$AMZN

Only $AMZN is set to deliver a positive ROI from AI capex by 2030. This is why it insisted on using custom chips, even at the cost of initially falling behind peers in growth. $AMZN’s custom chips now make up 41% of its compute capacity, and they are fully subscribed. Among hyperscalers, only $GOOG gets a larger share of its compute from custom chips than $AMZN, but it has not monetized that capacity as broadly as $AMZN has. This is why $AMZN will have the best margin structure of all hyperscalers going forward.