#Amazon

When a model company goes public, investors buy not just revenue growth but a huge compute bill signed in advance.

The in-house chip race comes down to software: whoever makes models run smoothly on its chips can pull customers away from Nvidia.

Building a custom chip is only the first step; whether customers move depends on how painful migration is, and cloud providers are now paying heavily for the moving tools.

Both companies are heading toward public listings, and prospectuses will put revenue methods on the table; the rankings now in circulation may be reshuffled.

Fulfilled pledges only prove the money arrived; the more investors and suppliers overlap, the harder it is to tell how big real demand is.

Even the most aggressive builder of its own compute has found that selling compute makes the economics easier to justify than only using it.

When the richest cloud giant starts moving chips off its balance sheet, the bottleneck in AI infrastructure has shifted from getting chips to making the financing math work.

Amazon bought an entry ticket — turning cloud-contract renewal negotiations into a shareholder-meeting issue ahead of time.

Amazon bought equity, but the bill is written into the cloud contract.