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MARTIN BACCARDAX: These job cuts might actually provide more of a boost to the stocks than you might anticipate, simply because they are going to have a notable impact on margins. But that margin improvement will be forward looking as opposed to what we saw or what will be reported over the three months ending in December. I think Apple (AAPL) - Get Free Report is still going to find it difficult to have sort of mitigated the supply chain disruptions that kept a lot of the higher end iPhones off of the shelves over the holiday period. Meta (META) - Get Free Report is still looking at the red ink in the metaverse division, as well as the pullback in ad spending that is holding down that revenue growth in its family of apps division. The Instagram, the WhatsApp and of course, the mainstream Facebook.
And Google (GOOGL) - Get Free Report, of course, has essentially told us with their job cuts that they can't imagine there being a strong rebound in ad spending. And that is probably going to be reflected in what we hear out of December as well. So I wouldn't necessarily say that the narratives will be strong from the tech companies, but I think the fact that they're getting their arms around costs in a way that they haven't for a number of years may placate investors. That will probably, probably be the most interesting sort of push pull, if you will, J.D., how will investors react to what I think is going to be a muted narrative against the cost cutting measures that they've already put in place and perhaps plan to accelerate in the months ahead.