Is Amazon quietly strengthening its AI moat while everyone argues about AI spending?

One thing I've been thinking about lately is how different Amazon's AI strategy feels compared to everyone else's. Every earnings season it seems that they're spending too much on AI infrastructure. Then a few months later they're announcing more AWS demand, more data centers, more custom chips, and somehow an even bigger capex plan. The market keeps focusing on the spending, while Amazon seems willing to take the pain now and worry about the returns later. Whether that ultimately pays off is the interesting part. AWS already has millions of developers and enterprise customers locked into its ecosystem. If those customers start building AI applications, agents and workflows inside AWS, Amazon doesn't just sell them compute, it can sell the chips, the cloud infrastructure, the foundation models through Bedrock, databases, storage, security, basically every layer of the stack. That's a pretty crazy position to be in if enterprise AI adoption keeps accelerating. The interesting part is that people seem much more comfortable paying huge multiples for companies selling the AI "picks and shovels," but Amazon might end up monetizing AI from several different directions at once. Obviously there are risks. AI capex is enormous, investors are right to ask whether these returns justify the spending, and if enterprise AI adoption takes longer than expected, that's a lot of capital tied up for years. I think it's easy to overlook how much of the AI value chain it's trying to own at the same time. Maybe the spending ends up being excessive, or maybe this is the period where it quietly widened an already huge moat. Curious on how others interpret this.