Two Apple updates about ATT and China, then, more on Twitter’s cash flow situation, and Elon Musk discovers that freedom is often structural
Apple and Amazon’s earnings, particularly the color around their advertising, suggests that there is no real replacement for Facebook ads
Google search continues to be a source of strength, while YouTube’s weakness is likely because of ATT. Meanwhile, Shopify is suffering from mistaken forecasts, even as ATT’s impact becomes clearer.
Zero-COVID is possible, but few of us in the West are willing to pay the costs; the exact same reasoning applies to free speech; in both cases China-lite is the worst possible strategy.
Disney’s earnings raise the question as to whether the company is over-investing in streaming; I don’t think so, and I also think ads will help.
Shopify’s earnings were disappointing; worse, they were confusing. The company knows its mission, but needs to clarify its strategy
Amazon messed up its capacity planning and the result was a big loss; CEO Andy Jassy seems focused on scalability above everything else.
Apple’s earnings were dominated by supply chain issues in China, which are ultimately driven by COVID. Then, the EU gets it right in an antitrust case (for now).
Dan Wang is a China-based analyst for Gavekal Dragonomics, a global macro research firm based in Hong Kong and Beijing; we discuss Shanghai’s COVID lockdowns, manufacturing and trade, and China’s Response to Ukraine
Shopify should build an advertising business to complement Shop Pay and the Shopify Fulfillment Network