$AMZN Andy Jassy pointed to multi-year, multi-gigawatt commitments from Anthropic and OpenAI. Capex raise was partly cost-driven rather than volume-driven, memory prices, not more gigawatts. If chip inflation is the marginal dollar, capex/revenue could plateau once component pricing normalizes. Depreciation from the 2025–26 asset base also starts hitting the P&L through 2027, which pressures management toward efficiency. Amazon is becoming more tied to Anthropic and OpenAI IPO success. As far as I remember, Amazon didn’t sign the Opensource letter and now we know why.
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