scott, back to you. >> that's kate rooney. we're just getting started here. >>> up next, big tech's bounce back. rebounding from one of the worst days of the year. nasdaq pacing for the sixth week of gains. baker avenue's king lift will be here with his strategy. we're live at the new york stock exchange. you're watching "closing bell" on cnbc. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. n

kate rooney, mastercard, visa, what's happening?fter the bank of america downgrade. analysts like the business model but they see limited up side. you have regulatory headwinds. the battle over swipe fees could weigh on growth. block which used to be called square, topic for bank of america. the stock is lower after they said they would provide a6 chips. they have not loved jack dorsey's bitcoin projects. then block has also lost its correlation with bitcoin. it's gone in the opposition if you look at a coin base. the big winner in payments base has been american express. been the winner so far this year, wells fargo, looking at 22%. amex up around 26%. compare that to visa and mastercard, pretty much flat. >> kate rooney, appreciate you for that. we have less than 2 minutes to go. i mean, at some point we need to get the equal weight participating. >> ideally, yes. ideally, yes. that does also mean that the majority of the market has kind of been resting since march, you could say. that's when the equal weight first traded at these

kate rooney joins us with a look at oracle's place in the a.i. race. kate? question there after oracle's last earnings report, at least, it has been emerging as a key player in a.i. thanks to this endless demand we're seeing for servers and cloud computing. it's cloud business. it's a lot smaller than what you'll see around the mag 7. some names like amazon and microsoft but it has inked some key partnerships with openai, microsoft, google as well as, and saying oracle has seen enormous demand for training a.i. large language models. this stock has been in this cohort of what some are calling second-tier a.i. winners. shares are up 35%. this week, though, the stock did get hit a bit after reports of elon musk's xai scrapping a $10 billion deal for oracle servers and then rented ships. wallstreet mostly shipped that off. oracle's upside is outweighing the loss of a major customer. jeffries says the musk deal has, quote, no impact. they say it wasn't factored into revenue yet and oracle continues to see exceedingly strong demand. part of the stock story was th

kate rooney is back with those. >> retail is going to be our big theme today. one major u.s.t store down double digits after a buyout deal falls through. a high-end brand suffering from a luxury slow down. we'll tell you who we're talking about when "closing bell" returns. [♪♪] your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. doors lead us to new opportunities. your dedicated fidelity advisor... -surprise! -for you, mama. ...can help you open those doors. by proactively reviewing your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. >>> the big cap index is in record territory. let's get back to kate rooney for whach to watch. >> macy's plunging 16% after ending negotiations with arc house and brigade which wanted to buy macy's

all of that to help. >> kate rooney, appreciate it. >>> just getting started on "closing bell." up next, earnings and the fed front and center, with more megacap reports, a fed decision is looming over the market, as well. we discuss how to navigate the uncertainty and how it could impact your money with our all-star panel. >>> plus, a.md results. it's a big prover today, too, as we watch those shares. we'll have a rundown of what to watch for ahead of the print. we're live at the new york stock exchange. you're watching "closing bell" on cnbc. awkward question... is there going to be anything left... —left over? —yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! i want a massage, in amalfi, from someone named giancarlo. and i didn't live in that shoebox for years. not just— with empower, we get all of our financial questions answered. so you don't have to worry. i guess i'll get the caviar... just kidding. join 18 million americans and take control of your financial future with a real time dashboard and real live c

. >>> kate rooney joins us. >> it's day two of amazon prime day. amazon is on track to break some reports. consumers so far have spend 7.2 billion, it's the biggest e-commerce day of the year. biggest fitsness trackers as well. they're capture a lot of back-to-school spending, spending up 210%. think of things like backpacks, lunchboxes, stationary for example, and overall apparel for kids up 159%. so those installment loans accounted for 7.5% of sales, up 17% year over year. adobe expects to drive about -- roughly 18% to 19% growth from a year ago. these two day adobe is expecting -- wall street is watching closely for retail sales bump for amazon in the quarter, plus some adjacent area as well. jpmorgan expect a bump in advertising revenue around prime day, and will drive the subscriptions as well. >> yeah, 11.7 overall growth at a time when inflation has calmed down. thank you very much. >>> all right. coming up, rethinking the pullback potential, and the market leading megacaps all moved lower. he's bringing a warning for investors. "closing be

