\"12:00\">stopped<\/span>\u00a0<span title=\"12:00\">a<\/span>\u00a0<span title=\"12:00\">lot<\/span>\u00a0<span title=\"12:00\">of<\/span>\u00a0<span title=\"12:00\">the<\/span>\u00a0<span title=\"12:00\">things<\/span>\u00a0<span title=\"12:01\">that<\/span>\u00a0<span title=\"12:01\">since<\/span>\u00a0<span title=\"12:01\">jesse<\/span>\u00a0<\/span><span data-start=\"00:12:01.813\" data-end=\"00:12:05.193\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:02\">came<\/span>\u00a0<span title=\"12:02\">in<\/span>\u00a0<span title=\"12:02\">that<\/span>\u00a0<span title=\"12:02\">maybe<\/span>\u00a0<span title=\"12:03\">were<\/span>\u00a0<span title=\"12:04\">investment<\/span>\u00a0<span title=\"12:04\">areas<\/span>\u00a0<span title=\"12:04\">that<\/span>\u00a0<span title=\"12:04\">they<\/span>\u00a0<span title=\"12:04\">shouldn\u2019t<\/span>\u00a0<span title=\"12:05\">have<\/span>\u00a0<span title=\"12:05\">been<\/span>\u00a0<span title=\"12:05\">investing<\/span>\u00a0<\/span><span data-start=\"00:12:05.193\" data-end=\"00:12:09.353\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:05\">in<\/span>\u00a0<span title=\"12:05\">and<\/span>\u00a0<span title=\"12:06\">and<\/span>\u00a0<span title=\"12:06\">they\u2019ve<\/span>\u00a0<span title=\"12:06\">got<\/span>\u00a0<span title=\"12:07\">a<\/span>\u00a0<span title=\"12:07\">lot<\/span>\u00a0<span title=\"12:07\">of<\/span>\u00a0<span title=\"12:07\">discipline<\/span>\u00a0<span title=\"12:07\">on<\/span>\u00a0<span title=\"12:08\">expenses<\/span>\u00a0<span title=\"12:08\">and<\/span>\u00a0<span title=\"12:08\">that<\/span>\u00a0<span title=\"12:09\">has<\/span>\u00a0<span title=\"12:09\">turned<\/span>\u00a0<span title=\"12:09\">out<\/span>\u00a0<\/span><span data-start=\"00:12:09.353\" data-end=\"00:12:15.133\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:09\">really<\/span>\u00a0<span title=\"12:10\">well<\/span>\u00a0<span title=\"12:10\">so<\/span>\u00a0<span title=\"12:11\">those<\/span>\u00a0<span title=\"12:11\">numbers<\/span>\u00a0<span title=\"12:12\">work<\/span>\u00a0<span title=\"12:12\">is<\/span>\u00a0<span title=\"12:12\">revenue<\/span>\u00a0<span title=\"12:13\">came<\/span>\u00a0<span title=\"12:13\">in<\/span>\u00a0<span title=\"12:13\">at<\/span>\u00a0<span title=\"12:14\">170<\/span>\u00a0<span title=\"12:14\">billion<\/span>\u00a0<span title=\"12:15\">and<\/span>\u00a0<span title=\"12:15\">wall<\/span>\u00a0<\/span><span data-start=\"00:12:15.133\" data-end=\"00:12:20.613\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:15\">street<\/span>\u00a0<span title=\"12:15\">had<\/span>\u00a0<span title=\"12:16\">166<\/span>\u00a0<span title=\"12:17\">billion<\/span>\u00a0<span title=\"12:17\">So<\/span>\u00a0<span title=\"12:17\">that\u2019s<\/span>\u00a0<span title=\"12:17\">a<\/span>\u00a0<span title=\"12:18\">beat<\/span>\u00a0<span title=\"12:18\">of<\/span>\u00a0<span title=\"12:18\">a<\/span>\u00a0<span title=\"12:18\">mere<\/span>\u00a0<span title=\"12:19\">$4<\/span>\u00a0<span title=\"12:19\">billion,<\/span>\u00a0<span title=\"12:19\">which<\/span>\u00a0<span title=\"12:20\">is<\/span>\u00a0<span title=\"12:20\">very<\/span>\u00a0<span title=\"12:20\">good.<\/span><\/span><br \/><span data-start=\"00:12:21.173\" data-end=\"00:12:27.493\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:21\">That<\/span>\u00a0<span title=\"12:22\">represents<\/span>\u00a0<span title=\"12:22\">14%<\/span>\u00a0<span title=\"12:23\">year-over-year<\/span>\u00a0<span title=\"12:24\">growth.<\/span>\u00a0<span title=\"12:24\">Operating<\/span>\u00a0<span title=\"12:25\">income<\/span>\u00a0<span title=\"12:25\">came<\/span>\u00a0<span title=\"12:26\">in<\/span>\u00a0<span title=\"12:26\">at<\/span>\u00a0<span title=\"12:26\">6.1%,<\/span>\u00a0<\/span><span data-start=\"00:12:27.493\" data-end=\"00:12:29.693\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:27\">which<\/span>\u00a0<span title=\"12:28\">is<\/span>\u00a0<span title=\"12:28\">the<\/span>\u00a0<span title=\"12:28\">highest<\/span>\u00a0<span title=\"12:29\">since<\/span>\u00a0<span title=\"12:29\">2019.<\/span><\/span><br \/><span data-start=\"00:12:30.173\" data-end=\"00:12:35.833\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:30\">So<\/span>\u00a0<span title=\"12:30\">they\u2019re<\/span>\u00a0<span title=\"12:31\">kind<\/span>\u00a0<span title=\"12:32\">of<\/span>\u00a0<span title=\"12:32\">back<\/span>\u00a0<span title=\"12:32\">in<\/span>\u00a0<span title=\"12:32\">pre-COVID<\/span>\u00a0<span title=\"12:34\">shape,<\/span>\u00a0<span title=\"12:34\">if<\/span>\u00a0<span title=\"12:34\">you<\/span>\u00a0<span title=\"12:34\">will,<\/span>\u00a0<span title=\"12:34\">and<\/span>\u00a0<span title=\"12:34\">doing<\/span>\u00a0<span title=\"12:35\">better<\/span>\u00a0<span title=\"12:36\">than<\/span>\u00a0<\/span><span data-start=\"00:12:35.833\" data-end=\"00:12:37.913\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:36\">pre-COVID.<\/span>\u00a0<span title=\"12:37\">So<\/span>\u00a0<span title=\"12:37\">that\u2019s<\/span>\u00a0<span title=\"12:37\">good<\/span>\u00a0<span title=\"12:38\">to<\/span>\u00a0<span title=\"12:38\">see.<\/span><\/span><br \/><span data-start=\"00:12:38.493\" data-end=\"00:12:42.353\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:38\">Operating<\/span>\u00a0<span title=\"12:39\">income<\/span>\u00a0<span title=\"12:39\">came<\/span>\u00a0<span title=\"12:40\">in<\/span>\u00a0<span title=\"12:40\">at<\/span>\u00a0<span title=\"12:40\">$13.2<\/span>\u00a0<span title=\"12:40\">billion,<\/span>\u00a0<span title=\"12:41\">and<\/span>\u00a0<span title=\"12:41\">Wall<\/span>\u00a0<span title=\"12:41\">Street<\/span>\u00a0<span title=\"12:41\">had<\/span>\u00a0<span title=\"12:42\">$10.4.<\/span><\/span><br \/><span data-start=\"00:12:42.413\" data-end=\"00:12:45.613\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:42\">So<\/span>\u00a0<span title=\"12:43\">this<\/span>\u00a0<span title=\"12:43\">was<\/span>\u00a0<span title=\"12:43\">a<\/span>\u00a0<span title=\"12:43\">pretty<\/span>\u00a0<span title=\"12:43\">big<\/span>\u00a0<span title=\"12:44\">beat.<\/span>\u00a0<span title=\"12:44\">it\u2019s<\/span>\u00a0<span title=\"12:44\">only<\/span>\u00a0<span title=\"12:44\">three<\/span>\u00a0<span title=\"12:44\">billion<\/span>\u00a0<span title=\"12:45\">ish<\/span>\u00a0<span title=\"12:45\">but<\/span>\u00a0<\/span><span data-start=\"00:12:45.613\" data-end=\"00:12:50.193\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:46\">you<\/span>\u00a0<span title=\"12:46\">know<\/span>\u00a0<span title=\"12:46\">that\u2019s<\/span>\u00a0<span title=\"12:46\">a<\/span>\u00a0<span title=\"12:46\">30<\/span>\u00a0<span title=\"12:47\">percent<\/span>\u00a0<span title=\"12:47\">beat<\/span>\u00a0<span title=\"12:47\">so<\/span>\u00a0<span title=\"12:48\">that\u2019s<\/span>\u00a0<span title=\"12:48\">a<\/span>\u00a0<span title=\"12:48\">that\u2019s<\/span>\u00a0<span title=\"12:49\">a<\/span>\u00a0<span title=\"12:49\">nice<\/span>\u00a0<span title=\"12:49\">win<\/span>\u00a0<span title=\"12:49\">when<\/span>\u00a0<span title=\"12:50\">you<\/span>\u00a0<span title=\"12:50\">can<\/span>\u00a0<\/span><span data-start=\"00:12:50.193\" data-end=\"00:12:55.773\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:50\">deliver<\/span>\u00a0<span title=\"12:51\">30<\/span>\u00a0<span title=\"12:51\">more<\/span>\u00a0<span title=\"12:52\">profit<\/span>\u00a0<span title=\"12:52\">than<\/span>\u00a0<span title=\"12:52\">wall<\/span>\u00a0<span title=\"12:53\">street\u2019s<\/span>\u00a0<span title=\"12:53\">looking<\/span>\u00a0<span title=\"12:53\">for<\/span>\u00a0<span title=\"12:54\">so<\/span>\u00a0<span title=\"12:55\">all<\/span>\u00a0<span title=\"12:55\">that<\/span>\u00a0<span title=\"12:55\">was<\/span>\u00a0<span title=\"12:55\">really<\/span>\u00a0<\/span><span data-start=\"00:12:55.773\" data-end=\"00:13:02.513\" data-spk=\"1\" data-label=\"Scot\"><span title=\"12:56\">good<\/span>\u00a0<span title=\"12:56\">so<\/span>\u00a0<span title=\"12:56\">jason<\/span>\u00a0<span title=\"12:57\">how<\/span>\u00a0<span title=\"12:57\">did<\/span>\u00a0<span title=\"12:57\">you<\/span>\u00a0<span title=\"12:57\">think<\/span>\u00a0<span title=\"12:58\">that<\/span>\u00a0<span title=\"12:59\">the<\/span>\u00a0<span title=\"12:59\">retail<\/span>\u00a0<span title=\"12:59\">and<\/span>\u00a0<span title=\"13:00\">offline<\/span>\u00a0<span title=\"13:00\">online<\/span>\u00a0<span title=\"13:01\">parts<\/span>\u00a0<span title=\"13:02\">of<\/span>\u00a0<span title=\"13:02\">the<\/span>\u00a0<span title=\"13:02\">business<\/span>\u00a0<span title=\"13:02\">did.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[13:03]<\/small>\u00a0<span data-start=\"00:13:03.033\" data-end=\"00:13:07.593\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:03\">Yeah<\/span>\u00a0<span title=\"13:03\">well<\/span>\u00a0<span title=\"13:03\">it<\/span>\u00a0<span title=\"13:04\">was<\/span>\u00a0<span title=\"13:04\">certainly<\/span>\u00a0<span title=\"13:04\">a<\/span>\u00a0<span title=\"13:04\">good<\/span>\u00a0<span title=\"13:05\">part<\/span>\u00a0<span title=\"13:05\">you<\/span>\u00a0<span title=\"13:05\">know<\/span>\u00a0<span title=\"13:05\">reminder<\/span>\u00a0<span title=\"13:06\">amazon<\/span>\u00a0<span title=\"13:07\">reports<\/span>\u00a0<span title=\"13:07\">their<\/span>\u00a0<\/span><span data-start=\"00:13:07.593\" data-end=\"00:13:13.013\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:08\">online<\/span>\u00a0<span title=\"13:08\">sales<\/span>\u00a0<span title=\"13:10\">which<\/span>\u00a0<span title=\"13:10\">which<\/span>\u00a0<span title=\"13:10\">is<\/span>\u00a0<span title=\"13:10\">a<\/span>\u00a0<span title=\"13:10\">global<\/span>\u00a0<span title=\"13:11\">number,<\/span>\u00a0<span title=\"13:11\">and<\/span>\u00a0<span title=\"13:12\">Amazon\u2019s<\/span>\u00a0<span title=\"13:12\">in<\/span>\u00a0<span title=\"13:12\">a<\/span>\u00a0<span title=\"13:12\">different<\/span>\u00a0<span title=\"13:13\">set<\/span>\u00a0<\/span><span data-start=\"00:13:13.013\" data-end=\"00:13:14.293\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:13\">of<\/span>\u00a0<span title=\"13:13\">countries<\/span>\u00a0<span title=\"13:14\">than<\/span>\u00a0<span title=\"13:14\">anyone<\/span>\u00a0<span title=\"13:14\">else.<\/span><\/span><br \/><span data-start=\"00:13:14.433\" data-end=\"00:13:18.653\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:14\">So<\/span>\u00a0<span title=\"13:15\">you<\/span>\u00a0<span title=\"13:15\">almost<\/span>\u00a0<span title=\"13:15\">can\u2019t<\/span>\u00a0<span title=\"13:16\">compare<\/span>\u00a0<span title=\"13:16\">it<\/span>\u00a0<span title=\"13:16\">to<\/span>\u00a0<span title=\"13:16\">any<\/span>\u00a0<span title=\"13:17\">other<\/span>\u00a0<span title=\"13:17\">retailer<\/span>\u00a0<span title=\"13:17\">because<\/span>\u00a0<span title=\"13:17\">there\u2019s<\/span>\u00a0<span title=\"13:18\">no<\/span>\u00a0<span title=\"13:18\">retailer<\/span>\u00a0<\/span><span data-start=\"00:13:18.653\" data-end=\"00:13:20.853\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:19\">that<\/span>\u00a0<span title=\"13:19\">does<\/span>\u00a0<span title=\"13:19\">business<\/span>\u00a0<span title=\"13:19\">in<\/span>\u00a0<span title=\"13:19\">the<\/span>\u00a0<span title=\"13:20\">same<\/span>\u00a0<span title=\"13:20\">geographies<\/span>\u00a0<span title=\"13:20\">as<\/span>\u00a0<span title=\"13:20\">Amazon.<\/span><\/span><br \/><span data-start=\"00:13:21.313\" data-end=\"00:13:27.413\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:21\">And<\/span>\u00a0<span title=\"13:22\">that<\/span>\u00a0<span title=\"13:22\">online<\/span>\u00a0<span title=\"13:22\">stores<\/span>\u00a0<span title=\"13:23\">has<\/span>\u00a0<span title=\"13:25\">their<\/span>\u00a0<span title=\"13:25\">first<\/span>\u00a0<span title=\"13:26\">party<\/span>\u00a0<span title=\"13:26\">sales<\/span>\u00a0<span title=\"13:26\">in<\/span>\u00a0<span title=\"13:26\">it,<\/span>\u00a0<span title=\"13:27\">and<\/span>\u00a0<span title=\"13:27\">it<\/span>\u00a0<span title=\"13:27\">has<\/span>\u00a0<span title=\"13:27\">just<\/span>\u00a0<span title=\"13:27\">the<\/span>\u00a0<\/span><span data-start=\"00:13:27.413\" data-end=\"00:13:30.213\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:27\">profit<\/span>\u00a0<span title=\"13:28\">from<\/span>\u00a0<span title=\"13:28\">their<\/span>\u00a0<span title=\"13:28\">third<\/span>\u00a0<span title=\"13:29\">party<\/span>\u00a0<span title=\"13:30\">sales<\/span>\u00a0<span title=\"13:30\">in<\/span>\u00a0<span title=\"13:30\">it.<\/span><\/span><br \/><span data-start=\"00:13:30.293\" data-end=\"00:13:36.273\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:30\">So<\/span>\u00a0<span title=\"13:30\">it\u2019s<\/span>\u00a0<span title=\"13:30\">not<\/span>\u00a0<span title=\"13:31\">a<\/span>\u00a0<span title=\"13:31\">real<\/span>\u00a0<span title=\"13:31\">GMV<\/span>\u00a0<span title=\"13:32\">number,<\/span>\u00a0<span title=\"13:33\">but<\/span>\u00a0<span title=\"13:33\">that<\/span>\u00a0<span title=\"13:33\">number<\/span>\u00a0<span title=\"13:34\">was<\/span>\u00a0<span title=\"13:35\">over<\/span>\u00a0<span title=\"13:36\">70<\/span>\u00a0<span title=\"13:36\">billion,<\/span>\u00a0<\/span><span data-start=\"00:13:36.353\" data-end=\"00:13:39.693\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:36\">like<\/span>\u00a0<span title=\"13:36\">70.5<\/span>\u00a0<span title=\"13:37\">billion<\/span>\u00a0<span title=\"13:37\">versus<\/span>\u00a0<span title=\"13:38\">68.6<\/span>\u00a0<span title=\"13:39\">billion.<\/span><\/span><br \/><span data-start=\"00:13:39.793\" data-end=\"00:13:42.433\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:40\">So<\/span>\u00a0<span title=\"13:40\">that<\/span>\u00a0<span title=\"13:40\">was<\/span>\u00a0<span title=\"13:40\">up<\/span>\u00a0<span title=\"13:40\">6%.<\/span>\u00a0<span title=\"13:41\">That<\/span>\u00a0<span title=\"13:41\">was<\/span>\u00a0<span title=\"13:41\">a<\/span>\u00a0<span title=\"13:42\">beat<\/span>\u00a0<span title=\"13:42\">for<\/span>\u00a0<span title=\"13:42\">Wall<\/span>\u00a0<span title=\"13:42\">Street.<\/span><\/span><br \/><span data-start=\"00:13:42.853\" data-end=\"00:13:45.173\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:43\">Physical<\/span>\u00a0<span title=\"13:43\">stores<\/span>\u00a0<span title=\"13:44\">were<\/span>\u00a0<span title=\"13:44\">5.1<\/span>\u00a0<span title=\"13:45\">billion,<\/span>\u00a0<\/span><span data-start=\"00:13:45.293\" data-end=\"00:13:50.433\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:45\">which<\/span>\u00a0<span title=\"13:45\">is<\/span>\u00a0<span title=\"13:46\">slightly<\/span>\u00a0<span title=\"13:46\">down.<\/span>\u00a0<span title=\"13:47\">So<\/span>\u00a0<span title=\"13:47\">that<\/span>\u00a0<span title=\"13:47\">was<\/span>\u00a0<span title=\"13:48\">one<\/span>\u00a0<span title=\"13:48\">of<\/span>\u00a0<span title=\"13:48\">the<\/span>\u00a0<span title=\"13:48\">few<\/span>\u00a0<span title=\"13:49\">misses<\/span>\u00a0<span title=\"13:50\">in<\/span>\u00a0<span title=\"13:50\">there.<\/span><\/span><\/p>\n<p><small>[13:52]<\/small>\u00a0<span data-start=\"00:13:51.614\" data-end=\"00:13:55.334\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:52\">What<\/span>\u00a0<span title=\"13:52\">I<\/span>\u00a0<span title=\"13:52\">suspect<\/span>\u00a0<span title=\"13:52\">most<\/span>\u00a0<span title=\"13:52\">of<\/span>\u00a0<span title=\"13:53\">our<\/span>\u00a0<span title=\"13:53\">listeners<\/span>\u00a0<span title=\"13:53\">are<\/span>\u00a0<span title=\"13:53\">more<\/span>\u00a0<span title=\"13:54\">interested<\/span>\u00a0<span title=\"13:54\">in<\/span>\u00a0<span title=\"13:55\">is<\/span>\u00a0<span title=\"13:55\">if<\/span>\u00a0<span title=\"13:55\">you<\/span>\u00a0<span title=\"13:55\">convert<\/span>\u00a0<\/span><span data-start=\"00:13:55.334\" data-end=\"00:14:00.274\" data-spk=\"0\" data-label=\"Jason\"><span title=\"13:55\">all<\/span>\u00a0<span title=\"13:56\">those<\/span>\u00a0<span title=\"13:57\">sales<\/span>\u00a0<span title=\"13:57\">into<\/span>\u00a0<span title=\"13:57\">a<\/span>\u00a0<span title=\"13:57\">GMV<\/span>\u00a0<span title=\"13:58\">number<\/span>\u00a0<span title=\"13:58\">and<\/span>\u00a0<span title=\"13:59\">you<\/span>\u00a0<span title=\"13:59\">strip<\/span>\u00a0<span title=\"13:59\">out<\/span>\u00a0<span title=\"13:59\">just<\/span>\u00a0<span title=\"14:00\">the<\/span>\u00a0<span title=\"14:00\">U.S.<\/span><\/span><br \/><span data-start=\"00:14:00.274\" data-end=\"00:14:04.034\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:00\">So<\/span>\u00a0<span title=\"14:00\">you<\/span>\u00a0<span title=\"14:00\">can<\/span>\u00a0<span title=\"14:01\">kind<\/span>\u00a0<span title=\"14:01\">of<\/span>\u00a0<span title=\"14:01\">compare<\/span>\u00a0<span title=\"14:01\">it<\/span>\u00a0<span title=\"14:01\">to<\/span>\u00a0<span title=\"14:01\">other<\/span>\u00a0<span title=\"14:02\">U.S.<\/span>\u00a0<span title=\"14:03\">retailers.<\/span>\u00a0<span title=\"14:03\">What<\/span>\u00a0<span title=\"14:03\">does<\/span>\u00a0<span title=\"14:03\">that<\/span>\u00a0<span title=\"14:04\">look<\/span>\u00a0<span title=\"14:04\">like?<\/span><\/span><br \/><span data-start=\"00:14:04.294\" data-end=\"00:14:08.154\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:04\">And<\/span>\u00a0<span title=\"14:05\">there\u2019s<\/span>\u00a0<span title=\"14:05\">a<\/span>\u00a0<span title=\"14:05\">number<\/span>\u00a0<span title=\"14:06\">of<\/span>\u00a0<span title=\"14:06\">different<\/span>\u00a0<span title=\"14:06\">estimates<\/span>\u00a0<span title=\"14:07\">out<\/span>\u00a0<span title=\"14:08\">there.<\/span><\/span><br \/><span data-start=\"00:14:08.894\" data-end=\"00:14:15.014\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:09\">One<\/span>\u00a0<span title=\"14:09\">that<\/span>\u00a0<span title=\"14:10\">we<\/span>\u00a0<span title=\"14:10\">pulled<\/span>\u00a0<span title=\"14:10\">was<\/span>\u00a0<span title=\"14:10\">Citibank\u2019s.<\/span>\u00a0<span title=\"14:12\">So<\/span>\u00a0<span title=\"14:12\">the<\/span>\u00a0<span title=\"14:13\">Citibank<\/span>\u00a0<span title=\"14:13\">estimate<\/span>\u00a0<span title=\"14:14\">for<\/span>\u00a0<span title=\"14:14\">total<\/span>\u00a0<span title=\"14:14\">GMV<\/span>\u00a0<span title=\"14:15\">for<\/span>\u00a0<\/span><span data-start=\"00:14:15.014\" data-end=\"00:14:22.894\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:15\">the<\/span>\u00a0<span title=\"14:15\">year<\/span>\u00a0<span title=\"14:15\">was<\/span>\u00a0<span title=\"14:16\">$904<\/span>\u00a0<span title=\"14:17\">billion.<\/span>\u00a0<span title=\"14:18\">billion,<\/span>\u00a0<span title=\"14:18\">the<\/span>\u00a0<span title=\"14:19\">US<\/span>\u00a0<span title=\"14:19\">portion<\/span>\u00a0<span title=\"14:20\">of<\/span>\u00a0<span title=\"14:20\">that<\/span>\u00a0<span title=\"14:20\">would<\/span>\u00a0<span title=\"14:20\">be<\/span>\u00a0<span title=\"14:20\">like<\/span>\u00a0<span title=\"14:21\">$659<\/span>\u00a0<span title=\"14:22\">billion.<\/span><\/span><br \/><span data-start=\"00:14:23.494\" data-end=\"00:14:30.214\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:23\">And<\/span>\u00a0<span title=\"14:24\">that<\/span>\u00a0<span title=\"14:25\">implies<\/span>\u00a0<span title=\"14:25\">that<\/span>\u00a0<span title=\"14:26\">the<\/span>\u00a0<span title=\"14:26\">third<\/span>\u00a0<span title=\"14:27\">party<\/span>\u00a0<span title=\"14:28\">sales<\/span>\u00a0<span title=\"14:28\">were<\/span>\u00a0<span title=\"14:29\">particularly<\/span>\u00a0<span title=\"14:29\">profitable.<\/span><\/span><br \/><span data-start=\"00:14:30.414\" data-end=\"00:14:33.374\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:30\">So<\/span>\u00a0<span title=\"14:31\">I\u2019ll<\/span>\u00a0<span title=\"14:31\">call<\/span>\u00a0<span title=\"14:31\">that<\/span>\u00a0<span title=\"14:31\">a<\/span>\u00a0<span title=\"14:32\">optimistic<\/span>\u00a0<span title=\"14:33\">estimate.<\/span><\/span><br \/><span data-start=\"00:14:33.614\" data-end=\"00:14:38.914\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:34\">And<\/span>\u00a0<span title=\"14:34\">then<\/span>\u00a0<span title=\"14:34\">Marketplace<\/span>\u00a0<span title=\"14:35\">Pulse<\/span>\u00a0<span title=\"14:35\">did<\/span>\u00a0<span title=\"14:36\">an<\/span>\u00a0<span title=\"14:36\">estimate<\/span>\u00a0<span title=\"14:37\">using<\/span>\u00a0<span title=\"14:37\">a<\/span>\u00a0<span title=\"14:38\">much<\/span>\u00a0<span title=\"14:38\">more<\/span>\u00a0<span title=\"14:38\">conservative<\/span>\u00a0<span title=\"14:38\">figure<\/span>\u00a0<\/span><span data-start=\"00:14:38.914\" data-end=\"00:14:44.474\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:39\">for<\/span>\u00a0<span title=\"14:39\">how<\/span>\u00a0<span title=\"14:39\">profitable<\/span>\u00a0<span title=\"14:40\">third<\/span>\u00a0<span title=\"14:40\">party<\/span>\u00a0<span title=\"14:40\">sales<\/span>\u00a0<span title=\"14:41\">that<\/span>\u00a0<span title=\"14:41\">was<\/span>\u00a0<span title=\"14:42\">largely<\/span>\u00a0<span title=\"14:42\">based<\/span>\u00a0<span title=\"14:43\">on<\/span>\u00a0<span title=\"14:43\">the<\/span>\u00a0<span title=\"14:43\">one<\/span>\u00a0<span title=\"14:44\">year<\/span>\u00a0<\/span><span data-start=\"00:14:44.474\" data-end=\"00:14:47.634\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:44\">Amazon<\/span>\u00a0<span title=\"14:45\">really<\/span>\u00a0<span title=\"14:45\">really<\/span>\u00a0<span title=\"14:45\">told<\/span>\u00a0<span title=\"14:45\">us<\/span>\u00a0<span title=\"14:46\">what<\/span>\u00a0<span title=\"14:46\">the<\/span>\u00a0<span title=\"14:46\">numbers<\/span>\u00a0<span title=\"14:46\">were,<\/span>\u00a0<span title=\"14:46\">which<\/span>\u00a0<span title=\"14:47\">was<\/span>\u00a0<span title=\"14:47\">2018,<\/span>\u00a0<span title=\"14:47\">right?<\/span><\/span><br \/><span data-start=\"00:14:47.774\" data-end=\"00:14:53.134\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:48\">And<\/span>\u00a0<span title=\"14:48\">so<\/span>\u00a0<span title=\"14:48\">based<\/span>\u00a0<span title=\"14:49\">on<\/span>\u00a0<span title=\"14:49\">those<\/span>\u00a0<span title=\"14:49\">kind<\/span>\u00a0<span title=\"14:50\">of<\/span>\u00a0<span title=\"14:50\">2018<\/span>\u00a0<span title=\"14:50\">ratios,<\/span>\u00a0<span title=\"14:52\">Marketplace<\/span>\u00a0<span title=\"14:52\">polls<\/span>\u00a0<span title=\"14:52\">estimated<\/span>\u00a0<span title=\"14:53\">that<\/span>\u00a0<\/span><span data-start=\"00:14:53.134\" data-end=\"00:14:58.914\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:53\">global<\/span>\u00a0<span title=\"14:53\">GMV<\/span>\u00a0<span title=\"14:54\">is<\/span>\u00a0<span title=\"14:54\">about<\/span>\u00a0<span title=\"14:54\">700<\/span>\u00a0<span title=\"14:55\">billion,<\/span>\u00a0<span title=\"14:56\">US<\/span>\u00a0<span title=\"14:56\">GMV<\/span>\u00a0<span title=\"14:57\">would<\/span>\u00a0<span title=\"14:57\">be<\/span>\u00a0<span title=\"14:57\">510<\/span>\u00a0<span title=\"14:58\">billion.<\/span><\/span><br \/><span data-start=\"00:14:59.274\" data-end=\"00:15:05.034\" data-spk=\"0\" data-label=\"Jason\"><span title=\"14:59\">So<\/span>\u00a0<span title=\"15:00\">that\u2019s<\/span>\u00a0<span title=\"15:01\">up,<\/span>\u00a0<span title=\"15:01\">if<\/span>\u00a0<span title=\"15:02\">we<\/span>\u00a0<span title=\"15:03\">take<\/span>\u00a0<span title=\"15:03\">that<\/span>\u00a0<span title=\"15:03\">conservative<\/span>\u00a0<span title=\"15:03\">number,<\/span>\u00a0<span title=\"15:04\">the<\/span>\u00a0<span title=\"15:04\">510<\/span>\u00a0<span title=\"15:05\">billion,<\/span>\u00a0<\/span><span data-start=\"00:15:05.134\" data-end=\"00:15:08.374\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:05\">that<\/span>\u00a0<span title=\"15:05\">would<\/span>\u00a0<span title=\"15:06\">be<\/span>\u00a0<span title=\"15:06\">up<\/span>\u00a0<span title=\"15:06\">9%<\/span>\u00a0<span title=\"15:06\">from<\/span>\u00a0<span title=\"15:07\">the<\/span>\u00a0<span title=\"15:08\">previous<\/span>\u00a0<span title=\"15:08\">year.<\/span><\/span><br \/><span data-start=\"00:15:08.634\" data-end=\"00:15:16.274\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:09\">All<\/span>\u00a0<span title=\"15:09\">of<\/span>\u00a0<span title=\"15:09\">retail<\/span>\u00a0<span title=\"15:09\">in<\/span>\u00a0<span title=\"15:10\">the<\/span>\u00a0<span title=\"15:10\">United<\/span>\u00a0<span title=\"15:10\">States<\/span>\u00a0<span title=\"15:10\">grew<\/span>\u00a0<span title=\"15:11\">3.6%.<\/span>\u00a0<span title=\"15:12\">So<\/span>\u00a0<span title=\"15:12\">9%<\/span>\u00a0<span title=\"15:13\">growth<\/span>\u00a0<span title=\"15:13\">for<\/span>\u00a0<span title=\"15:14\">one<\/span>\u00a0<span title=\"15:15\">of<\/span>\u00a0<span title=\"15:15\">the<\/span>\u00a0<span title=\"15:15\">largest<\/span>\u00a0<\/span><span data-start=\"00:15:16.274\" data-end=\"00:15:18.794\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:16\">retailers<\/span>\u00a0<span title=\"15:17\">in<\/span>\u00a0<span title=\"15:17\">the<\/span>\u00a0<span title=\"15:17\">market<\/span>\u00a0<span title=\"15:17\">is<\/span>\u00a0<span title=\"15:18\">terrific.<\/span><\/span><\/p>\n<p><small>[15:20]<\/small>\u00a0<span data-start=\"00:15:20.338\" data-end=\"00:15:22.978\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:20\">We\u2019ll<\/span>\u00a0<span title=\"15:21\">talk<\/span>\u00a0<span title=\"15:21\">a<\/span>\u00a0<span title=\"15:21\">little<\/span>\u00a0<span title=\"15:21\">bit<\/span>\u00a0<span title=\"15:21\">more<\/span>\u00a0<span title=\"15:21\">about<\/span>\u00a0<span title=\"15:22\">what<\/span>\u00a0<span title=\"15:22\">that<\/span>\u00a0<span title=\"15:22\">might<\/span>\u00a0<span title=\"15:22\">mean,<\/span>\u00a0<span title=\"15:22\">but<\/span>\u00a0<span title=\"15:23\">they<\/span>\u00a0<span title=\"15:23\">also,<\/span>\u00a0<\/span><span data-start=\"00:15:23.078\" data-end=\"00:15:27.798\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:23\">they<\/span>\u00a0<span title=\"15:24\">had<\/span>\u00a0<span title=\"15:24\">some<\/span>\u00a0<span title=\"15:24\">other<\/span>\u00a0<span title=\"15:24\">interesting<\/span>\u00a0<span title=\"15:25\">successes<\/span>\u00a0<span title=\"15:26\">in<\/span>\u00a0<span title=\"15:27\">the<\/span>\u00a0<span title=\"15:27\">retail<\/span>\u00a0<span title=\"15:28\">business.<\/span><\/span><br \/><span data-start=\"00:15:28.018\" data-end=\"00:15:31.638\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:28\">They<\/span>\u00a0<span title=\"15:28\">talked<\/span>\u00a0<span title=\"15:29\">about<\/span>\u00a0<span title=\"15:29\">the,<\/span>\u00a0<span title=\"15:29\">it<\/span>\u00a0<span title=\"15:30\">was<\/span>\u00a0<span title=\"15:30\">their<\/span>\u00a0<span title=\"15:30\">fastest<\/span>\u00a0<span title=\"15:30\">speed<\/span>\u00a0<span title=\"15:31\">of<\/span>\u00a0<span title=\"15:31\">service<\/span>\u00a0<span title=\"15:31\">ever.