Amazon

“In the sort of fulfillment sense of it I think, you know, used vehicles are probably the hardest thing to build in but the analogy to Amazon actually, I think is is apt.”

“And in 2002, we started Ariance capital, which stood for art and science, which is my view of investing. It's highly quantitative and highly qualitative art and science. And so we had the good fortune, although every day didn't necessarily feel that way, of in…”

“How do you deal when the business model instead of being the audience reaction to it is to take a subscription to prime whose business model is to get you to buy products on Amazon where they offer you on the side Movies and television programs. They could not…”

“Amazon leading Oracle took fucking 20 years, right, and they wanted to do it 20 years ago, And they have, their highest revenue products after EC-II were like, the next four were like, database products at AWS, and yet they still freaking used Oracle's databas…”

“Amazon. They bought a company called Adept AI. They have their models called Nova. No, I don't think they're in the top 20.”

“From my perspective, the best ASIC team at any semiconductor company is actually the Amazon ASIC team.”

“What Amazon was able to do is ride a cost curve where they were deflating the cost of Sending a box out at three to five percent a year for 20 straight years.”

“And since they basically, you know, got on the same curve, 62% of all retail has gone to those three.”

“You can't spin those things up. There, these things that are super messy, right? You got to acquire the land. You got to put it in the right place. You got to build the right network. Then you got to go stand it up with the right capex and the right systems. A…”

“Amazon, they took that three to five percent cost advantage of getting that box to you and their ability to put more than one box, one item in the box. And they use that economic advantage to then go build Fulfillment centers that are physical to basically rei…”

“If you're a large retailer, be it a Walmart and Amazon or Costco. If you own the relationship with your customers, you have this ability to disintermediate the company selling to you.”

“Now they're getting Tranium as well from Amazon.”

“Our teams are deeply embedded with the Annapurna Labs team. You know, we are, you know, really good users of Tranium. We've spent a lot of time and energy and worked closely with the team and internally we plan capacity together.”

“We are, you know, the only model that's on all three clouds today, we're the only language lab that's using all three of these chip platforms.”

“We also signed a deal with Amazon for Tranium for up to five gigawatts as well. It was an over a hundred billion dollar commitment, and a lot of that computer's actually Like already landing and will land in the rest of this year into next year.”

“The two companies who are the most deeply engaged with startups are Amazon and Nvidia by a mile. Then there's a really intense engagement with Google, their next most intense.”

“You're going to see like real P&L efficiencies from robotics, Over the next 18 months in their retail business.”

“If we look at operating cash flow, not free cash flow, operating cash flow from Microsoft, Meta, and Amazon has reported accelerated from 28 to 32. There are some actually pretty big unusual items now, like these hyperscalers, they always seem to have, like, b…”

“AWS, contrary to sort of popular thought, was not spare Amazon capacity. Actually, it took a long time to get Amazon.com onto AWS, but the, what it drove was the understanding that we need to have a scalable, we can't be having so many meetings. Like, we need …”

“The longer we have enough power, the more time Amazon has to make Trinium better. The more time Google has to make TPUs competitive from an efficiency standpoint. And if we get in a world where, this is a world where those margins seem very hard to sustain.”

“Given they have so many investments in the real world, their core business feels so impervious to AI for like the model version of AI. It will benefit from AI. But their moat feels deeper than anyone as far as their core business and their ability to just sort…”

“Their ultimate competitors are the hyperscalers, particularly Google and Amazon. So Google and Amazon aren't just building their own chips, but they're also looking to sell those chips externally.”