Amazon's losing streak, Berkshire's new position, the 'boomcession' and more in Morning Squawk

In a significant market update this morning, investors are greeted with a rise in stock futures, signaling a potential shift after a turbulent trading session. Notably, Amazon has broken a prolonged losing streak, though its recent losses have resulted in a substantial reduction in market capitalization, amounting to hundreds of billions over the past two weeks. In other news, Berkshire Hathaway revealed in a regulatory filing that it has reduced its stake in Apple during the last quarter, a notable decision as it marks the final quarter under the leadership of renowned investor Warren Buffett. Additionally, Berkshire has taken a new position in the New York Times, leading to a more than 3% increase in the media company’s shares during after-hours trading. Meanwhile, prominent investors such as Leon Cooperman have made significant moves, including a sizable investment in Rocket Companies. Noteworthy hedge funds led by Bill Ackman and Seth Klarman have also disclosed their acquisitions of Amazon shares, stirring interest among market watchers. On the media front, Warner Bros. Discovery has announced the resumption of negotiations with Paramount Skydance, spurred by a seven-day waiver granted by Netflix. This waiver is intended to bolster confidence among WBD shareholders regarding their all-cash offer of $27.75 per share, as Netflix co-CEO Ted Sarandos emphasized the importance of clarity for shareholders amidst the competitive landscape. In a major development for the tech industry, Meta has expanded its collaboration with Nvidia to incorporate millions of AI chips into its data center expansions. This agreement will also enhance the networking capabilities and AI features of WhatsApp, marking a significant step in their ongoing partnership, which has seen Meta utilizing Nvidia's GPUs for over a decade without disclosing financial specifics of this latest deal. Additionally, cloud infrastructure startup Render has made headlines by securing $100 million in funding, elevating its valuation to $1.5 billion. CEO Anurag Goel announced that Render’s tools are now employed by over 4.5 million developers, with revenue growth exceeding an impressive 100%. Despite strong consumer spending and economic output, many Americans are grappling with financial distress, contributing to the emergence of the term 'boomcession'—a blend of 'boom' and 'recession.' This phrase reflects the disconnect between rising GDP figures and the prevailing negative sentiment among consumers, underscoring a complex economic landscape that continues to evolve.