# Amazon in Podcasts, Apr 27–May 3: AWS Strength Meets the AI Cash-Flow Test > Amazon's Q1 2026 earnings convinced podcasters that AWS demand is real and accelerating. The harder question is whether investors are comfortable funding a multi-year AI buildout that leaves free cash flow essentially flat. # Amazon & Cloud Computing Weekly Newsletter **Week of April 29 - May 3, 2026** --- ## 🎯 Executive Summary Amazon delivered a blockbuster Q1 2026 earnings report on April 29th, sparking intense discussion across the investment podcast landscape. With $181 billion in revenue (+17% YoY), record 13% operating margins, and AWS accelerating to 28% growth, the company demonstrated broad-based strength. However, underneath the positive headlines lies a critical tension: Amazon is spending so aggressively on AI infrastructure that free cash flow has essentially disappeared despite generating $150 billion in operating cash flow. The central question debated this week: Will the AI payoff arrive before investor patience runs out? --- ## 📊 The Quarter in Numbers **Episode: Chit Chat Stocks** (May 1, 2026) Amazon's investment in Anthropic generated a $17 billion gain in Q1[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjnamAo84r9E9QIVecavvjz2s312ulb7kX7KSVlk5RtwpkgoxJp6tuzCeOO8CE24fn1HM62NpIs5Fw0LdEMrNXMujYY_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt8LUXMEudTuH239xngiaHXShSa0-2Fxl96JL2mYXP8Og-2BoUwFS4fSkmMbgeqyxToyCHWu8IwH1FebqN4OH1QKdPQYxLYiVo53ZnIsdzaAwcrrS9YG38AdfsaVdXLDQaEe87A-3D-3D), accounting for more than half of the company's $30 billion quarterly profit. While this boosted headline earnings, the podcasters emphasized looking at core operational performance. Revenue acceleration was universal: - **AWS**: 28% growth (up from 24% prior quarter) — the fastest in over four years - **Online stores**: 12% - **Third-party seller services**: 14% - **Advertising**: 24% - **Subscriptions**: 15% Ryan Henderson called this "acceleration across all major categories... the fastest overall growth since the pandemic bubble." The standout metric: AWS added **$120 billion to its backlog in one quarter**, bringing total Remaining Performance Obligations to $364 billion. --- ## 💰 The Cash Flow Paradox **Episode: Chit Chat Stocks** (May 1, 2026) Brett Schaefer highlighted what may be the most striking financial dynamic: "$150 billion in operating cash flow over the last 12 months... Free cash flow, can you guess? Yeah, flat. Yeah, negative. It's astounding." Amazon is planning approximately **$200 billion in CapEx for 2026** — virtually all of its operating cash flow is being plowed back into AI infrastructure, data centers, and custom chips. Notably, Amazon did *not* raise its CapEx guidance despite industry-wide chip price increases, which the hosts attributed to its internal Trainium chip development reducing dependence on external suppliers. --- ## 🤖 The AI Battleground: Three Key Storylines ### 1. **The OpenAI Partnership: Enterprise Catalyst** **Episode: Bloomberg Intelligence** (April 30, 2026) Amazon announced a major partnership with OpenAI during earnings week, with OpenAI building on Amazon's Bedrock platform. Anurag Rana, Bloomberg Intelligence analyst, predicted this "is going to spur even more enterprise AI adoption." His thesis: "When it comes to Fortune 2000, who are the biggest spenders of money, bulk of their data is in Amazon Web Services. That's all the cloud transition that's been happening for the last 15, 20 years. So they are actually at the center of