Jason Snipe, CIO, Odyssey Capital Advisors

It had a rough 2025, but up 16.7% this year. He loves their runway with the membership business. Still likes it long term.

At a $200 billion capex, what is their ROI? Free cash flow is declining, but AWS is re-accelerating with a 24% return (21% expected). They overhired during the pandemic and just cut 16,000 jobs. AI is driving 22% of AWS's growth. Time will tell how these numbers play out, but are facing the right way.

They announced a deal with Facebook today, but haven't done much lately, only up 2% year to date and 4% over 6 months. The GPU chip remains the beltway chip, so he's looking forward to their report coming up. Is confident about NVDA.

Is up 15% the past year though flat this year. Still likes it. Their pipeline is cooking and other drugs are outpacing Humira.

Guidance disappointed. Is -6% today and -16% for the year. It beat the top and bottom lines. They just closed Cyber Ark. AI was serve as a catalyst for cybersecurity stocks--companies will need cybersecurity, and the market misunderstands that.

Their debt is the concern. Now, is an interesting time to enter. Let's see if they hit their openAI commitments. Under their CEO, he thinks they can succeed.

One of the underperformers in Mag 7. AWS's growth has reaccelerated though the past quarter. They maintained margins in retail. Their next-gen chips are what to focus on, so they become less reliant on NVDA. They have many levers to pull.

Up 70% this year. So well integrated vertically--YouTube, internet search and ads.

Up 42% this year. Revenue was +18% the last quarter, investment banking 42%, advisory 60%. Lower interest rates will only help.

Their businesses are up 20%. Consumer discretionary will continue to move, though there is a bifurcated consumer.

Reports Wednesday. Shares are up 60% this year. EPS growth has doubled.

The Cyberark acquisition will be accretive.

Is up 27% this year. Operational margins are +9% while expenses are falling a lot. 

Is -10% the last month as the AI trade loses steam. Has been watching this a long time. Is a power play in data centres, driven by strong capex. AI workflows will drive a 160% increase in power needs by 2030.