 Okay, hello and welcome to episode 63 of the market maker podcast where I'm joined by co-founder and head of trading peers current to talk about what's been going on in markets this week. But to start the episode, quick heads up, we're going to give you the breakdown of the mega cap earnings report so the likes of Apple, Apple, Amazon, Meta, Alphabet, Microsoft will delve into those numbers in a moment. I've kind of made a promise or packed with myself that I wouldn't mention that guy on Twitter's name. Okay, this week. Okay. Yeah, you know that guy. He's been tweeting like a maniac like normal so it's hard to avoid him but yeah not going to say his name. But yeah there's been so much to unpack for the week I thought we'd be here. All long bank holiday weekend to get through it all so I thought what's more prudent is a couple of things I just want to say about the Amplify me community couple of shout outs and really cool stories that I've received, even in the last hour. I would just want to quickly mention and then we'll go straight into the, the juicy stuff on the market side so first off had some really great feedback from the interview that I did with the chief investment officer Barclays will hobs earlier this week. So thank you for the comments and the likes and the shares and stuff like that super appreciate that will such a accommodating guy and I'm sure as you said at the end of the podcast. He's absolutely happy to have people connect with him on LinkedIn just drop in that you listen to the Amplify me podcast. And yeah, there you go a CEO in your network doesn't get better than that. So look, I encourage you to take advantage of that seriously because you know he might not be able to apply to everyone and immediately but you know if you, it's always great to open up a perspective comment to someone with a hook. You've got the hook now, you know the podcast so yeah hopefully that helps then quick shout out to Elliot Rumble. He's a physics student at Manchester uni. So physics student who did the finance accelerator performed very well, got fast tracked to our partner Morgan Stanley, and today they just called him, and they've hired him. Nice. We're really joining the sales and trading division in summer of 2023. So a lot of pre planning there of course some of our partners but always very vigilant in that regard but yeah what an amazing thing to achieve for Elliot as an individual but for us I mean that is exactly the vision and a physics student. That's amazing so no great to see so well done Elliot, then also quick shout out to William Hunter did our summer analyst program. Last year he's landed in internship with market access, Shreya and Neil and James daily, who both will and I had met up with individually this week that they've just celebrated their first year at Capital Group and Morgan Stanley, respectively, so yeah, well done guys. Let's jump straight in then into this mega cap conversation and to kick it off. I know you're a stats man. So I've got some good, good figures or I should say comparables that you enjoy here so first off, I was trying to remember what was the acronym that you use to describe the text I think it was fat man. So the one that I read today was Matt man. So close because what they're doing is they're throwing in a few more here so we've got Microsoft, Apple, Amazon, Tesla, meta alphabet and video is one video being actually a very large company these days. My fat man was before Facebook changed their name to meta. So, so you are then the, the Oracle really for these things when it comes to. So, so the first figure, if the map man has shed almost 2.1 trillion US dollars of equity value since the start of the year. So just to start the year, it's just over 2 trillion. Yeah. However, to put this in a bit of perspective, Apple alone is still worth nine times Coca Cola 14 times Nike 25 times target and 42 times Uber. Let's look at one of the other big names meta has lost the approximate value of JP Morgan or eight Twitters just this year. And then Tesla, you know, it's been where it got whacked and no surprise because that guy was dumping some of his Tesla shares like you said last week to finance his new deal. He started selling yeah. Well yeah he announced the deal sell the next day but anyhow Tesla remains remains more valuable than the next 15 automakers in the world combined even with the fact that they got hammered this week. Yeah, fast. Hang on say that and what include Tesla's still more valuable than the 15 next biggest. Yeah, including like Volkswagen and. Yeah. Wow. Okay, the bubble boss it's burst the deflation. Well I see well you've been reading about margin calls for Elon. Oh, I said it tonight for Batman's financing deal. Yeah, he's having to put up some of his Tesla shares not not not selling them to raise cash which is what he's doing but also other shares that he's not going to sell. He's putting those up as collateral for part of the financing loan, but there's a, if the share price drops below $550. I think it is, then it triggers a margin call those shares won't be valuable enough anymore to, to have sufficient cap to be sufficient collateral for that part of the deal so. Yeah, yeah I got the memo from Bill Gates. He was circulating