hyperscaler-competitive-dynamics

Amazon's unprecedented gamble on AI redemption might just work

Amazon's $200B capex bet surfaces a structural insight the article buries: AWS is the only hyperscaler that doesn't compete with itself for AI chips. Microsoft feeds Office, Google feeds Search; both before their cloud customers. Amazon's crown jewel is AWS itself, so capacity goes to external buyers first. In a supply-constrained market, the provider who can actually deliver wins the contract: availability beats model superiority as a selection criterion.