kate rooney, cnbc business news in palo alto. >>> the central bank is widely expected to hold rates attring of positive data and warnings from fed officials not to wait too long to cut. >>> the bank of july begins its monetary policy meeting today. the central bank is expected to hike the interest rate from 0.1% from the range of 0% to 0.1%. bank of america expects it could rise to more than double that. >>> traders are watching the bond buying. >>> our next guest says private equity markets are undergoing a big shift with liquidity solutions explexplored. that guest is william barrett. william, thank you for your time. what we're talking about here is semi liquid solutions for a new segment of investors. those of private wealth investors and everybody talking about the democritation. >> it is a crowded space. it is a bit more challenging on the institutional side to raise money for these fund managers. they have focused a lot on the private wealth segment. however, as you said, you need to find new solutions to address that new segment and address the liquidity issue. we have seen a l

. >>> and let's get to kate rooney for a cnbc news update. kate? >> hey there, kelly.l send a representative to kyiv as ukraine continues to push for membership into the alliance amid its war with russia. secretary of state antony blinken announced the development this afternoon along with several other measures meant to strengthen nato support for ukraine. that includes a new military command in germany led by a three-star general that will train and equip ukrainian troops. hurricane beryl knocked out power for more than 2 million people in texas as sweltering temperatures blanket the states storm hit southeast. the power company for the houston area says it's assessing damage from the storm and will soon publish estimates for restoring the system, but state officials warn could take days to fully return power. >>> and russian court issued an arrest warrant today for alexei navalny's exiled widow. the court accused julia navalny of participating in extremist group. she has taken the manual as russian opposition leading following the death of her husband in a penal col

kate rooney joins us now. >>> today, microsoft dropped its observer seats on the openai board. following regulatory scrutiny in the a.i. space in europe and in the u.s. microsoft did take a nonvoting board seat on the board back in november, it saw significant progress from the board in the months since. >>> cnn announced it will cut roughly a hundred jobs as the xwaen plans sweeping changes. experiment with artificial intelligence and overhaul of the newsroom. the changes a quote key milestone in the transformation of cnn. >>> finally, saving money. may literally help you sleep at night. a new study putting a month will i amount aside be more optimistic about the future because they're less anxious about money. >> it kind of makes sense. >> kate rooney, thank you. >>> coming up, why a u.s. marshal opened fire outside the home of supreme court justice sonia sotomayor. >>> plus, more than a million people in texas are still without power today and that means no air-conditioning. the race to get people relie fmy name is caron and i'm from brooklyn. i work for the city of new york

cnbc technology reporter kate rooney has the latest on how it's going. kate?g in a record $14 billion in prime day sales according to adobe. that would be up about 10.5% from a year ago. investors are watching some adjacent opportunities around prime, not just those retail sales. jpmorgan, for example, says the financial benefit extends well beyond the two-day event and watching advertising and say estimates don't capture potential incremental revenue from ads or that subscription member acquisition when it comes to prime. bank of america looking for an ad bump view prime day as a positive for amazon's brand as they continue to take market share from walmart. and then ai has been a theme around this year's event. i spoke to the vp of transportation at amazon and told me they're using it on the back end for placing inventories and rolling out their ai chat bot. >> we just announced a general availability to all u.s. customers last week. it is a generative ai based personal shopping assistant. so you can go into our store and have a conversation with rufus, lear

recently, kate rooney had the chance to meet cam and his family. >> most kids participate in all kindsl, basketball, football or soccer just to name a few. but most still gravitate towards asphalt tracks, driving race cars for fun on the weekends. and again, there are few kids like cameron caraway. >> this was my first home. little 6 year-old need driving with that for a very long part of my career. can his love cars and racing since he was 2 years old. that's right. 2 years old. he loved playing with hot wheels growing up. but to get to the next level, his passion was to be behind the wheel of a race car, a vehicle in which he could barely see over the dashboard. >> i always speed me to live whenever you're in the race car. and and it's like you're a dry land. and just one win. always it's always goes that whenever you're in a bar. >> real big and supports basketball fans. playing and i'm like, you know, you want to come watch the lawyers he was watching a nascar race on repeat dvr second 4 years overcome >> a strained. his stage. and i you really like ours. but think case really like