<\/span><\/span><br \/><span data-start=\"00:15:31.858\" data-end=\"00:15:35.138\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:32\">So<\/span>\u00a0<span title=\"15:32\">you<\/span>\u00a0<span title=\"15:33\">know,<\/span>\u00a0<span title=\"15:33\">we\u2019ve<\/span>\u00a0<span title=\"15:33\">talked<\/span>\u00a0<span title=\"15:33\">in<\/span>\u00a0<span title=\"15:33\">previous<\/span>\u00a0<span title=\"15:34\">quarters<\/span>\u00a0<span title=\"15:34\">about<\/span>\u00a0<span title=\"15:34\">how<\/span>\u00a0<span title=\"15:34\">they<\/span>\u00a0<span title=\"15:35\">really<\/span>\u00a0<span title=\"15:35\">shifted<\/span>\u00a0<\/span><span data-start=\"00:15:35.138\" data-end=\"00:15:39.618\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:35\">from<\/span>\u00a0<span title=\"15:35\">a<\/span>\u00a0<span title=\"15:36\">national<\/span>\u00a0<span title=\"15:36\">fulfillment<\/span>\u00a0<span title=\"15:37\">network<\/span>\u00a0<span title=\"15:37\">to<\/span>\u00a0<span title=\"15:38\">these<\/span>\u00a0<span title=\"15:38\">regional<\/span>\u00a0<span title=\"15:38\">fulfillment<\/span>\u00a0<span title=\"15:39\">models<\/span>\u00a0<span title=\"15:39\">so<\/span>\u00a0<\/span><span data-start=\"00:15:39.618\" data-end=\"00:15:43.478\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:40\">that<\/span>\u00a0<span title=\"15:40\">packages<\/span>\u00a0<span title=\"15:40\">would<\/span>\u00a0<span title=\"15:41\">be<\/span>\u00a0<span title=\"15:41\">staged<\/span>\u00a0<span title=\"15:41\">closer<\/span>\u00a0<span title=\"15:41\">to<\/span>\u00a0<span title=\"15:42\">the<\/span>\u00a0<span title=\"15:42\">consumers<\/span>\u00a0<span title=\"15:43\">that<\/span>\u00a0<span title=\"15:43\">bought<\/span>\u00a0<span title=\"15:43\">them.<\/span><\/span><br \/><span data-start=\"00:15:43.478\" data-end=\"00:15:48.818\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:43\">And<\/span>\u00a0<span title=\"15:44\">they<\/span>\u00a0<span title=\"15:44\">said<\/span>\u00a0<span title=\"15:44\">this<\/span>\u00a0<span title=\"15:45\">quarter<\/span>\u00a0<span title=\"15:46\">that<\/span>\u00a0<span title=\"15:46\">7<\/span>\u00a0<span title=\"15:46\">billion<\/span>\u00a0<span title=\"15:47\">packages,<\/span>\u00a0<span title=\"15:48\">or<\/span>\u00a0<span title=\"15:49\">I\u2019m<\/span>\u00a0<span title=\"15:49\">sorry,<\/span>\u00a0<\/span><span data-start=\"00:15:48.878\" data-end=\"00:15:53.338\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:49\">for<\/span>\u00a0<span title=\"15:49\">the<\/span>\u00a0<span title=\"15:49\">whole<\/span>\u00a0<span title=\"15:49\">year,<\/span>\u00a0<span title=\"15:50\">7<\/span>\u00a0<span title=\"15:50\">billion<\/span>\u00a0<span title=\"15:50\">packages<\/span>\u00a0<span title=\"15:51\">were<\/span>\u00a0<span title=\"15:51\">delivered<\/span>\u00a0<span title=\"15:52\">next<\/span>\u00a0<span title=\"15:52\">day<\/span>\u00a0<span title=\"15:52\">or<\/span>\u00a0<span title=\"15:53\">same<\/span>\u00a0<span title=\"15:53\">day.<\/span><\/span><br \/><span data-start=\"00:15:53.598\" data-end=\"00:15:59.158\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:54\">A<\/span>\u00a0<span title=\"15:54\">billion<\/span>\u00a0<span title=\"15:54\">packages<\/span>\u00a0<span title=\"15:55\">were<\/span>\u00a0<span title=\"15:55\">delivered<\/span>\u00a0<span title=\"15:56\">same<\/span>\u00a0<span title=\"15:56\">day.<\/span>\u00a0<span title=\"15:57\">And<\/span>\u00a0<span title=\"15:57\">there<\/span>\u00a0<span title=\"15:57\">are<\/span>\u00a0<span title=\"15:58\">now<\/span>\u00a0<span title=\"15:58\">110<\/span>\u00a0<span title=\"15:58\">metro<\/span>\u00a0<span title=\"15:59\">areas<\/span>\u00a0<\/span><span data-start=\"00:15:59.158\" data-end=\"00:16:00.998\" data-spk=\"0\" data-label=\"Jason\"><span title=\"15:59\">in<\/span>\u00a0<span title=\"15:59\">the<\/span>\u00a0<span title=\"15:59\">United<\/span>\u00a0<span title=\"16:00\">States<\/span>\u00a0<span title=\"16:00\">that<\/span>\u00a0<span title=\"16:00\">get<\/span>\u00a0<span title=\"16:00\">same<\/span>\u00a0<span title=\"16:00\">day<\/span>\u00a0<span title=\"16:01\">delivery.<\/span><\/span><br \/><span data-start=\"00:16:01.278\" data-end=\"00:16:06.418\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:01\">So<\/span>\u00a0<span title=\"16:02\">I<\/span>\u00a0<span title=\"16:02\">still<\/span>\u00a0<span title=\"16:02\">talk<\/span>\u00a0<span title=\"16:02\">to<\/span>\u00a0<span title=\"16:03\">other<\/span>\u00a0<span title=\"16:03\">retailers<\/span>\u00a0<span title=\"16:04\">all<\/span>\u00a0<span title=\"16:04\">the<\/span>\u00a0<span title=\"16:04\">time<\/span>\u00a0<span title=\"16:04\">that<\/span>\u00a0<span title=\"16:05\">talk<\/span>\u00a0<span title=\"16:05\">about<\/span>\u00a0<span title=\"16:05\">competing<\/span>\u00a0<span title=\"16:05\">with<\/span>\u00a0<span title=\"16:06\">Amazon\u2019s<\/span>\u00a0<span title=\"16:06\">offer.<\/span><\/span><br \/><span data-start=\"00:16:06.598\" data-end=\"00:16:11.418\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:07\">And<\/span>\u00a0<span title=\"16:07\">they<\/span>\u00a0<span title=\"16:07\">always<\/span>\u00a0<span title=\"16:07\">talk<\/span>\u00a0<span title=\"16:08\">about<\/span>\u00a0<span title=\"16:08\">two<\/span>\u00a0<span title=\"16:08\">day<\/span>\u00a0<span title=\"16:08\">delivery.<\/span>\u00a0<span title=\"16:09\">And<\/span>\u00a0<span title=\"16:09\">the<\/span>\u00a0<span title=\"16:10\">reality<\/span>\u00a0<span title=\"16:10\">is<\/span>\u00a0<span title=\"16:10\">that\u2019s<\/span>\u00a0<span title=\"16:11\">not<\/span>\u00a0<span title=\"16:11\">the<\/span>\u00a0<\/span><span data-start=\"00:16:11.418\" data-end=\"00:16:16.178\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:11\">Amazon<\/span>\u00a0<span title=\"16:12\">offer<\/span>\u00a0<span title=\"16:12\">anymore.<\/span>\u00a0<span title=\"16:12\">They\u2019re<\/span>\u00a0<span title=\"16:13\">same<\/span>\u00a0<span title=\"16:13\">day<\/span>\u00a0<span title=\"16:14\">in<\/span>\u00a0<span title=\"16:14\">110<\/span>\u00a0<span title=\"16:14\">metros,<\/span>\u00a0<span title=\"16:15\">and<\/span>\u00a0<span title=\"16:15\">they<\/span>\u00a0<span title=\"16:16\">delivered<\/span>\u00a0<span title=\"16:16\">$7<\/span>\u00a0<\/span><span data-start=\"00:16:16.178\" data-end=\"00:16:19.758\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:16\">billion<\/span>\u00a0<span title=\"16:17\">packages<\/span>\u00a0<span title=\"16:18\">in<\/span>\u00a0<span title=\"16:18\">zero<\/span>\u00a0<span title=\"16:19\">to<\/span>\u00a0<span title=\"16:19\">one<\/span>\u00a0<span title=\"16:19\">days.<\/span><\/span><br \/><span data-start=\"00:16:20.078\" data-end=\"00:16:24.758\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:20\">So<\/span>\u00a0<span title=\"16:21\">speed<\/span>\u00a0<span title=\"16:21\">of<\/span>\u00a0<span title=\"16:21\">service,<\/span>\u00a0<span title=\"16:21\">super<\/span>\u00a0<span title=\"16:22\">impressive.<\/span>\u00a0<span title=\"16:23\">And<\/span>\u00a0<span title=\"16:23\">while<\/span>\u00a0<span title=\"16:24\">they<\/span>\u00a0<span title=\"16:24\">got<\/span>\u00a0<span title=\"16:24\">faster,<\/span>\u00a0<\/span><span data-start=\"00:16:24.978\" data-end=\"00:16:26.838\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:25\">they<\/span>\u00a0<span title=\"16:26\">also<\/span>\u00a0<span title=\"16:26\">got<\/span>\u00a0<span title=\"16:26\">more<\/span>\u00a0<span title=\"16:26\">efficient.<\/span><\/span><br \/><span data-start=\"00:16:26.998\" data-end=\"00:16:31.918\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:27\">So<\/span>\u00a0<span title=\"16:27\">for<\/span>\u00a0<span title=\"16:27\">the<\/span>\u00a0<span title=\"16:28\">first<\/span>\u00a0<span title=\"16:28\">time<\/span>\u00a0<span title=\"16:28\">since<\/span>\u00a0<span title=\"16:28\">2018,<\/span>\u00a0<span title=\"16:29\">they<\/span>\u00a0<span title=\"16:30\">actually<\/span>\u00a0<span title=\"16:30\">reduced<\/span>\u00a0<span title=\"16:30\">their<\/span>\u00a0<span title=\"16:31\">cost<\/span>\u00a0<span title=\"16:31\">to<\/span>\u00a0<span title=\"16:31\">serve,<\/span>\u00a0<\/span><span data-start=\"00:16:32.138\" data-end=\"00:16:34.898\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:32\">the<\/span>\u00a0<span title=\"16:33\">total<\/span>\u00a0<span title=\"16:33\">cost<\/span>\u00a0<span title=\"16:33\">to<\/span>\u00a0<span title=\"16:34\">get<\/span>\u00a0<span title=\"16:34\">a<\/span>\u00a0<span title=\"16:34\">package<\/span>\u00a0<span title=\"16:34\">to<\/span>\u00a0<span title=\"16:34\">a<\/span>\u00a0<span title=\"16:34\">customer.<\/span><\/span><br \/><span data-start=\"00:16:35.078\" data-end=\"00:16:40.178\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:35\">And<\/span>\u00a0<span title=\"16:35\">so<\/span>\u00a0<span title=\"16:36\">in<\/span>\u00a0<span title=\"16:36\">the<\/span>\u00a0<span title=\"16:36\">US,<\/span>\u00a0<span title=\"16:36\">they<\/span>\u00a0<span title=\"16:36\">said<\/span>\u00a0<span title=\"16:37\">the<\/span>\u00a0<span title=\"16:37\">cost<\/span>\u00a0<span title=\"16:37\">to<\/span>\u00a0<span title=\"16:37\">serve<\/span>\u00a0<span title=\"16:37\">went<\/span>\u00a0<span title=\"16:37\">down<\/span>\u00a0<span title=\"16:38\">by<\/span>\u00a0<span title=\"16:38\">45<\/span>\u00a0<span title=\"16:38\">cents<\/span>\u00a0<span title=\"16:39\">a<\/span>\u00a0<span title=\"16:39\">package.<\/span>\u00a0<span title=\"16:40\">package.<\/span><\/span><br \/><span data-start=\"00:16:40.298\" data-end=\"00:16:44.118\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:40\">So<\/span>\u00a0<span title=\"16:41\">that\u2019s<\/span>\u00a0<span title=\"16:41\">a<\/span>\u00a0<span title=\"16:41\">pretty<\/span>\u00a0<span title=\"16:42\">meaningful<\/span>\u00a0<span title=\"16:42\">cost<\/span>\u00a0<span title=\"16:43\">reduction.<\/span><\/span><\/p>\n<p><small>[16:45]<\/small>\u00a0<span data-start=\"00:16:44.998\" data-end=\"00:16:48.098\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:45\">Volume<\/span>\u00a0<span title=\"16:46\">went<\/span>\u00a0<span title=\"16:46\">up,<\/span>\u00a0<span title=\"16:46\">which<\/span>\u00a0<span title=\"16:46\">sometimes<\/span>\u00a0<span title=\"16:46\">makes<\/span>\u00a0<span title=\"16:47\">it<\/span>\u00a0<span title=\"16:47\">easier<\/span>\u00a0<span title=\"16:47\">to<\/span>\u00a0<span title=\"16:47\">be<\/span>\u00a0<span title=\"16:47\">cost<\/span>\u00a0<span title=\"16:48\">efficient,<\/span>\u00a0<\/span><span data-start=\"00:16:48.298\" data-end=\"00:16:53.318\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:48\">but,<\/span>\u00a0<span title=\"16:49\">you<\/span>\u00a0<span title=\"16:49\">know,<\/span>\u00a0<span title=\"16:49\">to<\/span>\u00a0<span title=\"16:50\">actually<\/span>\u00a0<span title=\"16:50\">get<\/span>\u00a0<span title=\"16:50\">better<\/span>\u00a0<span title=\"16:51\">service<\/span>\u00a0<span title=\"16:51\">and<\/span>\u00a0<span title=\"16:52\">lower<\/span>\u00a0<span title=\"16:52\">your<\/span>\u00a0<span title=\"16:53\">costs<\/span>\u00a0<span title=\"16:53\">at<\/span>\u00a0<span title=\"16:53\">the<\/span>\u00a0<span title=\"16:53\">same<\/span>\u00a0<\/span><span data-start=\"00:16:53.318\" data-end=\"00:16:56.438\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:53\">time<\/span>\u00a0<span title=\"16:54\">is<\/span>\u00a0<span title=\"16:54\">an<\/span>\u00a0<span title=\"16:54\">impressive<\/span>\u00a0<span title=\"16:55\">feat<\/span>\u00a0<span title=\"16:55\">and<\/span>\u00a0<span title=\"16:55\">a<\/span>\u00a0<span title=\"16:56\">big<\/span>\u00a0<span title=\"16:56\">win<\/span>\u00a0<span title=\"16:56\">for<\/span>\u00a0<span title=\"16:56\">Amazon,<\/span>\u00a0<\/span><span data-start=\"00:16:56.758\" data-end=\"00:17:01.478\" data-spk=\"0\" data-label=\"Jason\"><span title=\"16:57\">which,<\/span>\u00a0<span title=\"16:57\">you<\/span>\u00a0<span title=\"16:58\">know,<\/span>\u00a0<span title=\"16:58\">probably<\/span>\u00a0<span title=\"16:58\">contributed<\/span>\u00a0<span title=\"16:59\">a<\/span>\u00a0<span title=\"16:59\">lot<\/span>\u00a0<span title=\"16:59\">to<\/span>\u00a0<span title=\"16:59\">that<\/span>\u00a0<span title=\"17:00\">particularly<\/span>\u00a0<span title=\"17:01\">high<\/span>\u00a0<span title=\"17:01\">operating<\/span>\u00a0<\/span><span data-start=\"00:17:01.478\" data-end=\"00:17:04.518\" data-spk=\"0\" data-label=\"Jason\"><span title=\"17:01\">income,<\/span>\u00a0<span title=\"17:02\">which<\/span>\u00a0<span title=\"17:02\">I\u2019m<\/span>\u00a0<span title=\"17:03\">not<\/span>\u00a0<span title=\"17:03\">sure<\/span>\u00a0<span title=\"17:03\">if<\/span>\u00a0<span title=\"17:03\">you<\/span>\u00a0<span title=\"17:03\">mentioned,<\/span>\u00a0<span title=\"17:03\">but<\/span>\u00a0<span title=\"17:03\">I<\/span>\u00a0<span title=\"17:03\">think<\/span>\u00a0<span title=\"17:04\">that\u2019s<\/span>\u00a0<span title=\"17:04\">the<\/span>\u00a0<span title=\"17:04\">highest<\/span>\u00a0<\/span><span data-start=\"00:17:04.518\" data-end=\"00:17:06.178\" data-spk=\"0\" data-label=\"Jason\"><span title=\"17:05\">operating<\/span>\u00a0<span title=\"17:05\">income<\/span>\u00a0<span title=\"17:05\">they\u2019ve<\/span>\u00a0<span title=\"17:06\">ever<\/span>\u00a0<span title=\"17:06\">announced.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[17:06]<\/small>\u00a0<span data-start=\"00:17:06.178\" data-end=\"00:17:10.078\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:06\">Yeah.<\/span>\u00a0<span title=\"17:07\">Yep.<\/span>\u00a0<span title=\"17:08\">It\u2019s<\/span>\u00a0<span title=\"17:09\">pretty<\/span>\u00a0<span title=\"17:09\">good.<\/span>\u00a0<span title=\"17:09\">They\u2019re<\/span>\u00a0<span title=\"17:09\">actually<\/span>\u00a0<span title=\"17:10\">profitable<\/span>\u00a0<span title=\"17:10\">now.<\/span><\/span><br \/><span data-start=\"00:17:10.298\" data-end=\"00:17:11.998\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:10\">Just<\/span>\u00a0<span title=\"17:11\">saying<\/span>\u00a0<span title=\"17:11\">they\u2019ve<\/span>\u00a0<span title=\"17:11\">been<\/span>\u00a0<span title=\"17:11\">profitable<\/span>\u00a0<span title=\"17:12\">a<\/span>\u00a0<span title=\"17:12\">long<\/span>\u00a0<span title=\"17:12\">time.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[17:12]<\/small>\u00a0<span data-start=\"00:17:12.238\" data-end=\"00:17:16.258\" data-spk=\"0\" data-label=\"Jason\"><span title=\"17:12\">Yeah.<\/span>\u00a0<span title=\"17:13\">Yeah.<\/span>\u00a0<span title=\"17:13\">So<\/span>\u00a0<span title=\"17:13\">for<\/span>\u00a0<span title=\"17:14\">all<\/span>\u00a0<span title=\"17:14\">of<\/span>\u00a0<span title=\"17:14\">our,<\/span>\u00a0<span title=\"17:14\">our<\/span>\u00a0<span title=\"17:14\">friends<\/span>\u00a0<span title=\"17:15\">that<\/span>\u00a0<span title=\"17:15\">don\u2019t<\/span>\u00a0<span title=\"17:15\">think<\/span>\u00a0<span title=\"17:15\">Amazon\u2019s<\/span>\u00a0<span title=\"17:16\">profitable,<\/span>\u00a0<\/span><span data-start=\"00:17:16.378\" data-end=\"00:17:23.078\" data-spk=\"0\" data-label=\"Jason\"><span title=\"17:16\">the,<\/span>\u00a0<span title=\"17:17\">so<\/span>\u00a0<span title=\"17:18\">overall<\/span>\u00a0<span title=\"17:19\">you<\/span>\u00a0<span title=\"17:19\">have<\/span>\u00a0<span title=\"17:19\">to<\/span>\u00a0<span title=\"17:19\">call<\/span>\u00a0<span title=\"17:19\">that,<\/span>\u00a0<span title=\"17:20\">that<\/span>\u00a0<span title=\"17:20\">a<\/span>\u00a0<span title=\"17:20\">really<\/span>\u00a0<span title=\"17:20\">good<\/span>\u00a0<span title=\"17:21\">quarter<\/span>\u00a0<span title=\"17:21\">on<\/span>\u00a0<span title=\"17:21\">the<\/span>\u00a0<span title=\"17:22\">retail<\/span>\u00a0<span title=\"17:22\">sales<\/span>\u00a0<span title=\"17:23\">side.<\/span><\/span><br \/><span data-start=\"00:17:23.218\" data-end=\"00:17:29.118\" data-spk=\"0\" data-label=\"Jason\"><span title=\"17:23\">Scott,<\/span>\u00a0<span title=\"17:24\">did<\/span>\u00a0<span title=\"17:24\">you<\/span>\u00a0<span title=\"17:24\">kind<\/span>\u00a0<span title=\"17:25\">of<\/span>\u00a0<span title=\"17:25\">do<\/span>\u00a0<span title=\"17:25\">a<\/span>\u00a0<span title=\"17:26\">deeper<\/span>\u00a0<span title=\"17:26\">dive<\/span>\u00a0<span title=\"17:26\">in<\/span>\u00a0<span title=\"17:27\">how<\/span>\u00a0<span title=\"17:27\">much<\/span>\u00a0<span title=\"17:28\">of<\/span>\u00a0<span title=\"17:28\">that<\/span>\u00a0<span title=\"17:28\">was<\/span>\u00a0<span title=\"17:28\">the<\/span>\u00a0<span title=\"17:28\">marketplace<\/span>\u00a0<span title=\"17:28\">versus<\/span>\u00a0<span title=\"17:29\">1P?<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[17:30]<\/small>\u00a0<span data-start=\"00:17:30.043\" data-end=\"00:17:34.783\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:30\">Yeah.<\/span>\u00a0<span title=\"17:31\">It<\/span>\u00a0<span title=\"17:31\">was<\/span>\u00a0<span title=\"17:32\">interesting.<\/span>\u00a0<span title=\"17:32\">You<\/span>\u00a0<span title=\"17:32\">read<\/span>\u00a0<span title=\"17:32\">your<\/span>\u00a0<span title=\"17:33\">GMV<\/span>\u00a0<span title=\"17:33\">data<\/span>\u00a0<span title=\"17:34\">and<\/span>\u00a0<span title=\"17:34\">Scott<\/span>\u00a0<span title=\"17:34\">Devitt,<\/span>\u00a0<\/span><span data-start=\"00:17:34.943\" data-end=\"00:17:38.383\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:35\">he\u2019s<\/span>\u00a0<span title=\"17:36\">at<\/span>\u00a0<span title=\"17:36\">Wedbush<\/span>\u00a0<span title=\"17:36\">now.<\/span>\u00a0<span title=\"17:37\">He\u2019s<\/span>\u00a0<span title=\"17:37\">a<\/span>\u00a0<span title=\"17:37\">longtime<\/span>\u00a0<span title=\"17:38\">friend<\/span>\u00a0<span title=\"17:38\">of<\/span>\u00a0<span title=\"17:38\">the<\/span>\u00a0<span title=\"17:38\">pod.<\/span><\/span><br \/><span data-start=\"00:17:38.643\" data-end=\"00:17:43.563\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:39\">He<\/span>\u00a0<span title=\"17:39\">also<\/span>\u00a0<span title=\"17:40\">put<\/span>\u00a0<span title=\"17:41\">out<\/span>\u00a0<span title=\"17:41\">his<\/span>\u00a0<span title=\"17:41\">number<\/span>\u00a0<span title=\"17:41\">and<\/span>\u00a0<span title=\"17:41\">he<\/span>\u00a0<span title=\"17:41\">came<\/span>\u00a0<span title=\"17:42\">in<\/span>\u00a0<span title=\"17:42\">around<\/span>\u00a0<span title=\"17:42\">that<\/span>\u00a0<span title=\"17:42\">market<\/span>\u00a0<span title=\"17:43\">pulse<\/span>\u00a0<span title=\"17:43\">side.<\/span><\/span><br \/><span data-start=\"00:17:43.723\" data-end=\"00:17:45.823\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:44\">So<\/span>\u00a0<span title=\"17:44\">more<\/span>\u00a0<span title=\"17:44\">like<\/span>\u00a0<span title=\"17:45\">the<\/span>\u00a0<span title=\"17:45\">700<\/span>\u00a0<span title=\"17:45\">billion<\/span>\u00a0<span title=\"17:46\">combined.<\/span><\/span><br \/><span data-start=\"00:17:46.523\" data-end=\"00:17:50.743\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:47\">Those<\/span>\u00a0<span title=\"17:47\">numbers<\/span>\u00a0<span title=\"17:48\">are<\/span>\u00a0<span title=\"17:48\">1P<\/span>\u00a0<span title=\"17:48\">plus<\/span>\u00a0<span title=\"17:49\">3P?<\/span>\u00a0<span title=\"17:49\">Yeah.<\/span>\u00a0<span title=\"17:49\">Is<\/span>\u00a0<span title=\"17:50\">that<\/span>\u00a0<span title=\"17:50\">right?<\/span>\u00a0<span title=\"17:50\">Yeah.<\/span>\u00a0<span title=\"17:50\">Okay.<\/span><\/span><br \/><span data-start=\"00:17:50.843\" data-end=\"00:17:52.763\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:51\">And<\/span>\u00a0<span title=\"17:51\">global.<\/span>\u00a0<span title=\"17:51\">Yeah.<\/span>\u00a0<span title=\"17:52\">So<\/span>\u00a0<span title=\"17:52\">he<\/span>\u00a0<span title=\"17:52\">was<\/span>\u00a0<span title=\"17:52\">in<\/span>\u00a0<span title=\"17:52\">the<\/span>\u00a0<span title=\"17:52\">same<\/span>\u00a0<span title=\"17:53\">zone.<\/span><\/span><br \/><span data-start=\"00:17:52.903\" data-end=\"00:17:55.583\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:53\">And<\/span>\u00a0<span title=\"17:53\">what<\/span>\u00a0<span title=\"17:53\">I<\/span>\u00a0<span title=\"17:53\">found<\/span>\u00a0<span title=\"17:54\">was<\/span>\u00a0<span title=\"17:54\">interesting<\/span>\u00a0<span title=\"17:54\">is<\/span>\u00a0<span title=\"17:54\">because<\/span>\u00a0<span title=\"17:55\">we\u2019re<\/span>\u00a0<span title=\"17:55\">heading<\/span>\u00a0<span title=\"17:55\">into<\/span>\u00a0<span title=\"17:55\">24,<\/span>\u00a0<\/span><span data-start=\"00:17:55.763\" data-end=\"00:18:00.303\" data-spk=\"1\" data-label=\"Scot\"><span title=\"17:56\">he<\/span>\u00a0<span title=\"17:56\">pushed<\/span>\u00a0<span title=\"17:56\">his<\/span>\u00a0<span title=\"17:57\">forecast<\/span>\u00a0<span title=\"17:57\">for<\/span>\u00a0<span title=\"17:57\">GMV.<\/span>\u00a0<span title=\"17:58\">He\u2019s<\/span>\u00a0<span title=\"17:59\">the<\/span>\u00a0<span title=\"17:59\">only<\/span>\u00a0<span title=\"17:59\">one<\/span>\u00a0<span title=\"17:59\">I\u2019ve<\/span>\u00a0<span title=\"17:59\">seen<\/span>\u00a0<span title=\"17:59\">that<\/span>\u00a0<span title=\"17:59\">forecast<\/span>\u00a0<span title=\"18:00\">GMV.<\/span><\/span><br \/><span data-start=\"00:18:00.443\" data-end=\"00:18:03.463\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:00\">And<\/span>\u00a0<span title=\"18:01\">it\u2019s<\/span>\u00a0<span title=\"18:01\">obviously<\/span>\u00a0<span title=\"18:01\">driven<\/span>\u00a0<span title=\"18:01\">from<\/span>\u00a0<span title=\"18:02\">like<\/span>\u00a0<span title=\"18:02\">the<\/span>\u00a0<span title=\"18:02\">revenue.<\/span>\u00a0<span title=\"18:03\">So<\/span>\u00a0<span title=\"18:03\">he<\/span>\u00a0<span title=\"18:03\">kind<\/span>\u00a0<span title=\"18:03\">of<\/span>\u00a0<span title=\"18:03\">takes<\/span>\u00a0<span title=\"18:03\">the<\/span>\u00a0<span title=\"18:03\">revenue<\/span>\u00a0<\/span><span data-start=\"00:18:03.463\" data-end=\"00:18:06.823\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:03\">growth<\/span>\u00a0<span title=\"18:04\">rate<\/span>\u00a0<span title=\"18:04\">and<\/span>\u00a0<span title=\"18:04\">uses<\/span>\u00a0<span title=\"18:04\">that<\/span>\u00a0<span title=\"18:05\">to<\/span>\u00a0<span title=\"18:05\">kind<\/span>\u00a0<span title=\"18:05\">of<\/span>\u00a0<span title=\"18:05\">like<\/span>\u00a0<span title=\"18:05\">get<\/span>\u00a0<span title=\"18:05\">to<\/span>\u00a0<span title=\"18:06\">the<\/span>\u00a0<span title=\"18:06\">growth<\/span>\u00a0<span title=\"18:06\">rate<\/span>\u00a0<span title=\"18:06\">of<\/span>\u00a0<span title=\"18:06\">GMV.<\/span><\/span><\/p>\n<p><small>[18:08]<\/small>\u00a0<span data-start=\"00:18:07.983\" data-end=\"00:18:13.163\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:08\">But<\/span>\u00a0<span title=\"18:08\">he<\/span>\u00a0<span title=\"18:09\">pushed<\/span>\u00a0<span title=\"18:09\">it<\/span>\u00a0<span title=\"18:09\">out<\/span>\u00a0<span title=\"18:10\">to<\/span>\u00a0<span title=\"18:10\">2025.<\/span>\u00a0<span title=\"18:11\">And<\/span>\u00a0<span title=\"18:11\">then<\/span>\u00a0<span title=\"18:12\">if<\/span>\u00a0<span title=\"18:12\">I<\/span>\u00a0<span title=\"18:12\">push<\/span>\u00a0<span title=\"18:12\">it<\/span>\u00a0<span title=\"18:12\">out<\/span>\u00a0<span title=\"18:12\">one<\/span>\u00a0<span title=\"18:13\">more<\/span>\u00a0<span title=\"18:13\">year,<\/span>\u00a0<\/span><span data-start=\"00:18:13.263\" data-end=\"00:18:17.143\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:13\">just<\/span>\u00a0<span title=\"18:14\">kind<\/span>\u00a0<span title=\"18:14\">of<\/span>\u00a0<span title=\"18:14\">using<\/span>\u00a0<span title=\"18:14\">the<\/span>\u00a0<span title=\"18:14\">same,<\/span>\u00a0<span title=\"18:14\">what<\/span>\u00a0<span title=\"18:15\">I<\/span>\u00a0<span title=\"18:15\">think<\/span>\u00a0<span title=\"18:15\">he\u2019s<\/span>\u00a0<span title=\"18:15\">doing,<\/span>\u00a0<span title=\"18:16\">it<\/span>\u00a0<span title=\"18:16\">crosses<\/span>\u00a0<span title=\"18:17\">a<\/span>\u00a0<span title=\"18:17\">trillion<\/span>\u00a0<\/span><span data-start=\"00:18:17.143\" data-end=\"00:18:18.883\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:17\">dollars.<\/span>\u00a0<span title=\"18:18\">If<\/span>\u00a0<span title=\"18:18\">you<\/span>\u00a0<span title=\"18:18\">could<\/span>\u00a0<span title=\"18:18\">wrap<\/span>\u00a0<span title=\"18:18\">your<\/span>\u00a0<span title=\"18:18\">head<\/span>\u00a0<span title=\"18:19\">around<\/span>\u00a0<span title=\"18:19\">that.<\/span><\/span><br \/><span data-start=\"00:18:18.983\" data-end=\"00:18:24.703\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:19\">I<\/span>\u00a0<span title=\"18:19\">remember<\/span>\u00a0<span title=\"18:19\">you<\/span>\u00a0<span title=\"18:20\">and<\/span>\u00a0<span title=\"18:21\">I,<\/span>\u00a0<span title=\"18:21\">one<\/span>\u00a0<span title=\"18:22\">of<\/span>\u00a0<span title=\"18:22\">the<\/span>\u00a0<span title=\"18:22\">first<\/span>\u00a0<span title=\"18:22\">discussions<\/span>\u00a0<span title=\"18:23\">we<\/span>\u00a0<span title=\"18:23\">ever<\/span>\u00a0<span title=\"18:24\">had<\/span>\u00a0<span title=\"18:24\">was<\/span>\u00a0<span title=\"18:24\">about<\/span>\u00a0<span title=\"18:24\">this<\/span>\u00a0<\/span><span data-start=\"00:18:24.703\" data-end=\"00:18:29.563\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:25\">frustration<\/span>\u00a0<span title=\"18:25\">that<\/span>\u00a0<span title=\"18:26\">people<\/span>\u00a0<span title=\"18:26\">didn\u2019t<\/span>\u00a0<span title=\"18:26\">understand<\/span>\u00a0<span title=\"18:27\">this<\/span>\u00a0<span title=\"18:27\">GMV<\/span>\u00a0<span title=\"18:27\">thing<\/span>\u00a0<span title=\"18:28\">and<\/span>\u00a0<span title=\"18:28\">they<\/span>\u00a0<span title=\"18:28\">were<\/span>\u00a0<span title=\"18:28\">underestimating.<\/span><\/span><br \/><span data-start=\"00:18:29.723\" data-end=\"00:18:34.243\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:30\">You<\/span>\u00a0<span title=\"18:30\">know,<\/span>\u00a0<span title=\"18:30\">you\u2019d<\/span>\u00a0<span title=\"18:31\">see<\/span>\u00a0<span title=\"18:31\">these<\/span>\u00a0<span title=\"18:31\">charts<\/span>\u00a0<span title=\"18:32\">that<\/span>\u00a0<span title=\"18:32\">showed<\/span>\u00a0<span title=\"18:32\">maybe<\/span>\u00a0<span title=\"18:33\">Amazon<\/span>\u00a0<span title=\"18:33\">never<\/span>\u00a0<span title=\"18:33\">catches<\/span>\u00a0<span title=\"18:34\">up<\/span>\u00a0<span title=\"18:34\">to<\/span>\u00a0<span title=\"18:34\">Walmart.<\/span><\/span><br \/><span data-start=\"00:18:34.483\" data-end=\"00:18:38.603\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:34\">And<\/span>\u00a0<span title=\"18:35\">at<\/span>\u00a0<span title=\"18:35\">that<\/span>\u00a0<span title=\"18:35\">point,<\/span>\u00a0<span title=\"18:35\">you<\/span>\u00a0<span title=\"18:36\">know,<\/span>\u00a0<span title=\"18:36\">Amazon<\/span>\u00a0<span title=\"18:37\">was<\/span>\u00a0<span title=\"18:37\">at<\/span>\u00a0<span title=\"18:37\">a<\/span>\u00a0<span title=\"18:37\">hundred<\/span>\u00a0<span title=\"18:38\">billion<\/span>\u00a0<span title=\"18:38\">and<\/span>\u00a0<span title=\"18:38\">Walmart<\/span>\u00a0<span title=\"18:38\">was<\/span>\u00a0<\/span><span data-start=\"00:18:38.603\" data-end=\"00:18:41.783\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:39\">at<\/span>\u00a0<span title=\"18:39\">400<\/span>\u00a0<span title=\"18:39\">loosely.