this agentic shift for enterprises." Amazon stated that Bedrock "processed more tokens in the first quarter than in all prior years combined" — exponential growth that validates the infrastructure buildout. ### 2. **Custom Chips: The Hidden Competitive Advantage** **Episodes: Chit Chat Stocks, Motley Fool Hidden Gems Investing** (May 1-2, 2026) Amazon's internal chip business (Trainium) has reached a **$20 billion run rate** according to Motley Fool CEO Tom Gardner. Brett Schaefer argued this is now showing up financially: "Amazon and Alphabet... have made the decade-long commitment and investment into the internal chip business, which is making their infrastructure significantly cheaper compared to Microsoft and Meta. And that's showing up... I think maybe this was the first quarter we saw that become a true advantage financially." Travis Hoye explained Amazon's abstraction strategy: "Amazon is going to kind of obfuscate away what the actual chip is running. Is it a GPU? Is it their Trainium chips? The customer isn't actually going to see that because they're just going to be interacting with AWS." He views this as a competitive dynamic that could challenge NVIDIA's GPU dominance. ### 3. **The ROI Question: $7 Trillion by 2029?** **Episode: Motley Fool Hidden Gems Investing** (May 2, 2026) Lou Whiteman raised the uncomfortable math: "Hyperscale is going to spend $750 billion this year. Wall Street has them going to $1 trillion in 2027... AI companies, they're going to have to generate **$7 trillion, with a T, in AI revenue through 2029** to just get a really, really paltry 7% return on invested capital." He noted these companies "historically have aimed for 25%" ROIC. Goldman Sachs estimates suggest positive free cash flow won't resume for these companies collectively until **2028**. John Quast called this "starting to push it out into uncomfortable territory." --- ## 🏆 AWS vs. Azure vs. Google Cloud: Who's Winning? **Episodes: Bloomberg Intelligence, Chit Chat Stocks** (April 30 - May 1, 2026) The scoreboard this quarter: - **AWS**: Accelerated 4 percentage points (24% → 28%) - **Azure**: Accelerated 1 percentage point - **Google Cloud**: Accelerated 15 percentage points (48% → 63%) Brett Schaefer observed: "Microsoft is still growing Azure at an impressive rate. But it hasn't kept accelerating its revenue growth where Amazon and Google Cloud are accelerating." AWS crossed a **$150 billion annualized run rate**. Anurag Rana expects growth to improve further: "We think that rate of growth actually improves in the next few quarters because of the massive backlog." Andy Jassy emphasized on the earnings call: "It's very unusual for a business to grow this fast on a base this large. And the last time we saw growth at this clip, AWS was roughly half the size." --- ## 🎙️ Quote of the Week **Josh Brown, The Compound and Friends** (May 1, 2026): "The switch flipped with the advent of cloud computing... That's nowhere near the end of the run. That's where the run begins." Brown contextualized Amazon's transformation from B2C retail to B2B cloud services as the inflection that created one of the great 100-bagger stocks of the past two decades. He noted Amazon "built their own UPS" through vertical logistics integration — an insight into how the company creates competitive moats through infrastructure control. --- ## 📈 The Depreciation Headwind **Episode: Chit Chat Stocks** (May 1, 2026) Brett Schaefer flagged a metric that could pressure future margins: Amazon's depreciation