our kate rooney joins us now with the details behind that move. >> amex has been an outperformer this, but the revenue miss during the quarter is weighing on shares today. there was also a mild slowdown in spending growth build business, which is pretty much a measure on spending on cards, up 6% which is 7% in the first quarter. i spoke to the ceo. he told me, bottom line here, high end consumer is looking really good. they're looking strong, and they're spending especially on stronger. it's also boosting marketing by about 15%. the focus is the younger card holder. 75% of new card holders are either gen z or millennials. they like the cachet associated with the platinum and amex and, quote, they use their cards for everything. that's why they're focus on that group. if you look at dining, it's almost 2x. one way they are targeting young people is with partnerships. so, singer olivia rodrigo is one example. they're also spending more on f-1. and they're evolving the brand to resonate more with those cohorts. he told me young people are more comfortable paying the annual subscription.

back to you. >> kate, thank you. kate rooney.ver who owns and controls guyana, which was a key part of the deal. >> hess is lower, which it probably is, i'm sure -- maybe just popped up, i didn't see it. you buy hess on the weakness. something will happen at some point and the stock is still too cheap below $150. yeah, you stay long hess here. >>> let's get to boeing today. announcing its new ceo, robert kelly ortberg will take the helm in march. phil lebeau has the details on this one. >> kelly ortberg is a person who has been in the aviation industry for more than 35 years. he is well-known, both on the commercial side as well as in the defense side of aviation. he ran for years the rockwell collins aviation supplier, the company, he ran them for years. in fact, if you look at his track record this is one of the things that intrigues people about this selection by boeing. while he was ceo, and we're just looking at '13 through '18, before the merger with utx, they had 14% annual growth. he was growing that company through a cou

>> kate rooney is reporting for us from palo alto. you're in silicon valley with j.d.ce is stopping at a fund-raiser today. what's the mood there? >> reporter: chris, i would say the mood has shifted. there are former democrats who are attending the fund-raiser tonight for j.d. vance in silicon valley who have voted for democrats for decades. they say their gripes are at the agency level. if it's a cryptocurrency executive, they've fiek en issue with what the sec has done and scrutiny over deal making. j.d. vance is a familiar face for many here in the valley. he was a former venture capitalist himself. he worked for peter teal who was a co-founder of paypal. a lot of folks in the paypal mafia, elon musk, david sachs who raised the profile of j.d. vance, helped him rally support from other wealthy donors and bring in fund-raising support as well. this is very much kamala harris' back yard. as you mentioned, on track to raise about $100 million from other wealthy tech donors. there's a bit more open-mindedness when it comes to the this. >> kate rooney, thank you for tha

back over to you. >> kate, thank you. kate rooney. once upon a time, this used to be the first out of the gate in earnings season, used to be a read on the economy. maybe not so much anymore. >> no, and when they spun off, you know, essentially the exciting part of the business, the specialty metals business, this piece of -- call it the dirty metal, was largely something that has been left for dead, except for that it's not. it's still one of the biggest aluminum companies in the world. i think this is a space that has more head winds, more tied to the industrial production dynamic and i don't think it gets better. >>> coming up, a gloomy forecast. why analysts are seeing some clouds forming for visa and mastercard, and how you should manage the storm, next. >>> plus, we're going live to sun valley, idaho, where a.i. is taking center stage at the allen and company conference. how the top players in the space are handling the tech revenue ahead. don't go anywhere. "fast money" is back in two. fast and reliable internet from the same n

kate rooney. we were just talking about amd on the call as being the laggard in the a.i.de, languishing since february. >> lisa su just said $4.5 billion, that's 18% of their total for the ear, you know, again, this is expected to grow revenues, you know, somewhere about, i don't know, 30% something next year, earnings are expected to grow 56%, it's trading 25 times. if you think these guys that far behind the eight-ball, or about to catch up, i think lisa su seems confident about this. the sentiment is really bad right now, relative to nvidia, so, again, competition is going to come sooner or later, it should be from these guys. >> it's been awful. going into this print, the stock was down 40% from its highs back in march. as nvidia was starting to separate, we were suddenly waiting for the mi-300, and waiting for that data set. but that stock was down 10% year to date going into this print, in a year when we know what we've been talking about, 24/7. so, do think it's a very interesting story. it's acknowledged as a distant second, but this is a stock for people that hav

kate rooney. thank you. yeah coming up, a warning before you get in the water after two shark attacks in the u.s. on july 4th alone. what you need to know about hazards, from riptides to potential contamination. plus dramatic video captures fireworks shooting into a crowd in utah. what we're learning about how it happened. coming up next on nbc news daily. copd isn't pretty. i'm out of breath and often out of the picture. but this is my story. and with one staley trelegy, it can still be beautiful because with three medicines and one inhaler, trelegy keeps my airways open for a full 24 hours and prevents future flare ups. trelegy also improves lung function so i can breathe more freely all day and night. trilogy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trilogy more than prescribed trelegy may increase your risk of thrush, pneumonia and osteoporosis. call your doctor if worsened. breathing

