Amazon Q2 earnings. Do people really think the sky is falling on eCommerce? Or did they just comp the craziest quarter ever?

• My favorite "Other" revenue is up 84% - that is their ad business growth. Amazon coming for everyone folks. Amazon's ad business will one day be bigger than the rest of Amazon's business, combined. Watch what that means.

• Amazon fulfilled unit volume (items coming out of their facilities) doubled in past 2 years. Same for delivered parcels (AMZL).

• Amazon - Year on Year growth in capex and leases is 74%. Most is fulfillment-related.

• Biggest issue Amazon fulfillment is solving now? Space and space constraints in facilities and in the network. They are investing as fast as they can manage. I can't think of another major carrier doing that.

• 2-year comp is 25% to 30%. Isn't that what people should care about?

• Andy doesn't care about these things either ;-) No Jeff, now no Andy.

• 3P volume up to 56% of Amazon mix.

• Almost zero mention of the CEO change on the earnings call. Funny right?

• Expect Jeff to continue to be involved in the "1-way door decisions" meaning decisions that once you make them, you can't go back on.