it to us saying right you're going to join the short. There was on that there was Bill Gates we had it we had a zoom call. And I was like look, you know my 50 quids not going to help support your short position. Well, let's let's go straight in and talk about Amazon first, because they got an almighty whack aftermarket last night they were down about 10%. And that was mainly down to the fact that for Q2 net sales forecast missed. And this was one of the headlines I ran with with one of the posts I did on LinkedIn which was company sees Q2 net sales of 116 to 121 billion. But that's below expectations of 125 billion. So we're living in a world where take 120 billion in a quarter. Ain't good enough anymore. But, but yeah what were your initial thoughts when you saw the Amazon numbers hit. Well, I mean first of all, you know this is a problem for a lot of these tech firms. Right, because obviously we're always looking at revenue and we're looking at profit and we're thinking about how fast is it growing. So what was revenue like this time last year what was profit like this time last year it's always right what's it like compared to 12 months ago and the issue that the likes of Amazon have is that 12 months ago. I mean, everything was just through the roof, because we were all locked down and obviously companies like Amazon hugely benefit from that particular quite unique situation so 12 months on when we're not locked down or well I should say we're not locked down in, let's say the west. I mean there is locked down, but perhaps that lockdown came in more in April actually. So it didn't particularly impact quarter one which is what these earnings are about but yeah the comps. I mean, I, on the one hand, that revenue did still go up, like 7% of year on year right and half of me thinks well that that's quite remarkable in itself, given where we were 12 months ago. It's about revenue growth rates on their revenue whilst it went up 7% that's you know much slower growth than we're used to from these just phenomenal companies. And, you know the other thing I say is it's quite they've got a couple of, I mean, I guess one of the big headlines was that the company recorded a 3.8 billion net loss in the quarter. You know the word loss is definitely not associated with these big giant fans and you know when you start getting lost like with with meta, you know the loss or Netflix the loss of subscribers, you know, or here in Amazon's case, you know quarterly. Net loss is kind of wow that's just that shouldn't happen and the issue they've got is that their share prices are so high that the only thing that can sustain the price they're at or the continued upside trajectory is just phenomenal off the scale numbers every single time. And when they don't have phenomenal off the scale numbers, then right well the share price isn't justified and so you're getting some pretty sharp downside one thing that was kind of sneaked in the kind of detail here with Amazon and really the reason for their loss was because they, they had a one off item where they wrote down their Rivian shareholding. They took a 7.6 Rivian still alive. They took a 7.6 billion loss right down on their Rivian investment. So that's basically that's then that's their net quarterly loss right there and then some so you know there's this little things in there but obviously it's there. They're there kind of the retail side. Yeah, fine. Obviously the comp for year on year was tricky but you know when you when you look at things like AWS then actually it was phenomenal. It's just that AWS only only has a revenue clocked in at 18.4 billion for the quarter right so obviously when you sit that alongside it's just mega kind of retail on 18.4 billion gets lost but if AWS was its own company let's say, they would but we'd be kind of shatting and screaming this is amazing that AWS share price if such a thing existed would have been through the roof because that 18.4 billion that's up 37% year on year. So actually, if you took AWS out this earnings report would have looked way worse. And so yeah AWS is still still nice and strong. Can they do that like the restructuring that the Facebook has gone through always going through. Now that Facebook reports like the reality labs figures they report like Facebook figures. Yeah, Amazon not engineer something to just to track their attention towards more where they want it on AWS. Well they do. I mean, it's Facebook that was slow on that Amazon do split out their numbers and they do report that AWS numbers as kind of its own category right it's just that we're used to that with Amazon that's what they've always done I'm I mean, if AWS happened to have been its own separate entity in terms of a company listed, you know, then obviously the focus is all on the amazing growth that that sides bringing but that overall, you know, Amazon, they invested an insane amount of money through the pandemic to take advantage of that incredibly unique lockdown situation they invested hugely in, you know, warehousing invested hugely in the number of employees it peaked at 1.7 million. That's the number of employees which is just an insane figure. But then now they're having to reduce it and actually they're already done in quarter