Listening to Amazon Q1 earnings call. Let's get to the heart of it: Advertising and Logistics are runaway freight trains. One marketplace tidbit.

Advertising experienced ridiculous growth:

• 73% growth year on year.

• Up to $6.9B in the quarter.

• "Other" is a proxy for advertising.

• Largest quarter ever except in Q4 2020.

The other item? Logistics.

• AMZL Logistics increased capacity 50% in the trailing 12 months (compared to the prior period)

• Capex increased 80% TTM.

Two big areas they are investing in:

1. Middle-mile: sort centers, air, line haul, etc.

2. Last-mile: delivery service partners (DSP - 100k drivers) + delivery stations.

Big investments throughout 2022 in AMZL. Majority of units going through AMZL today. Can you say UPS in the cross-hairs?

Marketplace tidbits

• 3P up 60% year on year

• 3P paid units up to 55% (up from 52% prior year)