<\/span>\u00a0<span title=\"18:40\">Maybe<\/span>\u00a0<span title=\"18:40\">that\u2019s<\/span>\u00a0<span title=\"18:40\">the<\/span>\u00a0<span title=\"18:40\">ex-grocery.<\/span>\u00a0<span title=\"18:41\">I<\/span>\u00a0<span title=\"18:41\">can\u2019t<\/span>\u00a0<span title=\"18:41\">remember<\/span>\u00a0<span title=\"18:41\">the<\/span>\u00a0<span title=\"18:42\">specifics.<\/span><\/span><br \/><span data-start=\"00:18:42.003\" data-end=\"00:18:44.423\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:42\">This<\/span>\u00a0<span title=\"18:42\">is<\/span>\u00a0<span title=\"18:43\">going<\/span>\u00a0<span title=\"18:43\">back<\/span>\u00a0<span title=\"18:43\">like<\/span>\u00a0<span title=\"18:43\">seven,<\/span>\u00a0<span title=\"18:44\">eight<\/span>\u00a0<span title=\"18:44\">years.<\/span><\/span><br \/><span data-start=\"00:18:44.823\" data-end=\"00:18:49.583\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:45\">And<\/span>\u00a0<span title=\"18:45\">now<\/span>\u00a0<span title=\"18:46\">we\u2019re<\/span>\u00a0<span title=\"18:46\">at<\/span>\u00a0<span title=\"18:46\">a<\/span>\u00a0<span title=\"18:46\">point<\/span>\u00a0<span title=\"18:46\">where<\/span>\u00a0<span title=\"18:46\">not<\/span>\u00a0<span title=\"18:46\">only<\/span>\u00a0<span title=\"18:47\">have<\/span>\u00a0<span title=\"18:47\">they<\/span>\u00a0<span title=\"18:47\">crossed<\/span>\u00a0<span title=\"18:47\">them<\/span>\u00a0<span title=\"18:48\">from<\/span>\u00a0<span title=\"18:48\">GMV<\/span>\u00a0<span title=\"18:49\">perspective,<\/span>\u00a0<\/span><span data-start=\"00:18:49.783\" data-end=\"00:18:54.563\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:50\">but<\/span>\u00a0<span title=\"18:50\">even<\/span>\u00a0<span title=\"18:51\">revenue<\/span>\u00a0<span title=\"18:51\">is<\/span>\u00a0<span title=\"18:51\">crossing<\/span>\u00a0<span title=\"18:52\">Walmart<\/span>\u00a0<span title=\"18:52\">or<\/span>\u00a0<span title=\"18:52\">very<\/span>\u00a0<span title=\"18:53\">close<\/span>\u00a0<span title=\"18:53\">to<\/span>\u00a0<span title=\"18:53\">it.<\/span>\u00a0<span title=\"18:53\">And<\/span>\u00a0<span title=\"18:53\">there\u2019s<\/span>\u00a0<span title=\"18:54\">a<\/span>\u00a0<span title=\"18:54\">shot<\/span>\u00a0<\/span><span data-start=\"00:18:54.563\" data-end=\"00:18:59.603\" data-spk=\"1\" data-label=\"Scot\"><span title=\"18:55\">at<\/span>\u00a0<span title=\"18:55\">a<\/span>\u00a0<span title=\"18:55\">trillion<\/span>\u00a0<span title=\"18:55\">dollars<\/span>\u00a0<span title=\"18:56\">of<\/span>\u00a0<span title=\"18:56\">transactional<\/span>\u00a0<span title=\"18:57\">flow<\/span>\u00a0<span title=\"18:57\">going<\/span>\u00a0<span title=\"18:58\">through<\/span>\u00a0<span title=\"18:58\">Amazon<\/span>\u00a0<span title=\"18:58\">between<\/span>\u00a0<span title=\"18:59\">1P<\/span>\u00a0<span title=\"18:59\">and<\/span>\u00a0<span title=\"18:59\">3P.<\/span><\/span><br \/><span data-start=\"00:18:59.763\" data-end=\"00:19:04.823\" data-spk=\"1\" data-label=\"Scot\"><span title=\"19:00\">That\u2019s<\/span>\u00a0<span title=\"19:00\">pretty,<\/span>\u00a0<span title=\"19:00\">that\u2019s<\/span>\u00a0<span title=\"19:02\">crazy.<\/span>\u00a0<span title=\"19:02\">Like,<\/span>\u00a0<span title=\"19:03\">and<\/span>\u00a0<span title=\"19:03\">it<\/span>\u00a0<span title=\"19:03\">makes<\/span>\u00a0<span title=\"19:04\">sense.<\/span>\u00a0<span title=\"19:04\">You<\/span>\u00a0<span title=\"19:04\">drive<\/span>\u00a0<span title=\"19:04\">around<\/span>\u00a0<span title=\"19:04\">anywhere.<\/span><\/span><br \/><span data-start=\"00:19:04.883\" data-end=\"00:19:08.543\" data-spk=\"1\" data-label=\"Scot\"><span title=\"19:05\">All<\/span>\u00a0<span title=\"19:05\">you<\/span>\u00a0<span title=\"19:05\">see<\/span>\u00a0<span title=\"19:05\">is<\/span>\u00a0<span title=\"19:05\">Amazon<\/span>\u00a0<span title=\"19:06\">last<\/span>\u00a0<span title=\"19:06\">mile<\/span>\u00a0<span title=\"19:06\">delivery<\/span>\u00a0<span title=\"19:07\">and<\/span>\u00a0<span title=\"19:07\">long<\/span>\u00a0<span title=\"19:07\">haul,<\/span>\u00a0<span title=\"19:08\">you<\/span>\u00a0<span title=\"19:08\">know,<\/span>\u00a0<span title=\"19:08\">trucks.<\/span><\/span><br \/><span data-start=\"00:19:08.683\" data-end=\"00:19:12.423\" data-spk=\"1\" data-label=\"Scot\"><span title=\"19:09\">There\u2019s<\/span>\u00a0<span title=\"19:09\">just<\/span>\u00a0<span title=\"19:09\">like<\/span>\u00a0<span title=\"19:09\">the<\/span>\u00a0<span title=\"19:10\">economic<\/span>\u00a0<span title=\"19:10\">impact<\/span>\u00a0<span title=\"19:10\">of<\/span>\u00a0<span title=\"19:11\">what<\/span>\u00a0<span title=\"19:11\">they\u2019re<\/span>\u00a0<span title=\"19:11\">doing<\/span>\u00a0<span title=\"19:12\">is<\/span>\u00a0<span title=\"19:12\">monumental.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[19:13]<\/small>\u00a0<span data-start=\"00:19:13.363\" data-end=\"00:19:16.943\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:13\">Yeah,<\/span>\u00a0<span title=\"19:14\">it\u2019s<\/span>\u00a0<span title=\"19:14\">crazy.<\/span>\u00a0<span title=\"19:14\">I<\/span>\u00a0<span title=\"19:14\">remember<\/span>\u00a0<span title=\"19:15\">when<\/span>\u00a0<span title=\"19:15\">the<\/span>\u00a0<span title=\"19:15\">first<\/span>\u00a0<span title=\"19:15\">e-commerce<\/span>\u00a0<span title=\"19:16\">sites<\/span>\u00a0<span title=\"19:16\">sort<\/span>\u00a0<span title=\"19:17\">of<\/span>\u00a0<span title=\"19:17\">passed<\/span>\u00a0<\/span><span data-start=\"00:19:16.943\" data-end=\"00:19:19.823\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:17\">the<\/span>\u00a0<span title=\"19:17\">billion<\/span>\u00a0<span title=\"19:17\">dollar<\/span>\u00a0<span title=\"19:18\">mark<\/span>\u00a0<span title=\"19:18\">and<\/span>\u00a0<span title=\"19:18\">how<\/span>\u00a0<span title=\"19:19\">amazing<\/span>\u00a0<span title=\"19:19\">that<\/span>\u00a0<span title=\"19:19\">felt.<\/span><\/span><br \/><span data-start=\"00:19:20.563\" data-end=\"00:19:22.443\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:21\">Yeah,<\/span>\u00a0<span title=\"19:21\">yeah.<\/span>\u00a0<span title=\"19:21\">This<\/span>\u00a0<span title=\"19:22\">thing<\/span>\u00a0<span title=\"19:22\">could<\/span>\u00a0<span title=\"19:22\">work.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[19:22]<\/small>\u00a0<span data-start=\"00:19:22.443\" data-end=\"00:19:27.183\" data-spk=\"1\" data-label=\"Scot\"><span title=\"19:22\">Work<\/span>\u00a0<span title=\"19:23\">this<\/span>\u00a0<span title=\"19:23\">thing<\/span>\u00a0<span title=\"19:23\">has<\/span>\u00a0<span title=\"19:23\">legs<\/span>\u00a0<span title=\"19:24\">exactly<\/span>\u00a0<span title=\"19:25\">they<\/span>\u00a0<span title=\"19:25\">thought<\/span>\u00a0<span title=\"19:26\">we<\/span>\u00a0<span title=\"19:26\">were<\/span>\u00a0<span title=\"19:26\">crazy<\/span>\u00a0<span title=\"19:26\">yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[19:29]<\/small>\u00a0<span data-start=\"00:19:28.602\" data-end=\"00:19:31.662\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:29\">Um<\/span>\u00a0<span title=\"19:29\">so<\/span>\u00a0<span title=\"19:29\">you<\/span>\u00a0<span title=\"19:30\">know<\/span>\u00a0<span title=\"19:30\">normally<\/span>\u00a0<span title=\"19:30\">the<\/span>\u00a0<span title=\"19:31\">narrative<\/span>\u00a0<span title=\"19:31\">is<\/span>\u00a0<span title=\"19:31\">all<\/span>\u00a0<\/span><span data-start=\"00:19:31.662\" data-end=\"00:19:34.902\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:32\">this<\/span>\u00a0<span title=\"19:32\">retail<\/span>\u00a0<span title=\"19:32\">stuff<\/span>\u00a0<span title=\"19:32\">loses<\/span>\u00a0<span title=\"19:33\">money<\/span>\u00a0<span title=\"19:33\">but<\/span>\u00a0<span title=\"19:33\">that\u2019s<\/span>\u00a0<span title=\"19:33\">okay<\/span>\u00a0<span title=\"19:34\">because<\/span>\u00a0<span title=\"19:34\">aws<\/span>\u00a0<span title=\"19:35\">is<\/span>\u00a0<\/span><span data-start=\"00:19:34.902\" data-end=\"00:19:37.842\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:35\">so<\/span>\u00a0<span title=\"19:35\">profitable<\/span>\u00a0<span title=\"19:36\">and<\/span>\u00a0<span title=\"19:37\">if<\/span>\u00a0<span title=\"19:37\">if<\/span>\u00a0<span title=\"19:38\">there<\/span>\u00a0<\/span><span data-start=\"00:19:37.842\" data-end=\"00:19:41.882\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:38\">was<\/span>\u00a0<span title=\"19:38\">like<\/span>\u00a0<span title=\"19:38\">any<\/span>\u00a0<span title=\"19:39\">sort<\/span>\u00a0<span title=\"19:39\">of<\/span>\u00a0<span title=\"19:39\">cautionary<\/span>\u00a0<span title=\"19:40\">tale<\/span>\u00a0<span title=\"19:40\">in<\/span>\u00a0<span title=\"19:40\">this<\/span>\u00a0<span title=\"19:40\">earnings<\/span>\u00a0<span title=\"19:41\">call<\/span>\u00a0<span title=\"19:41\">at<\/span>\u00a0<span title=\"19:41\">all<\/span>\u00a0<span title=\"19:41\">i<\/span>\u00a0<span title=\"19:41\">would<\/span>\u00a0<span title=\"19:42\">say<\/span>\u00a0<\/span><span data-start=\"00:19:41.882\" data-end=\"00:19:49.862\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:42\">it<\/span>\u00a0<span title=\"19:42\">was<\/span>\u00a0<span title=\"19:42\">aws<\/span>\u00a0<span title=\"19:43\">the<\/span>\u00a0<span title=\"19:44\">growth<\/span>\u00a0<span title=\"19:45\">was<\/span>\u00a0<span title=\"19:45\">decent<\/span>\u00a0<span title=\"19:46\">right<\/span>\u00a0<span title=\"19:47\">like<\/span>\u00a0<span title=\"19:47\">what<\/span>\u00a0<span title=\"19:48\">the<\/span>\u00a0<span title=\"19:48\">i<\/span>\u00a0<span title=\"19:49\">think<\/span>\u00a0<span title=\"19:49\">the<\/span>\u00a0<span title=\"19:49\">the<\/span>\u00a0<span title=\"19:50\">estimates<\/span>\u00a0<\/span><span data-start=\"00:19:49.862\" data-end=\"00:19:55.322\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:50\">were<\/span>\u00a0<span title=\"19:50\">11<\/span>\u00a0<span title=\"19:50\">to<\/span>\u00a0<span title=\"19:51\">15<\/span>\u00a0<span title=\"19:51\">and<\/span>\u00a0<span title=\"19:51\">they<\/span>\u00a0<span title=\"19:51\">came<\/span>\u00a0<span title=\"19:52\">in<\/span>\u00a0<span title=\"19:52\">right<\/span>\u00a0<span title=\"19:52\">in<\/span>\u00a0<span title=\"19:52\">the<\/span>\u00a0<span title=\"19:52\">middle<\/span>\u00a0<span title=\"19:52\">of<\/span>\u00a0<span title=\"19:52\">that<\/span>\u00a0<span title=\"19:53\">like<\/span>\u00a0<span title=\"19:53\">13<\/span>\u00a0<span title=\"19:53\">but<\/span>\u00a0<span title=\"19:54\">the<\/span>\u00a0<span title=\"19:55\">operating<\/span>\u00a0<\/span><span data-start=\"00:19:55.322\" data-end=\"00:19:57.782\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:55\">income<\/span>\u00a0<span title=\"19:56\">actually<\/span>\u00a0<span title=\"19:56\">went<\/span>\u00a0<span title=\"19:56\">down<\/span>\u00a0<span title=\"19:57\">slightly.<\/span><\/span><br \/><span data-start=\"00:19:58.502\" data-end=\"00:20:04.162\" data-spk=\"0\" data-label=\"Jason\"><span title=\"19:58\">So<\/span>\u00a0<span title=\"19:59\">like<\/span>\u00a0<span title=\"20:00\">that,<\/span>\u00a0<span title=\"20:00\">that<\/span>\u00a0<span title=\"20:00\">is<\/span>\u00a0<span title=\"20:01\">a<\/span>\u00a0<span title=\"20:01\">mild<\/span>\u00a0<span title=\"20:01\">concern<\/span>\u00a0<span title=\"20:02\">for<\/span>\u00a0<span title=\"20:03\">some<\/span>\u00a0<span title=\"20:03\">folks.<\/span><\/span><br \/><span data-start=\"00:20:04.322\" data-end=\"00:20:10.802\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:04\">If<\/span>\u00a0<span title=\"20:05\">you,<\/span>\u00a0<span title=\"20:05\">if<\/span>\u00a0<span title=\"20:06\">you<\/span>\u00a0<span title=\"20:06\">kind<\/span>\u00a0<span title=\"20:07\">of<\/span>\u00a0<span title=\"20:07\">convert<\/span>\u00a0<span title=\"20:07\">AWS<\/span>\u00a0<span title=\"20:08\">to<\/span>\u00a0<span title=\"20:08\">it,<\/span>\u00a0<span title=\"20:08\">the<\/span>\u00a0<span title=\"20:09\">last,<\/span>\u00a0<span title=\"20:09\">the<\/span>\u00a0<span title=\"20:10\">trailing<\/span>\u00a0<span title=\"20:10\">12<\/span>\u00a0<span title=\"20:10\">months<\/span>\u00a0<span title=\"20:11\">of<\/span>\u00a0<\/span><span data-start=\"00:20:10.802\" data-end=\"00:20:17.302\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:11\">revenue<\/span>\u00a0<span title=\"20:11\">at,<\/span>\u00a0<span title=\"20:12\">at<\/span>\u00a0<span title=\"20:13\">there,<\/span>\u00a0<span title=\"20:13\">I<\/span>\u00a0<span title=\"20:14\">want<\/span>\u00a0<span title=\"20:14\">to<\/span>\u00a0<span title=\"20:14\">say<\/span>\u00a0<span title=\"20:14\">it\u2019s<\/span>\u00a0<span title=\"20:14\">like<\/span>\u00a0<span title=\"20:14\">24%<\/span>\u00a0<span title=\"20:15\">or<\/span>\u00a0<span title=\"20:15\">24.1%<\/span>\u00a0<span title=\"20:16\">gross<\/span>\u00a0<span title=\"20:17\">margins.<\/span><\/span><br \/><span data-start=\"00:20:17.402\" data-end=\"00:20:23.302\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:17\">You<\/span>\u00a0<span title=\"20:18\">generate<\/span>\u00a0<span title=\"20:18\">about<\/span>\u00a0<span title=\"20:19\">40,<\/span>\u00a0<span title=\"20:19\">$21<\/span>\u00a0<span title=\"20:20\">billion<\/span>\u00a0<span title=\"20:20\">in,<\/span>\u00a0<span title=\"20:21\">in<\/span>\u00a0<span title=\"20:22\">operating<\/span>\u00a0<span title=\"20:22\">income<\/span>\u00a0<span title=\"20:23\">from<\/span>\u00a0<span title=\"20:23\">AWS.<\/span><\/span><br \/><span data-start=\"00:20:23.662\" data-end=\"00:20:27.882\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:24\">So<\/span>\u00a0<span title=\"20:24\">that,<\/span>\u00a0<span title=\"20:25\">you<\/span>\u00a0<span title=\"20:25\">know,<\/span>\u00a0<span title=\"20:26\">20<\/span>\u00a0<span title=\"20:26\">billion<\/span>\u00a0<span title=\"20:26\">here,<\/span>\u00a0<span title=\"20:26\">20<\/span>\u00a0<span title=\"20:26\">billion<\/span>\u00a0<span title=\"20:27\">there,<\/span>\u00a0<span title=\"20:27\">it<\/span>\u00a0<span title=\"20:27\">starts<\/span>\u00a0<span title=\"20:27\">to<\/span>\u00a0<span title=\"20:27\">add<\/span>\u00a0<span title=\"20:28\">up.<\/span><\/span><br \/><span data-start=\"00:20:28.302\" data-end=\"00:20:33.702\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:28\">But<\/span>\u00a0<span title=\"20:29\">as,<\/span>\u00a0<span title=\"20:29\">as<\/span>\u00a0<span title=\"20:29\">I<\/span>\u00a0<span title=\"20:30\">quickly<\/span>\u00a0<span title=\"20:30\">checked<\/span>\u00a0<span title=\"20:31\">that<\/span>\u00a0<span title=\"20:31\">that\u2019s<\/span>\u00a0<span title=\"20:32\">significantly<\/span>\u00a0<span title=\"20:32\">less<\/span>\u00a0<span title=\"20:33\">income<\/span>\u00a0<span title=\"20:33\">than<\/span>\u00a0<span title=\"20:33\">for<\/span>\u00a0<\/span><span data-start=\"00:20:33.702\" data-end=\"00:20:38.002\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:34\">example,<\/span>\u00a0<span title=\"20:34\">the<\/span>\u00a0<span title=\"20:34\">ads<\/span>\u00a0<span title=\"20:34\">business<\/span>\u00a0<span title=\"20:35\">probably<\/span>\u00a0<span title=\"20:35\">generated<\/span>\u00a0<span title=\"20:36\">for<\/span>\u00a0<span title=\"20:36\">them.<\/span>\u00a0<span title=\"20:36\">So<\/span>\u00a0<span title=\"20:37\">it\u2019s<\/span>\u00a0<span title=\"20:37\">a<\/span>\u00a0<span title=\"20:37\">good<\/span>\u00a0<span title=\"20:38\">business.<\/span><\/span><br \/><span data-start=\"00:20:38.322\" data-end=\"00:20:41.362\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:38\">They<\/span>\u00a0<span title=\"20:39\">are<\/span>\u00a0<span title=\"20:39\">growing<\/span>\u00a0<span title=\"20:39\">slower<\/span>\u00a0<span title=\"20:40\">because<\/span>\u00a0<span title=\"20:40\">they<\/span>\u00a0<span title=\"20:41\">are<\/span>\u00a0<span title=\"20:41\">the<\/span>\u00a0<span title=\"20:41\">biggest<\/span>\u00a0<span title=\"20:41\">player.<\/span><\/span><br \/><span data-start=\"00:20:41.482\" data-end=\"00:20:45.142\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:41\">They<\/span>\u00a0<span title=\"20:42\">are<\/span>\u00a0<span title=\"20:42\">growing<\/span>\u00a0<span title=\"20:42\">slower<\/span>\u00a0<span title=\"20:42\">than<\/span>\u00a0<span title=\"20:43\">their<\/span>\u00a0<span title=\"20:43\">competitor,<\/span>\u00a0<span title=\"20:44\">certainly<\/span>\u00a0<span title=\"20:45\">than<\/span>\u00a0<span title=\"20:45\">Microsoft.<\/span><\/span><br \/><span data-start=\"00:20:45.462\" data-end=\"00:20:49.542\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:45\">And<\/span>\u00a0<span title=\"20:46\">it,<\/span>\u00a0<span title=\"20:46\">And<\/span>\u00a0<span title=\"20:47\">their<\/span>\u00a0<span title=\"20:47\">profitability<\/span>\u00a0<span title=\"20:48\">did<\/span>\u00a0<span title=\"20:48\">slightly<\/span>\u00a0<span title=\"20:49\">tick<\/span>\u00a0<span title=\"20:49\">down.<\/span><\/span><\/p>\n<p><small>[20:51]<\/small>\u00a0<span data-start=\"00:20:50.742\" data-end=\"00:20:57.502\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:51\">But<\/span>\u00a0<span title=\"20:51\">on<\/span>\u00a0<span title=\"20:52\">the<\/span>\u00a0<span title=\"20:53\">exciting<\/span>\u00a0<span title=\"20:53\">side,<\/span>\u00a0<span title=\"20:54\">they<\/span>\u00a0<span title=\"20:54\">talked<\/span>\u00a0<span title=\"20:54\">about<\/span>\u00a0<span title=\"20:54\">a<\/span>\u00a0<span title=\"20:54\">lot<\/span>\u00a0<span title=\"20:54\">of<\/span>\u00a0<span title=\"20:55\">the<\/span>\u00a0<span title=\"20:55\">AI<\/span>\u00a0<span title=\"20:56\">workloads<\/span>\u00a0<span title=\"20:57\">that<\/span>\u00a0<span title=\"20:57\">were<\/span>\u00a0<\/span><span data-start=\"00:20:57.502\" data-end=\"00:21:02.242\" data-spk=\"0\" data-label=\"Jason\"><span title=\"20:58\">moving<\/span>\u00a0<span title=\"20:58\">to<\/span>\u00a0<span title=\"20:59\">AWS<\/span>\u00a0<span title=\"21:00\">and<\/span>\u00a0<span title=\"21:01\">what<\/span>\u00a0<span title=\"21:01\">a<\/span>\u00a0<span title=\"21:01\">headwind<\/span>\u00a0<span title=\"21:02\">that<\/span>\u00a0<span title=\"21:02\">is.<\/span><\/span><br \/><span data-start=\"00:21:02.462\" data-end=\"00:21:08.842\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:02\">And<\/span>\u00a0<span title=\"21:03\">one<\/span>\u00a0<span title=\"21:03\">of<\/span>\u00a0<span title=\"21:03\">the<\/span>\u00a0<span title=\"21:04\">workloads<\/span>\u00a0<span title=\"21:04\">they<\/span>\u00a0<span title=\"21:05\">announced<\/span>\u00a0<span title=\"21:05\">is<\/span>\u00a0<span title=\"21:05\">Rufus,<\/span>\u00a0<span title=\"21:06\">which<\/span>\u00a0<span title=\"21:07\">is<\/span>\u00a0<span title=\"21:07\">an<\/span>\u00a0<span title=\"21:07\">e-commerce<\/span>\u00a0<span title=\"21:08\">search<\/span>\u00a0<\/span><span data-start=\"00:21:08.842\" data-end=\"00:21:11.122\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:09\">engine<\/span>\u00a0<span title=\"21:09\">that<\/span>\u00a0<span title=\"21:10\">runs<\/span>\u00a0<span title=\"21:10\">on<\/span>\u00a0<span title=\"21:10\">Amazon.<\/span><\/span><br \/><span data-start=\"00:21:11.122\" data-end=\"00:21:15.922\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:11\">So,<\/span>\u00a0<span title=\"21:12\">so<\/span>\u00a0<span title=\"21:12\">that,<\/span>\u00a0<span title=\"21:13\">that<\/span>\u00a0<span title=\"21:13\">giant<\/span>\u00a0<span title=\"21:13\">text<\/span>\u00a0<span title=\"21:14\">box<\/span>\u00a0<span title=\"21:14\">that<\/span>\u00a0<span title=\"21:14\">we\u2019re<\/span>\u00a0<span title=\"21:14\">all<\/span>\u00a0<span title=\"21:14\">used<\/span>\u00a0<span title=\"21:15\">to<\/span>\u00a0<span title=\"21:15\">for<\/span>\u00a0<span title=\"21:15\">finding<\/span>\u00a0<span title=\"21:15\">our<\/span>\u00a0<span title=\"21:15\">products<\/span>\u00a0<\/span><span data-start=\"00:21:15.922\" data-end=\"00:21:17.842\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:16\">and<\/span>\u00a0<span title=\"21:17\">that\u2019s<\/span>\u00a0<span title=\"21:17\">helping<\/span>\u00a0<span title=\"21:17\">you<\/span>\u00a0<span title=\"21:17\">find<\/span>\u00a0<span title=\"21:17\">what,<\/span>\u00a0<\/span><span data-start=\"00:21:17.842\" data-end=\"00:21:24.042\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:18\">what<\/span>\u00a0<span title=\"21:18\">SKU<\/span>\u00a0<span title=\"21:18\">to<\/span>\u00a0<span title=\"21:18\">buy<\/span>\u00a0<span title=\"21:19\">amongst<\/span>\u00a0<span title=\"21:19\">the<\/span>\u00a0<span title=\"21:19\">800<\/span>\u00a0<span title=\"21:19\">million<\/span>\u00a0<span title=\"21:20\">SKUs<\/span>\u00a0<span title=\"21:20\">available<\/span>\u00a0<span title=\"21:21\">on<\/span>\u00a0<span title=\"21:21\">Amazon<\/span>\u00a0<span title=\"21:21\">is<\/span>\u00a0<span title=\"21:22\">now<\/span>\u00a0<span title=\"21:23\">rolling<\/span>\u00a0<\/span><span data-start=\"00:21:24.042\" data-end=\"00:21:30.402\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:24\">out<\/span>\u00a0<span title=\"21:24\">a<\/span>\u00a0<span title=\"21:25\">much<\/span>\u00a0<span title=\"21:25\">smarter<\/span>\u00a0<span title=\"21:25\">generative<\/span>\u00a0<span title=\"21:26\">AI<\/span>\u00a0<span title=\"21:27\">amenity<\/span>\u00a0<span title=\"21:28\">that<\/span>\u00a0<span title=\"21:29\">can<\/span>\u00a0<span title=\"21:29\">help,<\/span>\u00a0<span title=\"21:29\">help<\/span>\u00a0<span title=\"21:30\">you<\/span>\u00a0<span title=\"21:30\">find<\/span>\u00a0<span title=\"21:30\">products<\/span>\u00a0<\/span><span data-start=\"00:21:30.402\" data-end=\"00:21:31.982\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:30\">with<\/span>\u00a0<span title=\"21:31\">much<\/span>\u00a0<span title=\"21:31\">more<\/span>\u00a0<span title=\"21:31\">sophisticated<\/span>\u00a0<span title=\"21:31\">searches.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[21:33]<\/small>\u00a0<span data-start=\"00:21:33.262\" data-end=\"00:21:37.062\" data-spk=\"1\" data-label=\"Scot\"><span title=\"21:33\">Yeah.<\/span>\u00a0<span title=\"21:34\">Yeah.<\/span>\u00a0<span title=\"21:34\">I<\/span>\u00a0<span title=\"21:34\">have<\/span>\u00a0<span title=\"21:35\">not<\/span>\u00a0<span title=\"21:35\">seen<\/span>\u00a0<span title=\"21:36\">any<\/span>\u00a0<span title=\"21:36\">screenshots<\/span>\u00a0<span title=\"21:36\">of<\/span>\u00a0<span title=\"21:36\">it<\/span>\u00a0<span title=\"21:36\">or<\/span>\u00a0<span title=\"21:37\">anything.<\/span>\u00a0<span title=\"21:37\">Have<\/span>\u00a0<span title=\"21:37\">you?<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[21:37]<\/small>\u00a0<span data-start=\"00:21:37.262\" data-end=\"00:21:40.922\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:37\">I<\/span>\u00a0<span title=\"21:38\">saw<\/span>\u00a0<span title=\"21:38\">a<\/span>\u00a0<span title=\"21:38\">demo.<\/span>\u00a0<span title=\"21:39\">though.<\/span>\u00a0<span title=\"21:39\">I<\/span>\u00a0<span title=\"21:39\">have<\/span>\u00a0<span title=\"21:39\">not<\/span>\u00a0<span title=\"21:40\">seen<\/span>\u00a0<span title=\"21:40\">it<\/span>\u00a0<span title=\"21:40\">in<\/span>\u00a0<span title=\"21:40\">the<\/span>\u00a0<span title=\"21:40\">wild<\/span>\u00a0<span title=\"21:40\">yet.<\/span><\/span><br \/><span data-start=\"00:21:41.202\" data-end=\"00:21:45.822\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:41\">You<\/span>\u00a0<span title=\"21:42\">know,<\/span>\u00a0<span title=\"21:42\">they\u2019re<\/span>\u00a0<span title=\"21:42\">not<\/span>\u00a0<span title=\"21:42\">the<\/span>\u00a0<span title=\"21:42\">first<\/span>\u00a0<span title=\"21:43\">mover<\/span>\u00a0<span title=\"21:43\">here,<\/span>\u00a0<span title=\"21:43\">right?<\/span>\u00a0<span title=\"21:43\">Like<\/span>\u00a0<span title=\"21:44\">Instacart<\/span>\u00a0<span title=\"21:44\">adopted<\/span>\u00a0<span title=\"21:45\">a<\/span>\u00a0<\/span><span data-start=\"00:21:45.822\" data-end=\"00:21:48.142\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:46\">version<\/span>\u00a0<span title=\"21:46\">of<\/span>\u00a0<span title=\"21:47\">OpenAI<\/span>\u00a0<span title=\"21:47\">pretty<\/span>\u00a0<span title=\"21:48\">early.<\/span><\/span><br \/><span data-start=\"00:21:48.602\" data-end=\"00:21:55.142\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:49\">Walmart<\/span>\u00a0<span title=\"21:49\">rolled<\/span>\u00a0<span title=\"21:50\">it<\/span>\u00a0<span title=\"21:50\">out<\/span>\u00a0<span title=\"21:51\">in<\/span>\u00a0<span title=\"21:51\">their<\/span>\u00a0<span title=\"21:51\">iOS<\/span>\u00a0<span title=\"21:52\">app<\/span>\u00a0<span title=\"21:52\">at<\/span>\u00a0<span title=\"21:53\">CES<\/span>\u00a0<span title=\"21:53\">a<\/span>\u00a0<span title=\"21:53\">few<\/span>\u00a0<span title=\"21:53\">weeks<\/span>\u00a0<span title=\"21:54\">before<\/span>\u00a0<span title=\"21:55\">Amazon.<\/span><\/span><br \/><span data-start=\"00:21:55.482\" data-end=\"00:22:00.582\" data-spk=\"0\" data-label=\"Jason\"><span title=\"21:55\">And<\/span>\u00a0<span title=\"21:56\">so<\/span>\u00a0<span title=\"21:56\">it\u2019s<\/span>\u00a0<span title=\"21:57\">funny,<\/span>\u00a0<span title=\"21:58\">like,<\/span>\u00a0<span title=\"21:58\">you<\/span>\u00a0<span title=\"21:58\">know,<\/span>\u00a0<span title=\"21:59\">Amazon,<\/span>\u00a0<span title=\"21:59\">there<\/span>\u00a0<span title=\"22:00\">are<\/span>\u00a0<span title=\"22:00\">some<\/span>\u00a0<span title=\"22:00\">rumors<\/span>\u00a0<span title=\"22:00\">that<\/span>\u00a0<span title=\"22:00\">some<\/span>\u00a0<span title=\"22:00\">of<\/span>\u00a0<\/span><span data-start=\"00:22:00.582\" data-end=\"00:22:06.722\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:01\">the<\/span>\u00a0<span title=\"22:01\">AI<\/span>\u00a0<span title=\"22:01\">tools<\/span>\u00a0<span title=\"22:01\">in<\/span>\u00a0<span title=\"22:02\">Amazon<\/span>\u00a0<span title=\"22:02\">aren\u2019t<\/span>\u00a0<span title=\"22:03\">performing<\/span>\u00a0<span title=\"22:04\">as<\/span>\u00a0<span title=\"22:04\">well<\/span>\u00a0<span title=\"22:04\">in<\/span>\u00a0<span title=\"22:05\">internal<\/span>\u00a0<span title=\"22:05\">tests<\/span>\u00a0<span title=\"22:06\">as<\/span>\u00a0<span title=\"22:06\">people<\/span>\u00a0<span title=\"22:06\">would<\/span>\u00a0<span title=\"22:07\">like.<\/span><\/span><br \/><span data-start=\"00:22:06.802\" data-end=\"00:22:09.642\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:07\">So<\/span>\u00a0<span title=\"22:07\">there\u2019s<\/span>\u00a0<span title=\"22:08\">some<\/span>\u00a0<span title=\"22:08\">concerns<\/span>\u00a0<span title=\"22:09\">about<\/span>\u00a0<span title=\"22:09\">that.