one may they axed 100,000 people. So they took it from 1.7 million down to 1.6 million so they've just, they're just having to row back on some of that kind of mega expansion strategy that they implemented in in when COVID was was was around the world and they're I guess it's incredibly difficult to try and you know running a business of this size is incredibly difficult and certainly from the strategy point of view, you know, these, these are massive kind of oil tankers if you like and to change direction. You know, it's not like companies like let's say amplify right we're really small. Certainly, you know relatively and it just means that we're much more nimble. And if we, if we see a kind of speed bump coming up or then right we can quickly, you know when nimble and we can dart around and change direction and change up strategy but when you're Amazon I mean think about it. If you want to set about firing 100,000 people with that that that in itself is an absolute monster exercise it's easier to fire them by the way than it is to hire them. So imagine having to hire 100,000 people. And this is one of the issues they've had on the costs side because they were having to obviously as a shortage of labor right people are companies can't find stuff and they were having to pay. I think it was $1,000 sign on bonuses just to get the people in through the door right so yeah they're just so big that strategy is difficult when you get something like COVID which has been almost impossible to kind of predict right. It's just a bit of a COVID hangover. And that's what these quarterly figures show. Okay, well let's let's move on then to the next candidate alphabet. Their shares were down initially 5% after they I'm talking about the aftermarket, the immediate aftermath if you like of the numbers hitting missing on top and bottom lines, and a big miss on their YouTube revenues. And the YouTube thing I don't know the exact details but it makes the YouTube thing kind of makes sense. Yeah, because COVID restrictions in their key, let's say markets North America, namely, but even in Western Europe are radically different and so the consumption I would say, I'd like to see a stat on the average active users time consumption on YouTube I would have thought has gone down and less marketing opportunities or you're going to be wrong now. I've got stats to throw back in your face on the last one. Okay, because this is something they pointed out in an earnings call. I said actually really quite surprising that it was a way of them to try and say guys don't worry I know YouTube revenues. I mean, by the way, again, YouTube revenues rose 14% year on year. And remember this is a year on your comp that's phenomenally difficult to be given where we were 12 months ago they still grew at 14% clocking in at 6.9 billion. This just the problem was that was a lot lower than the 7.5 billion that analysts had expected. But the way they tried to spin it was actually they said YouTube more than 2 billion has more than 2 billion monthly users. Apparently they were spending more time on the platform, even as people have returned to in person activities. So apparently they use a usage times gone up. I'd like to see the official submission of that paper please. Hey, I'm just. But yeah I mean like company is certainly like Google. I mean Amazon. They always sell close to the wind. What I mean by that is their margins are pretty tight. Okay, because they're, you know, the nature of their business is a logistics business and it's incredibly. It doesn't matter cost that goes with having physical warehouses and delivering physical products and all the rest of it obviously companies like Google don't have all of that infrastructure. That's so insanely expensive and so, you know, Amazon's always sailed a bit close to the wind when Amazon report a loss it's like okay. But when when Google miss on the top line and the bottom line, I can't. I honestly. When did that last happen? Yeah, I can't remember. Has it ever happened? I mean, it's quite insane. That's why it's so surprising. They're like, wow, okay. But when you think about the macro environment, you know, we've all talked maybe touch on some GDP figures in a minute, but look, we are heading for a slowdown. Surely, right? And when it comes to companies looking to cut costs, then one of the first items on the list is marketing spend. Because it's easy to cut that cost. You know, we talk about staff and laying staff off. Well, that takes a long time and it's expensive, right? But you can turn your marketing off immediately. It literally takes you one second, right? I've gone to Google AdWords bang, turn the campaign off, right? So it's often one of the first items that kind of that gets reduced. So Amazon, particularly with their YouTube revenues are particularly vulnerable to the macro climate. So I don't think it's too much of a surprise. Well, let's let's slip in quickly that GDP print. Yeah, because we want to keep it on this on these tech companies focus. So the GDP number came out earlier this week and it was a surprise because it was expected a plus so positive 1% growth. And what we got was a negative 1.4% print, which was much lower than even the most pessimistic estimate on the