so we were able to do that and we found a couple interesting things, number one, we think gcp is 75% of total google cloud revenue and then we're also able to compare it with to your point aws actually going back and going forward and the three interesting things we found which you said, yeah, gcp is five years behind aws from a revenue scale perspective so the revenue this year for gcp looks like aws revenue in 2017 secondly, and i think importantly, and i'll tie in the operating income a second but the gcp from 2019 to this year, their revenue is tracking on -- tracking brett well with aws from 2014 to 2017 so the question is going to be, you know, can the next four or five year, can it track with aws? if it does our numbers are going to be low even though we raise today and you -- a great point, google cloud has a negative operating income gcp, we found there's a huge gap between gcp and aws at same revenue scale and the gap is seemingly wider in the last couple of years, even though per our estimates gcp revenue has quadrupled since 2019, the op income gap at a similar revenue sc

it will replace gcp which is being acquired in a deal the stock had been sinking and it's still downround 40% on the year >>> coming up, the nasdaq 100 is now down more than 30% on the year but our next guest says the bear market has created some great deals. we'll get to the tech volatility playbook after this short break. >> announcer: the bond report is brought to you by pimco. a global leader in active fixed income - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >>> more weakness in the tech sector today the nasdaq is flirting with positive territory still off nearly 8% in september alone. our next guest says the bear market is serving up tasty bargains joining us wedgewood partner's cio. you come out and say it that the fed share has at least already broken the stock market in your view. >> yeah, i think they've broken the stock

mid to long term and why we've invested now over $3.5 billion in north america on the acquisition of gcphat allows us to de decarbonize the construction market and weatherizing and residential and k can giving us a good system and number one position in canada and building new lines in roofing and insulation and gyp somatoserve a growing market. it'll be in the same situation. liz: right, british gypsum is one of your subsidiaries. in the long term, we're in a housing correction. we've had many a home builder on talking about that saying, geez, we've had people backing out of contract sos what do you do in the meantime? here you are the guy who's really supplying a lot of these companies with everything that they need. tell me how a company like yours deal withs the current situation. >> that's a great question. with interest rates, it creates uncertainty with people looking at homes and seeing that in the short term numbers in the housing market. overall you've got a very strong equity in the housing market today already, 95% of mortgages are fixed versus 25% back in the last crisis. th

fourth cloud think of it as the data layer that sits on top, the data cloud that sits on top of aws, on gcpre they have clients now paying them up to 50 m$50 million a yer you only get that type of scale if you're a super important piece of the substructure for the biggest clients of the world whether they be the nikes or apples or wall marts or goldman sachs or et cetera that's the position they occupy. the database in the market 22 years ago had an enterprise value of $1 trillion, okay? think about all the data created every year think about every one of those work loads moving into the cloud and snowflake being part with these hyperscalers really focused on storage and compute, snowflake being a part of that new infrastructure that's $2 trillion of annual spend. i'll be the first to say not all software companies are created equal. there are companies trading at three times revenue that deserve to trade at three times revenue. a multiple of revenue, remember, is just a proxy for some future free cash flow if we look at snowflake's free cash flow multiple and use a pre-covid average amoun

session an investment up to $70 million to gcp secure space property partners. first committed 65 $65 million to the strategy closed august 5, 2022. investment is classified as rel estate investment within the real assets portfolio. third, arrow credit opportunities. the july 14, 2022 board meeting in closed session the board approved an investment of up to $70 million in arrow credit and related investment of $70 million to the arrow credit opportunities to (inaudible) closed august 5, 2022. this is a credit opportunity investment within the private credit portfolio. next, gen8 at the board meeting july 14, 2022 in closed session the board approved investment up to $75 million to gen8 lp. committed (inaudible) classified as real estate investment within the real assets portfolio. (inaudible) the board approved investment of up to $300 million in prisedio loan. investment of $300 million in the fund closed august 8, 2022. the investment is classified as direct lending investment within the credit portfolio. and that concludes (inaudible) >> so, take in-person pu