<\/span><\/span><\/p>\n<p><small>[22:11]<\/small>\u00a0<span data-start=\"00:22:10.980\" data-end=\"00:22:13.680\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:11\">What<\/span>\u00a0<span title=\"22:11\">we\u2019ll<\/span>\u00a0<span title=\"22:11\">probably<\/span>\u00a0<span title=\"22:12\">have<\/span>\u00a0<span title=\"22:12\">to<\/span>\u00a0<span title=\"22:12\">do<\/span>\u00a0<span title=\"22:12\">a<\/span>\u00a0<span title=\"22:12\">deeper<\/span>\u00a0<span title=\"22:12\">dive<\/span>\u00a0<span title=\"22:13\">on<\/span>\u00a0<span title=\"22:13\">another<\/span>\u00a0<span title=\"22:13\">show<\/span>\u00a0<span title=\"22:14\">is<\/span>\u00a0<\/span><span data-start=\"00:22:13.680\" data-end=\"00:22:16.880\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:14\">this<\/span>\u00a0<span title=\"22:14\">whole<\/span>\u00a0<span title=\"22:14\">interesting<\/span>\u00a0<span title=\"22:14\">thing<\/span>\u00a0<span title=\"22:15\">as<\/span>\u00a0<span title=\"22:15\">all<\/span>\u00a0<span title=\"22:15\">the<\/span>\u00a0<span title=\"22:16\">text<\/span>\u00a0<span title=\"22:16\">boxes<\/span>\u00a0<span title=\"22:16\">that<\/span>\u00a0<\/span><span data-start=\"00:22:16.880\" data-end=\"00:22:19.980\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:17\">you<\/span>\u00a0<span title=\"22:17\">can<\/span>\u00a0<span title=\"22:17\">enter<\/span>\u00a0<span title=\"22:17\">text<\/span>\u00a0<span title=\"22:18\">in<\/span>\u00a0<span title=\"22:18\">and<\/span>\u00a0<span title=\"22:18\">e-commerce<\/span>\u00a0<span title=\"22:19\">are<\/span>\u00a0<span title=\"22:19\">moving<\/span>\u00a0<span title=\"22:20\">from<\/span>\u00a0<\/span><span data-start=\"00:22:19.980\" data-end=\"00:22:24.120\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:20\">keyword<\/span>\u00a0<span title=\"22:21\">searches<\/span>\u00a0<span title=\"22:21\">to<\/span>\u00a0<span title=\"22:22\">these<\/span>\u00a0<span title=\"22:22\">ai<\/span>\u00a0<span title=\"22:22\">engines<\/span>\u00a0<span title=\"22:23\">customers<\/span>\u00a0<\/span><span data-start=\"00:22:24.120\" data-end=\"00:22:29.100\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:24\">have<\/span>\u00a0<span title=\"22:25\">to<\/span>\u00a0<span title=\"22:25\">re-learn<\/span>\u00a0<span title=\"22:25\">how<\/span>\u00a0<span title=\"22:25\">to<\/span>\u00a0<span title=\"22:26\">use<\/span>\u00a0<span title=\"22:26\">them<\/span>\u00a0<span title=\"22:26\">and<\/span>\u00a0<span title=\"22:26\">right<\/span>\u00a0<span title=\"22:26\">now<\/span>\u00a0<span title=\"22:27\">they\u2019re<\/span>\u00a0<span title=\"22:28\">not<\/span>\u00a0<span title=\"22:28\">right<\/span>\u00a0<span title=\"22:28\">and<\/span>\u00a0<span title=\"22:28\">so<\/span>\u00a0<span title=\"22:29\">you<\/span>\u00a0<\/span><span data-start=\"00:22:29.100\" data-end=\"00:22:33.320\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:29\">know<\/span>\u00a0<span title=\"22:29\">you<\/span>\u00a0<span title=\"22:29\">go<\/span>\u00a0<span title=\"22:29\">to<\/span>\u00a0<span title=\"22:30\">the<\/span>\u00a0<span title=\"22:30\">walmart<\/span>\u00a0<span title=\"22:31\">app<\/span>\u00a0<span title=\"22:31\">and<\/span>\u00a0<span title=\"22:31\">you<\/span>\u00a0<span title=\"22:32\">know<\/span>\u00a0<span title=\"22:32\">it\u2019s<\/span>\u00a0<span title=\"22:32\">a<\/span>\u00a0<span title=\"22:32\">generative<\/span>\u00a0<span title=\"22:33\">ai<\/span>\u00a0<span title=\"22:33\">search<\/span>\u00a0<span title=\"22:33\">engine<\/span>\u00a0<\/span><span data-start=\"00:22:33.320\" data-end=\"00:22:37.860\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:33\">but<\/span>\u00a0<span title=\"22:34\">you<\/span>\u00a0<span title=\"22:34\">still<\/span>\u00a0<span title=\"22:34\">type<\/span>\u00a0<span title=\"22:34\">the<\/span>\u00a0<span title=\"22:34\">same<\/span>\u00a0<span title=\"22:35\">same<\/span>\u00a0<span title=\"22:36\">you<\/span>\u00a0<span title=\"22:36\">know<\/span>\u00a0<span title=\"22:36\">basic<\/span>\u00a0<span title=\"22:37\">keywords<\/span>\u00a0<span title=\"22:37\">in<\/span>\u00a0<span title=\"22:37\">that<\/span>\u00a0<span title=\"22:37\">you<\/span>\u00a0<span title=\"22:38\">always<\/span>\u00a0<\/span><span data-start=\"00:22:37.860\" data-end=\"00:22:40.620\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:38\">have<\/span>\u00a0<span title=\"22:38\">and<\/span>\u00a0<span title=\"22:39\">so<\/span>\u00a0<span title=\"22:39\">i\u2019m<\/span>\u00a0<span title=\"22:39\">kind<\/span>\u00a0<span title=\"22:39\">of<\/span>\u00a0<span title=\"22:39\">interested<\/span>\u00a0<span title=\"22:40\">in<\/span>\u00a0<span title=\"22:40\">the<\/span>\u00a0<span title=\"22:40\">long<\/span>\u00a0<span title=\"22:40\">run,<\/span>\u00a0<\/span><span data-start=\"00:22:40.760\" data-end=\"00:22:44.380\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:41\">is<\/span>\u00a0<span title=\"22:41\">that<\/span>\u00a0<span title=\"22:42\">really<\/span>\u00a0<span title=\"22:42\">where<\/span>\u00a0<span title=\"22:42\">the<\/span>\u00a0<span title=\"22:42\">AI<\/span>\u00a0<span title=\"22:43\">is<\/span>\u00a0<span title=\"22:43\">going<\/span>\u00a0<span title=\"22:43\">to<\/span>\u00a0<span title=\"22:43\">live<\/span>\u00a0<span title=\"22:43\">in<\/span>\u00a0<span title=\"22:43\">these<\/span>\u00a0<span title=\"22:44\">e-commerce<\/span>\u00a0<span title=\"22:44\">sites?<\/span><\/span><br \/><span data-start=\"00:22:44.480\" data-end=\"00:22:49.140\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:44\">Or<\/span>\u00a0<span title=\"22:45\">will<\/span>\u00a0<span title=\"22:45\">we<\/span>\u00a0<span title=\"22:45\">have,<\/span>\u00a0<span title=\"22:45\">you<\/span>\u00a0<span title=\"22:46\">know,<\/span>\u00a0<span title=\"22:46\">sort<\/span>\u00a0<span title=\"22:46\">of<\/span>\u00a0<span title=\"22:46\">a<\/span>\u00a0<span title=\"22:46\">different<\/span>\u00a0<span title=\"22:47\">amenity<\/span>\u00a0<span title=\"22:47\">for<\/span>\u00a0<span title=\"22:47\">doing<\/span>\u00a0<span title=\"22:48\">these<\/span>\u00a0<span title=\"22:49\">more<\/span>\u00a0<\/span><span data-start=\"00:22:49.140\" data-end=\"00:22:53.800\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:49\">intent<\/span>\u00a0<span title=\"22:50\">based<\/span>\u00a0<span title=\"22:50\">searches<\/span>\u00a0<span title=\"22:51\">than<\/span>\u00a0<span title=\"22:51\">we<\/span>\u00a0<span title=\"22:51\">do<\/span>\u00a0<span title=\"22:52\">for<\/span>\u00a0<span title=\"22:52\">the<\/span>\u00a0<span title=\"22:52\">keyword<\/span>\u00a0<span title=\"22:53\">searches?<\/span><\/span><br \/><span data-start=\"00:22:54.040\" data-end=\"00:22:56.200\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:54\">Or<\/span>\u00a0<span title=\"22:54\">will<\/span>\u00a0<span title=\"22:54\">people<\/span>\u00a0<span title=\"22:55\">just<\/span>\u00a0<span title=\"22:55\">learn<\/span>\u00a0<span title=\"22:55\">how<\/span>\u00a0<span title=\"22:55\">to<\/span>\u00a0<span title=\"22:55\">use<\/span>\u00a0<span title=\"22:55\">them<\/span>\u00a0<span title=\"22:56\">different?<\/span>\u00a0<span title=\"22:56\">I<\/span>\u00a0<span title=\"22:56\">don\u2019t<\/span>\u00a0<span title=\"22:56\">know.<\/span><\/span><br \/><span data-start=\"00:22:56.300\" data-end=\"00:23:00.680\" data-spk=\"0\" data-label=\"Jason\"><span title=\"22:56\">It\u2019s<\/span>\u00a0<span title=\"22:57\">a<\/span>\u00a0<span title=\"22:57\">TBD<\/span>\u00a0<span title=\"22:58\">thing<\/span>\u00a0<span title=\"22:58\">as<\/span>\u00a0<span title=\"22:59\">the<\/span>\u00a0<span title=\"22:59\">world<\/span>\u00a0<span title=\"23:00\">evolves<\/span>\u00a0<span title=\"23:00\">right<\/span>\u00a0<span title=\"23:00\">now.<\/span><\/span><\/p>\n<p><small>[23:02]<\/small>\u00a0<span data-start=\"00:23:01.720\" data-end=\"00:23:06.380\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:02\">But<\/span>\u00a0<span title=\"23:02\">you<\/span>\u00a0<span title=\"23:02\">also<\/span>\u00a0<span title=\"23:03\">alluded<\/span>\u00a0<span title=\"23:03\">to<\/span>\u00a0<span title=\"23:03\">the<\/span>\u00a0<span title=\"23:04\">ads<\/span>\u00a0<span title=\"23:04\">business.<\/span>\u00a0<span title=\"23:04\">That<\/span>\u00a0<span title=\"23:05\">was<\/span>\u00a0<span title=\"23:05\">definitely<\/span>\u00a0<span title=\"23:05\">another<\/span>\u00a0<span title=\"23:06\">bright<\/span>\u00a0<span title=\"23:06\">spot.<\/span><\/span><br \/><span data-start=\"00:23:06.620\" data-end=\"00:23:09.420\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:07\">They<\/span>\u00a0<span title=\"23:07\">sold<\/span>\u00a0<span title=\"23:07\">14.7<\/span>\u00a0<span title=\"23:08\">billion<\/span>\u00a0<span title=\"23:08\">dollars<\/span>\u00a0<span title=\"23:08\">of<\/span>\u00a0<span title=\"23:09\">ads<\/span>\u00a0<span title=\"23:09\">which<\/span>\u00a0<span title=\"23:09\">was<\/span>\u00a0<\/span><span data-start=\"00:23:09.420\" data-end=\"00:23:12.640\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:09\">above<\/span>\u00a0<span title=\"23:10\">the<\/span>\u00a0<span title=\"23:10\">wall<\/span>\u00a0<span title=\"23:10\">street<\/span>\u00a0<span title=\"23:11\">estimate<\/span>\u00a0<span title=\"23:11\">it\u2019s<\/span>\u00a0<span title=\"23:12\">a<\/span>\u00a0<span title=\"23:12\">27<\/span>\u00a0<span title=\"23:12\">growth<\/span>\u00a0<\/span><span data-start=\"00:23:12.640\" data-end=\"00:23:16.300\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:13\">year<\/span>\u00a0<span title=\"23:13\">over<\/span>\u00a0<span title=\"23:13\">year<\/span>\u00a0<span title=\"23:14\">and<\/span>\u00a0<span title=\"23:15\">so<\/span>\u00a0<span title=\"23:15\">if<\/span>\u00a0<span title=\"23:16\">you<\/span>\u00a0<\/span><span data-start=\"00:23:16.300\" data-end=\"00:23:20.080\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:16\">look<\/span>\u00a0<span title=\"23:16\">at<\/span>\u00a0<span title=\"23:17\">the<\/span>\u00a0<span title=\"23:17\">trailing<\/span>\u00a0<span title=\"23:18\">12<\/span>\u00a0<span title=\"23:19\">months<\/span>\u00a0<span title=\"23:19\">that\u2019s<\/span>\u00a0<\/span><span data-start=\"00:23:20.080\" data-end=\"00:23:22.800\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:20\">like<\/span>\u00a0<span title=\"23:20\">30<\/span>\u00a0<span title=\"23:21\">billion<\/span>\u00a0<span title=\"23:21\">dollars<\/span>\u00a0<span title=\"23:22\">27<\/span>\u00a0<span title=\"23:22\">billion<\/span>\u00a0<span title=\"23:22\">in<\/span>\u00a0<span title=\"23:23\">ad<\/span>\u00a0<\/span><span data-start=\"00:23:22.800\" data-end=\"00:23:26.900\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:23\">sales<\/span>\u00a0<span title=\"23:23\">if<\/span>\u00a0<span title=\"23:23\">you<\/span>\u00a0<span title=\"23:24\">look<\/span>\u00a0<span title=\"23:24\">at<\/span>\u00a0<span title=\"23:24\">a<\/span>\u00a0<span title=\"23:24\">run<\/span>\u00a0<span title=\"23:24\">rate<\/span>\u00a0<span title=\"23:24\">if<\/span>\u00a0<span title=\"23:25\">that<\/span>\u00a0<span title=\"23:25\">fourth<\/span>\u00a0<span title=\"23:25\">fourth<\/span>\u00a0<span title=\"23:26\">quarter<\/span>\u00a0<span title=\"23:26\">number<\/span>\u00a0<span title=\"23:26\">were<\/span>\u00a0<span title=\"23:27\">to<\/span>\u00a0<\/span><span data-start=\"00:23:26.900\" data-end=\"00:23:32.240\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:27\">go<\/span>\u00a0<span title=\"23:27\">four<\/span>\u00a0<span title=\"23:27\">consecutive<\/span>\u00a0<span title=\"23:28\">quarters<\/span>\u00a0<span title=\"23:28\">it\u2019s<\/span>\u00a0<span title=\"23:29\">a<\/span>\u00a0<span title=\"23:29\">58<\/span>\u00a0<span title=\"23:29\">billion<\/span>\u00a0<span title=\"23:30\">dollar<\/span>\u00a0<span title=\"23:30\">run<\/span>\u00a0<span title=\"23:30\">rate<\/span>\u00a0<span title=\"23:31\">so<\/span>\u00a0<span title=\"23:31\">they<\/span>\u00a0<span title=\"23:32\">are<\/span>\u00a0<span title=\"23:32\">they\u2019re<\/span>\u00a0<\/span><span data-start=\"00:23:32.240\" data-end=\"00:23:38.980\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:32\">like<\/span>\u00a0<span title=\"23:33\">a<\/span>\u00a0<span title=\"23:33\">clear<\/span>\u00a0<span title=\"23:33\">third<\/span>\u00a0<span title=\"23:34\">largest<\/span>\u00a0<span title=\"23:34\">digital<\/span>\u00a0<span title=\"23:35\">ad<\/span>\u00a0<span title=\"23:36\">platform<\/span>\u00a0<span title=\"23:36\">in<\/span>\u00a0<span title=\"23:37\">the<\/span>\u00a0<span title=\"23:37\">United<\/span>\u00a0<span title=\"23:37\">States<\/span>\u00a0<span title=\"23:38\">and<\/span>\u00a0<span title=\"23:38\">rapidly<\/span>\u00a0<\/span><span data-start=\"00:23:38.980\" data-end=\"00:23:41.780\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:39\">gaining<\/span>\u00a0<span title=\"23:40\">ground<\/span>\u00a0<span title=\"23:40\">on<\/span>\u00a0<span title=\"23:41\">the<\/span>\u00a0<span title=\"23:41\">other<\/span>\u00a0<span title=\"23:41\">two.<\/span><\/span><br \/><span data-start=\"00:23:42.160\" data-end=\"00:23:47.720\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:42\">And<\/span>\u00a0<span title=\"23:43\">the<\/span>\u00a0<span title=\"23:43\">most<\/span>\u00a0<span title=\"23:44\">conservative<\/span>\u00a0<span title=\"23:44\">estimate<\/span>\u00a0<span title=\"23:44\">I\u2019ve<\/span>\u00a0<span title=\"23:45\">ever<\/span>\u00a0<span title=\"23:45\">seen<\/span>\u00a0<span title=\"23:45\">for<\/span>\u00a0<span title=\"23:45\">this<\/span>\u00a0<span title=\"23:46\">business<\/span>\u00a0<span title=\"23:46\">is<\/span>\u00a0<span title=\"23:46\">that<\/span>\u00a0<span title=\"23:46\">it\u2019s<\/span>\u00a0<span title=\"23:46\">60%<\/span>\u00a0<span title=\"23:47\">gross<\/span>\u00a0<span title=\"23:47\">margin.<\/span><\/span><br \/><span data-start=\"00:23:48.200\" data-end=\"00:23:54.680\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:48\">At<\/span>\u00a0<span title=\"23:49\">60%<\/span>\u00a0<span title=\"23:50\">gross<\/span>\u00a0<span title=\"23:50\">margin<\/span>\u00a0<span title=\"23:50\">over<\/span>\u00a0<span title=\"23:51\">the<\/span>\u00a0<span title=\"23:51\">trailing<\/span>\u00a0<span title=\"23:52\">12<\/span>\u00a0<span title=\"23:52\">months,<\/span>\u00a0<span title=\"23:52\">the<\/span>\u00a0<span title=\"23:53\">ads<\/span>\u00a0<span title=\"23:54\">business<\/span>\u00a0<span title=\"23:54\">contributed<\/span>\u00a0<\/span><span data-start=\"00:23:54.680\" data-end=\"00:24:01.780\" data-spk=\"0\" data-label=\"Jason\"><span title=\"23:55\">$28<\/span>\u00a0<span title=\"23:55\">billion<\/span>\u00a0<span title=\"23:56\">billion<\/span>\u00a0<span title=\"23:56\">in<\/span>\u00a0<span title=\"23:57\">operating<\/span>\u00a0<span title=\"23:58\">income<\/span>\u00a0<span title=\"23:58\">to<\/span>\u00a0<span title=\"23:58\">Amazon<\/span>\u00a0<span title=\"23:59\">versus<\/span>\u00a0<span title=\"23:59\">the<\/span>\u00a0<span title=\"24:00\">21<\/span>\u00a0<span title=\"24:00\">billion<\/span>\u00a0<span title=\"24:00\">for<\/span>\u00a0<span title=\"24:01\">AWS.<\/span><\/span><br \/><span data-start=\"00:24:02.080\" data-end=\"00:24:07.960\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:02\">So<\/span>\u00a0<span title=\"24:02\">ads<\/span>\u00a0<span title=\"24:03\">was<\/span>\u00a0<span title=\"24:03\">$7<\/span>\u00a0<span title=\"24:04\">billion<\/span>\u00a0<span title=\"24:04\">more<\/span>\u00a0<span title=\"24:05\">profitable<\/span>\u00a0<span title=\"24:05\">than<\/span>\u00a0<span title=\"24:06\">AWS<\/span>\u00a0<span title=\"24:06\">over<\/span>\u00a0<span title=\"24:07\">the<\/span>\u00a0<span title=\"24:07\">last<\/span>\u00a0<span title=\"24:07\">12<\/span>\u00a0<span title=\"24:08\">months.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[24:08]<\/small>\u00a0<span data-start=\"00:24:08.260\" data-end=\"00:24:10.720\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:08\">Yeah.<\/span>\u00a0<span title=\"24:09\">That<\/span>\u00a0<span title=\"24:09\">would<\/span>\u00a0<span title=\"24:09\">be<\/span>\u00a0<span title=\"24:09\">net<\/span>\u00a0<span title=\"24:10\">margin,<\/span>\u00a0<span title=\"24:10\">I<\/span>\u00a0<span title=\"24:10\">think<\/span>\u00a0<span title=\"24:10\">you<\/span>\u00a0<span title=\"24:10\">meant<\/span>\u00a0<span title=\"24:11\">to<\/span>\u00a0<span title=\"24:11\">say.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[24:11]<\/small>\u00a0<span data-start=\"00:24:10.900\" data-end=\"00:24:16.860\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:11\">Yeah.<\/span>\u00a0<span title=\"24:11\">Sorry.<\/span>\u00a0<span title=\"24:12\">And<\/span>\u00a0<span title=\"24:12\">in<\/span>\u00a0<span title=\"24:12\">fun<\/span>\u00a0<span title=\"24:13\">fact,<\/span>\u00a0<span title=\"24:14\">they<\/span>\u00a0<span title=\"24:14\">also<\/span>\u00a0<span title=\"24:14\">announced<\/span>\u00a0<span title=\"24:15\">this<\/span>\u00a0<span title=\"24:15\">little<\/span>\u00a0<span title=\"24:15\">thing<\/span>\u00a0<span title=\"24:16\">called<\/span>\u00a0<span title=\"24:17\">Prime<\/span>\u00a0<\/span><span data-start=\"00:24:16.860\" data-end=\"00:24:22.720\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:17\">Video<\/span>\u00a0<span title=\"24:17\">Ads,<\/span>\u00a0<span title=\"24:18\">which<\/span>\u00a0<span title=\"24:19\">which,<\/span>\u00a0<span title=\"24:19\">you<\/span>\u00a0<span title=\"24:20\">know,<\/span>\u00a0<span title=\"24:20\">is<\/span>\u00a0<span title=\"24:20\">a<\/span>\u00a0<span title=\"24:20\">huge<\/span>\u00a0<span title=\"24:21\">new<\/span>\u00a0<span title=\"24:21\">source<\/span>\u00a0<span title=\"24:21\">of<\/span>\u00a0<span title=\"24:21\">revenue<\/span>\u00a0<span title=\"24:22\">for<\/span>\u00a0<span title=\"24:22\">them.<\/span><\/span><br \/><span data-start=\"00:24:23.000\" data-end=\"00:24:29.740\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:23\">And<\/span>\u00a0<span title=\"24:23\">that<\/span>\u00a0<span title=\"24:24\">is<\/span>\u00a0<span title=\"24:24\">expected<\/span>\u00a0<span title=\"24:25\">to<\/span>\u00a0<span title=\"24:25\">tack<\/span>\u00a0<span title=\"24:25\">on<\/span>\u00a0<span title=\"24:25\">another<\/span>\u00a0<span title=\"24:27\">like<\/span>\u00a0<span title=\"24:27\">six<\/span>\u00a0<span title=\"24:28\">and<\/span>\u00a0<span title=\"24:28\">a<\/span>\u00a0<span title=\"24:28\">half<\/span>\u00a0<span title=\"24:29\">billion<\/span>\u00a0<span title=\"24:29\">over<\/span>\u00a0<span title=\"24:30\">the<\/span>\u00a0<\/span><span data-start=\"00:24:29.740\" data-end=\"00:24:31.320\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:30\">next<\/span>\u00a0<span title=\"24:30\">12<\/span>\u00a0<span title=\"24:30\">months<\/span>\u00a0<span title=\"24:30\">or<\/span>\u00a0<span title=\"24:31\">24<\/span>\u00a0<span title=\"24:31\">months.<\/span><\/span><br \/><span data-start=\"00:24:31.500\" data-end=\"00:24:36.180\" data-spk=\"0\" data-label=\"Jason\"><span title=\"24:32\">So<\/span>\u00a0<span title=\"24:32\">like<\/span>\u00a0<span title=\"24:33\">there\u2019s<\/span>\u00a0<span title=\"24:34\">a<\/span>\u00a0<span title=\"24:34\">lot<\/span>\u00a0<span title=\"24:34\">of<\/span>\u00a0<span title=\"24:34\">upside<\/span>\u00a0<span title=\"24:35\">still<\/span>\u00a0<span title=\"24:35\">in<\/span>\u00a0<span title=\"24:35\">the<\/span>\u00a0<span title=\"24:35\">ad<\/span>\u00a0<span title=\"24:35\">business<\/span>\u00a0<span title=\"24:36\">for<\/span>\u00a0<span title=\"24:36\">Amazon.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[24:37]<\/small>\u00a0<span data-start=\"00:24:37.132\" data-end=\"00:24:40.032\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:37\">Yeah<\/span>\u00a0<span title=\"24:37\">it\u2019s<\/span>\u00a0<span title=\"24:38\">gonna<\/span>\u00a0<span title=\"24:38\">be<\/span>\u00a0<span title=\"24:38\">crazy<\/span>\u00a0<span title=\"24:38\">back<\/span>\u00a0<span title=\"24:40\">on<\/span>\u00a0<\/span><span data-start=\"00:24:40.032\" data-end=\"00:24:43.012\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:40\">marketplaces<\/span>\u00a0<span title=\"24:41\">i<\/span>\u00a0<span title=\"24:41\">skipped<\/span>\u00a0<span title=\"24:41\">a<\/span>\u00a0<span title=\"24:41\">couple<\/span>\u00a0<span title=\"24:42\">data<\/span>\u00a0<span title=\"24:42\">points<\/span>\u00a0<span title=\"24:42\">because<\/span>\u00a0<span title=\"24:42\">i<\/span>\u00a0<span title=\"24:42\">was<\/span>\u00a0<span title=\"24:43\">so<\/span>\u00a0<\/span><span data-start=\"00:24:43.012\" data-end=\"00:24:45.912\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:43\">excited<\/span>\u00a0<span title=\"24:43\">about<\/span>\u00a0<span title=\"24:44\">the<\/span>\u00a0<span title=\"24:44\">trillion<\/span>\u00a0<span title=\"24:44\">dollars<\/span>\u00a0<span title=\"24:44\">the<\/span>\u00a0<span title=\"24:45\">as<\/span>\u00a0<span title=\"24:46\">far<\/span>\u00a0<\/span><span data-start=\"00:24:45.912\" data-end=\"00:24:48.672\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:46\">as<\/span>\u00a0<span title=\"24:46\">the<\/span>\u00a0<span title=\"24:46\">quarter<\/span>\u00a0<span title=\"24:46\">they<\/span>\u00a0<span title=\"24:47\">they<\/span>\u00a0<span title=\"24:47\">kind<\/span>\u00a0<span title=\"24:47\">of<\/span>\u00a0<span title=\"24:47\">have<\/span>\u00a0<span title=\"24:48\">a<\/span>\u00a0<span title=\"24:48\">couple<\/span>\u00a0<span title=\"24:48\">of<\/span>\u00a0<span title=\"24:48\">things<\/span>\u00a0<span title=\"24:48\">that<\/span>\u00a0<\/span><span data-start=\"00:24:48.672\" data-end=\"00:24:51.792\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:49\">they<\/span>\u00a0<span title=\"24:49\">report<\/span>\u00a0<span title=\"24:49\">on<\/span>\u00a0<span title=\"24:49\">you<\/span>\u00a0<span title=\"24:50\">know<\/span>\u00a0<span title=\"24:50\">the<\/span>\u00a0<span title=\"24:51\">gmv<\/span>\u00a0<span title=\"24:51\">we<\/span>\u00a0<span title=\"24:51\">we<\/span>\u00a0<\/span><span data-start=\"00:24:51.792\" data-end=\"00:24:54.692\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:52\">we<\/span>\u00a0<span title=\"24:52\">talked<\/span>\u00a0<span title=\"24:52\">about<\/span>\u00a0<span title=\"24:53\">analysts<\/span>\u00a0<span title=\"24:53\">have<\/span>\u00a0<span title=\"24:53\">to<\/span>\u00a0<span title=\"24:54\">kind<\/span>\u00a0<span title=\"24:54\">of<\/span>\u00a0<span title=\"24:54\">back<\/span>\u00a0<span title=\"24:54\">into<\/span>\u00a0<span title=\"24:54\">and<\/span>\u00a0<span title=\"24:55\">they<\/span>\u00a0<\/span><span data-start=\"00:24:54.692\" data-end=\"00:24:57.872\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:55\">use<\/span>\u00a0<span title=\"24:55\">this<\/span>\u00a0<span title=\"24:55\">one<\/span>\u00a0<span title=\"24:55\">data<\/span>\u00a0<span title=\"24:56\">point<\/span>\u00a0<span title=\"24:56\">to<\/span>\u00a0<span title=\"24:56\">kind<\/span>\u00a0<span title=\"24:56\">of<\/span>\u00a0<span title=\"24:56\">triangulate<\/span>\u00a0<span title=\"24:57\">the<\/span>\u00a0<span title=\"24:58\">things<\/span>\u00a0<\/span><span data-start=\"00:24:57.872\" data-end=\"00:25:00.992\" data-spk=\"1\" data-label=\"Scot\"><span title=\"24:58\">they<\/span>\u00a0<span title=\"24:58\">do<\/span>\u00a0<span title=\"24:58\">tell<\/span>\u00a0<span title=\"24:58\">us<\/span>\u00a0<span title=\"24:58\">is<\/span>\u00a0<span title=\"24:59\">there\u2019s<\/span>\u00a0<span title=\"24:59\">this<\/span>\u00a0<span title=\"24:59\">piece<\/span>\u00a0<span title=\"24:59\">called<\/span>\u00a0<span title=\"25:00\">third-party<\/span>\u00a0<span title=\"25:00\">seller<\/span>\u00a0<span title=\"25:00\">services<\/span>\u00a0<\/span><span data-start=\"00:25:00.992\" data-end=\"00:25:03.972\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:01\">and<\/span>\u00a0<span title=\"25:01\">that\u2019s<\/span>\u00a0<span title=\"25:02\">basically<\/span>\u00a0<span title=\"25:02\">you<\/span>\u00a0<span title=\"25:03\">know<\/span>\u00a0<span title=\"25:03\">where<\/span>\u00a0<span title=\"25:03\">they<\/span>\u00a0<span title=\"25:03\">make<\/span>\u00a0<span title=\"25:03\">money<\/span>\u00a0<span title=\"25:03\">from<\/span>\u00a0<span title=\"25:03\">prime<\/span>\u00a0<span title=\"25:04\">and<\/span>\u00a0<\/span><span data-start=\"00:25:03.972\" data-end=\"00:25:07.692\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:04\">other<\/span>\u00a0<span title=\"25:04\">things<\/span>\u00a0<span title=\"25:04\">of<\/span>\u00a0<span title=\"25:05\">that<\/span>\u00a0<span title=\"25:05\">nature<\/span>\u00a0<span title=\"25:05\">and<\/span>\u00a0<span title=\"25:05\">that<\/span>\u00a0<span title=\"25:06\">grew<\/span>\u00a0<span title=\"25:06\">20<\/span>\u00a0<span title=\"25:06\">percent<\/span>\u00a0<span title=\"25:07\">year-over-year<\/span>\u00a0<\/span><span data-start=\"00:25:07.692\" data-end=\"00:25:10.892\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:08\">beat<\/span>\u00a0<span title=\"25:08\">estimates<\/span>\u00a0<span title=\"25:08\">it<\/span>\u00a0<span title=\"25:09\">was<\/span>\u00a0<span title=\"25:09\">everyone<\/span>\u00a0<span title=\"25:09\">was<\/span>\u00a0<span title=\"25:10\">thinking<\/span>\u00a0<span title=\"25:10\">42<\/span>\u00a0<span title=\"25:10\">billion<\/span>\u00a0<\/span><span data-start=\"00:25:10.892\" data-end=\"00:25:13.752\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:11\">and<\/span>\u00a0<span title=\"25:11\">it<\/span>\u00a0<span title=\"25:11\">came<\/span>\u00a0<span title=\"25:11\">in<\/span>\u00a0<span title=\"25:11\">at<\/span>\u00a0<span title=\"25:12\">43<\/span>\u00a0<span title=\"25:12\">and<\/span>\u00a0<span title=\"25:12\">change<\/span>\u00a0<span title=\"25:13\">and<\/span>\u00a0<span title=\"25:14\">then<\/span>\u00a0<\/span><span data-start=\"00:25:13.752\" data-end=\"00:25:16.832\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:14\">the<\/span>\u00a0<span title=\"25:14\">other<\/span>\u00a0<span title=\"25:14\">thing<\/span>\u00a0<span title=\"25:15\">they<\/span>\u00a0<span title=\"25:15\">tell<\/span>\u00a0<span title=\"25:15\">us<\/span>\u00a0<span title=\"25:15\">is<\/span>\u00a0<span title=\"25:15\">units<\/span>\u00a0<span title=\"25:15\">and<\/span>\u00a0<span title=\"25:16\">that\u2019s<\/span>\u00a0<span title=\"25:17\">tricky<\/span>\u00a0<\/span><span data-start=\"00:25:16.832\" data-end=\"00:25:21.332\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:17\">because<\/span>\u00a0<span title=\"25:17\">you<\/span>\u00a0<span title=\"25:17\">don\u2019t<\/span>\u00a0<span title=\"25:17\">know<\/span>\u00a0<span title=\"25:17\">the<\/span>\u00a0<span title=\"25:18\">relevant<\/span>\u00a0<span title=\"25:18\">price<\/span>\u00a0<span title=\"25:19\">of<\/span>\u00a0<span title=\"25:20\">a<\/span>\u00a0<span title=\"25:20\">third-party<\/span>\u00a0<span title=\"25:20\">unit<\/span>\u00a0<span title=\"25:21\">in<\/span>\u00a0<span title=\"25:21\">a<\/span>\u00a0<span title=\"25:21\">first<\/span>\u00a0<span title=\"25:21\">party<\/span>\u00a0<\/span><span data-start=\"00:25:21.332\" data-end=\"00:25:24.812\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:21\">so<\/span>\u00a0<span title=\"25:22\">you<\/span>\u00a0<span title=\"25:22\">can\u2019t<\/span>\u00a0<span title=\"25:22\">just<\/span>\u00a0<span title=\"25:22\">assume<\/span>\u00a0<span title=\"25:22\">it\u2019s<\/span>\u00a0<span title=\"25:23\">61<\/span>\u00a0<span title=\"25:23\">of<\/span>\u00a0<span title=\"25:23\">revenue<\/span>\u00a0<span title=\"25:24\">that<\/span>\u00a0<span title=\"25:24\">that\u2019s<\/span>\u00a0<span title=\"25:24\">a<\/span>\u00a0<span title=\"25:24\">little<\/span>\u00a0<span title=\"25:24\">trick<\/span>\u00a0<span title=\"25:24\">in<\/span>\u00a0<span title=\"25:25\">there<\/span>\u00a0<\/span><span data-start=\"00:25:24.812\" data-end=\"00:25:29.052\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:25\">that<\/span>\u00a0<span title=\"25:26\">that\u2019s<\/span>\u00a0<span title=\"25:26\">that\u2019s<\/span>\u00a0<span title=\"25:27\">why<\/span>\u00a0<span title=\"25:27\">the<\/span>\u00a0<span title=\"25:27\">analysts<\/span>\u00a0<span title=\"25:27\">have<\/span>\u00a0<span title=\"25:27\">to<\/span>\u00a0<span title=\"25:27\">do<\/span>\u00a0<span title=\"25:28\">some<\/span>\u00a0<span title=\"25:28\">different<\/span>\u00a0<span title=\"25:28\">math<\/span>\u00a0<span title=\"25:29\">to<\/span>\u00a0<span title=\"25:29\">get<\/span>\u00a0<span title=\"25:29\">in<\/span>\u00a0<\/span><span data-start=\"00:25:29.052\" data-end=\"00:25:33.772\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:29\">there<\/span>\u00a0<span title=\"25:29\">but<\/span>\u00a0<span title=\"25:30\">third<\/span>\u00a0<span title=\"25:31\">Third<\/span>\u00a0<span title=\"25:31\">party<\/span>\u00a0<span title=\"25:31\">was<\/span>\u00a0<span title=\"25:31\">61%<\/span>\u00a0<span title=\"25:32\">of<\/span>\u00a0<span title=\"25:33\">units<\/span>\u00a0<span title=\"25:33\">in<\/span>\u00a0<span title=\"25:33\">the<\/span>\u00a0<span title=\"25:33\">fourth<\/span>\u00a0<span title=\"25:33\">quarter.