street. What I mean by that is of all the surveyed big investment banks who submit then their estimate of what they think which generates then this kind of expectation. Even the most pessimistic one got it wasn't pessimistic enough, basically. So this was a surprise. So there's a lot of detail about reflecting growing trade imbalances and weaker infantry growth, which perhaps you could explain what that is. Yeah, burst before we go into it more. Yeah, so, so this is the US quarter one GDP figure bang it's negative and everyone. Yeah, the immediate reaction is up what okay wow it's happening sooner than we thought, right, but this whole kind of recession risk and it's already here. That's the initial reaction but actually if you step back and look under the bonnet of this, then you can explain it away. And it's most likely not going to be the case that quarter two is also going to be negative. So here's why. So it's actually down to inventory. So it's down to the trade deficit. Okay, which is looking at measuring the value of goods that you import versus the value of goods that you export. Okay, and if you've got a desk deficit and you're importing more and obviously a company like a country like the US usually rich, massive, the biggest rich economy on the planet they're obviously importing more than they export right. And because we've come out of the pandemic in in the US let's say in quarter one then companies are restocking right they're building back up their inventory levels because they're expecting sales to go up because lockdowns over right and people are coming out and spend their labor markets really strong and so on right so they, they have a temporary increase in orders in order to build up their inventory and stock to meet what they think is going to be new demand now most of this is actually imported goods. And what we had was probably a temporary widening of the trade gap of the trade deficit, more imports and actually exports dropped and exports dropped for two reasons. Number one, well in other countries certainly in China right. Well there's lockdowns. So the demand side isn't strong but also I don't know if you notice and I don't know if we'll have time this time round but the dollar has been rampant. So my lord, the some of the FX moves some of the levels we're seeing on some of these FX markets are crazy. So the dollar's been really strong which makes us exports more expensive right so, but the overall effect is that actually that's a negative impact on GDP, because the trade deficit widens think about it if you're buying a product, but that money is going to an international company based in China or based in Europe and actually that that money is leaving the country. Right so it has less of a GDP positive impact than so it's only got one half of the deal, if you like, that's the buying part, but then the money leaves so if you're if you buy a product from a domestic company then obviously the money stays inside the economy. And the person who's selling receives that money and then they might take that money and go buy something else that's in the domestic economy and so you have that effect so there's been attempt probably a temporary widening of the trade deficit, which has had this technical negative impact on GDP that's most likely not going to be sustained into quarter two. Now, later in the year may be different as the headwinds like inflation and interest rates going up. Who knows about the Russia Ukraine thing probably ongoing right so maybe those headwinds will start to become strong enough to actually create create a proper recession, but most likely what we have right now isn't isn't a recession and probably won't be. Thank you for the thorough as ever explanation, absolutely crystal, but the link then between that and alphabet and then leading into Apple bring us back on track was buybacks. Oh, yes. So alphabet is to buy back an additional 70 billion 70 I said seven zero in class A and C shares and then Apple's authorized 90 billion buyback. So perhaps you could just quickly just have a comment on the buybacks, the rationale and then we can get into the numbers with Apple. This is a, this is a very. This is a key strategy amongst big tech. Okay, it's a it's across all of them it's not just Apple and Amazon, either I mean even like even meta. Given how badly they're doing even they're kind of, I got a full blown share buyback program right and there's kind of two main reasons you would do it, I would say broadly. It's quite a cash generative business, and obviously these tech giants are they've got insane amounts of cash, and whilst, you know, you know the business kind of one on one is well if you've got excess cash will obviously great well like reinvest it in growing your business right but these tech firms have got so much cash they just don't want to do with it. So they're buying back shares or they're increasing dividends which Apple did as well by the way. And so this is returning some of that cash to their owners, that's the shareholders. Okay, so one reason is they, they got so much they're not quite sure there isn't enough kind of both strategies for them to kind of spend it on right. And two, it is incredibly, it's a very positive thing for your