. >>> we're getting new on broad com and openai kate rooney has more. >> they are reporting that openai is in talks and has talked to broadcom about developing a new ai chip they also report here that the chatgpt maker has been hiring former members of a google team, trying to take employees from google this is according to three people with the matter, and openai has been talking to certain chip designers, including broadcom shares are jumping around on this news, slightly higher mike, back over to you. >>> still power to move a stock. kate, thank you. >>> coming up nuveen saira malick has her new playbook. where investors should be putting money to work in the months ahead we'll be right back. has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> it is red across the board do

our kate rooney is here with what is next for amazon in the andy jassy era. >> he is different from jeffthe stock price, investors like ja jassy. investors still need convincing that he hasn't missed the boat on artificial intelligence. jassy started in 1997 and he founded the successful cloud business within amazon and served as the ceo until 2021until hand picked by jeff bezos for the job. both point out the irony of j jassy's win. cloud growth did stall and fell from 30% growth and revenue bounced back to 15% growth. as for ecommerce, margins have expanded. a big part of the narrative after falling in negative territory. sports is another big area where jass y jassy is lieeaning in. ads within prime video have been widely applauded by wall street. they have doubled down on healthcare under jassy with one medical and amazon clinics. as far as where he is pulling back, he trimmed in one area where bezos may not have. alexa is the big example. former employees tell me this was bezos' pet project. one person told me jassy voiced frustration that alexa is unable to keep up with leaps in a.

kate rooney has more on the move from the big to the small. kate >> kelly, yeah, so individual investors had a key part in what we've seen around small caps in the rally. tom lee calling it small cap summer these are stocks where the market cap is typically below $2 bill billion. according to new research, there has been record daily inflows from the russell 2000. iwm and tna, all stocked by the cpi print. higher expectations for a fed rate cut it comes during what is seasonally a slow time for this market activity around retail trade. rates are seen as beneficial to the smaller companies. part of the rotation, typically, they have a higher debt loan part of the interest rate story there. there's been increased expectations, of course, of a trump victory that we've talked about in november. retail participation has a much more direct impact on the performance of some of these small cap names versus any of their action in the mega cap tech names retail investors, speaking of mega cap, had been overly indexed, aggressively over indexed. that gro

our kate rooney is here to break down how this long-term jv stock may be about to break into the varsityy player in software, for decades. more recently when it comes to a.i., it has been lagging behind the magnificent seven. microsoft, google, amazon, that's been the varsity squad. oracle may be stepping up and leading the pack in what some describe as the second tier a.i. stocks. it has been on a tear this year as you mentioned. it dipped this week after reports of elon musk's xai reneging on a deal for oracle servers. wall street shook off that news. the lack of reaction underlines the excitement around oracle's a.i. story, the fact that was outweighing the loss of a major customer for oracle. jeffries said the deal has no impact, they say it wasn't factored into revenue and oracle continues to see exceedingly strong demand. the a.i. upside for the stock comes down to what wall street sees as endless leedemand for cd computing. key partnerships last quarter and now then part of this story was the setup, coming into the year. evercore said sentiment was at a low water mark and oracle w

kate rooney. >>> the ai boom certainly helping lift many of the big technology companies, apple's stockew highs on friday, down a bit this morning. the sect is coming off fresh records. our next guest says generative ai may not be ready for prime time. he says it could be a bubble. joining us to discuss elevation partners roger mcnamee. in a recent post i think on x you said for high value uses have emerge. deep fake porn, disinformation, span and plagiarism. everything else is a claim with limited or no evidence. why do you believe that's the case? >> look at what's happening in the case. there's a big report out friday from goldman sachs in which they make the point that the amount of capital investment in this sector, which is billions of dollars now, is -- it's so large it's almost unimaginable that we're going to get a rate of return on it over the next few years. microsoft is investing i think roughly $10 billion a month in new data centers and i think the industry is putting out 15 or so a month. we need to see a number that looks like roughly $600 million of revenue to justify t