as a percentage of revenue has risen from ~6% to **9.3%** over the last decade. "We're going to see depreciation over the next three to five years consistently rise as a percentage of revenue... something to think about, especially when they're trading at 40 times earnings now." As this massive CapEx cycle runs through income statements via depreciation, it could compress operating margins even if revenue continues growing. --- ## 🎲 Wild Card: AI-Generated Product Podcasts **Episode: The Best One Yet** (May 1, 2026) Amazon launched AI-generated mini-podcasts for millions of products on its mobile app, sourced from customer reviews. The hosts were skeptical. Nick Martell called it a "slop-portunity" — "Zero cost, but potentially one more dollar in sales." It's a microcosm of Amazon's AI strategy: deploy everywhere, even if marginal, because the incremental cost is approaching zero. --- ## 🔮 The Bull vs. Bear Debate ### **The Bull Case** (Anurag Rana, Tom Gardner, Brett Schaefer) - AWS is competitively advantaged due to enterprise data already residing in its cloud - Custom chip strategy is creating durable cost advantages vs. Microsoft and Meta - CapEx is demand-driven, not speculative — evidenced by the $364B backlog - OpenAI partnership validates Amazon's platform approach to AI - Subscription revenue from cloud is higher quality than Meta's advertising-only model ### **The Bear Case** (Lou Whiteman, John Quast) - Free cash flow recovery not expected until 2028 — "uncomfortable territory" - $7 trillion in collective AI revenue needed by 2029 to justify current spending - Token price deflation could commoditize AI inference, pressuring margins - Depreciation headwinds will intensify as this CapEx cycle ages - Trading at 40x earnings with FCF at zero creates valuation risk --- ## 📰 Related News This Week Anthropic is considering a new funding round that could value it above $900B, reflecting rapidly rising investor demand. Google recently committed to invest $10B in Anthropic at a $350B valuation, while Amazon is investing $5B at a $350B valuation, with plans to inject $20B more over time.[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjnamAo84r9E9QIVecavvjz2s312ulb7kX7KSVlk5RtwpkgoxJp6tuzCeOO8CE24fmZGhcsqxVgYJ7FrdD3UVKHY4fM_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt0kViJpnTCvzJem7toPxPUN580y8tmmn2-2BjKqa2PCv5If-2B2u7PX1GTzwC6ZNPhwsmktU1qi3dImdXwDaAErSOvLJDm6-2BDB8XqZ6Mk2YsdYGIXzVLWl0I-2B71mmnKokN0UKQ-3D-3D) The Anthropic investment gain boosted Amazon's Q1 profits, but also signals potential dilution from future funding rounds at higher valuations. --- ## 🎧 Episodes Referenced 1. **The Best One Yet** - Amazon earnings discussion (May 1, 2026) 2. **The Compound and Friends** - Mag 7 earnings recap (May 1, 2026) 3. **Chit Chat Stocks** - Deep dive on Amazon Q1 2026 (May 1, 2026) 4. **Bloomberg Intelligence** - AWS growth analysis with Anurag Rana (April 30, 2026) 5. **Motley Fool Hidden Gems Investing** - Amazon earnings breakdown (April 30, 2026) 6. **Motley Fool Hidden Gems Investing** - AI CapEx ROI debate (May 2, 2026) 7. **The KE Report** - Technical analysis post-earnings (April 30, 2026) 8. **InvestTalk** - Amazon vs. peers comparison (May 1, 2026) --- ## 💡 Bottom Line Amazon delivered an exceptional quarter by almost any measure — revenue growth, margin expansion, AWS acceleration, and backlog strength. The strategic positioning around custom chips and the OpenAI partnership suggests management is making smart competitive moves. But the