earnings report. And that's because when we value businesses there's so many different valuation multiples but perhaps the most, the one everyone knows about is the PE ratio, that's price to earnings okay, and it's based on the number of shares. We're looking at profit per share. Okay, so one way of engineering a kind of nice steady upward trajectory where your profit per shares always increasing which looks amazing and what a great business well actually a lot of it is engineered by reducing the number of shares. So even if your profit stays the same. If your number of shares is consistently reducing, then your earnings per share is steadily increasing, right. So, it's a kind of clever kind of accounting engineering trick to massage up the look and feel of your earnings year on year. So the likes of Apple, especially, they are becoming because they've got the biggest program of all on the share buyback and on the dividend side and they really are becoming and if becoming maybe they have become the best safe haven. Because they're such a huge company and so well established with phenomenal products and amazing kind of global reach but also, if you own their shares, you're going to get loads of money because their dividends are pretty much guaranteed now and they're guaranteed to increase. Right, so that's that's income for you. And as they buy as they're buying back shares, well great, you're steadily actually owning a greater percentage of the business. So, you know, this is one of the things factors that's underpinning the phenomenal performance of these fans is that it's not just the tech and the growth rates and is actually also, you know, cash they generate and they're prepared enough to give it back to the shareholders. So, one, one line I saw from them I thought was surprising was their fastest growing region I mean I guess that makes sense in the context of what's happening in China but in the Americas, their sales rose 20% in the quarter in America. That's a decent jump that that alone in that region was just over 50 billion. The wearables home accessory categories, including the watch, Apple TV, HomePod mini AirPods these sorts of things. That did miss though but their services revenue grew 17%, which was actually slightly above projections. And then there were some of the more granular details that were quite interesting but the big the big thing that. Well, I mean I look at this stuff as it hits the tape and I follow the aftermarket when it breaks and their shares initially popped, because you were like wow big beat, 9% revenue increase authorizes buy back shares actually spiked about 23%. And then they came out shortly after and said. And really, we predict that supply constraints would cost between four on the four on the low end to $8 billion in revenue during the current quarter, the one that will report next. And that was what sent them into a bit of a tailspin in aftermarket trade. But I mean the commonality here between these is talking about just what's been happening in the environment just globally at the moment because Amazon was the same on the on the conference call. Jassy said the pandemic and the subsequent war in Ukraine has brought unusual growth and challenges but that is definitely true. But do you think they lean on that a little bit because they're, I mean, certainly the growth might be not, but the Ukraine one. You can kind of say well look that's a disruptive factor now. You don't say this of course when you've got bad numbers. Yeah. Absolutely. Yeah, I mean you find every excuse you can possibly get right to explain this stuff without being. I'll go back on that comment without being stupid. Obviously you want investors to trust in your ability to manage and run your business so you don't want to find ridiculous excuses to try and explain away and justify, you know, performance but obviously the Russian Ukraine thing genuinely has had a negative impact and especially for these advertisers right these these and like people like Mehta I mean Putin switched off Facebook, like literally. And Facebook themselves took the decision to not allow any Russian entities to to pay for any marketing on their platform so I mean that's a very direct negative immediate negative impact right so I mean, absolutely that has played a role here in some of these figures and certainly for Apple yeah I mean the I mean the supply chain constraints I mean there's perhaps more to do with China than necessarily Russia Ukraine but yeah the fact that they I think they lost the $6 billion in the December quarter so that's quarter four of 2021. Obviously it's impacted them then in quarter one here but as you say now the other coming out with potentially an eight billion hits in April, May, June of 2022 I mean these are, that's a lot of money right even for a giant. But yeah I mean geographic you as you said it was interesting I mean American sales. Jumped I mean obviously America came out of lockdown and everyone's kind of more hey let's go and get out there and I don't know, buy a new iPhone or whatever it might be but yeah Europe. Europe rose at 4.6%. So the US rose 19 to 20% right Europe only 4.6 China only grew at 3.5% but actually, weirdly even though that's the lowest people were