<\/span><\/span><br \/><span data-start=\"00:25:34.012\" data-end=\"00:25:37.712\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:34\">Last<\/span>\u00a0<span title=\"25:34\">year,<\/span>\u00a0<span title=\"25:35\">you<\/span>\u00a0<span title=\"25:35\">have<\/span>\u00a0<span title=\"25:35\">to<\/span>\u00a0<span title=\"25:35\">look<\/span>\u00a0<span title=\"25:35\">at<\/span>\u00a0<span title=\"25:35\">year<\/span>\u00a0<span title=\"25:36\">over<\/span>\u00a0<span title=\"25:36\">year<\/span>\u00a0<span title=\"25:36\">because<\/span>\u00a0<span title=\"25:36\">of<\/span>\u00a0<span title=\"25:36\">the<\/span>\u00a0<span title=\"25:36\">seasonality.<\/span>\u00a0<span title=\"25:37\">It<\/span>\u00a0<span title=\"25:37\">was<\/span>\u00a0<span title=\"25:37\">59.<\/span><\/span><br \/><span data-start=\"00:25:37.972\" data-end=\"00:25:41.952\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:38\">So<\/span>\u00a0<span title=\"25:38\">that\u2019s<\/span>\u00a0<span title=\"25:38\">up<\/span>\u00a0<span title=\"25:38\">2%.<\/span>\u00a0<span title=\"25:39\">So<\/span>\u00a0<span title=\"25:39\">more<\/span>\u00a0<span title=\"25:40\">and<\/span>\u00a0<span title=\"25:40\">more<\/span>\u00a0<span title=\"25:40\">products<\/span>\u00a0<span title=\"25:41\">that<\/span>\u00a0<span title=\"25:41\">they\u2019re<\/span>\u00a0<span title=\"25:41\">selling<\/span>\u00a0<span title=\"25:41\">are<\/span>\u00a0<span title=\"25:41\">third<\/span>\u00a0<span title=\"25:42\">party,<\/span>\u00a0<\/span><span data-start=\"00:25:42.072\" data-end=\"00:25:45.132\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:42\">which<\/span>\u00a0<span title=\"25:43\">is,<\/span>\u00a0<span title=\"25:43\">you<\/span>\u00a0<span title=\"25:43\">know,<\/span>\u00a0<span title=\"25:43\">just<\/span>\u00a0<span title=\"25:44\">juices<\/span>\u00a0<span title=\"25:44\">their<\/span>\u00a0<span title=\"25:44\">margins<\/span>\u00a0<span title=\"25:44\">that<\/span>\u00a0<span title=\"25:45\">much<\/span>\u00a0<span title=\"25:45\">more.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[25:46]<\/small>\u00a0<span data-start=\"00:25:45.552\" data-end=\"00:25:50.172\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:46\">Yeah.<\/span>\u00a0<span title=\"25:46\">Just<\/span>\u00a0<span title=\"25:46\">looking<\/span>\u00a0<span title=\"25:46\">at<\/span>\u00a0<span title=\"25:47\">the<\/span>\u00a0<span title=\"25:47\">Citibank<\/span>\u00a0<span title=\"25:47\">model<\/span>\u00a0<span title=\"25:47\">for<\/span>\u00a0<span title=\"25:48\">that,<\/span>\u00a0<span title=\"25:48\">Scott,<\/span>\u00a0<span title=\"25:48\">it<\/span>\u00a0<span title=\"25:48\">would<\/span>\u00a0<span title=\"25:48\">be<\/span>\u00a0<span title=\"25:49\">seven<\/span>\u00a0<span title=\"25:50\">globally.<\/span><\/span><br \/><span data-start=\"00:25:50.292\" data-end=\"00:25:54.252\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:50\">It<\/span>\u00a0<span title=\"25:50\">would<\/span>\u00a0<span title=\"25:51\">be<\/span>\u00a0<span title=\"25:51\">like<\/span>\u00a0<span title=\"25:51\">71%<\/span>\u00a0<span title=\"25:52\">of<\/span>\u00a0<span title=\"25:52\">total<\/span>\u00a0<span title=\"25:53\">GMV<\/span>\u00a0<span title=\"25:54\">is<\/span>\u00a0<span title=\"25:54\">third<\/span>\u00a0<span title=\"25:54\">party.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[25:55]<\/small>\u00a0<span data-start=\"00:25:54.732\" data-end=\"00:25:55.132\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:55\">Yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[25:55]<\/small>\u00a0<span data-start=\"00:25:55.272\" data-end=\"00:25:55.972\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:55\">By<\/span>\u00a0<span title=\"25:56\">revenue.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[25:56]<\/small>\u00a0<span data-start=\"00:25:56.132\" data-end=\"00:25:56.532\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:56\">Yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[25:57]<\/small>\u00a0<span data-start=\"00:25:56.652\" data-end=\"00:25:56.852\" data-spk=\"0\" data-label=\"Jason\"><span title=\"25:57\">Yeah.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[25:57]<\/small>\u00a0<span data-start=\"00:25:56.852\" data-end=\"00:26:00.352\" data-spk=\"1\" data-label=\"Scot\"><span title=\"25:57\">Yeah,<\/span>\u00a0<span title=\"25:57\">because<\/span>\u00a0<span title=\"25:57\">first<\/span>\u00a0<span title=\"25:57\">party,<\/span>\u00a0<span title=\"25:58\">back<\/span>\u00a0<span title=\"25:58\">when<\/span>\u00a0<span title=\"25:59\">I<\/span>\u00a0<span title=\"25:59\">was<\/span>\u00a0<span title=\"25:59\">modeling<\/span>\u00a0<span title=\"25:59\">this,<\/span>\u00a0<span title=\"25:59\">I\u2019ve<\/span>\u00a0<span title=\"26:00\">since<\/span>\u00a0<span title=\"26:00\">abandoned<\/span>\u00a0<\/span><span data-start=\"00:26:00.352\" data-end=\"00:26:03.772\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:00\">that<\/span>\u00a0<span title=\"26:01\">because<\/span>\u00a0<span title=\"26:01\">the<\/span>\u00a0<span title=\"26:02\">Wall<\/span>\u00a0<span title=\"26:02\">Street<\/span>\u00a0<span title=\"26:02\">guys<\/span>\u00a0<span title=\"26:03\">do<\/span>\u00a0<span title=\"26:03\">a<\/span>\u00a0<span title=\"26:03\">better<\/span>\u00a0<span title=\"26:03\">job<\/span>\u00a0<span title=\"26:03\">than<\/span>\u00a0<span title=\"26:03\">I<\/span>\u00a0<span title=\"26:03\">ever<\/span>\u00a0<span title=\"26:04\">could.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[26:04]<\/small>\u00a0<span data-start=\"00:26:04.232\" data-end=\"00:26:06.092\" data-spk=\"0\" data-label=\"Jason\"><span title=\"26:04\">Their<\/span>\u00a0<span title=\"26:05\">spreadsheets<\/span>\u00a0<span title=\"26:05\">are<\/span>\u00a0<span title=\"26:05\">a<\/span>\u00a0<span title=\"26:05\">lot<\/span>\u00a0<span title=\"26:05\">prettier,<\/span>\u00a0<span title=\"26:06\">for<\/span>\u00a0<span title=\"26:06\">sure.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[26:07]<\/small>\u00a0<span data-start=\"00:26:06.952\" data-end=\"00:26:14.312\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:07\">Yes,<\/span>\u00a0<span title=\"26:07\">it<\/span>\u00a0<span title=\"26:08\">was<\/span>\u00a0<span title=\"26:08\">similar.<\/span>\u00a0<span title=\"26:09\">It<\/span>\u00a0<span title=\"26:10\">would<\/span>\u00a0<span title=\"26:10\">add<\/span>\u00a0<span title=\"26:11\">about<\/span>\u00a0<span title=\"26:11\">10<\/span>\u00a0<span title=\"26:11\">points<\/span>\u00a0<span title=\"26:12\">because<\/span>\u00a0<span title=\"26:12\">the<\/span>\u00a0<span title=\"26:12\">AOV<\/span>\u00a0<span title=\"26:13\">on<\/span>\u00a0<span title=\"26:14\">first<\/span>\u00a0<span title=\"26:14\">party<\/span>\u00a0<\/span><span data-start=\"00:26:14.312\" data-end=\"00:26:18.012\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:14\">is<\/span>\u00a0<span title=\"26:15\">relatively<\/span>\u00a0<span title=\"26:15\">low<\/span>\u00a0<span title=\"26:15\">compared<\/span>\u00a0<span title=\"26:16\">to<\/span>\u00a0<span title=\"26:16\">third<\/span>\u00a0<span title=\"26:16\">party<\/span>\u00a0<span title=\"26:16\">because<\/span>\u00a0<span title=\"26:17\">of<\/span>\u00a0<span title=\"26:17\">all<\/span>\u00a0<span title=\"26:17\">the<\/span>\u00a0<span title=\"26:17\">books<\/span>\u00a0<span title=\"26:17\">and<\/span>\u00a0<span title=\"26:18\">digital<\/span>\u00a0<\/span><span data-start=\"00:26:18.012\" data-end=\"00:26:22.472\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:18\">little<\/span>\u00a0<span title=\"26:19\">things<\/span>\u00a0<span title=\"26:19\">that<\/span>\u00a0<span title=\"26:19\">they<\/span>\u00a0<span title=\"26:19\">have<\/span>\u00a0<span title=\"26:20\">that<\/span>\u00a0<span title=\"26:20\">are<\/span>\u00a0<span title=\"26:20\">a<\/span>\u00a0<span title=\"26:21\">dollar<\/span>\u00a0<span title=\"26:21\">here,<\/span>\u00a0<span title=\"26:22\">a<\/span>\u00a0<span title=\"26:22\">dollar<\/span>\u00a0<span title=\"26:22\">there<\/span>\u00a0<span title=\"26:22\">kind<\/span>\u00a0<span title=\"26:22\">of<\/span>\u00a0<span title=\"26:22\">things.<\/span><\/span><br \/><span data-start=\"00:26:22.472\" data-end=\"00:26:31.952\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:22\">Things<\/span>\u00a0<span title=\"26:23\">okay<\/span>\u00a0<span title=\"26:24\">so<\/span>\u00a0<span title=\"26:25\">then<\/span>\u00a0<span title=\"26:25\">we<\/span>\u00a0<span title=\"26:25\">go<\/span>\u00a0<span title=\"26:25\">into<\/span>\u00a0<span title=\"26:26\">next<\/span>\u00a0<span title=\"26:27\">year<\/span>\u00a0<span title=\"26:27\">with<\/span>\u00a0<span title=\"26:27\">the<\/span>\u00a0<span title=\"26:27\">guidance<\/span>\u00a0<span title=\"26:28\">and<\/span>\u00a0<span title=\"26:28\">they<\/span>\u00a0<span title=\"26:29\">guided<\/span>\u00a0<span title=\"26:30\">the<\/span>\u00a0<span title=\"26:30\">top<\/span>\u00a0<span title=\"26:30\">line<\/span>\u00a0<span title=\"26:31\">138<\/span>\u00a0<span title=\"26:31\">to<\/span>\u00a0<span title=\"26:31\">143.<\/span><\/span><br \/><span data-start=\"00:26:32.192\" data-end=\"00:26:36.532\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:32\">This<\/span>\u00a0<span title=\"26:33\">was<\/span>\u00a0<span title=\"26:33\">Wall<\/span>\u00a0<span title=\"26:34\">Street\u2019s<\/span>\u00a0<span title=\"26:34\">consensus<\/span>\u00a0<span title=\"26:35\">is<\/span>\u00a0<span title=\"26:35\">in<\/span>\u00a0<span title=\"26:35\">the<\/span>\u00a0<span title=\"26:35\">middle<\/span>\u00a0<span title=\"26:35\">but<\/span>\u00a0<span title=\"26:36\">they<\/span>\u00a0<span title=\"26:36\">really<\/span>\u00a0<span title=\"26:36\">raised<\/span>\u00a0<span title=\"26:36\">the<\/span>\u00a0<\/span><span data-start=\"00:26:36.532\" data-end=\"00:26:40.232\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:37\">top<\/span>\u00a0<span title=\"26:37\">end<\/span>\u00a0<span title=\"26:37\">of<\/span>\u00a0<span title=\"26:37\">this<\/span>\u00a0<span title=\"26:37\">and<\/span>\u00a0<span title=\"26:37\">it<\/span>\u00a0<span title=\"26:38\">gives<\/span>\u00a0<span title=\"26:38\">it<\/span>\u00a0<span title=\"26:38\">a<\/span>\u00a0<span title=\"26:38\">growth<\/span>\u00a0<span title=\"26:38\">band<\/span>\u00a0<span title=\"26:38\">of<\/span>\u00a0<span title=\"26:39\">eight<\/span>\u00a0<span title=\"26:39\">to<\/span>\u00a0<span title=\"26:39\">thirteen<\/span>\u00a0<span title=\"26:39\">percent<\/span>\u00a0<span title=\"26:40\">and<\/span>\u00a0<\/span><span data-start=\"00:26:40.232\" data-end=\"00:26:44.392\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:40\">what\u2019s<\/span>\u00a0<span title=\"26:40\">happened<\/span>\u00a0<span title=\"26:41\">in<\/span>\u00a0<span title=\"26:41\">the<\/span>\u00a0<span title=\"26:41\">jassy<\/span>\u00a0<span title=\"26:41\">era<\/span>\u00a0<span title=\"26:42\">is<\/span>\u00a0<span title=\"26:42\">it<\/span>\u00a0<span title=\"26:42\">either<\/span>\u00a0<span title=\"26:43\">comes<\/span>\u00a0<span title=\"26:43\">in<\/span>\u00a0<span title=\"26:43\">right<\/span>\u00a0<span title=\"26:43\">at<\/span>\u00a0<span title=\"26:43\">the<\/span>\u00a0<span title=\"26:44\">top<\/span>\u00a0<span title=\"26:44\">or<\/span>\u00a0<span title=\"26:44\">a<\/span>\u00a0<\/span><span data-start=\"00:26:44.392\" data-end=\"00:26:50.212\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:44\">notch<\/span>\u00a0<span title=\"26:45\">or<\/span>\u00a0<span title=\"26:45\">two<\/span>\u00a0<span title=\"26:45\">above<\/span>\u00a0<span title=\"26:45\">so<\/span>\u00a0<span title=\"26:46\">Wall<\/span>\u00a0<span title=\"26:46\">Street<\/span>\u00a0<span title=\"26:47\">thinks<\/span>\u00a0<span title=\"26:47\">that<\/span>\u00a0<span title=\"26:48\">you<\/span>\u00a0<span title=\"26:48\">know<\/span>\u00a0<span title=\"26:49\">While<\/span>\u00a0<span title=\"26:49\">the<\/span>\u00a0<span title=\"26:49\">midpoint<\/span>\u00a0<span title=\"26:50\">was<\/span>\u00a0<\/span><span data-start=\"00:26:50.212\" data-end=\"00:26:51.292\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:50\">aligned<\/span>\u00a0<span title=\"26:51\">with<\/span>\u00a0<span title=\"26:51\">what<\/span>\u00a0<span title=\"26:51\">they\u2019re<\/span>\u00a0<span title=\"26:51\">thinking,<\/span>\u00a0<\/span><span data-start=\"00:26:51.492\" data-end=\"00:26:53.572\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:51\">many<\/span>\u00a0<span title=\"26:52\">of<\/span>\u00a0<span title=\"26:53\">them<\/span>\u00a0<span title=\"26:53\">have<\/span>\u00a0<span title=\"26:53\">bumped<\/span>\u00a0<span title=\"26:53\">up<\/span>\u00a0<span title=\"26:53\">their,<\/span>\u00a0<\/span><span data-start=\"00:26:54.352\" data-end=\"00:26:56.172\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:54\">models<\/span>\u00a0<span title=\"26:55\">to<\/span>\u00a0<span title=\"26:55\">the<\/span>\u00a0<span title=\"26:55\">143.<\/span><\/span><\/p>\n<p><small>[26:58]<\/small>\u00a0<span data-start=\"00:26:57.872\" data-end=\"00:27:01.772\" data-spk=\"1\" data-label=\"Scot\"><span title=\"26:58\">And<\/span>\u00a0<span title=\"26:58\">then<\/span>\u00a0<span title=\"26:58\">also<\/span>\u00a0<span title=\"26:59\">the<\/span>\u00a0<span title=\"27:00\">similar<\/span>\u00a0<span title=\"27:00\">kind<\/span>\u00a0<span title=\"27:00\">of<\/span>\u00a0<span title=\"27:00\">situation<\/span>\u00a0<span title=\"27:01\">on<\/span>\u00a0<span title=\"27:01\">operating<\/span>\u00a0<span title=\"27:01\">income,<\/span>\u00a0<\/span><span data-start=\"00:27:01.992\" data-end=\"00:27:03.972\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:02\">Amazon<\/span>\u00a0<span title=\"27:02\">raised<\/span>\u00a0<span title=\"27:03\">it<\/span>\u00a0<span title=\"27:03\">a<\/span>\u00a0<span title=\"27:03\">fair<\/span>\u00a0<span title=\"27:04\">amount<\/span>\u00a0<span title=\"27:04\">more.<\/span><\/span><br \/><span data-start=\"00:27:04.172\" data-end=\"00:27:08.732\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:04\">And<\/span>\u00a0<span title=\"27:05\">then<\/span>\u00a0<span title=\"27:05\">what<\/span>\u00a0<span title=\"27:05\">that<\/span>\u00a0<span title=\"27:05\">did<\/span>\u00a0<span title=\"27:05\">is<\/span>\u00a0<span title=\"27:05\">it<\/span>\u00a0<span title=\"27:06\">increased<\/span>\u00a0<span title=\"27:06\">the<\/span>\u00a0<span title=\"27:06\">price<\/span>\u00a0<span title=\"27:06\">targets.<\/span>\u00a0<span title=\"27:07\">And<\/span>\u00a0<span title=\"27:07\">the<\/span>\u00a0<span title=\"27:08\">stock<\/span>\u00a0<span title=\"27:09\">has<\/span>\u00a0<\/span><span data-start=\"00:27:08.732\" data-end=\"00:27:11.712\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:09\">been<\/span>\u00a0<span title=\"27:09\">on<\/span>\u00a0<span title=\"27:09\">a<\/span>\u00a0<span title=\"27:09\">really<\/span>\u00a0<span title=\"27:10\">nice<\/span>\u00a0<span title=\"27:10\">tear<\/span>\u00a0<span title=\"27:10\">since<\/span>\u00a0<span title=\"27:10\">earnings,<\/span>\u00a0<span title=\"27:11\">thanks<\/span>\u00a0<span title=\"27:11\">to<\/span>\u00a0<span title=\"27:11\">this.<\/span><\/span><br \/><span data-start=\"00:27:11.852\" data-end=\"00:27:15.092\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:12\">And<\/span>\u00a0<span title=\"27:12\">I<\/span>\u00a0<span title=\"27:12\">think<\/span>\u00a0<span title=\"27:12\">AWS<\/span>\u00a0<span title=\"27:13\">wasn\u2019t<\/span>\u00a0<span title=\"27:14\">what<\/span>\u00a0<span title=\"27:14\">everyone<\/span>\u00a0<span title=\"27:14\">wanted<\/span>\u00a0<span title=\"27:15\">to<\/span>\u00a0<span title=\"27:15\">see,<\/span>\u00a0<span title=\"27:15\">but.<\/span><\/span><\/p>\n<p><small>[27:16]<\/small>\u00a0<span data-start=\"00:27:16.012\" data-end=\"00:27:20.392\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:16\">It<\/span>\u00a0<span title=\"27:16\">reaccelerated<\/span>\u00a0<span title=\"27:17\">growth,<\/span>\u00a0<span title=\"27:17\">which<\/span>\u00a0<span title=\"27:17\">folks<\/span>\u00a0<span title=\"27:18\">want<\/span>\u00a0<span title=\"27:18\">to<\/span>\u00a0<span title=\"27:18\">see,<\/span>\u00a0<span title=\"27:18\">and<\/span>\u00a0<span title=\"27:19\">it<\/span>\u00a0<span title=\"27:19\">doesn\u2019t<\/span>\u00a0<span title=\"27:19\">feel<\/span>\u00a0<span title=\"27:19\">like<\/span>\u00a0<span title=\"27:20\">they\u2019re<\/span>\u00a0<span title=\"27:20\">losing<\/span>\u00a0<span title=\"27:20\">AI.<\/span><\/span><br \/><span data-start=\"00:27:20.592\" data-end=\"00:27:25.012\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:21\">I<\/span>\u00a0<span title=\"27:21\">do<\/span>\u00a0<span title=\"27:21\">think<\/span>\u00a0<span title=\"27:21\">Microsoft\u2019s<\/span>\u00a0<span title=\"27:22\">got<\/span>\u00a0<span title=\"27:22\">more<\/span>\u00a0<span title=\"27:22\">buzz,<\/span>\u00a0<span title=\"27:23\">but<\/span>\u00a0<span title=\"27:24\">at<\/span>\u00a0<span title=\"27:24\">least<\/span>\u00a0<span title=\"27:24\">they\u2019re<\/span>\u00a0<span title=\"27:25\">in<\/span>\u00a0<span title=\"27:25\">the<\/span>\u00a0<span title=\"27:25\">game.<\/span><\/span><br \/><span data-start=\"00:27:25.072\" data-end=\"00:27:28.092\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:25\">Whereas<\/span>\u00a0<span title=\"27:25\">I<\/span>\u00a0<span title=\"27:25\">think<\/span>\u00a0<span title=\"27:26\">people<\/span>\u00a0<span title=\"27:26\">are<\/span>\u00a0<span title=\"27:26\">starting<\/span>\u00a0<span title=\"27:26\">to<\/span>\u00a0<span title=\"27:27\">worry<\/span>\u00a0<span title=\"27:27\">Google\u2019s<\/span>\u00a0<span title=\"27:27\">not<\/span>\u00a0<span title=\"27:28\">really.<\/span><\/span><br \/><span data-start=\"00:27:28.532\" data-end=\"00:27:32.292\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:29\">Google\u2019s<\/span>\u00a0<span title=\"27:29\">talking<\/span>\u00a0<span title=\"27:29\">a<\/span>\u00a0<span title=\"27:30\">good<\/span>\u00a0<span title=\"27:30\">game<\/span>\u00a0<span title=\"27:30\">with<\/span>\u00a0<span title=\"27:30\">Bard,<\/span>\u00a0<span title=\"27:30\">but<\/span>\u00a0<span title=\"27:31\">they\u2019re<\/span>\u00a0<span title=\"27:31\">really<\/span>\u00a0<span title=\"27:31\">slow<\/span>\u00a0<span title=\"27:31\">to<\/span>\u00a0<span title=\"27:32\">put<\/span>\u00a0<span title=\"27:32\">stuff<\/span>\u00a0<span title=\"27:32\">out.<\/span><\/span><br \/><span data-start=\"00:27:32.452\" data-end=\"00:27:35.492\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:32\">Like,<\/span>\u00a0<span title=\"27:33\">you<\/span>\u00a0<span title=\"27:33\">know,<\/span>\u00a0<span title=\"27:34\">they<\/span>\u00a0<span title=\"27:34\">announced<\/span>\u00a0<span title=\"27:34\">this.<\/span>\u00a0<span title=\"27:34\">What<\/span>\u00a0<span title=\"27:35\">is<\/span>\u00a0<span title=\"27:35\">it?<\/span>\u00a0<span title=\"27:35\">Ultra<\/span>\u00a0<span title=\"27:35\">version.<\/span><\/span><br \/><span data-start=\"00:27:35.592\" data-end=\"00:27:40.872\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:36\">Bard<\/span>\u00a0<span title=\"27:36\">has<\/span>\u00a0<span title=\"27:36\">three<\/span>\u00a0<span title=\"27:36\">flavors,<\/span>\u00a0<span title=\"27:37\">and,<\/span>\u00a0<span title=\"27:38\">you<\/span>\u00a0<span title=\"27:38\">know,<\/span>\u00a0<span title=\"27:39\">they\u2019re<\/span>\u00a0<span title=\"27:39\">way<\/span>\u00a0<span title=\"27:39\">behind<\/span>\u00a0<span title=\"27:39\">on<\/span>\u00a0<span title=\"27:40\">each<\/span>\u00a0<span title=\"27:40\">one<\/span>\u00a0<span title=\"27:40\">they\u2019ve<\/span>\u00a0<span title=\"27:41\">announced.<\/span><\/span><br \/><span data-start=\"00:27:41.032\" data-end=\"00:27:43.992\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:41\">They\u2019re<\/span>\u00a0<span title=\"27:41\">behind<\/span>\u00a0<span title=\"27:42\">weeks<\/span>\u00a0<span title=\"27:42\">or<\/span>\u00a0<span title=\"27:42\">months<\/span>\u00a0<span title=\"27:43\">on.<\/span>\u00a0<span title=\"27:43\">And<\/span>\u00a0<span title=\"27:43\">then<\/span>\u00a0<span title=\"27:43\">the<\/span>\u00a0<span title=\"27:43\">last<\/span>\u00a0<span title=\"27:44\">one<\/span>\u00a0<span title=\"27:44\">is,<\/span>\u00a0<\/span><span data-start=\"00:27:44.032\" data-end=\"00:27:46.892\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:44\">like,<\/span>\u00a0<span title=\"27:44\">really<\/span>\u00a0<span title=\"27:44\">taking<\/span>\u00a0<span title=\"27:45\">a<\/span>\u00a0<span title=\"27:45\">long<\/span>\u00a0<span title=\"27:45\">time.<\/span>\u00a0<span title=\"27:45\">So<\/span>\u00a0<span title=\"27:45\">everyone\u2019s<\/span>\u00a0<span title=\"27:46\">like<\/span>\u00a0<span title=\"27:46\">really<\/span>\u00a0<span title=\"27:46\">starting<\/span>\u00a0<span title=\"27:46\">to<\/span>\u00a0<span title=\"27:47\">worry<\/span>\u00a0<\/span><span data-start=\"00:27:46.892\" data-end=\"00:27:48.892\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:47\">about<\/span>\u00a0<span title=\"27:47\">Google\u2019s<\/span>\u00a0<span title=\"27:48\">ability<\/span>\u00a0<span title=\"27:48\">to<\/span>\u00a0<span title=\"27:48\">execute<\/span>\u00a0<span title=\"27:48\">quickly.<\/span><\/span><br \/><span data-start=\"00:27:49.012\" data-end=\"00:27:53.672\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:49\">And,<\/span>\u00a0<span title=\"27:49\">you<\/span>\u00a0<span title=\"27:50\">know,<\/span>\u00a0<span title=\"27:50\">so<\/span>\u00a0<span title=\"27:50\">I<\/span>\u00a0<span title=\"27:51\">would<\/span>\u00a0<span title=\"27:52\">say<\/span>\u00a0<span title=\"27:52\">the<\/span>\u00a0<span title=\"27:52\">winners<\/span>\u00a0<span title=\"27:52\">of<\/span>\u00a0<span title=\"27:52\">this<\/span>\u00a0<span title=\"27:53\">earnings<\/span>\u00a0<span title=\"27:53\">season<\/span>\u00a0<span title=\"27:53\">were<\/span>\u00a0<span title=\"27:53\">definitely<\/span>\u00a0<\/span><span data-start=\"00:27:53.672\" data-end=\"00:27:57.712\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:54\">Meta,<\/span>\u00a0<span title=\"27:54\">Amazon,<\/span>\u00a0<span title=\"27:55\">Microsoft<\/span>\u00a0<span title=\"27:56\">up<\/span>\u00a0<span title=\"27:56\">in<\/span>\u00a0<span title=\"27:57\">kind<\/span>\u00a0<span title=\"27:57\">of<\/span>\u00a0<span title=\"27:57\">a<\/span>\u00a0<span title=\"27:57\">league<\/span>\u00a0<span title=\"27:57\">of<\/span>\u00a0<span title=\"27:57\">their<\/span>\u00a0<span title=\"27:57\">own,<\/span>\u00a0<\/span><span data-start=\"00:27:57.732\" data-end=\"00:27:59.952\" data-spk=\"1\" data-label=\"Scot\"><span title=\"27:58\">and<\/span>\u00a0<span title=\"27:58\">then<\/span>\u00a0<span title=\"27:58\">Google<\/span>\u00a0<span title=\"27:58\">and<\/span>\u00a0<span title=\"27:59\">some<\/span>\u00a0<span title=\"27:59\">of<\/span>\u00a0<span title=\"27:59\">the<\/span>\u00a0<span title=\"27:59\">others.<\/span><\/span><br \/><span data-start=\"00:28:00.072\" data-end=\"00:28:03.472\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:00\">I<\/span>\u00a0<span title=\"28:00\">think<\/span>\u00a0<span title=\"28:00\">Snapchat,<\/span>\u00a0<span title=\"28:01\">I<\/span>\u00a0<span title=\"28:01\">don\u2019t<\/span>\u00a0<span title=\"28:01\">follow<\/span>\u00a0<span title=\"28:02\">them<\/span>\u00a0<span title=\"28:02\">this<\/span>\u00a0<span title=\"28:02\">close,<\/span>\u00a0<span title=\"28:02\">but<\/span>\u00a0<span title=\"28:02\">I<\/span>\u00a0<span title=\"28:02\">think<\/span>\u00a0<span title=\"28:02\">they<\/span>\u00a0<span title=\"28:03\">had<\/span>\u00a0<span title=\"28:03\">a<\/span>\u00a0<span title=\"28:03\">really<\/span>\u00a0<span title=\"28:03\">rough<\/span>\u00a0<span title=\"28:03\">quarter.<\/span><\/span><br \/><span data-start=\"00:28:03.472\" data-end=\"00:28:08.352\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:03\">So<\/span>\u00a0<span title=\"28:04\">there\u2019s<\/span>\u00a0<span title=\"28:04\">definitely<\/span>\u00a0<span title=\"28:05\">an<\/span>\u00a0<span title=\"28:05\">interesting<\/span>\u00a0<span title=\"28:05\">AI<\/span>\u00a0<span title=\"28:06\">has<\/span>\u00a0<span title=\"28:07\">thrown<\/span>\u00a0<span title=\"28:07\">a<\/span>\u00a0<span title=\"28:07\">whole<\/span>\u00a0<span title=\"28:07\">new<\/span>\u00a0<span title=\"28:08\">mix<\/span>\u00a0<span title=\"28:08\">into<\/span>\u00a0<span title=\"28:08\">how<\/span>\u00a0<\/span><span data-start=\"00:28:08.352\" data-end=\"00:28:14.732\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:08\">these<\/span>\u00a0<span title=\"28:09\">big,<\/span>\u00a0<span title=\"28:09\">you<\/span>\u00a0<span title=\"28:10\">know,<\/span>\u00a0<span title=\"28:10\">either<\/span>\u00a0<span title=\"28:10\">trillion<\/span>\u00a0<span title=\"28:11\">dollar<\/span>\u00a0<span title=\"28:11\">mega<\/span>\u00a0<span title=\"28:12\">super<\/span>\u00a0<span title=\"28:13\">mega<\/span>\u00a0<span title=\"28:14\">caps<\/span>\u00a0<span title=\"28:14\">are<\/span>\u00a0<span title=\"28:14\">doing<\/span>\u00a0<span title=\"28:14\">or<\/span>\u00a0<\/span><span data-start=\"00:28:14.732\" data-end=\"00:28:16.792\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:15\">meta<\/span>\u00a0<span title=\"28:16\">is<\/span>\u00a0<span title=\"28:16\">not<\/span>\u00a0<span title=\"28:16\">in<\/span>\u00a0<span title=\"28:16\">that<\/span>\u00a0<span title=\"28:16\">discussion.