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Quoted earnings-call material without the author's own investment argument or position.
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Amazon:
>“We are monetizing capacity as fast as we can install it.”
>“I think every provider would tell you, including us, that we could actually grow faster if we had all the supply that we could take.”
>“We expect to invest about $200 billion in capital expenditures across Amazon, but predominantly in AWS, because we have very high demand.”
>“Our backlog is $244 billion. That’s up 40% year over year. I think it’s up 22% quarter over quarter.”
Google:
>“We’ve been supply constrained even as we’ve been ramping up our capacity.”
>“Backlog grew by 55% quarter over quarter to $240 billion representing a wide breadth of customers driven by demand for AI products.”
>“Today, more than 120,000 enterprises use Gemini…”
Microsoft:
>“Our customer demand continues to exceed our supply.”
>“We’re working as hard as we can to add capacity as quickly as we can… we need to make sure we’ve got power and land and facilities available.”
>“Github Copilot Pro Plus subs for individual devs increased 77% quarter over quarter, and all up now, we have 4.7 million paid Copilot subscribers, up 75% year over year.”
>Commercial (backlog) remaining performance obligation, continues to be reported net of reserves, increased to $625 billion. And was up 11% year over year with a weighted average duration of approximately two and a half years.”
Meta:
>“On your first question, we do continue to be capacity constrained.”
>“Anticipate 2026 capital expenditures… to be in the range of $115 to $135 billion with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.”
>“I would say that we think that there is room for our larger models to benefit from having more compute.”