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Today is Thursday, June 20, 2024.

The Early Bird Index today is 75.29.

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Amazon's Germany Investment 💰

Amazon's (Nasdaq: AMZN) European expansion took a significant step on Wednesday with the announcement of a new €10 billion investment in Germany.

Details: Amazon is investing the funds to expand its logistics network and cloud infrastructure across Germany. It includes the creation of 4,000 new jobs this year.

Background: In May, Amazon Web Services (AWS) announced it was investing €7.8 billion in the AWS European Sovereign Cloud in Germany through 2040.

• Also in May, AWS announced similar investments in Italy and Spain.

• Last week, AWS said it was opening a new infrastructure region in Taiwan by 2025.

Early Bird’s Nest Egg Gains: This is all part of a large plan by AWS to expand its offering across the globe. While AWS is still the largest cloud infrastructure player, Microsoft (Nasdaq: MSFT) is edging close behind. In 2024, the market share for AWS dropped from 32% to 31% while Microsoft’s cloud market share reached an all-time high of 25%, according to Statista.

Final Thoughts: Amazon’s stock is flat in the last 30 days, even as the rest of the Nasdaq composite grew by 6%.

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Notables

Notable Earnings Today: Darden Restaurants (NYSE: DRI), Smith & Wesson Brands (Nasdaq: SWBI), Accenture (NYSE: ACN), Kroger (NYSE: KR), Jabil (NYSE: JBL), Winnebago (NYSE: WGO), Commercial Metals (NYSE: CMC), GMS (NYSE: GMS), Aurora Cannabis (Nasdaq: ACB), Algoma Steel Group (Nasdaq: ASTL), Tsakos Energy Navigation (NYSE: TNP), Silvaco Group (Nasdaq: SVCO).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: James Pelton Channel Drop (GigaStar).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), U.S. Current Account (8:30. a.m. ET), Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET), Philly Fed Employment (8:30 a.m. ET), Crude Oil Inventories (11:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Chainlink's New Mode Partnership

The price of Chainlink climbed over 3% on Wednesday due to a new partnership. Other cryptocurrency prices remained flat on Wednesday.

Details: Chainlink announced an integration partnership with Mode, a layer two blockchain that works with Ethereum.

Background: It’s one of many partnerships in recent weeks for Chainlink, including an integration with Aptos.

Final Thoughts: Despite the weeks of new integrations and partnerships, Chainlink is down 13% in the last 30 days due to weakness in the overall crypto market.

Autozone’s $1.5 Billon Stock Buyback

Autozone (NYSE: AZO) announced a $1.5 billion stock buyback on Wednesday. This was done to raise the stock price.

Background: The company announced a $2 billion stock buyback in December.

Final Thoughts: Autozone is up 15% this year, including a 1% gain in the last 30 days.

Trends to Watch

Lowering Crypto Risk: Why You Should Diversify Your Digital Asset Portfolio (CoinDesk)

Party Like it’s 1999: Nvidia’s Ascent to Most Valuable Company Has Echoes of Dot-Com Boom (Wall Street Journal)

Car Stalling: Car dealerships hit with massive computer system outage (CNN)

You’ve Got Mail: Arrive AI Eclipses $1.25M Mark in Crowdfunding for the Third Straight Time (PR Newswire)

Cold Feet: How Permira killed the Golden Goose IPO (Financial Times)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}