<\/span><\/span><br \/><span data-start=\"00:28:16.912\" data-end=\"00:28:21.092\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:17\">It\u2019s<\/span>\u00a0<span title=\"28:17\">a<\/span>\u00a0<span title=\"28:17\">little<\/span>\u00a0<span title=\"28:17\">bit<\/span>\u00a0<span title=\"28:17\">smaller,<\/span>\u00a0<span title=\"28:18\">but<\/span>\u00a0<span title=\"28:18\">these<\/span>\u00a0<span title=\"28:18\">big<\/span>\u00a0<span title=\"28:18\">some<\/span>\u00a0<span title=\"28:19\">people<\/span>\u00a0<span title=\"28:19\">call<\/span>\u00a0<span title=\"28:20\">them<\/span>\u00a0<span title=\"28:20\">the<\/span>\u00a0<span title=\"28:20\">significant<\/span>\u00a0<span title=\"28:21\">seven.<\/span><\/span><br \/><span data-start=\"00:28:21.212\" data-end=\"00:28:25.112\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:21\">And<\/span>\u00a0<span title=\"28:21\">they<\/span>\u00a0<span title=\"28:22\">when<\/span>\u00a0<span title=\"28:22\">they<\/span>\u00a0<span title=\"28:22\">say<\/span>\u00a0<span title=\"28:22\">that<\/span>\u00a0<span title=\"28:22\">on<\/span>\u00a0<span title=\"28:23\">CNBC,<\/span>\u00a0<span title=\"28:23\">they\u2019re<\/span>\u00a0<span title=\"28:23\">throwing<\/span>\u00a0<span title=\"28:24\">NVIDIA<\/span>\u00a0<span title=\"28:24\">in<\/span>\u00a0<span title=\"28:24\">there<\/span>\u00a0<span title=\"28:24\">and<\/span>\u00a0<span title=\"28:25\">a<\/span>\u00a0<span title=\"28:25\">couple<\/span>\u00a0<span title=\"28:25\">others.<\/span><\/span><br \/><span data-start=\"00:28:25.252\" data-end=\"00:28:28.812\" data-spk=\"1\" data-label=\"Scot\"><span title=\"28:25\">But,<\/span>\u00a0<span title=\"28:25\">you<\/span>\u00a0<span title=\"28:26\">know,<\/span>\u00a0<span title=\"28:26\">AI<\/span>\u00a0<span title=\"28:26\">has<\/span>\u00a0<span title=\"28:27\">just<\/span>\u00a0<span title=\"28:27\">changed<\/span>\u00a0<span title=\"28:27\">the<\/span>\u00a0<span title=\"28:27\">game<\/span>\u00a0<span title=\"28:28\">in<\/span>\u00a0<span title=\"28:28\">the<\/span>\u00a0<span title=\"28:28\">last<\/span>\u00a0<span title=\"28:28\">year.<\/span>\u00a0<span title=\"28:28\">It\u2019s<\/span>\u00a0<span title=\"28:28\">been<\/span>\u00a0<span title=\"28:29\">amazing.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[28:30]<\/small>\u00a0<span data-start=\"00:28:30.032\" data-end=\"00:28:32.932\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:30\">Yeah,<\/span>\u00a0<span title=\"28:31\">for<\/span>\u00a0<span title=\"28:31\">sure.<\/span>\u00a0<span title=\"28:31\">Sure.<\/span>\u00a0<span title=\"28:31\">And<\/span>\u00a0<span title=\"28:32\">they,<\/span>\u00a0<span title=\"28:32\">you<\/span>\u00a0<span title=\"28:32\">know,<\/span>\u00a0<span title=\"28:32\">along<\/span>\u00a0<span title=\"28:33\">those<\/span>\u00a0<span title=\"28:33\">lines,<\/span>\u00a0<\/span><span data-start=\"00:28:32.972\" data-end=\"00:28:38.252\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:33\">they<\/span>\u00a0<span title=\"28:33\">also<\/span>\u00a0<span title=\"28:33\">announced<\/span>\u00a0<span title=\"28:34\">a<\/span>\u00a0<span title=\"28:34\">bunch<\/span>\u00a0<span title=\"28:34\">of<\/span>\u00a0<span title=\"28:34\">sort<\/span>\u00a0<span title=\"28:35\">of<\/span>\u00a0<span title=\"28:35\">AI-driven<\/span>\u00a0<span title=\"28:37\">new<\/span>\u00a0<span title=\"28:37\">inventions<\/span>\u00a0<span title=\"28:38\">at<\/span>\u00a0<span title=\"28:38\">Amazon.<\/span><\/span><br \/><span data-start=\"00:28:38.452\" data-end=\"00:28:43.592\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:38\">So<\/span>\u00a0<span title=\"28:39\">we<\/span>\u00a0<span title=\"28:39\">talked<\/span>\u00a0<span title=\"28:39\">a<\/span>\u00a0<span title=\"28:39\">little<\/span>\u00a0<span title=\"28:39\">bit<\/span>\u00a0<span title=\"28:40\">about<\/span>\u00a0<span title=\"28:40\">Rufus.<\/span>\u00a0<span title=\"28:40\">They,<\/span>\u00a0<span title=\"28:41\">they<\/span>\u00a0<span title=\"28:41\">have<\/span>\u00a0<span title=\"28:42\">part<\/span>\u00a0<span title=\"28:42\">of<\/span>\u00a0<span title=\"28:42\">that<\/span>\u00a0<span title=\"28:42\">reducing<\/span>\u00a0<span title=\"28:43\">that<\/span>\u00a0<span title=\"28:43\">cost<\/span>\u00a0<span title=\"28:43\">of<\/span>\u00a0<span title=\"28:43\">service.<\/span><\/span><br \/><span data-start=\"00:28:43.652\" data-end=\"00:28:49.152\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:44\">They<\/span>\u00a0<span title=\"28:44\">have<\/span>\u00a0<span title=\"28:44\">a<\/span>\u00a0<span title=\"28:44\">lot<\/span>\u00a0<span title=\"28:44\">of<\/span>\u00a0<span title=\"28:44\">smarter<\/span>\u00a0<span title=\"28:45\">robots<\/span>\u00a0<span title=\"28:45\">in<\/span>\u00a0<span title=\"28:46\">the<\/span>\u00a0<span title=\"28:46\">fulfillment<\/span>\u00a0<span title=\"28:46\">centers<\/span>\u00a0<span title=\"28:46\">that<\/span>\u00a0<span title=\"28:47\">are<\/span>\u00a0<span title=\"28:47\">like<\/span>\u00a0<span title=\"28:48\">interfacing<\/span>\u00a0<\/span><span data-start=\"00:28:49.152\" data-end=\"00:28:51.232\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:49\">with<\/span>\u00a0<span title=\"28:49\">humans<\/span>\u00a0<span title=\"28:50\">more<\/span>\u00a0<span title=\"28:50\">and<\/span>\u00a0<span title=\"28:50\">doing<\/span>\u00a0<span title=\"28:50\">more<\/span>\u00a0<span title=\"28:50\">stuff<\/span>\u00a0<span title=\"28:51\">like<\/span>\u00a0<span title=\"28:51\">that.<\/span><\/span><br \/><span data-start=\"00:28:51.632\" data-end=\"00:28:56.192\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:52\">And<\/span>\u00a0<span title=\"28:52\">I<\/span>\u00a0<span title=\"28:52\">saw<\/span>\u00a0<span title=\"28:53\">they<\/span>\u00a0<span title=\"28:53\">had<\/span>\u00a0<span title=\"28:53\">one,<\/span>\u00a0<span title=\"28:54\">one<\/span>\u00a0<span title=\"28:54\">AI<\/span>\u00a0<span title=\"28:54\">innovation<\/span>\u00a0<span title=\"28:55\">right<\/span>\u00a0<span title=\"28:55\">in<\/span>\u00a0<span title=\"28:55\">your<\/span>\u00a0<span title=\"28:56\">space,<\/span>\u00a0<span title=\"28:56\">right?<\/span><\/span><br \/><span data-start=\"00:28:56.252\" data-end=\"00:29:00.652\" data-spk=\"0\" data-label=\"Jason\"><span title=\"28:56\">Like<\/span>\u00a0<span title=\"28:56\">they\u2019re<\/span>\u00a0<span title=\"28:57\">using<\/span>\u00a0<span title=\"28:57\">AI<\/span>\u00a0<span title=\"28:57\">to<\/span>\u00a0<span title=\"28:57\">inspect<\/span>\u00a0<span title=\"28:58\">respect<\/span>\u00a0<span title=\"28:58\">all<\/span>\u00a0<span title=\"28:58\">the<\/span>\u00a0<span title=\"28:58\">Amazon<\/span>\u00a0<span title=\"28:58\">vans<\/span>\u00a0<span title=\"28:59\">and<\/span>\u00a0<span title=\"29:00\">identify<\/span>\u00a0<span title=\"29:00\">any<\/span>\u00a0<\/span><span data-start=\"00:29:00.652\" data-end=\"00:29:02.432\" data-spk=\"0\" data-label=\"Jason\"><span title=\"29:01\">service<\/span>\u00a0<span title=\"29:01\">needs<\/span>\u00a0<span title=\"29:01\">before<\/span>\u00a0<span title=\"29:02\">the<\/span>\u00a0<span title=\"29:02\">vans<\/span>\u00a0<span title=\"29:02\">break<\/span>\u00a0<span title=\"29:02\">down.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[29:02]<\/small>\u00a0<span data-start=\"00:29:02.432\" data-end=\"00:29:08.352\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:02\">Yeah<\/span>\u00a0<span title=\"29:03\">yeah<\/span>\u00a0<span title=\"29:04\">yeah<\/span>\u00a0<span title=\"29:05\">these<\/span>\u00a0<span title=\"29:05\">these<\/span>\u00a0<span title=\"29:05\">last<\/span>\u00a0<span title=\"29:05\">mile<\/span>\u00a0<span title=\"29:06\">vans<\/span>\u00a0<span title=\"29:06\">are<\/span>\u00a0<span title=\"29:06\">they<\/span>\u00a0<span title=\"29:07\">get<\/span>\u00a0<span title=\"29:07\">pretty<\/span>\u00a0<span title=\"29:08\">beat<\/span>\u00a0<span title=\"29:08\">up<\/span>\u00a0<span title=\"29:08\">as<\/span>\u00a0<span title=\"29:08\">you<\/span>\u00a0<\/span><span data-start=\"00:29:08.352\" data-end=\"00:29:12.372\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:08\">can<\/span>\u00a0<span title=\"29:08\">imagine<\/span>\u00a0<span title=\"29:09\">sure<\/span>\u00a0<span title=\"29:09\">you<\/span>\u00a0<span title=\"29:10\">know<\/span>\u00a0<span title=\"29:10\">being<\/span>\u00a0<span title=\"29:10\">in<\/span>\u00a0<span title=\"29:10\">Chicago<\/span>\u00a0<span title=\"29:10\">you<\/span>\u00a0<span title=\"29:11\">see<\/span>\u00a0<span title=\"29:11\">how<\/span>\u00a0<span title=\"29:11\">they<\/span>\u00a0<span title=\"29:12\">can<\/span>\u00a0<span title=\"29:12\">that<\/span>\u00a0<span title=\"29:12\">can<\/span>\u00a0<span title=\"29:12\">be<\/span>\u00a0<\/span><span data-start=\"00:29:12.372\" data-end=\"00:29:15.152\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:12\">pretty<\/span>\u00a0<span title=\"29:13\">bunged<\/span>\u00a0<span title=\"29:13\">up<\/span>\u00a0<span title=\"29:13\">and<\/span>\u00a0<span title=\"29:13\">all<\/span>\u00a0<span title=\"29:14\">kinds<\/span>\u00a0<span title=\"29:14\">of<\/span>\u00a0<span title=\"29:14\">things<\/span>\u00a0<span title=\"29:14\">happen<\/span>\u00a0<span title=\"29:14\">so,<\/span>\u00a0<\/span><span data-start=\"00:29:15.832\" data-end=\"00:29:19.552\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:16\">you<\/span>\u00a0<span title=\"29:16\">know<\/span>\u00a0<span title=\"29:16\">they<\/span>\u00a0<span title=\"29:17\">it\u2019s<\/span>\u00a0<span title=\"29:18\">interesting<\/span>\u00a0<span title=\"29:18\">I\u2019ve<\/span>\u00a0<span title=\"29:18\">been<\/span>\u00a0<span title=\"29:18\">to<\/span>\u00a0<span title=\"29:18\">tour<\/span>\u00a0<span title=\"29:18\">several<\/span>\u00a0<span title=\"29:19\">of<\/span>\u00a0<span title=\"29:19\">these<\/span>\u00a0<span title=\"29:19\">because<\/span>\u00a0<span title=\"29:19\">we<\/span>\u00a0<\/span><span data-start=\"00:29:19.552\" data-end=\"00:29:24.212\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:20\">work<\/span>\u00a0<span title=\"29:20\">on<\/span>\u00a0<span title=\"29:20\">them<\/span>\u00a0<span title=\"29:20\">at<\/span>\u00a0<span title=\"29:20\">my<\/span>\u00a0<span title=\"29:21\">day<\/span>\u00a0<span title=\"29:21\">job<\/span>\u00a0<span title=\"29:21\">spiffy<\/span>\u00a0<span title=\"29:22\">and<\/span>\u00a0<span title=\"29:22\">it\u2019s<\/span>\u00a0<span title=\"29:23\">pretty<\/span>\u00a0<span title=\"29:23\">wild<\/span>\u00a0<span title=\"29:23\">we<\/span>\u00a0<span title=\"29:24\">don\u2019t<\/span>\u00a0<span title=\"29:24\">have<\/span>\u00a0<span title=\"29:24\">time<\/span>\u00a0<span title=\"29:24\">to<\/span>\u00a0<\/span><span data-start=\"00:29:24.212\" data-end=\"00:29:26.112\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:24\">go<\/span>\u00a0<span title=\"29:24\">into<\/span>\u00a0<span title=\"29:24\">it<\/span>\u00a0<span title=\"29:25\">maybe<\/span>\u00a0<span title=\"29:25\">we<\/span>\u00a0<span title=\"29:25\">can<\/span>\u00a0<span title=\"29:25\">do<\/span>\u00a0<span title=\"29:25\">a<\/span>\u00a0<span title=\"29:25\">whole<\/span>\u00a0<span title=\"29:25\">pot<\/span>\u00a0<span title=\"29:26\">on<\/span>\u00a0<span title=\"29:26\">on<\/span>\u00a0<span title=\"29:26\">it.<\/span><\/span><br \/><span data-start=\"00:29:26.152\" data-end=\"00:29:29.852\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:26\">But<\/span>\u00a0<span title=\"29:26\">anyway,<\/span>\u00a0<span title=\"29:27\">they,<\/span>\u00a0<span title=\"29:27\">they<\/span>\u00a0<span title=\"29:28\">line<\/span>\u00a0<span title=\"29:28\">them<\/span>\u00a0<span title=\"29:28\">up<\/span>\u00a0<span title=\"29:28\">and<\/span>\u00a0<span title=\"29:28\">drive<\/span>\u00a0<span title=\"29:29\">them<\/span>\u00a0<span title=\"29:29\">through<\/span>\u00a0<span title=\"29:29\">a<\/span>\u00a0<span title=\"29:29\">single<\/span>\u00a0<span title=\"29:29\">area.<\/span><\/span><br \/><span data-start=\"00:29:29.952\" data-end=\"00:29:33.392\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:30\">And<\/span>\u00a0<span title=\"29:30\">they<\/span>\u00a0<span title=\"29:30\">have<\/span>\u00a0<span title=\"29:30\">this<\/span>\u00a0<span title=\"29:31\">like<\/span>\u00a0<span title=\"29:31\">arch<\/span>\u00a0<span title=\"29:31\">of<\/span>\u00a0<span title=\"29:32\">cameras<\/span>\u00a0<span title=\"29:32\">that<\/span>\u00a0<span title=\"29:33\">they<\/span>\u00a0<span title=\"29:33\">put<\/span>\u00a0<span title=\"29:33\">them<\/span>\u00a0<span title=\"29:33\">through.<\/span><\/span><br \/><span data-start=\"00:29:33.452\" data-end=\"00:29:35.952\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:33\">And<\/span>\u00a0<span title=\"29:34\">I<\/span>\u00a0<span title=\"29:34\">imagine<\/span>\u00a0<span title=\"29:34\">that\u2019s<\/span>\u00a0<span title=\"29:35\">what<\/span>\u00a0<span title=\"29:35\">that<\/span>\u00a0<span title=\"29:35\">system<\/span>\u00a0<span title=\"29:36\">is.<\/span><\/span><br \/><span data-start=\"00:29:36.032\" data-end=\"00:29:39.872\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:36\">It\u2019s,<\/span>\u00a0<span title=\"29:36\">it\u2019s<\/span>\u00a0<span title=\"29:37\">using<\/span>\u00a0<span title=\"29:37\">this<\/span>\u00a0<span title=\"29:37\">kind<\/span>\u00a0<span title=\"29:37\">of<\/span>\u00a0<span title=\"29:37\">300,<\/span>\u00a0<span title=\"29:38\">almost<\/span>\u00a0<span title=\"29:38\">like<\/span>\u00a0<span title=\"29:38\">a<\/span>\u00a0<span title=\"29:39\">ring<\/span>\u00a0<span title=\"29:39\">of<\/span>\u00a0<span title=\"29:39\">cameras<\/span>\u00a0<span title=\"29:39\">that<\/span>\u00a0<span title=\"29:39\">the<\/span>\u00a0<span title=\"29:40\">vans<\/span>\u00a0<\/span><span data-start=\"00:29:39.872\" data-end=\"00:29:44.012\" data-spk=\"1\" data-label=\"Scot\"><span title=\"29:40\">drive<\/span>\u00a0<span title=\"29:40\">through,<\/span>\u00a0<span title=\"29:40\">and<\/span>\u00a0<span title=\"29:40\">they<\/span>\u00a0<span title=\"29:41\">must<\/span>\u00a0<span title=\"29:41\">be<\/span>\u00a0<span title=\"29:41\">using<\/span>\u00a0<span title=\"29:42\">the<\/span>\u00a0<span title=\"29:42\">AI<\/span>\u00a0<span title=\"29:43\">to<\/span>\u00a0<span title=\"29:43\">detect<\/span>\u00a0<span title=\"29:43\">what\u2019s<\/span>\u00a0<span title=\"29:44\">going<\/span>\u00a0<span title=\"29:44\">on<\/span>\u00a0<span title=\"29:44\">there.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[29:45]<\/small>\u00a0<span data-start=\"00:29:44.971\" data-end=\"00:29:50.631\" data-spk=\"0\" data-label=\"Jason\"><span title=\"29:45\">Yeah<\/span>\u00a0<span title=\"29:45\">it\u2019s<\/span>\u00a0<span title=\"29:45\">crazy<\/span>\u00a0<span title=\"29:46\">um<\/span>\u00a0<span title=\"29:46\">so<\/span>\u00a0<span title=\"29:47\">anything<\/span>\u00a0<span title=\"29:48\">else<\/span>\u00a0<span title=\"29:48\">jump<\/span>\u00a0<span title=\"29:49\">out<\/span>\u00a0<span title=\"29:49\">at<\/span>\u00a0<span title=\"29:49\">you<\/span>\u00a0<span title=\"29:49\">on<\/span>\u00a0<span title=\"29:50\">specific<\/span>\u00a0<span title=\"29:50\">on<\/span>\u00a0<span title=\"29:50\">the<\/span>\u00a0<span title=\"29:50\">amazon<\/span>\u00a0<\/span><span data-start=\"00:29:50.631\" data-end=\"00:29:55.691\" data-spk=\"0\" data-label=\"Jason\"><span title=\"29:51\">earnings<\/span>\u00a0<span title=\"29:51\">because<\/span>\u00a0<span title=\"29:51\">i<\/span>\u00a0<span title=\"29:51\">wanted<\/span>\u00a0<span title=\"29:52\">to<\/span>\u00a0<span title=\"29:52\">take<\/span>\u00a0<span title=\"29:53\">a<\/span>\u00a0<span title=\"29:53\">last<\/span>\u00a0<span title=\"29:53\">minute<\/span>\u00a0<span title=\"29:54\">to<\/span>\u00a0<span title=\"29:54\">kind<\/span>\u00a0<span title=\"29:54\">of<\/span>\u00a0<span title=\"29:54\">put<\/span>\u00a0<span title=\"29:55\">these<\/span>\u00a0<span title=\"29:55\">amazon<\/span>\u00a0<\/span><span data-start=\"00:29:55.691\" data-end=\"00:29:59.151\" data-spk=\"0\" data-label=\"Jason\"><span title=\"29:56\">earnings<\/span>\u00a0<span title=\"29:56\">in<\/span>\u00a0<span title=\"29:56\">context<\/span>\u00a0<span title=\"29:57\">for<\/span>\u00a0<span title=\"29:57\">the<\/span>\u00a0<span title=\"29:57\">rest<\/span>\u00a0<span title=\"29:57\">of<\/span>\u00a0<span title=\"29:57\">us<\/span>\u00a0<span title=\"29:57\">retail<\/span>\u00a0<span title=\"29:58\">but<\/span>\u00a0<span title=\"29:58\">i<\/span>\u00a0<span title=\"29:58\">want<\/span>\u00a0<span title=\"29:59\">to<\/span>\u00a0<span title=\"29:59\">make<\/span>\u00a0<span title=\"29:59\">sure<\/span>\u00a0<span title=\"29:59\">i<\/span>\u00a0<span title=\"29:59\">didn\u2019t<\/span>\u00a0<\/span><span data-start=\"00:29:59.151\" data-end=\"00:29:59.991\" data-spk=\"0\" data-label=\"Jason\"><span title=\"29:59\">miss<\/span>\u00a0<span title=\"29:59\">anything<\/span>\u00a0<span title=\"29:59\">you<\/span>\u00a0<span title=\"30:00\">wanted<\/span>\u00a0<span title=\"30:00\">to.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[30:00]<\/small>\u00a0<span data-start=\"00:29:59.991\" data-end=\"00:30:03.391\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:00\">Yeah<\/span>\u00a0<span title=\"30:00\">one<\/span>\u00a0<span title=\"30:00\">last<\/span>\u00a0<span title=\"30:00\">thing<\/span>\u00a0<span title=\"30:01\">in<\/span>\u00a0<span title=\"30:01\">my<\/span>\u00a0<span title=\"30:01\">little<\/span>\u00a0<span title=\"30:01\">auto<\/span>\u00a0<span title=\"30:01\">world<\/span>\u00a0<span title=\"30:02\">that<\/span>\u00a0<span title=\"30:02\">i<\/span>\u00a0<span title=\"30:02\">live<\/span>\u00a0<span title=\"30:02\">in<\/span>\u00a0<span title=\"30:02\">now<\/span>\u00a0<span title=\"30:03\">they<\/span>\u00a0<span title=\"30:03\">kind<\/span>\u00a0<span title=\"30:03\">of<\/span>\u00a0<\/span><span data-start=\"00:30:03.391\" data-end=\"00:30:07.091\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:03\">made<\/span>\u00a0<span title=\"30:04\">a<\/span>\u00a0<span title=\"30:04\">almost<\/span>\u00a0<span title=\"30:05\">you<\/span>\u00a0<span title=\"30:05\">know<\/span>\u00a0<span title=\"30:05\">i<\/span>\u00a0<span title=\"30:05\">haven\u2019t<\/span>\u00a0<span title=\"30:05\">seen<\/span>\u00a0<span title=\"30:06\">a<\/span>\u00a0<span title=\"30:06\">lot<\/span>\u00a0<span title=\"30:06\">of<\/span>\u00a0<span title=\"30:06\">buzz<\/span>\u00a0<span title=\"30:06\">about<\/span>\u00a0<span title=\"30:06\">it<\/span>\u00a0<span title=\"30:06\">i<\/span>\u00a0<span title=\"30:07\">know<\/span>\u00a0<span title=\"30:07\">you<\/span>\u00a0<span title=\"30:07\">work<\/span>\u00a0<\/span><span data-start=\"00:30:07.091\" data-end=\"00:30:10.151\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:07\">a<\/span>\u00a0<span title=\"30:07\">lot<\/span>\u00a0<span title=\"30:07\">with<\/span>\u00a0<span title=\"30:08\">the<\/span>\u00a0<span title=\"30:08\">auto<\/span>\u00a0<span title=\"30:08\">company<\/span>\u00a0<span title=\"30:08\">so<\/span>\u00a0<span title=\"30:08\">you\u2019re<\/span>\u00a0<span title=\"30:09\">you\u2019re<\/span>\u00a0<span title=\"30:09\">probably<\/span>\u00a0<span title=\"30:09\">getting<\/span>\u00a0<span title=\"30:10\">some<\/span>\u00a0<span title=\"30:10\">feedback<\/span>\u00a0<\/span><span data-start=\"00:30:10.151\" data-end=\"00:30:13.151\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:10\">on<\/span>\u00a0<span title=\"30:10\">it<\/span>\u00a0<span title=\"30:11\">which<\/span>\u00a0<span title=\"30:11\">is<\/span>\u00a0<span title=\"30:11\">why<\/span>\u00a0<span title=\"30:11\">i\u2019m<\/span>\u00a0<span title=\"30:11\">kind<\/span>\u00a0<span title=\"30:11\">of<\/span>\u00a0<span title=\"30:11\">curious<\/span>\u00a0<span title=\"30:12\">but<\/span>\u00a0<span title=\"30:12\">they<\/span>\u00a0<span title=\"30:12\">announced<\/span>\u00a0<span title=\"30:12\">hyundai<\/span>\u00a0<span title=\"30:13\">is<\/span>\u00a0<span title=\"30:13\">going<\/span>\u00a0<span title=\"30:13\">going<\/span>\u00a0<\/span><span data-start=\"00:30:13.151\" data-end=\"00:30:14.411\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:13\">to<\/span>\u00a0<span title=\"30:13\">start<\/span>\u00a0<span title=\"30:13\">selling<\/span>\u00a0<span title=\"30:14\">cars<\/span>\u00a0<span title=\"30:14\">on<\/span>\u00a0<span title=\"30:14\">Amazon.<\/span><\/span><br \/><span data-start=\"00:30:14.651\" data-end=\"00:30:19.351\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:15\">And<\/span>\u00a0<span title=\"30:15\">for<\/span>\u00a0<span title=\"30:15\">a<\/span>\u00a0<span title=\"30:15\">long<\/span>\u00a0<span title=\"30:15\">time,<\/span>\u00a0<span title=\"30:16\">everyone\u2019s<\/span>\u00a0<span title=\"30:16\">thought<\/span>\u00a0<span title=\"30:17\">Amazon<\/span>\u00a0<span title=\"30:18\">would<\/span>\u00a0<span title=\"30:18\">maybe<\/span>\u00a0<span title=\"30:18\">compete<\/span>\u00a0<span title=\"30:19\">with<\/span>\u00a0<span title=\"30:19\">Carvana<\/span>\u00a0<\/span><span data-start=\"00:30:19.351\" data-end=\"00:30:22.731\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:19\">or<\/span>\u00a0<span title=\"30:20\">buy<\/span>\u00a0<span title=\"30:20\">Carvana,<\/span>\u00a0<span title=\"30:21\">some<\/span>\u00a0<span title=\"30:21\">of<\/span>\u00a0<span title=\"30:21\">Carvana\u2019s<\/span>\u00a0<span title=\"30:22\">used<\/span>\u00a0<span title=\"30:22\">cars.<\/span><\/span><br \/><span data-start=\"00:30:23.131\" data-end=\"00:30:26.591\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:23\">So<\/span>\u00a0<span title=\"30:24\">it\u2019s<\/span>\u00a0<span title=\"30:24\">like<\/span>\u00a0<span title=\"30:24\">e-commerce<\/span>\u00a0<span title=\"30:24\">for<\/span>\u00a0<span title=\"30:24\">used<\/span>\u00a0<span title=\"30:25\">cars.<\/span>\u00a0<span title=\"30:25\">And<\/span>\u00a0<span title=\"30:25\">a<\/span>\u00a0<span title=\"30:26\">lot<\/span>\u00a0<span title=\"30:26\">of<\/span>\u00a0<span title=\"30:26\">Carvana\u2019s<\/span>\u00a0<span title=\"30:26\">competitors,<\/span>\u00a0<\/span><span data-start=\"00:30:26.951\" data-end=\"00:30:30.271\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:27\">Vroom<\/span>\u00a0<span title=\"30:27\">and<\/span>\u00a0<span title=\"30:28\">Shift,<\/span>\u00a0<span title=\"30:28\">have<\/span>\u00a0<span title=\"30:28\">kind<\/span>\u00a0<span title=\"30:28\">of<\/span>\u00a0<span title=\"30:28\">hit<\/span>\u00a0<span title=\"30:28\">the<\/span>\u00a0<span title=\"30:29\">skids<\/span>\u00a0<span title=\"30:29\">and<\/span>\u00a0<span title=\"30:29\">actually<\/span>\u00a0<span title=\"30:29\">are<\/span>\u00a0<span title=\"30:30\">out<\/span>\u00a0<span title=\"30:30\">of<\/span>\u00a0<span title=\"30:30\">business<\/span>\u00a0<span title=\"30:30\">now.<\/span><\/span><br \/><span data-start=\"00:30:30.431\" data-end=\"00:30:34.011\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:30\">And<\/span>\u00a0<span title=\"30:31\">some<\/span>\u00a0<span title=\"30:31\">people<\/span>\u00a0<span title=\"30:31\">thought<\/span>\u00a0<span title=\"30:31\">Amazon<\/span>\u00a0<span title=\"30:32\">would<\/span>\u00a0<span title=\"30:32\">buy<\/span>\u00a0<span title=\"30:32\">them,<\/span>\u00a0<span title=\"30:32\">but<\/span>\u00a0<span title=\"30:33\">it<\/span>\u00a0<span title=\"30:33\">looks<\/span>\u00a0<span title=\"30:34\">like<\/span>\u00a0<span title=\"30:34\">Like<\/span>\u00a0<span title=\"30:34\">they\u2019re<\/span>\u00a0<\/span><span data-start=\"00:30:34.011\" data-end=\"00:30:42.471\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:34\">actually<\/span>\u00a0<span title=\"30:34\">going<\/span>\u00a0<span title=\"30:35\">to<\/span>\u00a0<span title=\"30:35\">be<\/span>\u00a0<span title=\"30:36\">maybe<\/span>\u00a0<span title=\"30:37\">an<\/span>\u00a0<span title=\"30:37\">ad<\/span>\u00a0<span title=\"30:37\">unit<\/span>\u00a0<span title=\"30:39\">or<\/span>\u00a0<span title=\"30:40\">a<\/span>\u00a0<span title=\"30:41\">showroom<\/span>\u00a0<span title=\"30:42\">and<\/span>\u00a0<span title=\"30:42\">then<\/span>\u00a0<span title=\"30:42\">send,<\/span>\u00a0<\/span><span data-start=\"00:30:42.651\" data-end=\"00:30:46.731\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:43\">you<\/span>\u00a0<span title=\"30:43\">could<\/span>\u00a0<span title=\"30:43\">transact<\/span>\u00a0<span title=\"30:44\">on<\/span>\u00a0<span title=\"30:44\">Amazon<\/span>\u00a0<span title=\"30:44\">or<\/span>\u00a0<span title=\"30:44\">start<\/span>\u00a0<span title=\"30:45\">your<\/span>\u00a0<span title=\"30:45\">transaction<\/span>\u00a0<span title=\"30:45\">on<\/span>\u00a0<span title=\"30:46\">Amazon<\/span>\u00a0<span title=\"30:46\">and<\/span>\u00a0<span title=\"30:46\">then<\/span>\u00a0<span title=\"30:46\">go<\/span>\u00a0<span title=\"30:46\">to<\/span>\u00a0<span title=\"30:46\">the<\/span>\u00a0<span title=\"30:46\">dealer.<\/span><\/span><br \/><span data-start=\"00:30:46.871\" data-end=\"00:30:50.891\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:47\">So<\/span>\u00a0<span title=\"30:47\">that<\/span>\u00a0<span title=\"30:48\">has<\/span>\u00a0<span title=\"30:48\">been,<\/span>\u00a0<span title=\"30:48\">there\u2019s<\/span>\u00a0<span title=\"30:49\">a<\/span>\u00a0<span title=\"30:49\">lot<\/span>\u00a0<span title=\"30:49\">of<\/span>\u00a0<span title=\"30:49\">buzz<\/span>\u00a0<span title=\"30:49\">in<\/span>\u00a0<span title=\"30:50\">my<\/span>\u00a0<span title=\"30:50\">world<\/span>\u00a0<span title=\"30:50\">around<\/span>\u00a0<span title=\"30:51\">that.<\/span><\/span><br \/><span data-start=\"00:30:51.051\" data-end=\"00:30:55.911\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:51\">And<\/span>\u00a0<span title=\"30:51\">we<\/span>\u00a0<span title=\"30:52\">keep<\/span>\u00a0<span title=\"30:52\">hearing<\/span>\u00a0<span title=\"30:52\">many<\/span>\u00a0<span title=\"30:53\">more<\/span>\u00a0<span title=\"30:53\">OEMs<\/span>\u00a0<span title=\"30:54\">are<\/span>\u00a0<span title=\"30:54\">coming<\/span>\u00a0<span title=\"30:54\">and<\/span>\u00a0<span title=\"30:55\">the<\/span>\u00a0<span title=\"30:55\">dealers<\/span>\u00a0<span title=\"30:55\">are,<\/span>\u00a0<\/span><span data-start=\"00:30:56.091\" data-end=\"00:30:59.811\" data-spk=\"1\" data-label=\"Scot\"><span title=\"30:56\">the<\/span>\u00a0<span title=\"30:57\">Hyundai<\/span>\u00a0<span title=\"30:57\">dealers<\/span>\u00a0<span title=\"30:57\">I\u2019ve<\/span>\u00a0<span title=\"30:58\">talked<\/span>\u00a0<span title=\"30:58\">to<\/span>\u00a0<span title=\"30:58\">are<\/span>\u00a0<span title=\"30:58\">very<\/span>\u00a0<span title=\"30:58\">excited<\/span>\u00a0<span title=\"30:59\">about<\/span>\u00a0<span title=\"30:59\">this<\/span>\u00a0<span title=\"30:59\">and<\/span>\u00a0<span title=\"30:59\">expecting<\/span>\u00a0<\/span><span data-start=\"00:30:59.811\" data-end=\"00:31:04.671\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:00\">kind<\/span>\u00a0<span title=\"31:01\">of<\/span>\u00a0<span title=\"31:01\">a<\/span>\u00a0<span title=\"31:01\">different<\/span>\u00a0<span title=\"31:02\">customer<\/span>\u00a0<span title=\"31:02\">than<\/span>\u00a0<span title=\"31:02\">they\u2019re<\/span>\u00a0<span title=\"31:03\">used<\/span>\u00a0<span title=\"31:03\">to.<\/span>\u00a0<span title=\"31:03\">And<\/span>\u00a0<span title=\"31:03\">there\u2019s<\/span>\u00a0<span title=\"31:04\">some<\/span>\u00a0<span title=\"31:04\">prime<\/span>\u00a0<span title=\"31:04\">tie-in<\/span>\u00a0<\/span><span data-start=\"00:31:04.671\" data-end=\"00:31:05.931\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:05\">there<\/span>\u00a0<span title=\"31:05\">too,<\/span>\u00a0<span title=\"31:05\">which<\/span>\u00a0<span title=\"31:05\">is<\/span>\u00a0<span title=\"31:05\">kind<\/span>\u00a0<span title=\"31:06\">of<\/span>\u00a0<span title=\"31:06\">interesting.