August 26, 2025 02:00 PM GMT Internet | North America Where Are We Trading Now: Ending the Summer with Rate Cuts Ahead? Internet names fell -1% last week (SPX/NDX flat/-1%) led by META -4% and GOOGL/AMZN +1%/-1%. AI ROIC, stock valuation and consumer concerns drove discussions while more dovish Fed commentary in 2H of the week changed the discussion. AMZN/GOOGL/META 29X/20X/23X '26 EPS (-6%/+8%/flat vs TTM avg). M Update Morgan Stanley & Co. LLC Brian Nowak, CFA Equity Analyst Brian.Nowak@morganstanley.com ...