quite surprised at how good that was. Given the kind of zero tolerance on lockdown that's still going on out there Japan, well actually Japan didn't grow at all stayed at 7.7 billion. I know one thing like anecdotally that, you know, my family being based in Hong Kong in China that the iPhone and Apple's a product as seen as quite a status symbol. Right, it's very different to say here you'd gladly play a premium so probably the fluency of the consumer that would purchase in China is probably not as impacted say on that level where to be able to spend perhaps. One thing I was going to say is Tim Cook did actually say on the call that they had a record level of upgraders during the quarter and we we grew switches. Strong double digits as well so there's a couple things going on there in the background as well. I find it interesting like even like Mac, Macs grew at 15% Mac sales, which is pretty impressive the one the one outlier that actually disappointed on the sales side is the iPad. And those things still around. Right, well that's my that's my immediate reaction it's like who the hell's buying iPads anyway, but apparently people are all be revenue went down so the iPad revenue dropped by 2% but do you know how much they made from iPad sales. Well I do know and it's a lot of money. 7.7 billion. Yeah, my products that hang on does anybody buy those well yep. There's a lot of them. Yeah, so, like enterprise packages for schools or something like that or like businesses. Yeah. Yeah, good point. But yeah Apple on their chair buy back 90 billion they've announced for this year ahead. And on there I think their dividends they've increased their dividends, or they're increasing their dividends for by 5%, which is the 10th straight annual increase. So do you know what's going to happen next year. I'm going to raise it again year after that going to raise it again it's a banker. If you want income from share ownership that literally there's probably no better place to go. They've done an analysis done they got so much cash that these share buybacks they reckon that Apple can can can can can continue with this policy to fill at least 2035. Wow. But unless something extraordinary which is we can't foresee at this point happens 2035 another decade and a bit of just continuing to smash the kind of share buybacks and tick up those dividend payments. Wow. Well, let's let's move on I'm just a bit conscious of time so meta. They actually performed the best. Never thought I never thought I'd say that, but their daily active users their da use, which we talked about at length when their shares got hammered the last earnings call. They actually moved back into growth territory after the shocking decline that they had seen for the first time on on record, but context, again, as I was writing about the time was their stock is down almost 50% on the year. Yeah, so you've got to take it in context I think. I mean, this is it I think you're, I think a lot of investors perhaps you don't spend as much time as others on proper like due diligence or properly, you know understanding a business and understanding its direction and therefore then thinking about its growth potential and all the rest of it and if they're mainly just looking at price, where you get onto the Facebook chart, and you go my lord that has collapsed, it's got to be cheap. It's got to be cheap, right. So, you know you're getting people buying just from what you'd call a relative price sort of mindset, which is perhaps why you're any hint of a slightly good bit of news from Facebook people kind of jump in to buy because hang on, I'm buying a 50% discount 50% discount from an incredibly overvalued price six months ago but they don't often quite see it like that so I think you're always going to get you're going to get some heightened volatility in Facebook shares, now that their share prices drop so radically, volatility is going to go up I'd say, especially around earnings reports, as you get, you know inevitably some good news in the mix and people might decide to kind of jump on that and you get these big spikes. But I think, yeah longer medium term, you know Facebook still where it was before this earnings report, and that's, you know, incredibly challenging moment in its history and trying to reinvent itself literally. And you know that I guess from the from the big advertisers out of these texts obviously Facebook, and obviously Google generate most of their revenue from advertising but the problem Facebook have is they're reliant on other businesses like Apple to actually generate their eyeballs to see their adverts that people are paying for right. The thing about Google is, other than, well the thing about Google is that they, they're advertising revenues direct traffic to the Google site. Facebook's advertising revenue relies on going through a third party product like an iPhone and obviously this is one of the big things that's impacted them in the last few months where Apple's privacy settings have been tweaked, meaning less eyeballs on Facebook ads. And then the final of the, the big five as they are is Microsoft and I remember many episodes ago we did our kind of pitch stock pitch on who we'd go for. Yeah, and yeah, the gray man in the