Well keep in mind that the “investments” were broadly buying business. We give you a bunch of money, you use that money to buy our stuff.

Yes the equity has book value on the way up, but keep in mind when the bubble pops (or even just cools) Amazon will have to book markdowns from the balance sheet that will tank earnings. Thats a story that’s flying below the radar at the moment.

Doesn’t it still mean they have made better investment choices than the other big tech companies? I guess I don’t see why they missed a boat here. Also the models may be as much a commodity as compute.