So back on your Neoclouds like $NBIS + memory read through... From $AMZN CEO + A16z interview. Q: On memory shortages (eg. $MU / SK Hynix / Samsung): A: "There's only so much memory, and I don't think that that shortage ends in 2027." Q: On AWS capacity: A: "A good chunk of 28 is sold out", "largely sold out through 2027." Q: On capex ROI: A: Amazon had ​said it would spend about $220 billion in capex for 2026. But Jassy said the company "could invest a lot more ​and it wouldn't be a bad use of ​capital" This is probably validating economics of Neoclouds model since this comes from a pretty stingy hyperscaler like Amazon... that only serves free bananas to their employees. Unlike trusting $META / Zuck where you the guy throws all you can eat cruise ship type buffets at every employee. - AWS claims approximately 30-40% better price-performance than comparable AI accelerators. Then went on to say Annapurna was "one of the very best acquisitions we've done in Amazon and the history of the company, if not the best." "We spun out a separate team in Annapurna to build an AI accelerator" Just to give a bump to your AI custom silicon type private companies (since others like $AAPL were likely going on shopping sprees). TLDR: - Not really too much groundbreaking, just incremental validation of what was said previous earnings. - Broader shortages (like memory) won't end in 2027 - Always positive to hear from $AMZN on insatiable demand + ROI given atrocious Neocloud sentiment right now(Historical earnings: For fiscal 2026Q1 (period ended 2026-03-31), Amazon reported basic EPS of 2.82, diluted EPS of 2.78, and net income of USD 90.798 billion, versus basic EPS 1.62, diluted EPS 1.59, and net income USD 65.944 billion in the prior-year period (ended 2025-03-31). For full-year 2025 (ended 2025-12-31), basic EPS was 7.29, diluted EPS 7.17, and net income USD 77.670 billion, versus basic EPS 5.66, diluted EPS 5.53, and net income USD 59.248 billion in 2024. Consensus expectations: For the upcoming 2026Q3 event on 2026-10-29, consensus EPS is 1.9573 and consensus revenue is USD 202.162 billion.)