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AMZN

A collection of 53 issues

Follow-up on "AWS: Pre and Post-ChatGPT"

Last Saturday, I published a piece outlining my reasons for nervousness about the long-term future of AWS. This led to a noticeably more constructive feedback from readers which I would like to address in this follow-up piece. I will also expand on a couple of points further behind the paywall.

AWS: Pre and Post-ChatGPT

Back in 2014, Jeff Bezos wrote to Amazon shareholders: “A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades. When you find

The Long-term Reality of Hyperscalers: The Good, The Bad, and The Ugly Scenarios

In my “Lipstick on Frontier AI Pigs” piece, I wrote the following: Apart from ignoring the cost of training, another deeply questionable assumption Amodei makes in his argument is the gross margin for inference. In his “stylized” example, he assumes gross margin to be 67% which is directly responsible for

Walmart’s Trillion-Dollar Mojo

Walmart was the most recent member in the trillion dollar club companies. After coming to IPO in 1970, it took them almost 54 years to reach half a trillion dollar of Enterprise Value (EV). The next $500 Billion took just two years! As they say, the first $500 Billion is

Some Portfolio Changes

Perhaps it’s hardly a surprise if you read yesterday’s piece “Lipstick on Frontier AI Pigs”, but I made some changes to my portfolio yesterday which I will elaborate behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on

Amazon: 2026 Update

As I do it every year, following Amazon’s 10-K disclosure, I have updated my Amazon model. I’ll expand on the model and elaborate my thoughts behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on a publicly listed

Amazon 4Q'25 Update

After Meta and Alphabet’s eyebrow raising capex plan for 2026, Amazon came up with the biggest number: $200 Billion! Market basically said this in response: While market may be currently in the mood of hating large capex numbers, I remain quite optimistic that it is indeed the right strategy

Incentives > Intelligence: The Real Barrier(s) to Agentic AI

A few days ago, I came across this reels through which I got to know about Amazon’s new “Buy For Me” feature. This feature, however, created some controversies. From Modern Retail: “Amazon’s “Buy For Me” feature allows users to purchase products from third-party websites without leaving Amazon’s

Digital Advertising's "Bitter Lesson" Moment

Eric Seufert recently had an interesting podcast with a couple of professors who authored the paper titled “The Impact of Visual Generative AI on Advertising Effectiveness”. The authors pursued four specific lines of inquiry to understand how visual Generative AI (genAI) fits into the advertising landscape. Here are the four

Reader's feedback on "The Great Abstraction"

A couple of days ago, I wrote a piece titled “The Great Abstraction?”, highlighting the impending tension between OS-layer agent and the entire corpus of companies operating in the app layer. Catapult Capital had some constructive thoughts on that piece which I think is worth highlighting. So, I am sharing