financial model has fundamentally shifted. Amazon is now a company generating massive operating cash flow while producing zero free cash flow, betting that AI infrastructure spending today will generate returns tomorrow. The 2028 timeline for FCF recovery means investors are being asked to trust a three-year payback thesis in one of the most uncertain technological transitions in history. As Tom Gardner noted, the quality of AWS subscription revenue is superior to advertising-only models. But as Lou Whiteman countered, even high-quality revenue doesn't justify spending if the returns don't materialize. The next 12-18 months will reveal whether Amazon's AI bet is visionary or profligate. --- **Sources:** - [The Best One Yet](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhCHieiI0QFtMq6Lq8N03iTgWi4pRj-2Fiv1Yz-2FYhKxBO0UGxAmWqXJxKy-2Bw1XBDK-2FKWSuf72A85m78eghaMzaboDbjj6PMvbmv-2BHKtSBDLfLsQ-3D-3DOooZ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt9UUESVr-2BwY3sBEbRj3XaetyYoxSi8lprRMuJK0v2f1M8Cg-2F2fyqDeapk1cyRrtJLinYCKeTYKyBwJhf2GvoBN-2Bt8mboONDbmY5PWywxthdRTfaaul0FIgNEj6cY7r8Jyw-3D-3D) - [The Compound and Friends](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi13rB2TizSDKUvG2inMpMWN-2FQbdPTMtgq-2FiJODVbXTlnmnDcZJ6pG1LORSJYciEDLtvcxJXRQcOe7lQDD0zU-2BNmCuAef09kL3NWx7tGJlnIA-3D-3DBeyv_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt7M4Weh5HtsZoLTvX6ycK6B6MNVehi9dJEKZ6sSZX8OFDJ3ITLDRW9qUFPyzsi64hZ4gAtyg3l9OrMaz98q2FyA151s5duwhmKH6JeJ7ndr53xydPGoXfnPeCJsqOQizOw-3D-3D) - [Chit Chat Stocks](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgSz3qm6Mj4KL1YXdzeRxtIqdZHsZHDjepdsQ9SE3ODuVS52whhpsI-2BR-2FvDxZ0r4qL3AzWWE0jFS9BZ0q1vFmNnyDQ4GZAJVicoY8Fq6bi4UA-3D-3DSg0f_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt-2B5LyxVjre1tiGA7PzSWCqQ2faSGrUJpzzARCyLMa7jCEKWchropC7gnOoCu6mv8-2FvHzKM4cWioVzKbDWKM1R-2B8kbdQje-2FrLG5cM6KDI5LATZ5IUPUXiqUDiielDfgThaA-3D-3D) - [Bloomberg Intelligence](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgzaeiwCfGnQJtXMAKdUwg-2BcvRaiAb8OSM6QHAPdMjuxh-2FdH7LyXH4bKJt7whiRqa3JcvNHObRO66lPsx3OoSS8ftyY96evhUYe7Q3Pf-2F9tmA-3D-3D4X8a_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt6jvHHyhgMMo2C2DEQy6RXkDdgblzMeqLNRqrVtwSjFo2UK-2Feu8WUz4XJy-2FqggFn0hDs5fLozJi2ydXO1fT9Aijh4cvUaboRwA5HXNh3-2Bd3zXLZOZc4zEBJJPAPHb1OVUA-3D-3D) - [Motley Fool Hidden Gems Investing - April 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjxXdZN-2Fv9lTsKSmJ6QuriYvx-2BdCffkWxXLEDCUxA-2B8JaTOiVNElfdG2687xEy8zDdffBpCFaZtTGdTGLz0GBrN6GXJyBTPmwyyOZ-2BajrkNRg-3D-3DJkAL_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt-2F8eaZ5h2gNZylBvf4K55V-2B64W9hBqiNgiwEW-2B-2F6QiOTBFPKPMsaeRouMpRrWnzPz5TUm6VI2Lu9b-2F6FtOSB-2Fj-2BWXOwAcw2UVmYoRNDYQxrNK5SoSzZNoE2-2B1VXGMHzk6w-3D-3D) - [Motley Fool Hidden Gems Investing - May 2](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjU2A162viwJ5f-2BmTL5yZewAURs3j6SvRY3kMINJLjWMJckNT8YIlmp-2FAo0px7KEHN3bfb1A7Y6ddqphteoJeJqD5Of4pfQYaJu1sDGpez1pA-3D-3D5_ob_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt7ItAtbGOalYCoedP53-2BbJKyhhCkrDj3MzXvppK3PLRqVfxDLJTZAlnHWv3TCV248nlOdx0-2FRnFyZhnoLVOECPl5wSCBP2R8TuDQqzfbUIflmNBtvmfIhx1YMjGgaChpKg-3D-3D) - [The KE