. >> kate rooney, thank you so much. >>> with us now to continue our conversation, victoria defrancescosoto, the dean of the clinton school of public service at the university of arkansas and an msnbc contributor, and mark mckinnon, former adviser to george w. bush and john mccain. trump is getting pushback for these comments he made over the weekend. take a listen. >> and again, christians get out and vote, just this time. [ applause ] you won't have to do it anymore. four more years, you know what? it will be fixed. it will be fine. you won't have to vote anymore my beautiful christians. >> mark, what do you make of this? >> well, i think there's been a bit of an overreaction hyperbole about the statement. he's not saying we're not going to have elections anymore. he's going to say you're going to get everything you want so there's not going to be any reason to vote to be fair. on your question of the vp pick, i think what's interesting is as some of the folks said in broadcast, people don't really make their decisions based on the vp, but i do think particularly in a race like this,

i also talked to him about that kate rooney scoop about going through the valley and talking to start-ups them a better deal on the aws services. he said, indeed, they are doing that, because those smaller customers push and challenge aws, always have, they also push and challenge bigger customers to adopt newer services. so the strategy there -- >> i thought he was hoping if you'd get in with a start-up, you'd keep the business when they're at multi-billion dollar companies. >> that, too. but if they push the bigger companies to move faster and perhaps do it with amazon welcome they can shift the narrative. >> john, thank you very much. we'll look forward to more on that on closing bell overtime, right? >> yeah. >> fantastic! >> coming up, a social media ruling, a blockbuster weekend for movies, and vanishing content. no power shortage here when we come back. ♪ (alarm sound) ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my p

. >> kate rooney joins us now. >>> the food and drug administration approved eli lilly's new alzheimer's drug, the drug being sold under the name -- has been shown to modestly slow decline in hemry. one-year course of therapy will cost $32,000, the fda granted full approval to a similar drug last summer. >>> tyson foods is reportedly pulling back on its beef without antibiotics. the meat industry looks to control the rising costs of raising cattle. >>> a satellite dish is no longer the way that bars can air nfl sunday ticket. a new option will be available coming this nfl season. terms of that deal were not disclosed. >> good news for people who want to watch a lot more nfl at the bar. >>> coming up, stuck in space. what nasa is saying about that and how soon they might return to earth. >>> plus, frightening moments onboard on a plane after it hit severe turbulence. one passenger thrown into an one passenger thrown into an overhead [coughing] copd hasn't been pretty. it's tough to breathe and tough to keep wondering if this is as good as it gets. but trelegy has shown me that there's sti

i'm kate rooney with your cnbc news update.eet journal" reporter evan gershkovich today of espionage and sentenced him to 16 years in prison. the verdict came after a secretive trial and could potentially pave the way for a prisoner swap. gershkovich and t journal have strongly denied the charges. >>> yemen's iran-backed houthi rebels claimed responsibility today for a drone strike near the u.s. embassy in tel aviv. the israeli defense forces say one person died and several others were injured in the explosion. a warning was not sent out because of human error. >>> two large oil tankers were on fire this morning after colliding off singapore. authorities say the tanker owners and say two crew members were air lifted to the hospital while the others were rescued from life rafts. the waters around singapore are among the busiest global sea lanes out there. kelly? >> kate, thank you very much. >>> coming up, one portfolio manager says smallap cs will continue to outperform the market as soon as the fed cuts rates. he joins us next

kate rooney out west.ing with the crypto sector the stock could soon be included in the s&p 500. my next guest remains skeptical. he has an underperform and has the laye latest target, he's frm mizuho. before diving into the names, was there disappointment that trump didn't come out with the bitcoin strategic reserve and what do you think is the more important thing that's happening here? it's completely mainstream if not becoming a lobby with which politicians are trying to create. that alone should put the coin base price target. at some point it seem like it's being fully integrated into the financial system. >> exactly. our view on coin base is still negative. it's hard to fit when bitcoin is going up, and although today it's going down despite the huffing and puffing and trump changing his mind and flip-flopping from thin air to the best thing ever. i don't know where bitcoin goes, but what i know is that coin base is only 20, 20-something percent of revenue from coinbase comes from bitcoin. the rest