<\/span><\/span><br \/><span data-start=\"00:31:06.091\" data-end=\"00:31:10.331\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:06\">So<\/span>\u00a0<span title=\"31:06\">it\u2019s<\/span>\u00a0<span title=\"31:07\">going<\/span>\u00a0<span title=\"31:07\">to<\/span>\u00a0<span title=\"31:07\">be<\/span>\u00a0<span title=\"31:07\">interesting<\/span>\u00a0<span title=\"31:07\">to<\/span>\u00a0<span title=\"31:08\">see<\/span>\u00a0<span title=\"31:08\">Amazon<\/span>\u00a0<span title=\"31:09\">has<\/span>\u00a0<span title=\"31:09\">their<\/span>\u00a0<span title=\"31:09\">eyesight<\/span>\u00a0<span title=\"31:10\">on<\/span>\u00a0<span title=\"31:10\">this<\/span>\u00a0<span title=\"31:10\">auto<\/span>\u00a0<\/span><span data-start=\"00:31:10.331\" data-end=\"00:31:11.471\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:10\">category<\/span>\u00a0<span title=\"31:11\">and<\/span>\u00a0<span title=\"31:11\">they\u2019re<\/span>\u00a0<span title=\"31:11\">doing<\/span>\u00a0<span title=\"31:11\">more<\/span>\u00a0<\/span><span data-start=\"00:31:11.471\" data-end=\"00:31:13.471\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:11\">and<\/span>\u00a0<span title=\"31:12\">more<\/span>\u00a0<span title=\"31:12\">in<\/span>\u00a0<span title=\"31:12\">there.<\/span>\u00a0<span title=\"31:12\">And<\/span>\u00a0<span title=\"31:12\">it\u2019s<\/span>\u00a0<span title=\"31:12\">going<\/span>\u00a0<span title=\"31:12\">to<\/span>\u00a0<span title=\"31:13\">be<\/span>\u00a0<span title=\"31:13\">interesting<\/span>\u00a0<span title=\"31:13\">to<\/span>\u00a0<span title=\"31:13\">see<\/span>\u00a0<span title=\"31:13\">what<\/span>\u00a0<span title=\"31:13\">they<\/span>\u00a0<span title=\"31:13\">do.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[31:14]<\/small>\u00a0<span data-start=\"00:31:13.751\" data-end=\"00:31:19.391\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:14\">Oh,<\/span>\u00a0<span title=\"31:14\">for<\/span>\u00a0<span title=\"31:14\">sure.<\/span>\u00a0<span title=\"31:15\">I<\/span>\u00a0<span title=\"31:15\">have<\/span>\u00a0<span title=\"31:15\">this<\/span>\u00a0<span title=\"31:15\">giant<\/span>\u00a0<span title=\"31:16\">deck<\/span>\u00a0<span title=\"31:17\">of<\/span>\u00a0<span title=\"31:17\">industries<\/span>\u00a0<span title=\"31:18\">where<\/span>\u00a0<span title=\"31:18\">the<\/span>\u00a0<span title=\"31:19\">leaders<\/span>\u00a0<span title=\"31:19\">in<\/span>\u00a0<span title=\"31:19\">the<\/span>\u00a0<\/span><span data-start=\"00:31:19.391\" data-end=\"00:31:23.671\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:19\">industry<\/span>\u00a0<span title=\"31:20\">would<\/span>\u00a0<span title=\"31:20\">say<\/span>\u00a0<span title=\"31:20\">like,<\/span>\u00a0<span title=\"31:20\">oh<\/span>\u00a0<span title=\"31:21\">man,<\/span>\u00a0<span title=\"31:21\">e-commerce<\/span>\u00a0<span title=\"31:22\">is<\/span>\u00a0<span title=\"31:22\">amazing<\/span>\u00a0<span title=\"31:23\">in<\/span>\u00a0<span title=\"31:23\">these<\/span>\u00a0<span title=\"31:23\">other<\/span>\u00a0<span title=\"31:23\">industries,<\/span>\u00a0<\/span><span data-start=\"00:31:23.731\" data-end=\"00:31:25.871\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:24\">but<\/span>\u00a0<span title=\"31:24\">here\u2019s<\/span>\u00a0<span title=\"31:24\">why<\/span>\u00a0<span title=\"31:24\">it<\/span>\u00a0<span title=\"31:24\">will<\/span>\u00a0<span title=\"31:24\">never<\/span>\u00a0<span title=\"31:25\">be<\/span>\u00a0<span title=\"31:25\">relevant<\/span>\u00a0<span title=\"31:25\">in<\/span>\u00a0<span title=\"31:26\">ours.<\/span><\/span><br \/><span data-start=\"00:31:25.871\" data-end=\"00:31:31.471\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:26\">And<\/span>\u00a0<span title=\"31:26\">I<\/span>\u00a0<span title=\"31:27\">think<\/span>\u00a0<span title=\"31:27\">the<\/span>\u00a0<span title=\"31:28\">car<\/span>\u00a0<span title=\"31:28\">industry<\/span>\u00a0<span title=\"31:28\">is<\/span>\u00a0<span title=\"31:29\">the<\/span>\u00a0<span title=\"31:29\">one<\/span>\u00a0<span title=\"31:30\">that<\/span>\u00a0<span title=\"31:30\">this<\/span>\u00a0<span title=\"31:30\">is<\/span>\u00a0<span title=\"31:30\">playing<\/span>\u00a0<span title=\"31:31\">out<\/span>\u00a0<span title=\"31:31\">in<\/span>\u00a0<span title=\"31:31\">right<\/span>\u00a0<span title=\"31:31\">now<\/span>\u00a0<\/span><span data-start=\"00:31:31.471\" data-end=\"00:31:35.451\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:31\">that,<\/span>\u00a0<span title=\"31:32\">you<\/span>\u00a0<span title=\"31:32\">know,<\/span>\u00a0<span title=\"31:32\">they<\/span>\u00a0<span title=\"31:32\">used<\/span>\u00a0<span title=\"31:33\">to<\/span>\u00a0<span title=\"31:33\">all<\/span>\u00a0<span title=\"31:33\">say<\/span>\u00a0<span title=\"31:33\">like,<\/span>\u00a0<span title=\"31:33\">oh,<\/span>\u00a0<span title=\"31:34\">there\u2019s<\/span>\u00a0<span title=\"31:34\">never<\/span>\u00a0<span title=\"31:34\">going<\/span>\u00a0<span title=\"31:34\">to<\/span>\u00a0<span title=\"31:34\">be<\/span>\u00a0<span title=\"31:34\">e-commerce.<\/span><\/span><br \/><span data-start=\"00:31:35.531\" data-end=\"00:31:38.711\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:36\">People<\/span>\u00a0<span title=\"31:36\">want<\/span>\u00a0<span title=\"31:36\">to<\/span>\u00a0<span title=\"31:36\">go<\/span>\u00a0<span title=\"31:36\">to<\/span>\u00a0<span title=\"31:36\">the<\/span>\u00a0<span title=\"31:36\">dealers<\/span>\u00a0<span title=\"31:37\">and<\/span>\u00a0<span title=\"31:37\">drive<\/span>\u00a0<span title=\"31:37\">it.<\/span>\u00a0<span title=\"31:38\">And<\/span>\u00a0<span title=\"31:38\">there\u2019s<\/span>\u00a0<span title=\"31:38\">three<\/span>\u00a0<span title=\"31:38\">tier<\/span>\u00a0<span title=\"31:38\">distribution<\/span>\u00a0<\/span><span data-start=\"00:31:38.711\" data-end=\"00:31:40.791\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:39\">and<\/span>\u00a0<span title=\"31:39\">all<\/span>\u00a0<span title=\"31:39\">these<\/span>\u00a0<span title=\"31:39\">things<\/span>\u00a0<span title=\"31:40\">and<\/span>\u00a0<span title=\"31:40\">it\u2019ll<\/span>\u00a0<span title=\"31:40\">never<\/span>\u00a0<span title=\"31:40\">happen.<\/span><\/span><br \/><span data-start=\"00:31:40.891\" data-end=\"00:31:43.571\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:41\">And<\/span>\u00a0<span title=\"31:41\">you<\/span>\u00a0<span title=\"31:42\">know,<\/span>\u00a0<span title=\"31:42\">now<\/span>\u00a0<span title=\"31:42\">it\u2019s<\/span>\u00a0<span title=\"31:42\">certainly<\/span>\u00a0<span title=\"31:43\">happening.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[31:44]<\/small>\u00a0<span data-start=\"00:31:44.111\" data-end=\"00:31:46.011\" data-spk=\"1\" data-label=\"Scot\"><span title=\"31:44\">Yeah.<\/span>\u00a0<span title=\"31:45\">Yeah.<\/span>\u00a0<span title=\"31:45\">It\u2019s<\/span>\u00a0<span title=\"31:45\">going<\/span>\u00a0<span title=\"31:45\">to<\/span>\u00a0<span title=\"31:45\">be<\/span>\u00a0<span title=\"31:45\">interesting<\/span>\u00a0<span title=\"31:46\">to<\/span>\u00a0<span title=\"31:46\">see<\/span>\u00a0<span title=\"31:46\">that.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[31:46]<\/small>\u00a0<span data-start=\"00:31:46.291\" data-end=\"00:31:49.391\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:46\">Fun<\/span>\u00a0<span title=\"31:47\">times.<\/span>\u00a0<span title=\"31:47\">So<\/span>\u00a0<span title=\"31:47\">I<\/span>\u00a0<span title=\"31:48\">just<\/span>\u00a0<span title=\"31:48\">want<\/span>\u00a0<span title=\"31:48\">to<\/span>\u00a0<span title=\"31:48\">put<\/span>\u00a0<span title=\"31:48\">all<\/span>\u00a0<span title=\"31:48\">this<\/span>\u00a0<span title=\"31:48\">in<\/span>\u00a0<span title=\"31:49\">a<\/span>\u00a0<span title=\"31:49\">little<\/span>\u00a0<span title=\"31:49\">bit<\/span>\u00a0<span title=\"31:49\">of<\/span>\u00a0<span title=\"31:49\">context.<\/span><\/span><br \/><span data-start=\"00:31:49.471\" data-end=\"00:31:55.251\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:49\">So<\/span>\u00a0<span title=\"31:50\">before<\/span>\u00a0<span title=\"31:51\">the<\/span>\u00a0<span title=\"31:51\">pandemic,<\/span>\u00a0<span title=\"31:52\">retail<\/span>\u00a0<span title=\"31:53\">in<\/span>\u00a0<span title=\"31:53\">the<\/span>\u00a0<span title=\"31:53\">United<\/span>\u00a0<span title=\"31:53\">States<\/span>\u00a0<span title=\"31:54\">of<\/span>\u00a0<span title=\"31:54\">America<\/span>\u00a0<span title=\"31:54\">grew<\/span>\u00a0<span title=\"31:54\">very<\/span>\u00a0<span title=\"31:55\">consistently.<\/span><\/span><br \/><span data-start=\"00:31:55.251\" data-end=\"00:32:01.771\" data-spk=\"0\" data-label=\"Jason\"><span title=\"31:55\">4.1%<\/span>\u00a0<span title=\"31:57\">a<\/span>\u00a0<span title=\"31:57\">year<\/span>\u00a0<span title=\"31:57\">with<\/span>\u00a0<span title=\"31:58\">some<\/span>\u00a0<span title=\"31:58\">very<\/span>\u00a0<span title=\"31:59\">minor<\/span>\u00a0<span title=\"31:59\">deviations,<\/span>\u00a0<span title=\"32:00\">but<\/span>\u00a0<span title=\"32:00\">that\u2019s<\/span>\u00a0<span title=\"32:00\">kind<\/span>\u00a0<span title=\"32:01\">of<\/span>\u00a0<span title=\"32:01\">what<\/span>\u00a0<span title=\"32:01\">you<\/span>\u00a0<span title=\"32:01\">expected<\/span>\u00a0<\/span><span data-start=\"00:32:01.771\" data-end=\"00:32:06.411\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:02\">just<\/span>\u00a0<span title=\"32:02\">from<\/span>\u00a0<span title=\"32:04\">normal<\/span>\u00a0<span title=\"32:04\">inflation<\/span>\u00a0<span title=\"32:04\">and<\/span>\u00a0<span title=\"32:05\">the<\/span>\u00a0<span title=\"32:05\">growth<\/span>\u00a0<span title=\"32:06\">in<\/span>\u00a0<span title=\"32:06\">the<\/span>\u00a0<span title=\"32:06\">population,<\/span>\u00a0<\/span><span data-start=\"00:32:06.651\" data-end=\"00:32:09.471\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:07\">4.1%<\/span>\u00a0<span title=\"32:07\">a<\/span>\u00a0<span title=\"32:08\">year.<\/span>\u00a0<span title=\"32:08\">So<\/span>\u00a0<span title=\"32:08\">then<\/span>\u00a0<span title=\"32:08\">the<\/span>\u00a0<span title=\"32:09\">pandemic<\/span>\u00a0<span title=\"32:09\">happens.<\/span><\/span><br \/><span data-start=\"00:32:09.731\" data-end=\"00:32:13.591\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:10\">We<\/span>\u00a0<span title=\"32:10\">mail<\/span>\u00a0<span title=\"32:11\">out<\/span>\u00a0<span title=\"32:11\">a<\/span>\u00a0<span title=\"32:11\">couple<\/span>\u00a0<span title=\"32:11\">trillion<\/span>\u00a0<span title=\"32:11\">dollars<\/span>\u00a0<span title=\"32:12\">in<\/span>\u00a0<span title=\"32:12\">economic<\/span>\u00a0<span title=\"32:12\">stimulus.<\/span>\u00a0<span title=\"32:13\">We<\/span>\u00a0<span title=\"32:13\">lock<\/span>\u00a0<span title=\"32:13\">everyone<\/span>\u00a0<\/span><span data-start=\"00:32:13.591\" data-end=\"00:32:15.931\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:14\">in<\/span>\u00a0<span title=\"32:14\">the<\/span>\u00a0<span title=\"32:14\">house<\/span>\u00a0<span title=\"32:14\">so<\/span>\u00a0<span title=\"32:14\">they<\/span>\u00a0<span title=\"32:14\">can\u2019t<\/span>\u00a0<span title=\"32:15\">spend<\/span>\u00a0<span title=\"32:15\">as<\/span>\u00a0<span title=\"32:15\">much<\/span>\u00a0<span title=\"32:15\">money<\/span>\u00a0<span title=\"32:15\">on<\/span>\u00a0<span title=\"32:15\">services.<\/span><\/span><br \/><span data-start=\"00:32:16.251\" data-end=\"00:32:21.771\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:16\">And<\/span>\u00a0<span title=\"32:17\">we<\/span>\u00a0<span title=\"32:17\">had<\/span>\u00a0<span title=\"32:17\">the<\/span>\u00a0<span title=\"32:17\">three<\/span>\u00a0<span title=\"32:17\">greatest<\/span>\u00a0<span title=\"32:18\">years<\/span>\u00a0<span title=\"32:18\">in<\/span>\u00a0<span title=\"32:18\">the<\/span>\u00a0<span title=\"32:18\">history<\/span>\u00a0<span title=\"32:18\">of<\/span>\u00a0<span title=\"32:18\">retail.<\/span>\u00a0<span title=\"32:19\">We<\/span>\u00a0<span title=\"32:19\">grew<\/span>\u00a0<span title=\"32:19\">7.7%<\/span>\u00a0<span title=\"32:21\">in<\/span>\u00a0<span title=\"32:21\">2020.<\/span><\/span><br \/><span data-start=\"00:32:21.931\" data-end=\"00:32:28.711\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:22\">We<\/span>\u00a0<span title=\"32:22\">grew<\/span>\u00a0<span title=\"32:22\">13.6%<\/span>\u00a0<span title=\"32:24\">in<\/span>\u00a0<span title=\"32:24\">2021,<\/span>\u00a0<span title=\"32:25\">that\u2019s<\/span>\u00a0<span title=\"32:25\">the<\/span>\u00a0<span title=\"32:25\">best<\/span>\u00a0<span title=\"32:26\">year<\/span>\u00a0<span title=\"32:26\">of<\/span>\u00a0<span title=\"32:26\">all<\/span>\u00a0<span title=\"32:26\">times,<\/span>\u00a0<span title=\"32:27\">and<\/span>\u00a0<span title=\"32:27\">we<\/span>\u00a0<span title=\"32:27\">grew<\/span>\u00a0<span title=\"32:27\">another<\/span>\u00a0<span title=\"32:27\">8%<\/span>\u00a0<span title=\"32:28\">in<\/span>\u00a0<span title=\"32:28\">2022.<\/span><\/span><br \/><span data-start=\"00:32:29.151\" data-end=\"00:32:34.231\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:29\">So<\/span>\u00a0<span title=\"32:30\">those<\/span>\u00a0<span title=\"32:30\">were<\/span>\u00a0<span title=\"32:30\">those<\/span>\u00a0<span title=\"32:30\">three<\/span>\u00a0<span title=\"32:30\">crazy<\/span>\u00a0<span title=\"32:31\">outlier<\/span>\u00a0<span title=\"32:32\">years.<\/span>\u00a0<span title=\"32:32\">So<\/span>\u00a0<span title=\"32:33\">the<\/span>\u00a0<span title=\"32:33\">end<\/span>\u00a0<span title=\"32:33\">of<\/span>\u00a0<span title=\"32:33\">2022<\/span>\u00a0<span title=\"32:33\">comes<\/span>\u00a0<span title=\"32:34\">and<\/span>\u00a0<\/span><span data-start=\"00:32:34.231\" data-end=\"00:32:36.231\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:34\">everyone\u2019s<\/span>\u00a0<span title=\"32:35\">like,<\/span>\u00a0<span title=\"32:35\">what\u2019s<\/span>\u00a0<span title=\"32:35\">2023<\/span>\u00a0<span title=\"32:35\">going<\/span>\u00a0<span title=\"32:36\">to<\/span>\u00a0<span title=\"32:36\">look<\/span>\u00a0<span title=\"32:36\">like?<\/span><\/span><\/p>\n<p><small>[32:37]<\/small>\u00a0<span data-start=\"00:32:36.975\" data-end=\"00:32:39.975\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:37\">We<\/span>\u00a0<span title=\"32:37\">just<\/span>\u00a0<span title=\"32:37\">had<\/span>\u00a0<span title=\"32:37\">these<\/span>\u00a0<span title=\"32:38\">three<\/span>\u00a0<span title=\"32:38\">years<\/span>\u00a0<span title=\"32:38\">that<\/span>\u00a0<span title=\"32:38\">were<\/span>\u00a0<span title=\"32:38\">more<\/span>\u00a0<span title=\"32:38\">than<\/span>\u00a0<span title=\"32:39\">double<\/span>\u00a0<span title=\"32:39\">the<\/span>\u00a0<span title=\"32:39\">industry<\/span>\u00a0<span title=\"32:39\">average.<\/span><\/span><br \/><span data-start=\"00:32:40.215\" data-end=\"00:32:45.335\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:40\">The<\/span>\u00a0<span title=\"32:41\">NREF<\/span>\u00a0<span title=\"32:41\">came<\/span>\u00a0<span title=\"32:41\">out<\/span>\u00a0<span title=\"32:41\">early<\/span>\u00a0<span title=\"32:42\">in<\/span>\u00a0<span title=\"32:42\">the<\/span>\u00a0<span title=\"32:42\">year<\/span>\u00a0<span title=\"32:42\">and<\/span>\u00a0<span title=\"32:42\">said,<\/span>\u00a0<span title=\"32:43\">hey,<\/span>\u00a0<span title=\"32:43\">we\u2019re<\/span>\u00a0<span title=\"32:44\">forecasting<\/span>\u00a0<span title=\"32:44\">4%<\/span>\u00a0<span title=\"32:44\">to<\/span>\u00a0<span title=\"32:45\">6%<\/span>\u00a0<span title=\"32:45\">growth.<\/span><\/span><br \/><span data-start=\"00:32:45.615\" data-end=\"00:32:53.295\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:46\">So<\/span>\u00a0<span title=\"32:46\">bottom<\/span>\u00a0<span title=\"32:46\">end<\/span>\u00a0<span title=\"32:47\">of<\/span>\u00a0<span title=\"32:47\">their<\/span>\u00a0<span title=\"32:47\">range<\/span>\u00a0<span title=\"32:47\">would<\/span>\u00a0<span title=\"32:47\">be<\/span>\u00a0<span title=\"32:48\">average,<\/span>\u00a0<span title=\"32:48\">6%<\/span>\u00a0<span title=\"32:49\">would<\/span>\u00a0<span title=\"32:49\">be<\/span>\u00a0<span title=\"32:50\">sort<\/span>\u00a0<span title=\"32:50\">of<\/span>\u00a0<span title=\"32:51\">halfway<\/span>\u00a0<span title=\"32:51\">to<\/span>\u00a0<span title=\"32:51\">those<\/span>\u00a0<span title=\"32:52\">last<\/span>\u00a0<span title=\"32:53\">three<\/span>\u00a0<span title=\"32:53\">years.<\/span><\/span><br \/><span data-start=\"00:32:53.515\" data-end=\"00:32:58.675\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:54\">So<\/span>\u00a0<span title=\"32:54\">we<\/span>\u00a0<span title=\"32:54\">now<\/span>\u00a0<span title=\"32:54\">know<\/span>\u00a0<span title=\"32:55\">what<\/span>\u00a0<span title=\"32:55\">actually<\/span>\u00a0<span title=\"32:56\">happened<\/span>\u00a0<span title=\"32:56\">and<\/span>\u00a0<span title=\"32:57\">we<\/span>\u00a0<span title=\"32:57\">came<\/span>\u00a0<span title=\"32:57\">in<\/span>\u00a0<span title=\"32:57\">at<\/span>\u00a0<span title=\"32:57\">3.6%<\/span>\u00a0<span title=\"32:58\">growth.<\/span><\/span><br \/><span data-start=\"00:32:58.955\" data-end=\"00:33:05.175\" data-spk=\"0\" data-label=\"Jason\"><span title=\"32:59\">So<\/span>\u00a0<span title=\"32:59\">missed<\/span>\u00a0<span title=\"33:00\">the<\/span>\u00a0<span title=\"33:00\">NREF<\/span>\u00a0<span title=\"33:01\">estimate,<\/span>\u00a0<span title=\"33:01\">missed<\/span>\u00a0<span title=\"33:01\">the<\/span>\u00a0<span title=\"33:02\">traditional<\/span>\u00a0<span title=\"33:03\">average,<\/span>\u00a0<span title=\"33:04\">it\u2019s<\/span>\u00a0<span title=\"33:04\">a<\/span>\u00a0<span title=\"33:05\">down<\/span>\u00a0<span title=\"33:05\">year.<\/span><\/span><br \/><span data-start=\"00:33:05.315\" data-end=\"00:33:08.055\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:05\">And<\/span>\u00a0<span title=\"33:06\">this<\/span>\u00a0<span title=\"33:06\">is<\/span>\u00a0<span title=\"33:06\">$5<\/span>\u00a0<span title=\"33:06\">trillion<\/span>\u00a0<span title=\"33:07\">is<\/span>\u00a0<span title=\"33:07\">the<\/span>\u00a0<span title=\"33:08\">total<\/span>\u00a0<span title=\"33:08\">sales.<\/span><\/span><br \/><span data-start=\"00:33:08.235\" data-end=\"00:33:11.635\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:08\">So<\/span>\u00a0<span title=\"33:08\">missing<\/span>\u00a0<span title=\"33:10\">by<\/span>\u00a0<span title=\"33:10\">half<\/span>\u00a0<span title=\"33:10\">a<\/span>\u00a0<span title=\"33:10\">percent<\/span>\u00a0<span title=\"33:11\">is<\/span>\u00a0<span title=\"33:11\">pretty<\/span>\u00a0<span title=\"33:11\">meaningful.<\/span><\/span><br \/><span data-start=\"00:33:11.975\" data-end=\"00:33:14.735\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:12\">So<\/span>\u00a0<span title=\"33:12\">all<\/span>\u00a0<span title=\"33:13\">of<\/span>\u00a0<span title=\"33:13\">retail<\/span>\u00a0<span title=\"33:14\">grew<\/span>\u00a0<span title=\"33:14\">3.6%.<\/span><\/span><br \/><span data-start=\"00:33:15.375\" data-end=\"00:33:16.615\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:15\">If<\/span>\u00a0<span title=\"33:15\">you<\/span>\u00a0<span title=\"33:16\">convert<\/span>\u00a0<span title=\"33:16\">that<\/span>\u00a0<span title=\"33:16\">into<\/span>\u00a0<span title=\"33:16\">a<\/span>\u00a0<span title=\"33:16\">number,<\/span>\u00a0<\/span><span data-start=\"00:33:16.755\" data-end=\"00:33:24.035\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:17\">that\u2019s<\/span>\u00a0<span title=\"33:18\">$180<\/span>\u00a0<span title=\"33:18\">billion<\/span>\u00a0<span title=\"33:19\">more<\/span>\u00a0<span title=\"33:20\">stuff<\/span>\u00a0<span title=\"33:20\">we<\/span>\u00a0<span title=\"33:20\">sold<\/span>\u00a0<span title=\"33:21\">in<\/span>\u00a0<span title=\"33:21\">2023<\/span>\u00a0<span title=\"33:22\">than<\/span>\u00a0<span title=\"33:22\">we<\/span>\u00a0<span title=\"33:22\">did<\/span>\u00a0<span title=\"33:22\">in<\/span>\u00a0<span title=\"33:23\">2022.<\/span><\/span><\/p>\n<p><small>[33:25]<\/small>\u00a0<span data-start=\"00:33:24.995\" data-end=\"00:33:29.335\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:25\">And<\/span>\u00a0<span title=\"33:26\">the<\/span>\u00a0<span title=\"33:26\">numbers<\/span>\u00a0<span title=\"33:26\">I\u2019m<\/span>\u00a0<span title=\"33:26\">using<\/span>\u00a0<span title=\"33:26\">for<\/span>\u00a0<span title=\"33:27\">all<\/span>\u00a0<span title=\"33:27\">this<\/span>\u00a0<span title=\"33:27\">are<\/span>\u00a0<span title=\"33:27\">retail<\/span>\u00a0<span title=\"33:27\">without<\/span>\u00a0<span title=\"33:28\">auto<\/span>\u00a0<span title=\"33:28\">or<\/span>\u00a0<span title=\"33:29\">gas<\/span>\u00a0<span title=\"33:29\">in<\/span>\u00a0<span title=\"33:29\">it,<\/span>\u00a0<\/span><span data-start=\"00:33:29.335\" data-end=\"00:33:34.015\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:29\">just<\/span>\u00a0<span title=\"33:29\">because<\/span>\u00a0<span title=\"33:30\">that\u2019s<\/span>\u00a0<span title=\"33:30\">what<\/span>\u00a0<span title=\"33:31\">the<\/span>\u00a0<span title=\"33:31\">nrf<\/span>\u00a0<span title=\"33:31\">calls<\/span>\u00a0<span title=\"33:31\">core<\/span>\u00a0<span title=\"33:32\">retail<\/span>\u00a0<span title=\"33:32\">and<\/span>\u00a0<span title=\"33:32\">it\u2019s<\/span>\u00a0<span title=\"33:32\">kind<\/span>\u00a0<span title=\"33:33\">of<\/span>\u00a0<span title=\"33:33\">amazon<\/span>\u00a0<span title=\"33:34\">doesn\u2019t<\/span>\u00a0<\/span><span data-start=\"00:33:34.015\" data-end=\"00:33:39.175\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:34\">sell<\/span>\u00a0<span title=\"33:34\">a<\/span>\u00a0<span title=\"33:34\">lot<\/span>\u00a0<span title=\"33:34\">of<\/span>\u00a0<span title=\"33:35\">cars<\/span>\u00a0<span title=\"33:35\">or<\/span>\u00a0<span title=\"33:35\">gas<\/span>\u00a0<span title=\"33:35\">yet<\/span>\u00a0<span title=\"33:35\">right<\/span>\u00a0<span title=\"33:36\">so<\/span>\u00a0<span title=\"33:36\">so<\/span>\u00a0<span title=\"33:37\">amazon<\/span>\u00a0<span title=\"33:37\">grew<\/span>\u00a0<span title=\"33:38\">nine<\/span>\u00a0<span title=\"33:38\">percent<\/span>\u00a0<span title=\"33:38\">if<\/span>\u00a0<span title=\"33:39\">we<\/span>\u00a0<span title=\"33:39\">use<\/span>\u00a0<\/span><span data-start=\"00:33:39.175\" data-end=\"00:33:41.635\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:39\">that<\/span>\u00a0<span title=\"33:39\">conservative<\/span>\u00a0<span title=\"33:40\">gmv<\/span>\u00a0<span title=\"33:40\">number<\/span>\u00a0<span title=\"33:41\">for<\/span>\u00a0<span title=\"33:41\">the<\/span>\u00a0<span title=\"33:41\">us.<\/span><\/span><\/p>\n<p><small>[33:42]<\/small>\u00a0<span data-start=\"00:33:42.295\" data-end=\"00:33:45.335\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:42\">That<\/span>\u00a0<span title=\"33:42\">means<\/span>\u00a0<span title=\"33:43\">amazon<\/span>\u00a0<span title=\"33:43\">alone<\/span>\u00a0<span title=\"33:43\">grew<\/span>\u00a0<span title=\"33:44\">43<\/span>\u00a0<span title=\"33:44\">percent<\/span>\u00a0<span title=\"33:45\">last<\/span>\u00a0<\/span><span data-start=\"00:33:45.335\" data-end=\"00:33:48.655\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:45\">year<\/span>\u00a0<span title=\"33:46\">43<\/span>\u00a0<span title=\"33:46\">billion<\/span>\u00a0<span title=\"33:47\">dollars<\/span>\u00a0<span title=\"33:47\">last<\/span>\u00a0<span title=\"33:47\">year<\/span>\u00a0<span title=\"33:48\">so<\/span>\u00a0<span title=\"33:48\">amazon<\/span>\u00a0<\/span><span data-start=\"00:33:48.655\" data-end=\"00:33:51.555\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:49\">alone<\/span>\u00a0<span title=\"33:49\">was<\/span>\u00a0<span title=\"33:49\">24<\/span>\u00a0<span title=\"33:50\">of<\/span>\u00a0<span title=\"33:50\">all<\/span>\u00a0<span title=\"33:51\">retail<\/span>\u00a0<span title=\"33:51\">growth<\/span>\u00a0<\/span><span data-start=\"00:33:51.555\" data-end=\"00:33:54.775\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:52\">in<\/span>\u00a0<span title=\"33:52\">the<\/span>\u00a0<span title=\"33:52\">united<\/span>\u00a0<span title=\"33:52\">states<\/span>\u00a0<span title=\"33:52\">of<\/span>\u00a0<span title=\"33:52\">america<\/span>\u00a0<span title=\"33:53\">and<\/span>\u00a0<span title=\"33:53\">they\u2019re<\/span>\u00a0<span title=\"33:54\">the<\/span>\u00a0<span title=\"33:54\">first<\/span>\u00a0<\/span><span data-start=\"00:33:54.775\" data-end=\"00:33:57.695\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:55\">or<\/span>\u00a0<span title=\"33:55\">second<\/span>\u00a0<span title=\"33:55\">largest<\/span>\u00a0<span title=\"33:56\">retailer<\/span>\u00a0<span title=\"33:56\">in<\/span>\u00a0<span title=\"33:57\">the<\/span>\u00a0<span title=\"33:57\">country<\/span>\u00a0<span title=\"33:57\">and<\/span>\u00a0<span title=\"33:58\">they<\/span>\u00a0<\/span><span data-start=\"00:33:57.695\" data-end=\"00:34:01.255\" data-spk=\"0\" data-label=\"Jason\"><span title=\"33:58\">grew<\/span>\u00a0<span title=\"33:58\">a<\/span>\u00a0<span title=\"33:59\">quarter<\/span>\u00a0<span title=\"33:59\">of<\/span>\u00a0<span title=\"34:00\">all<\/span>\u00a0<span title=\"34:00\">growth<\/span>\u00a0<span title=\"34:00\">which<\/span>\u00a0<\/span><span data-start=\"00:34:01.255\" data-end=\"00:34:05.175\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:01\">is<\/span>\u00a0<span title=\"34:02\">pretty<\/span>\u00a0<span title=\"34:03\">phenomenal<\/span>\u00a0<span title=\"34:03\">Walmart<\/span>\u00a0<span title=\"34:04\">also<\/span>\u00a0<\/span><span data-start=\"00:34:05.175\" data-end=\"00:34:10.195\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:05\">wildly<\/span>\u00a0<span title=\"34:06\">outperform<\/span>\u00a0<span title=\"34:07\">the<\/span>\u00a0<span title=\"34:07\">industry<\/span>\u00a0<span title=\"34:08\">they<\/span>\u00a0<span title=\"34:08\">grew<\/span>\u00a0<span title=\"34:08\">and<\/span>\u00a0<span title=\"34:09\">there<\/span>\u00a0<span title=\"34:09\">they<\/span>\u00a0<span title=\"34:09\">won\u2019t<\/span>\u00a0<span title=\"34:10\">announce<\/span>\u00a0<span title=\"34:10\">their<\/span>\u00a0<\/span><span data-start=\"00:34:10.195\" data-end=\"00:34:15.895\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:10\">q4<\/span>\u00a0<span title=\"34:11\">till<\/span>\u00a0<span title=\"34:11\">for<\/span>\u00a0<span title=\"34:12\">a<\/span>\u00a0<span title=\"34:12\">couple<\/span>\u00a0<span title=\"34:12\">more<\/span>\u00a0<span title=\"34:12\">weeks<\/span>\u00a0<span title=\"34:13\">but<\/span>\u00a0<span title=\"34:13\">assuming<\/span>\u00a0<span title=\"34:14\">they<\/span>\u00a0<span title=\"34:14\">they<\/span>\u00a0<span title=\"34:15\">have<\/span>\u00a0<span title=\"34:15\">like<\/span>\u00a0<span title=\"34:15\">hit<\/span>\u00a0<span title=\"34:16\">the<\/span>\u00a0<span title=\"34:16\">low<\/span>\u00a0<\/span><span data-start=\"00:34:15.895\" data-end=\"00:34:20.955\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:16\">side<\/span>\u00a0<span title=\"34:16\">of<\/span>\u00a0<span title=\"34:16\">all<\/span>\u00a0<span title=\"34:16\">the<\/span>\u00a0<span title=\"34:17\">estimates<\/span>\u00a0<span title=\"34:17\">so<\/span>\u00a0<span title=\"34:18\">only<\/span>\u00a0<span title=\"34:18\">4%<\/span>\u00a0<span title=\"34:18\">growth<\/span>\u00a0<span title=\"34:19\">in<\/span>\u00a0<span title=\"34:19\">q4<\/span>\u00a0<span title=\"34:19\">though<\/span>\u00a0<span title=\"34:20\">that<\/span>\u00a0<span title=\"34:20\">that\u2019ll<\/span>\u00a0<span title=\"34:21\">bring<\/span>\u00a0<\/span><span data-start=\"00:34:20.955\" data-end=\"00:34:25.055\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:21\">them<\/span>\u00a0<span title=\"34:21\">in<\/span>\u00a0<span title=\"34:21\">at<\/span>\u00a0<span title=\"34:21\">6%<\/span>\u00a0<span title=\"34:22\">growth<\/span>\u00a0<span title=\"34:22\">for<\/span>\u00a0<span title=\"34:22\">the<\/span>\u00a0<span title=\"34:23\">year<\/span>\u00a0<span title=\"34:23\">that<\/span>\u00a0<span title=\"34:23\">means<\/span>\u00a0<span title=\"34:24\">they<\/span>\u00a0<span title=\"34:24\">They<\/span>\u00a0<span title=\"34:24\">grew<\/span>\u00a0<span title=\"34:24\">by<\/span>\u00a0<span title=\"34:24\">$29<\/span>\u00a0<span title=\"34:25\">billion,<\/span>\u00a0<\/span><span data-start=\"00:34:25.335\" data-end=\"00:34:28.895\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:25\">which<\/span>\u00a0<span title=\"34:26\">is<\/span>\u00a0<span title=\"34:26\">16%<\/span>\u00a0<span title=\"34:27\">of<\/span>\u00a0<span title=\"34:28\">that<\/span>\u00a0<span title=\"34:28\">total<\/span>\u00a0<span title=\"34:28\">growth<\/span>\u00a0<span title=\"34:28\">last<\/span>\u00a0<span title=\"34:29\">year.