Report](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgjjtmReI1UGCMRReoyqLIWTG2HZftzCgkRf2GI7rWnWIonUpQ6Dy42aIumELEYgkn54bKMymqIIeqC43PVPBHuxym2olN5rH8aQnETz8TKUg-3D-3D50Jn_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDtyt71ETR4gG-2Fho12A9WRs9ycI4vJePZiXndDn8LsXrLXIMf1y65WwZ-2BXj35QyL4J4RNC3Uv8ixYookv8ChHs6EjqxbvQoOieAydGsN4IkvxdgkG8IQmC-2FL2UzCkTyPq-2B9g-3D-3D) - [InvestTalk](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiSkq0y1kiTkKtot0ivZOnB6QK2CaHWnyd3AsVSufOVa4fAE-2Fg1peU2838ZUX1g0SHLj3LTQ889wQ7YbiNphTcUO2bLTGryCc9lkI2bwh0OKg-3D-3DbzHq_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDtw1r5jBR9cVebyw77UAuH-2F6VkYqSlPwm-2BMVeOdAqwXdhfXTjrGsxTjIB1ZnVePJ0EJU270p5uR5fii0x9tEgs2xO8wb3MZ88xw7FTAwi4cTStR4jRw7-2BZBDjsjM15EpuSQ-3D-3D) ## Additional web sources used: web[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nn7ax1xL4K-2B0EAOL4IqN4YuxVQaWzP-2F9unQsdELnTk-2Ba5CICUm3VskyEX9hfmFKeKiHszf4143AtzdGTJcyjQkhyB1I5uBsrS-2F0Re29H-2BEWL20kELjsXAbPn3sKo6ztQNs6W57Pm1qcxoEdJ4SYD-2B-2FdR5UNaEOdxuRi-2BiPSc5AhHYmaguto8Y0Gp1RUFAyAVVx7N0LsEAnHxgPADGHosNjJDJjaShfzxXEbKKwU7XIdA1JFYVn5XX7Qj9rFPo-2BuLQ4DIil0mpZgA3rwR8rcnXKWjlhJnvpgalZw3j70Jtxy-2FXF1BD8WvRv8UWjovA0438w-3D-3Dxcj1_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt8Gpx5JE6-2FuG-2BPLaKT7OWW6EFDXde0FRwH7oQ8qkrYOb87qMrymwcs-2BVFEnZD8q9oSDIVmd2qYKlVrsjgR-2B6xeZSqaPrq-2FpTNV-2BUaSD-2B93dXceteNljE4yr6JSvbm5EtXg-3D-3D), web[2](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NingMeTcKGuVAl0m-2FXnZlXIK6dgDz93wb1Rf0PJQo5PCzNgb9eYdM9hJEx6V8CUzQVfPlXsNpYSCNQO4k2POl8Ipy04H1Zw2VrK5NhfpTKnUKTWlI-2FHGCTCWsMmGmWKD6kUhJ3LqwUsAaGMipgtfIlM-3Dfs1o_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt3HORT-2FfNncXsi6F488-2B2HuSK0hnnj2yTTekWsABRUqKE-2FPaaeJVMVdgVColyKw7GJehYhjlDLa9szUQCrY-2B-2FaLZtjIz8EWOdYj6CL00PW-2B044OY1kE5v7gDvYv0n4L2Lg-3D-3D), web[3](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7Nh1IKBSgVCD8X0wZUB0nQJvemfy0H5aOuH-2Fo7mlxnQe5SfCafbn0z6jx-2BH7s22RkVQ-3D-3DgWJZ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt3guGu0pFVjGqvcL-2B6mA-2FoEQhu9AY92yPfVDqIoHamx4bWreTLJIYLyo0IdoM5Va0dEblA7aIUhLWazxoKUtTfhXgUa12osUU-2BjBizYfUXzsvVbwmpm4x53wLQOBP1QohQ-3D-3D), web[4](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NrAPt6mRERZyRSzDQ5LgK8eOxoytUmsweaKDp39iP5NlJ-2Bw6bVfFo-2FyqFzMIHXc0-2BGqhFTNOHrGDaBp1J5-2BcwRZdKiwEfuHFlomAiD5wIb6qs26iAXlRYwwHyKvKxxWvSwLYDjG6-2FoLjZWiSHWHp70g-3D0ZOq_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt6ibGTEDJ-2Fn97MqN8wLLre8wpNNlOMhSHZqtOw-2BgEs8ljNb8hpacolcbN-2BlxKsINydrHX2BOoIYZMiRabsJicg-2BzZvBvPM3FKQ-2BxbFvHbpdcRwUpxDt2wmW4jXIugqg62w-3D-3D), web[5](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NqLuLyH5kLYwSCOtyiZeiBS44i6kjZkr4-2FH-2B-2FUru6mHXVq1bOBTwnprr8fJhAv3b3j0BemKslzGnDwMeHRoUq8i7CdYfubKFVzcFMESF8yXQivWzcZEdv-2FgLaXYmjWaSuXNm1tgsGwauPHEzDN3ltFa7WdW91ndybOrCZa-2BYCNlg1gnTo11BPwkjmXf758Cn7Q-3D-3DlWN4_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt43WsNJPaYg5qfauHXRPAvqyrvzxKIKMqJLtqEoPXS-2Fo-2BMGuZqY8XEF0G8GdT0t5ZVbxyVVqlyjmjw-2FDISOrDnFV5lZVBN8rg-2BYPGlgMHabuoByk6ZPL52XSHZRN5UOKsw-3D-3D), web[6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NvrnQ-2F49YBHA1WnSVAcST7lrPW0WRkAKqVh7yVEwIEaGxVzOPl-2Bk2c8hcIoFSGs-2F1MAg8DVHVp-2FVcy-2BU8lLJNhZdveco5PQ4qRvBcJEeAh8F2cx1O1Wq1vkHaeHWoU5BWg-3D-3DZKgg_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt-2BDE8hIhk-2Fuv1hxFGCc1VW7M6-2BR9IJLBiW1ieBIEG3-2B9db4NPrBYRPfmaMJpGmTYSOQIOK2cx6x-2F-2BxWA-2Ba-2BhjJGu-2FJcKrubBlSlCuI6WDXwvlUBR07qoqaRy1QWbfe9Vhg-3D-3D), web[7](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NgzViS9i5NmxyUXCGlHz1XZJxJ-2FV2HDWSOe-2BjPoEgkZqeqP7QXPIuAC2h-2BLiIJ5FEQ-3D-3DsbJe_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVevQlCv-2FJnOtd-2BgBZKcvMfuCYtwCVNH2F4FB6gsNsDt8kX9U4YxhyUyu1TyaPfyjtf-2FAEFIdvsCcj8fUCvf1UBXGAG-2BEwc-2BmYqF8jdhf-2BHDEsDSHylZ6HiY4EuXpAG6y92kP2nTYDSihq1bD-2F9gBgoxOhH0SY0LWxUudLkWzfgfg-3D-3D)