rooney has the latest >> yeah, shares of hawaiian electric are up double digits right now, on a reportt it is among the firms eyeing a $4 billion settlement over the maui wildfires. this would be to resolve hundreds of lawsuits over the wildfire that ripped through maui last year this is according to bloomberg, citing people familiar with that deal the proposed number appears to be below the estimated capital cost shares up more than 25%. the estimate was around $5.5 billion, according to some of the damage assessments released last year, the fire destroyed or damaged more than 2,200 structures the majority of those were residential. hawaiian electric does operate utility on the island. back to you, mel >> thank you. >>> coming up, domino's pizza can't avoid the noid i don't know what that means the s&p's worst performer after a rough earnings print before the bell we'll slice up the numbers, next. >>> on the other hand, dr horton topping the s&p 500 today. a huge earnings print helping the home builder hurry higher. what it means for the space, after mortgage rates zbin to fall right

kate rooney is taking a closer look at that, at the jassy era so far and what the plans are for the futureduring the pandemic. that growth era ended abruptly and one of jassy's biggest challenges has been adjusting and cutting spending around that. investors see his biggest win is getting the e-commerce business back to profitability and bulking up advertising as well. the online shopping has helped the stock lately, back within all-time highs and margins are growing after falling into negative era during the pandemic. that's a result of the major investment cycle amazon went through, paying off. better logistics bringing down cost per package and prime memberships. sports has been spending big with nfl and nba rights. for prime, advertising on prime has been applauded by wall street. but cloud growth has fallen under growth to low of 13%. that surprised some investors based on jassy's experience. he actually founded aws within amazon. he ran that business. it has bounced back and amazon was a first mover in cloud but now faces a lot more competition from the likes of microsoft and google.

kate rooney here with a look at where oracle is positioned at this point in the a.i. race.ing. kate. >> reporter: hi, good morning. yeah, so we don't talk about oracle every day, but it's been leading in what some are calling the second tier of a.i. winners. shares up 35% this year. it did get hit this week after reports of elon musk's ex a.i. scrapping a $10 billion deal for oracle servers and chips. wall street shook off the headline. the muted reaction underlines some of the excitement in injury kelly's a.i. story, outweighing -- oracle's a.i. story, outweighing what seemed big news in the loss of a customer. jeffries saying the deal has, quote, no impact. they said it wasn't factored into revenue and oracle continues to see, quote, exceedingly strong demand with the pipeline growing faster than bookings and revenue. it comes down to what wall street sees as endless demand for servers and for cloud computing. oracle's cloud business has proven demand so far with some key partnerships including openai, you got microsoft and google, ceo said recently on earnings that they'

kate rooney is here with more on amazon's jassy era. >> good morning.in as profitability and advertising but need convincing that jassy hasn't missed the boat when it comes to a.i. efficient hand-picked by jeff bezos for the job three years ago. jassy been at amazon almost three decades and founded the successful cloud business been amazon. mark and gene pointed out the irony of jassy's success at ceo and actually on the e-commerce side and aws he is known for has seen more challenges. cloud stalled to 13% and bounced back. it's now closer to 15%. amazon was the first mover in cloud but now faces a lot more competition at this point from microsoft and google. amazon's e-commerce margins have fallen in negative territory around the pandemic and bring down cost per package and delivery times as well. sports is another big area jassy is leaning in for amazon and spending big and getting those nfl on prime and advertising within prime is widely applauded by wall street and seen as a big opportunity. jassy doubled down on health care and expanding into amazo

joining us to tell us more is kate rooney. >> anthropic and menlo ventures partnering on a new $100 million partner along with alphabet and amazon. $1.3 billion fund for a.i. anthropic, the actual a.i. company here, won't be investing. giving founders $25,000 in credits to use on their large language model. daniella one of the founders of anthropic want the next flock of a.i. builders, building on their technology benefiting from feedback getting from other founder. in turn helps them improve their product in a competitive environment. anthropic competes pi openai chatgpt and i sat down with a partner at menlo told me they modeled this after something that apple did. called the anthologj,y. a bu funding developers. >> a whole set of early developers and things they were struggling with and things they needed to be more attentive to and direct lens into things apple was thinking about. a lot of par heshehes -- parall >> more than doubled first to second quarter topping $25 million according to crunch base. back to you. >> how does this compare to what openai is doing, pursuing? >> interestin