<\/span><\/span><br \/><span data-start=\"00:34:29.035\" data-end=\"00:34:31.475\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:29\">Then<\/span>\u00a0<span title=\"34:29\">I<\/span>\u00a0<span title=\"34:30\">keep<\/span>\u00a0<span title=\"34:30\">talking<\/span>\u00a0<span title=\"34:30\">about<\/span>\u00a0<span title=\"34:31\">Timu<\/span>\u00a0<span title=\"34:31\">and<\/span>\u00a0<span title=\"34:31\">Shein.<\/span><\/span><br \/><span data-start=\"00:34:31.715\" data-end=\"00:34:38.035\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:32\">Timu<\/span>\u00a0<span title=\"34:32\">only<\/span>\u00a0<span title=\"34:33\">grew<\/span>\u00a0<span title=\"34:33\">3,100%<\/span>\u00a0<span title=\"34:35\">last<\/span>\u00a0<span title=\"34:36\">year,<\/span>\u00a0<span title=\"34:36\">which<\/span>\u00a0<span title=\"34:37\">is<\/span>\u00a0<span title=\"34:37\">a<\/span>\u00a0<span title=\"34:37\">pretty<\/span>\u00a0<span title=\"34:37\">good<\/span>\u00a0<span title=\"34:38\">growth<\/span>\u00a0<span title=\"34:38\">rate.<\/span><\/span><br \/><span data-start=\"00:34:38.255\" data-end=\"00:34:42.875\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:38\">So<\/span>\u00a0<span title=\"34:39\">they<\/span>\u00a0<span title=\"34:39\">contributed<\/span>\u00a0<span title=\"34:39\">$9.3<\/span>\u00a0<span title=\"34:41\">billion<\/span>\u00a0<span title=\"34:41\">in<\/span>\u00a0<span title=\"34:41\">growth,<\/span>\u00a0<span title=\"34:42\">5%<\/span>\u00a0<span title=\"34:42\">of<\/span>\u00a0<span title=\"34:43\">the<\/span>\u00a0<span title=\"34:43\">total.<\/span><\/span><br \/><span data-start=\"00:34:43.075\" data-end=\"00:34:49.455\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:43\">And<\/span>\u00a0<span title=\"34:44\">Shein<\/span>\u00a0<span title=\"34:44\">grew<\/span>\u00a0<span title=\"34:44\">30%.<\/span>\u00a0<span title=\"34:45\">So<\/span>\u00a0<span title=\"34:46\">they<\/span>\u00a0<span title=\"34:46\">contributed<\/span>\u00a0<span title=\"34:46\">another<\/span>\u00a0<span title=\"34:46\">$7<\/span>\u00a0<span title=\"34:47\">billion<\/span>\u00a0<span title=\"34:47\">in<\/span>\u00a0<span title=\"34:48\">growth,<\/span>\u00a0<span title=\"34:48\">4%<\/span>\u00a0<span title=\"34:49\">of<\/span>\u00a0<span title=\"34:49\">the<\/span>\u00a0<span title=\"34:49\">total.<\/span><\/span><br \/><span data-start=\"00:34:49.595\" data-end=\"00:34:53.535\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:50\">So<\/span>\u00a0<span title=\"34:50\">you<\/span>\u00a0<span title=\"34:50\">just<\/span>\u00a0<span title=\"34:50\">take<\/span>\u00a0<span title=\"34:50\">those<\/span>\u00a0<span title=\"34:50\">four<\/span>\u00a0<span title=\"34:51\">retailers,<\/span>\u00a0<span title=\"34:51\">Amazon,<\/span>\u00a0<span title=\"34:52\">Walmart,<\/span>\u00a0<span title=\"34:53\">Timu,<\/span>\u00a0<span title=\"34:53\">and<\/span>\u00a0<span title=\"34:53\">Shein.<\/span><\/span><br \/><span data-start=\"00:34:53.655\" data-end=\"00:34:57.335\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:54\">That\u2019s<\/span>\u00a0<span title=\"34:54\">half<\/span>\u00a0<span title=\"34:55\">of<\/span>\u00a0<span title=\"34:55\">all<\/span>\u00a0<span title=\"34:55\">U.S.<\/span>\u00a0<span title=\"34:56\">retail<\/span>\u00a0<span title=\"34:56\">growth<\/span>\u00a0<span title=\"34:57\">last<\/span>\u00a0<span title=\"34:57\">year.<\/span><\/span><br \/><span data-start=\"00:34:57.435\" data-end=\"00:35:01.635\" data-spk=\"0\" data-label=\"Jason\"><span title=\"34:57\">So<\/span>\u00a0<span title=\"34:58\">those<\/span>\u00a0<span title=\"34:59\">four<\/span>\u00a0<span title=\"34:59\">companies<\/span>\u00a0<span title=\"34:59\">had<\/span>\u00a0<span title=\"34:59\">a<\/span>\u00a0<span title=\"34:59\">terrific<\/span>\u00a0<span title=\"35:00\">year,<\/span>\u00a0<span title=\"35:00\">but<\/span>\u00a0<span title=\"35:00\">they<\/span>\u00a0<span title=\"35:00\">essentially<\/span>\u00a0<span title=\"35:01\">left<\/span>\u00a0<span title=\"35:01\">crumbs,<\/span>\u00a0<\/span><span data-start=\"00:35:02.495\" data-end=\"00:35:06.075\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:02\">for<\/span>\u00a0<span title=\"35:03\">the<\/span>\u00a0<span title=\"35:03\">rest<\/span>\u00a0<span title=\"35:03\">of<\/span>\u00a0<span title=\"35:03\">the<\/span>\u00a0<span title=\"35:03\">retail<\/span>\u00a0<span title=\"35:03\">industry<\/span>\u00a0<span title=\"35:04\">in<\/span>\u00a0<span title=\"35:04\">what<\/span>\u00a0<span title=\"35:04\">without<\/span>\u00a0<span title=\"35:05\">those<\/span>\u00a0<span title=\"35:05\">four<\/span>\u00a0<span title=\"35:06\">companies<\/span>\u00a0<span title=\"35:06\">is<\/span>\u00a0<\/span><span data-start=\"00:35:06.075\" data-end=\"00:35:08.235\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:06\">pretty<\/span>\u00a0<span title=\"35:06\">much<\/span>\u00a0<span title=\"35:06\">a<\/span>\u00a0<span title=\"35:07\">Debbie<\/span>\u00a0<span title=\"35:08\">Downer<\/span>\u00a0<span title=\"35:08\">year.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[35:09]<\/small>\u00a0<span data-start=\"00:35:09.364\" data-end=\"00:35:12.904\" data-spk=\"1\" data-label=\"Scot\"><span title=\"35:09\">Yeah<\/span>\u00a0<span title=\"35:10\">yeah<\/span>\u00a0<span title=\"35:11\">it\u2019s<\/span>\u00a0<span title=\"35:11\">amazing<\/span>\u00a0<span title=\"35:11\">share<\/span>\u00a0<span title=\"35:12\">there<\/span>\u00a0<span title=\"35:12\">it\u2019s<\/span>\u00a0<span title=\"35:12\">kind<\/span>\u00a0<span title=\"35:12\">of<\/span>\u00a0<span title=\"35:13\">crazy.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[35:13]<\/small>\u00a0<span data-start=\"00:35:12.904\" data-end=\"00:35:17.504\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:13\">Yeah<\/span>\u00a0<span title=\"35:14\">and<\/span>\u00a0<span title=\"35:14\">it\u2019s<\/span>\u00a0<span title=\"35:14\">it\u2019s<\/span>\u00a0<span title=\"35:15\">just<\/span>\u00a0<span title=\"35:15\">so<\/span>\u00a0<span title=\"35:15\">weird<\/span>\u00a0<span title=\"35:15\">to<\/span>\u00a0<span title=\"35:15\">see<\/span>\u00a0<span title=\"35:15\">the<\/span>\u00a0<span title=\"35:15\">biggest<\/span>\u00a0<span title=\"35:16\">two<\/span>\u00a0<span title=\"35:16\">retailers<\/span>\u00a0<span title=\"35:17\">in<\/span>\u00a0<span title=\"35:17\">the<\/span>\u00a0<span title=\"35:17\">market<\/span>\u00a0<\/span><span data-start=\"00:35:17.504\" data-end=\"00:35:24.824\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:18\">amazon<\/span>\u00a0<span title=\"35:18\">and<\/span>\u00a0<span title=\"35:18\">walmart<\/span>\u00a0<span title=\"35:19\">growing<\/span>\u00a0<span title=\"35:20\">faster<\/span>\u00a0<span title=\"35:21\">than<\/span>\u00a0<span title=\"35:21\">like<\/span>\u00a0<span title=\"35:22\">almost<\/span>\u00a0<span title=\"35:22\">anyone<\/span>\u00a0<span title=\"35:23\">else<\/span>\u00a0<span title=\"35:23\">that<\/span>\u00a0<span title=\"35:24\">that<\/span>\u00a0<span title=\"35:25\">to<\/span>\u00a0<\/span><span data-start=\"00:35:24.824\" data-end=\"00:35:29.824\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:25\">me<\/span>\u00a0<span title=\"35:25\">is<\/span>\u00a0<span title=\"35:25\">a<\/span>\u00a0<span title=\"35:25\">a<\/span>\u00a0<span title=\"35:26\">very<\/span>\u00a0<span title=\"35:26\">anomalous<\/span>\u00a0<span title=\"35:27\">circumstance<\/span>\u00a0<span title=\"35:28\">that<\/span>\u00a0<span title=\"35:28\">you<\/span>\u00a0<span title=\"35:28\">you<\/span>\u00a0<span title=\"35:29\">don\u2019t<\/span>\u00a0<span title=\"35:29\">normally<\/span>\u00a0<span title=\"35:29\">see,<\/span>\u00a0<\/span><span data-start=\"00:35:30.404\" data-end=\"00:35:33.284\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:30\">there<\/span>\u00a0<span title=\"35:31\">is<\/span>\u00a0<span title=\"35:31\">this<\/span>\u00a0<span title=\"35:31\">super<\/span>\u00a0<span title=\"35:32\">interesting<\/span>\u00a0<span title=\"35:32\">horse<\/span>\u00a0<span title=\"35:32\">race<\/span>\u00a0<span title=\"35:33\">who<\/span>\u00a0<span title=\"35:33\">is<\/span>\u00a0<\/span><span data-start=\"00:35:33.284\" data-end=\"00:35:37.304\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:33\">the<\/span>\u00a0<span title=\"35:34\">biggest<\/span>\u00a0<span title=\"35:34\">retailer<\/span>\u00a0<span title=\"35:34\">in<\/span>\u00a0<span title=\"35:34\">the<\/span>\u00a0<span title=\"35:34\">u.s<\/span>\u00a0<span title=\"35:35\">and<\/span>\u00a0<span title=\"35:35\">the<\/span>\u00a0<span title=\"35:37\">the<\/span>\u00a0<\/span><span data-start=\"00:35:37.304\" data-end=\"00:35:40.284\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:37\">sort<\/span>\u00a0<span title=\"35:38\">of<\/span>\u00a0<span title=\"35:38\">unfortunate<\/span>\u00a0<span title=\"35:38\">answer<\/span>\u00a0<span title=\"35:39\">is<\/span>\u00a0<span title=\"35:39\">it<\/span>\u00a0<span title=\"35:39\">depends<\/span>\u00a0<span title=\"35:39\">a<\/span>\u00a0<span title=\"35:40\">little<\/span>\u00a0<span title=\"35:40\">bit<\/span>\u00a0<\/span><span data-start=\"00:35:40.284\" data-end=\"00:35:48.064\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:40\">on<\/span>\u00a0<span title=\"35:41\">how<\/span>\u00a0<span title=\"35:41\">you<\/span>\u00a0<span title=\"35:41\">count<\/span>\u00a0<span title=\"35:41\">because<\/span>\u00a0<span title=\"35:42\">you<\/span>\u00a0<span title=\"35:44\">you\u2019ve<\/span>\u00a0<span title=\"35:44\">got<\/span>\u00a0<span title=\"35:44\">Walmart\u2019s<\/span>\u00a0<span title=\"35:45\">total<\/span>\u00a0<span title=\"35:46\">US<\/span>\u00a0<span title=\"35:46\">GMV<\/span>\u00a0<span title=\"35:47\">which<\/span>\u00a0<span title=\"35:48\">we<\/span>\u00a0<span title=\"35:48\">also<\/span>\u00a0<\/span><span data-start=\"00:35:48.064\" data-end=\"00:35:53.184\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:48\">don\u2019t<\/span>\u00a0<span title=\"35:49\">know<\/span>\u00a0<span title=\"35:49\">by<\/span>\u00a0<span title=\"35:49\">the<\/span>\u00a0<span title=\"35:49\">way<\/span>\u00a0<span title=\"35:49\">because<\/span>\u00a0<span title=\"35:50\">the<\/span>\u00a0<span title=\"35:50\">there<\/span>\u00a0<span title=\"35:50\">now<\/span>\u00a0<span title=\"35:50\">is<\/span>\u00a0<span title=\"35:51\">a<\/span>\u00a0<span title=\"35:51\">meaningful<\/span>\u00a0<span title=\"35:52\">marketplace<\/span>\u00a0<span title=\"35:53\">at<\/span>\u00a0<span title=\"35:53\">Walmart<\/span>\u00a0<\/span><span data-start=\"00:35:53.184\" data-end=\"00:35:58.744\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:53\">not<\/span>\u00a0<span title=\"35:53\">as<\/span>\u00a0<span title=\"35:54\">meaningful<\/span>\u00a0<span title=\"35:54\">as<\/span>\u00a0<span title=\"35:55\">as<\/span>\u00a0<span title=\"35:56\">Amazon<\/span>\u00a0<span title=\"35:56\">but<\/span>\u00a0<span title=\"35:56\">like<\/span>\u00a0<span title=\"35:56\">you<\/span>\u00a0<span title=\"35:57\">know<\/span>\u00a0<span title=\"35:57\">Walmart<\/span>\u00a0<span title=\"35:57\">doesn\u2019t<\/span>\u00a0<span title=\"35:57\">disclose<\/span>\u00a0<span title=\"35:58\">its<\/span>\u00a0<span title=\"35:58\">actual<\/span>\u00a0<span title=\"35:58\">GMV.<\/span><\/span><\/p>\n<p><small>[35:59]<\/small>\u00a0<span data-start=\"00:35:59.324\" data-end=\"00:36:02.284\" data-spk=\"0\" data-label=\"Jason\"><span title=\"35:59\">But<\/span>\u00a0<span title=\"36:00\">Walmart<\/span>\u00a0<span title=\"36:01\">also<\/span>\u00a0<span title=\"36:01\">has<\/span>\u00a0<span title=\"36:02\">Sam\u2019s<\/span>\u00a0<span title=\"36:02\">Club.<\/span><\/span><br \/><span data-start=\"00:36:02.524\" data-end=\"00:36:08.144\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:03\">And<\/span>\u00a0<span title=\"36:03\">so<\/span>\u00a0<span title=\"36:03\">if<\/span>\u00a0<span title=\"36:04\">you<\/span>\u00a0<span title=\"36:04\">take<\/span>\u00a0<span title=\"36:05\">just<\/span>\u00a0<span title=\"36:05\">Walmart\u2019s<\/span>\u00a0<span title=\"36:06\">GMV<\/span>\u00a0<span title=\"36:06\">and<\/span>\u00a0<span title=\"36:07\">shoot,<\/span>\u00a0<span title=\"36:07\">I<\/span>\u00a0<span title=\"36:07\">thought<\/span>\u00a0<span title=\"36:08\">I<\/span>\u00a0<span title=\"36:08\">had<\/span>\u00a0<span title=\"36:08\">the<\/span>\u00a0<span title=\"36:08\">number<\/span>\u00a0<\/span><span data-start=\"00:36:08.144\" data-end=\"00:36:12.284\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:08\">in<\/span>\u00a0<span title=\"36:08\">front<\/span>\u00a0<span title=\"36:08\">of<\/span>\u00a0<span title=\"36:08\">me,<\/span>\u00a0<span title=\"36:09\">but<\/span>\u00a0<span title=\"36:09\">now<\/span>\u00a0<span title=\"36:09\">that<\/span>\u00a0<span title=\"36:09\">I\u2019m<\/span>\u00a0<span title=\"36:09\">talking<\/span>\u00a0<span title=\"36:11\">about<\/span>\u00a0<span title=\"36:11\">it,<\/span>\u00a0<span title=\"36:11\">I<\/span>\u00a0<span title=\"36:11\">of<\/span>\u00a0<span title=\"36:12\">course<\/span>\u00a0<span title=\"36:12\">don\u2019t.<\/span><\/span><br \/><span data-start=\"00:36:12.564\" data-end=\"00:36:20.144\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:13\">But<\/span>\u00a0<span title=\"36:13\">from<\/span>\u00a0<span title=\"36:13\">memory,<\/span>\u00a0<span title=\"36:14\">it<\/span>\u00a0<span title=\"36:14\">was<\/span>\u00a0<span title=\"36:14\">about<\/span>\u00a0<span title=\"36:14\">$442<\/span>\u00a0<span title=\"36:17\">billion<\/span>\u00a0<span title=\"36:18\">last<\/span>\u00a0<span title=\"36:18\">year<\/span>\u00a0<span title=\"36:19\">would<\/span>\u00a0<span title=\"36:19\">be<\/span>\u00a0<span title=\"36:19\">my<\/span>\u00a0<span title=\"36:19\">estimate<\/span>\u00a0<span title=\"36:20\">for<\/span>\u00a0<\/span><span data-start=\"00:36:20.144\" data-end=\"00:36:23.664\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:20\">their<\/span>\u00a0<span title=\"36:20\">GMV<\/span>\u00a0<span title=\"36:21\">after<\/span>\u00a0<span title=\"36:21\">they<\/span>\u00a0<span title=\"36:21\">announced<\/span>\u00a0<span title=\"36:21\">that\u2019s<\/span>\u00a0<span title=\"36:21\">their<\/span>\u00a0<span title=\"36:22\">Q4.<\/span><\/span><br \/><span data-start=\"00:36:24.044\" data-end=\"00:36:31.184\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:24\">And<\/span>\u00a0<span title=\"36:24\">so<\/span>\u00a0<span title=\"36:25\">that<\/span>\u00a0<span title=\"36:25\">would<\/span>\u00a0<span title=\"36:25\">be<\/span>\u00a0<span title=\"36:26\">lower<\/span>\u00a0<span title=\"36:27\">than<\/span>\u00a0<span title=\"36:28\">even<\/span>\u00a0<span title=\"36:28\">the<\/span>\u00a0<span title=\"36:29\">conservative<\/span>\u00a0<span title=\"36:29\">estimate<\/span>\u00a0<span title=\"36:29\">for<\/span>\u00a0<span title=\"36:30\">Amazon\u2019s<\/span>\u00a0<span title=\"36:31\">US<\/span>\u00a0<span title=\"36:31\">GMV.<\/span><\/span><br \/><span data-start=\"00:36:31.404\" data-end=\"00:36:39.364\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:31\">If<\/span>\u00a0<span title=\"36:32\">you<\/span>\u00a0<span title=\"36:32\">add<\/span>\u00a0<span title=\"36:32\">Sam\u2019s<\/span>\u00a0<span title=\"36:33\">GMV<\/span>\u00a0<span title=\"36:34\">in<\/span>\u00a0<span title=\"36:34\">the<\/span>\u00a0<span title=\"36:34\">US<\/span>\u00a0<span title=\"36:34\">to<\/span>\u00a0<span title=\"36:35\">Walmart\u2019s<\/span>\u00a0<span title=\"36:35\">GMV<\/span>\u00a0<span title=\"36:36\">in<\/span>\u00a0<span title=\"36:36\">the<\/span>\u00a0<span title=\"36:36\">US,<\/span>\u00a0<span title=\"36:36\">Walmart<\/span>\u00a0<span title=\"36:37\">gets<\/span>\u00a0<span title=\"36:38\">to<\/span>\u00a0<span title=\"36:38\">about<\/span>\u00a0<span title=\"36:38\">$520<\/span>\u00a0<span title=\"36:39\">billion.<\/span><\/span><br \/><span data-start=\"00:36:39.524\" data-end=\"00:36:45.984\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:40\">So<\/span>\u00a0<span title=\"36:40\">that<\/span>\u00a0<span title=\"36:40\">would<\/span>\u00a0<span title=\"36:40\">be<\/span>\u00a0<span title=\"36:40\">above<\/span>\u00a0<span title=\"36:41\">Marketplace<\/span>\u00a0<span title=\"36:42\">Pulse\u2019s<\/span>\u00a0<span title=\"36:42\">estimate<\/span>\u00a0<span title=\"36:43\">for<\/span>\u00a0<span title=\"36:43\">Amazon<\/span>\u00a0<span title=\"36:44\">and<\/span>\u00a0<span title=\"36:44\">below<\/span>\u00a0<span title=\"36:44\">Citibank\u2019s<\/span>\u00a0<span title=\"36:45\">estimate<\/span>\u00a0<span title=\"36:45\">for<\/span>\u00a0<span title=\"36:46\">Amazon.<\/span><\/span><br \/><span data-start=\"00:36:46.224\" data-end=\"00:36:50.284\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:46\">So<\/span>\u00a0<span title=\"36:46\">no<\/span>\u00a0<span title=\"36:48\">matter<\/span>\u00a0<span title=\"36:48\">how<\/span>\u00a0<span title=\"36:48\">you<\/span>\u00a0<span title=\"36:48\">count,<\/span>\u00a0<span title=\"36:49\">these<\/span>\u00a0<span title=\"36:49\">two<\/span>\u00a0<span title=\"36:49\">companies<\/span>\u00a0<span title=\"36:50\">are<\/span>\u00a0<span title=\"36:50\">very<\/span>\u00a0<span title=\"36:50\">close.<\/span><\/span><br \/><span data-start=\"00:36:50.284\" data-end=\"00:36:54.184\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:50\">A<\/span>\u00a0<span title=\"36:51\">few<\/span>\u00a0<span title=\"36:51\">years<\/span>\u00a0<span title=\"36:51\">ago,<\/span>\u00a0<span title=\"36:52\">you<\/span>\u00a0<span title=\"36:52\">and<\/span>\u00a0<span title=\"36:52\">I<\/span>\u00a0<span title=\"36:52\">were<\/span>\u00a0<span title=\"36:52\">talking<\/span>\u00a0<span title=\"36:52\">about<\/span>\u00a0<span title=\"36:53\">Amazon<\/span>\u00a0<span title=\"36:53\">being<\/span>\u00a0<span title=\"36:54\">close<\/span>\u00a0<span title=\"36:54\">to<\/span>\u00a0<span title=\"36:54\">Walmart<\/span>\u00a0<\/span><span data-start=\"00:36:54.184\" data-end=\"00:36:57.284\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:54\">if<\/span>\u00a0<span title=\"36:54\">you<\/span>\u00a0<span title=\"36:54\">take<\/span>\u00a0<span title=\"36:55\">grocery<\/span>\u00a0<span title=\"36:55\">out,<\/span>\u00a0<span title=\"36:55\">which<\/span>\u00a0<span title=\"36:56\">grocery<\/span>\u00a0<span title=\"36:56\">is<\/span>\u00a0<span title=\"36:56\">60%<\/span>\u00a0<span title=\"36:57\">of<\/span>\u00a0<span title=\"36:57\">Walmart<\/span>\u00a0<span title=\"36:57\">sales.<\/span><\/span><br \/><span data-start=\"00:36:57.664\" data-end=\"00:37:02.224\" data-spk=\"0\" data-label=\"Jason\"><span title=\"36:58\">But<\/span>\u00a0<span title=\"36:58\">now<\/span>\u00a0<span title=\"36:58\">we\u2019re<\/span>\u00a0<span title=\"36:59\">in<\/span>\u00a0<span title=\"36:59\">a<\/span>\u00a0<span title=\"36:59\">year<\/span>\u00a0<span title=\"37:00\">where<\/span>\u00a0<span title=\"37:00\">Amazon<\/span>\u00a0<span title=\"37:01\">may<\/span>\u00a0<span title=\"37:01\">have<\/span>\u00a0<span title=\"37:01\">passed<\/span>\u00a0<span title=\"37:02\">Walmart,<\/span>\u00a0<\/span><span data-start=\"00:37:02.464\" data-end=\"00:37:04.224\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:02\">but<\/span>\u00a0<span title=\"37:03\">however<\/span>\u00a0<span title=\"37:03\">you<\/span>\u00a0<span title=\"37:03\">count,<\/span>\u00a0<span title=\"37:04\">it\u2019s<\/span>\u00a0<span title=\"37:04\">very<\/span>\u00a0<span title=\"37:04\">close.<\/span><\/span><br \/><span data-start=\"00:37:04.524\" data-end=\"00:37:08.004\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:05\">And<\/span>\u00a0<span title=\"37:05\">they\u2019re<\/span>\u00a0<span title=\"37:06\">obviously<\/span>\u00a0<span title=\"37:06\">continuing<\/span>\u00a0<span title=\"37:07\">to<\/span>\u00a0<span title=\"37:07\">grow<\/span>\u00a0<span title=\"37:07\">faster<\/span>\u00a0<span title=\"37:08\">than<\/span>\u00a0<span title=\"37:08\">Walmart.<\/span><\/span><br \/><span data-start=\"00:37:08.164\" data-end=\"00:37:12.044\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:08\">So<\/span>\u00a0<span title=\"37:08\">if<\/span>\u00a0<span title=\"37:09\">it<\/span>\u00a0<span title=\"37:10\">wasn\u2019t<\/span>\u00a0<span title=\"37:10\">2023,<\/span>\u00a0<span title=\"37:11\">it<\/span>\u00a0<span title=\"37:11\">likely<\/span>\u00a0<span title=\"37:11\">will<\/span>\u00a0<span title=\"37:12\">be<\/span>\u00a0<span title=\"37:12\">2024.<\/span><\/span><br \/><span data-start=\"00:37:12.284\" data-end=\"00:37:17.604\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:12\">That\u2019s<\/span>\u00a0<span title=\"37:13\">the<\/span>\u00a0<span title=\"37:13\">year<\/span>\u00a0<span title=\"37:13\">that<\/span>\u00a0<span title=\"37:13\">Amazon<\/span>\u00a0<span title=\"37:14\">actually<\/span>\u00a0<span title=\"37:15\">takes<\/span>\u00a0<span title=\"37:16\">the<\/span>\u00a0<span title=\"37:16\">title<\/span>\u00a0<span title=\"37:16\">as<\/span>\u00a0<span title=\"37:16\">the<\/span>\u00a0<span title=\"37:16\">largest<\/span>\u00a0<span title=\"37:17\">retailer<\/span>\u00a0<span title=\"37:17\">in<\/span>\u00a0<span title=\"37:17\">the<\/span>\u00a0<span title=\"37:17\">US.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[37:18]<\/small>\u00a0<span data-start=\"00:37:18.404\" data-end=\"00:37:21.384\" data-spk=\"1\" data-label=\"Scot\"><span title=\"37:18\">Yeah,<\/span>\u00a0<span title=\"37:19\">it\u2019s<\/span>\u00a0<span title=\"37:19\">crazy.<\/span>\u00a0<span title=\"37:19\">We<\/span>\u00a0<span title=\"37:20\">knew<\/span>\u00a0<span title=\"37:20\">the<\/span>\u00a0<span title=\"37:20\">day<\/span>\u00a0<span title=\"37:20\">would<\/span>\u00a0<span title=\"37:21\">come<\/span>\u00a0<span title=\"37:21\">and<\/span>\u00a0<span title=\"37:21\">here<\/span>\u00a0<span title=\"37:21\">we<\/span>\u00a0<span title=\"37:21\">are.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[37:22]<\/small>\u00a0<span data-start=\"00:37:22.204\" data-end=\"00:37:25.964\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:22\">Exactly.<\/span>\u00a0<span title=\"37:23\">So<\/span>\u00a0<span title=\"37:23\">Scott,<\/span>\u00a0<span title=\"37:24\">I<\/span>\u00a0<span title=\"37:24\">feel<\/span>\u00a0<span title=\"37:24\">like<\/span>\u00a0<span title=\"37:24\">we<\/span>\u00a0<span title=\"37:25\">nailed<\/span>\u00a0<span title=\"37:26\">it.<\/span><\/span><br \/><span data-start=\"00:37:26.004\" data-end=\"00:37:32.304\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:26\">We<\/span>\u00a0<span title=\"37:26\">targeted<\/span>\u00a0<span title=\"37:27\">to<\/span>\u00a0<span title=\"37:27\">have<\/span>\u00a0<span title=\"37:27\">a<\/span>\u00a0<span title=\"37:27\">slightly<\/span>\u00a0<span title=\"37:28\">shorter<\/span>\u00a0<span title=\"37:28\">show<\/span>\u00a0<span title=\"37:29\">to<\/span>\u00a0<span title=\"37:29\">just<\/span>\u00a0<span title=\"37:29\">keep<\/span>\u00a0<span title=\"37:29\">the<\/span>\u00a0<span title=\"37:30\">meat<\/span>\u00a0<span title=\"37:30\">in<\/span>\u00a0<span title=\"37:30\">there<\/span>\u00a0<span title=\"37:30\">and<\/span>\u00a0<span title=\"37:30\">we<\/span>\u00a0<span title=\"37:31\">have<\/span>\u00a0<span title=\"37:32\">succeeded.<\/span><\/span><\/p>\n<p><b data-spk=\"1\">Scot:<\/b><br \/><small>[37:33]<\/small>\u00a0<span data-start=\"00:37:33.104\" data-end=\"00:37:37.624\" data-spk=\"1\" data-label=\"Scot\"><span title=\"37:33\">Yeah.<\/span>\u00a0<span title=\"37:34\">Yeah.<\/span>\u00a0<span title=\"37:34\">Thanks<\/span>\u00a0<span title=\"37:35\">everyone<\/span>\u00a0<span title=\"37:35\">for<\/span>\u00a0<span title=\"37:35\">joining<\/span>\u00a0<span title=\"37:35\">us.<\/span>\u00a0<span title=\"37:36\">Don\u2019t<\/span>\u00a0<span title=\"37:36\">forget,<\/span>\u00a0<span title=\"37:37\">if<\/span>\u00a0<span title=\"37:37\">you<\/span>\u00a0<span title=\"37:37\">have<\/span>\u00a0<span title=\"37:37\">a<\/span>\u00a0<span title=\"37:37\">second,<\/span>\u00a0<\/span><span data-start=\"00:37:37.684\" data-end=\"00:37:40.904\" data-spk=\"1\" data-label=\"Scot\"><span title=\"37:38\">leave<\/span>\u00a0<span title=\"37:38\">us<\/span>\u00a0<span title=\"37:38\">a<\/span>\u00a0<span title=\"37:38\">review.<\/span>\u00a0<span title=\"37:39\">We\u2019d<\/span>\u00a0<span title=\"37:39\">really<\/span>\u00a0<span title=\"37:39\">appreciate<\/span>\u00a0<span title=\"37:39\">that.<\/span>\u00a0<span title=\"37:40\">And.<\/span><\/span><\/p>\n<p><b data-spk=\"0\">Jason:<\/b><br \/><small>[37:41]<\/small>\u00a0<span data-start=\"00:37:40.904\" data-end=\"00:37:43.504\" data-spk=\"0\" data-label=\"Jason\"><span title=\"37:41\">Until<\/span>\u00a0<span title=\"37:41\">next<\/span>\u00a0<span title=\"37:42\">time,<\/span>\u00a0<span title=\"37:42\">happy<\/span>\u00a0<span title=\"37:43\">commercing!<\/span><\/span><\/p>\n<\/div>\n<p><p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A weekly podcast with the latest e-commerce news and events. Episode 317 is deep dive into Amazons Q4 2023 results. Subscribe: ????? Episode Summary: In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-11769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=11769"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/1121"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=11769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=11769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=11769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}