By Geoffrey Smith and Alan Murray
July 29, 2016

Good morning.


Hillary Clinton last night became the first woman to accept a major party’s nomination for president, and said her primary mission as president “will be to create more opportunity and more good jobs with rising wages right here in the United States.”


She also held no punches in her attack on Donald Trump, saying he lacked the temperament to be commander-in-chief. “A man you can bait with a tweet is not a man you can trust with nuclear weapons,” she said. Trump instantly tweeted his response: “Hillary’s refusal to mention Radical Islam as she pushes a 550% increase in refugees is more proof that she is unfit to lead the country.”


And so they are off, in what is likely to be the most negative general election campaign in the last 100 years. Whether either candidate will have enough political capital left after it’s over to govern effectively is a question worth asking.


Meanwhile, Amazon founder Jeff Bezos became the world’s third richest man yesterday after his company’s strong earnings report. Amazon shares, which Bezos owns 18% of, have spiked by fifty percent since February.


Amazon was once known as a profit-free zone. But in the latest quarter, profits reached a record $857 million, up 800% from the same quarter last year. A good part of the rise is attributable to its booming cloud business, which jumped 58% from last year, to $2.89 billion. The big drag on profitability in Amazon’s retail business is shipping, which cost $3.36 billion in the quarter, up 44% from last year.


You can read Fortune’s Lena Rao on five big takeaways from the Amazon report here.


Finally, yesterday’s CEO Daily contained a regrettable error. Geoff tells me that, in his grief at the thought of a world without 747s, he mixed up his Boeings. It was of course the 747-8, not the Dreamliner, which has suffered due to airlines’ preference for smaller planes.


More news below.


Alan Murray


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