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Amazon Web Services

also referred to as: aws

part of Amazon

10 statements across 10 episodes · 6 bullish · 2 bearish · 2 people on the record · first statement Oct 26, 2020 by Benedict Evans · said 73 times in 25 episodes since 2020 · across every show →

Mentions by year

brought up most by Benedict Evans (66), Toni Cowan-Brown (7)

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2026 6 mentions in 3 episodes 2 per episode
2025 10 mentions in 3 episodes 3 per episode
2024 10 mentions in 3 episodes 3 per episode
2023 20 mentions in 5 episodes 4 per episode
2022 12 mentions in 7 episodes 2 per episode
2021 10 mentions in 3 episodes 3 per episode
2020 5 mentions in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Amazon Web Services, oldest first

Oct 26, 2020
Assertion Supported
Evans: Only Half of Amazon's Revenue Comes From Direct First-Party Retail
“Only about half of the revenue comes from Amazon selling stuff on its own behalf. The other half of it is partly AWS, but also a whole bunch of other businesses.”
Benedict Evans Oct 26, 2020 ▶ 0:48 Amazon and eCommerce
Feb 7, 2021 positive
Insight
Amazon scales by treating all internal business metrics and operations as APIs
“The theory of Amazon is that everything is an API. Everything is autonomous. Your financial metrics are visible internally. Your business metrics are accessible through an API. So when Germany does shoes, they hire five people, The German shoe team plugs into …”
Benedict Evans Feb 7, 2021 ▶ 3:52 Bezos and the Amazon machine
Jul 5, 2021 bearish
Opinion
Evans: Google Cloud is far behind AWS and Azure in digital transformation
“The big part of Azure and AWS is digital transformation. It's what Google Cloud would love to be, but it's quite a long way behind.”
Benedict Evans Jul 5, 2021 ▶ 42:11 'Digital transformation' - beyond the silly slogan
Jul 18, 2022 bearish
Insight
Evans: Standalone AI primitives fail against AWS and Azure
“And of course this didn't really work because That level of primitive was actually better done inside AWS or inside Azure rather than as a standalone startup. And B, if you're like Caterpillar or like Chase, you can't Chase, like you can't buy natural language…”
Benedict Evans Jul 18, 2022 ▶ 9:07 Remember AI?
Nov 29, 2022 positive
Opinion
Evans: Amazon's ad business almost certainly creates more cash flow than AWS
“So it's got to have at least the same margins as Alphabet, which is like 60% operating margin if you exclude the R&D. And there's no CapEx. There's no incremental CapEx. So this thing is almost certainly producing significantly more cash flow than AWS.”
Benedict Evans Nov 29, 2022 ▶ 23:18 All the other things happening in tech part 1.
Dec 11, 2022 positive
Opinion
Evans: Azure beat Google Cloud due to superior enterprise sales
“AWS is mostly lower level building blocks. Azure is mostly high level building blocks. Totally beat Google Cloud, mainly because of like knowing how to sell to enterprise and knowing how to build what enterprises have.”
Benedict Evans Dec 11, 2022 ▶ 12:02 No Soup for You! Regulating tech M&A
Mar 12, 2023 positive
Assertion Not checkable as stated
Evans: Amazon Ads Yield Operating Profit Equal to AWS Without Massive Capex
“So if you apply that to 40, forty billion dollars, you get whatever it is, 20, over twenty billion dollars which is roughly the same as AWS, so roughly equivalent operating profit as AWS, And without AWS's 10 or twenty billion dollars of capex attached to it.”
Benedict Evans Mar 12, 2023 ▶ 3:39 Amazon's $40B advertising business
Dec 17, 2023 bullish
Prediction Held up
Evans: Google, AWS, and Microsoft Cloud Capex Will Near $100B in 2023
“Google AWS, Microsoft probably spent, will probably spend a hundred billion dollars on cloud capex this year.”
Benedict Evans Dec 17, 2023 ▶ 5:23 AI and Everything Else
Oct 11, 2024 positive
Assertion Supported
Catton-Brown: Formula 1 has more tech sponsorship than ever before
“F-one today is more tech than it ever has been. And you look at the sponsors, it's the likes of Juniper, it's the likes of Salesforce, AWS, Oracle, like every other sponsor is a giant tech sponsor.”
Toni Cowan-Brown Oct 11, 2024 ▶ 8:50 From SAAS software to Formula 1
Jul 15, 2026 neutral
Insight
Evans: Applications Captured Most Cloud Value, Not Hyperscalers
“Because that's kind of what happened with cloud. For example, there's only three hyperscalers, but, and yet like most of the applications are built by other people and most of the value is captured by people who run on AWS.”
Benedict Evans Jul 15, 2026 ▶ 6:02 Token pricing
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