Mark Mahaney

in I'd say the last two years, then I think the fundamental story is very much intact. So that's why Amazon and Meta would be two of my top picks.

I think last week, the CEOs of Home Depot, Walmart, and Target went into the White House to expressed their concerns over what the tariffs would mean for their businesses. I'm actually a little surprised that Amazon wasn't in that list. They're actually bigger than all three of them in terms of retail volume, or they're similar in size to Walmart. But I think they may be modestly bigger.

I think last week, the CEOs of Home Depot, Walmart, and Target went into the White House to expressed their concerns over what the tariffs would mean for their businesses. I'm actually a little surprised that Amazon wasn't in that list. They're actually bigger than all three of them in terms of retail volume, or they're similar in size to Walmart. But I think they may be modestly bigger.

I think last week, the CEOs of Home Depot, Walmart, and Target went into the White House to expressed their concerns over what the tariffs would mean for their businesses. I'm actually a little surprised that Amazon wasn't in that list. They're actually bigger than all three of them in terms of retail volume, or they're similar in size to Walmart. But I think they may be modestly bigger.

But whatever. If you're a major retailer, yeah, you walk around the Walmart store, turn over anything in there. It's all made in China, pretty much. And so it's an issue for all of these major retailers. So yeah, that's kind of an issue across the board. And these companies are going to have to make a decision. Are they going to eat price? Are they going to eat market share?

But whatever. If you're a major retailer, yeah, you walk around the Walmart store, turn over anything in there. It's all made in China, pretty much. And so it's an issue for all of these major retailers. So yeah, that's kind of an issue across the board. And these companies are going to have to make a decision. Are they going to eat price? Are they going to eat market share?

But whatever. If you're a major retailer, yeah, you walk around the Walmart store, turn over anything in there. It's all made in China, pretty much. And so it's an issue for all of these major retailers. So yeah, that's kind of an issue across the board. And these companies are going to have to make a decision. Are they going to eat price? Are they going to eat market share?

You know, you got to do something because your input prices are going up. So how are you going to handle that? Are you going to defend margins? Are you going to defend market share? And so there's an economic issue here for Amazon. And then there's the follow-on impact, which is that if you have, you know, pretty material price increases coming through the system,

You know, you got to do something because your input prices are going up. So how are you going to handle that? Are you going to defend margins? Are you going to defend market share? And so there's an economic issue here for Amazon. And then there's the follow-on impact, which is that if you have, you know, pretty material price increases coming through the system,

You know, you got to do something because your input prices are going up. So how are you going to handle that? Are you going to defend margins? Are you going to defend market share? And so there's an economic issue here for Amazon. And then there's the follow-on impact, which is that if you have, you know, pretty material price increases coming through the system,

uh, that is gonna dent consumer demand, uh, and, um, And so there's kind of a long-term economic issue or maybe even a medium or near-term economic issue for Amazon. And then other things, you know, there's very intense competition in the cloud business for Amazon and maybe some regulatory challenges too. So I throw it all together. I don't think Amazon was going to, there was no act.

uh, that is gonna dent consumer demand, uh, and, um, And so there's kind of a long-term economic issue or maybe even a medium or near-term economic issue for Amazon. And then other things, you know, there's very intense competition in the cloud business for Amazon and maybe some regulatory challenges too. So I throw it all together. I don't think Amazon was going to, there was no act.

uh, that is gonna dent consumer demand, uh, and, um, And so there's kind of a long-term economic issue or maybe even a medium or near-term economic issue for Amazon. And then other things, you know, there's very intense competition in the cloud business for Amazon and maybe some regulatory challenges too. So I throw it all together. I don't think Amazon was going to, there was no act.

I don't think Amazon was going to show tariff prices next to their regular prices. That's what they said. But I also just think Amazon's management team has been Pretty darn apolitical, I would argue, over the last 10, 20 years. And this is a place that's extremely hardworking environment.

I don't think Amazon was going to show tariff prices next to their regular prices. That's what they said. But I also just think Amazon's management team has been Pretty darn apolitical, I would argue, over the last 10, 20 years. And this is a place that's extremely hardworking environment.

I don't think Amazon was going to show tariff prices next to their regular prices. That's what they said. But I also just think Amazon's management team has been Pretty darn apolitical, I would argue, over the last 10, 20 years. And this is a place that's extremely hardworking environment.

And the executives that I've tracked over the many years, I mean, they've been almost entirely profit focused. So I've seen very little political activity really coming out of them for good or for bad. It's just, that's what I've sensed. So I doubt that there was really going to be some broad-based showing of what the tariff impact on prices was going to be. But it is real. It is a material impact.

And the executives that I've tracked over the many years, I mean, they've been almost entirely profit focused. So I've seen very little political activity really coming out of them for good or for bad. It's just, that's what I've sensed. So I doubt that there was really going to be some broad-based showing of what the tariff impact on prices was going to be. But it is real. It is a material impact.

And the executives that I've tracked over the many years, I mean, they've been almost entirely profit focused. So I've seen very little political activity really coming out of them for good or for bad. It's just, that's what I've sensed. So I doubt that there was really going to be some broad-based showing of what the tariff impact on prices was going to be. But it is real. It is a material impact.

So if there's a drawdown in advertising spend, Meta will be impacted. I just think it's going to be one of the last least impacted of the major ad platforms. I may be wrong on this, but