room continues to just go about his business. But I thought an interesting connections what you said earlier was about if you were to segregate out the AWS part of the logistics business so to speak of Amazon and that margin situation and the margin differentials between Amazon in those two divisions is is massive. But for Microsoft, well Microsoft caught the sales earnings tops analysts projections, robust growth in cloud services demands shares are up about 7% aftermarket. A good quote I saw from sat down a Della is a chief executive he said in an inflationary environment, the only deflationary thing is software. Yes, indeed. So there's a great, great quote and actually he said he predicted that tech spending would remain strong, even if economic growth slowed, as customers try to counterinflation by investing in systems to increase productivity and automate more of the operations. Yeah, and it's, what's great about Microsoft is be a lot of his B2B subscription. So right it's businesses subscribing to, you know, office Microsoft office right and the problem is not like advertising revenue, which you can just dial up and down. You know, you, your business can't function, right if you don't have office, right. So it's not something you can switch off and on. And so there I'd say their revenue, their big revenue driver, which is through things like windows and office are more stable than something like an advertising revenue stream, like the Googles on the Facebook side. And then some other noteworthy mentions I thought were Intel, the chip maker they should have downbeat revenue and earnings forecast for the current quarter. Coronavirus pandemic lockdowns in China, the war in Ukraine, combined to hit the outlet for PC sales, and Texas Instruments one of the most diversified large chip makers trim this gross forecast this week on concern that some Chinese customers will be forced to suspend operations so everyone's watching China it seems. Yeah, and quite rightly I mean I know that we've got stuff over in Shanghai so I know that it's actually early signs they're slightly now relaxing some of the, you know the major lockdowns like you're allowed to walk outside of your building. Not beyond the boundary of your buildings kind of garden or whatever, but at least it's a step in the right direction, however, apparently now Beijing is starting to see some more restrictions being put into place so yeah we're not. It's still pretty dire out there and it's and it's going to have a yeah it's definitely having a major impact of course on the Chinese economy, but absolutely on the whole supply chain problem globally and the inflation nightmare. Yeah, you're seeing it in markets I like if you look at the big indices now I mean they are. I think we were talking a few weeks ago and saying well look this isn't really getting priced in properly and there's got to be more downside for these big indices and you are seeing that now I mean the Nasdaq's trading right down. It's the lowest point for the year, not a new well it did set a new low for the year actually this week just just dropping just below the mid March low which was the low that came off the back of the, like the beginning of the Russia Ukraine situation. But you know the Nasdaq stand 20%. You know that's, and I don't think that's the bottom. Actually one thing I don't think you have seen this it came out in the overnight session and not many people talked about it to be honest, but the South China Morning Post put out a piece citing sources overnight that suggested that China is ending its regulatory storm over big tech, and actually, and now pivoting and giving the sector technology a bigger role in boosting the slowing economy. What's that. Yeah, bumps, bumps, well I mean look we're looking at the charts with we're recording this right the end of the day on Friday but actually overnight in Asia, obviously they were loving it. Yeah. So yeah, when needs must peers. King emitting he's made the wrong decision and doing a user. Well, careful, careful what you say. She is not Elon. He's a much bigger fish. Look, we'll end it there. So that we haven't had time to cover a lot of stuff just so much going on we have not even mentioned the French elections macro and obviously one as well and there's lots of other things. Archer cost back in the news. Our friend bill landing in some hot water again seems he was even more of a naughty boy than what we thought, but we'll end it there for this week's episode. As I started this episode, please do send in any of your positive stories and so forth whether you've landed a role or, you know just something called that you want to share and I can shout out from the community side, and also as a favor, if you ever kind of enjoy any of the podcast episodes, please do share it. Whether that's on LinkedIn or whatever channels that you use with hugely appreciates it and you know the more people that listen hopefully the more people we can help educate. And also, yeah, and don't forget to we're still running those finance accelerators. They're still happening. If you haven't done one would love to have you on board. So with that, if you're in the UK. Have a lovely long weekend peers. Thank you as ever. Take care, everyone.